ESSEX PROPERTY TRUST INC 4
4 · ESSEX PROPERTY TRUST INC · Filed Dec 12, 2013
Insider Transaction Report
Form 4
Alexander Erik J.
Senior Vice President
Transactions
- Award
Stock Option (right to purchase)
2013-12-10+7,500→ 27,500 totalExercise: $152.63Exp: 2023-12-10→ Common Stock (7,500 underlying) - Award
LTIP Units
2013-12-10+1,400→ 1,400 total→ Common Stock (1,400 underlying)
Footnotes (4)
- [F1]Represents LTIP Units in Essex Portfolio, L.P.
- [F2]Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes and vesting as described in footnote 3 below, each LTIP Unit may be converted, at the election of the holder, into a unit of limited partnership interest in Essex Portfolio, L.P. (a "Common Unit"). Each Common Unit acquired upon conversion of an LTIP Unit may be converted into one share of Common Stock of the Issuer. LTIP Units are generally not convertible without the consent of the Issuer until two years from the date of the grant. The rights to convert LTIP Units into Common Units and to convert Common Units into shares of Common Stock do not have expiration dates.
- [F3]350 of the LTIP Units granted are scheduled to vest 25% on each of the first four anniversaries of December 10, 2013, subject to continued employment through such dates. 1,050 of the LTIP Units granted are scheduled to vest 25% on each of the first four anniversaries of December 10, 2013, subject to continued employment through such dates and the achievement of certain performance criteria based on the Issuers total return to shareholders through December 10, 2014. In accordance with applicable Form 4 reporting requirements, the foregoing excludes 2,100 LTIP Units also granted on December 10, 2013 that are scheduled to vest 25% on each of the first four anniversaries of December 10, 2013, subject to continued employment through such dates and the achievement of certain performance criteria based on the Issuers relative total return to shareholders measured against industry-specific indices through December 10, 2014.
- [F4]20% of these options will vest on 12/10/2014 and 1/60th of the options shall vest on each monthly anniversary thereafter.