SEC Form 4 · accession 0001144204-15-045146
Gramercy Property Trust Inc. · GPT
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Gordon F Dugan
Officer — Chief Executive Officer · Director
Period of report
Jul 29, 2015
Accepted (ET)
Jul 30, 2015 · 3:30 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001287701
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF1,F2,F3 | — | Jul 29, 2015 | A | 45,865 | A | — | — | Common Stock | 45,865 | 85,250 | D |
Explanation of responses
- F1Represents LTIP Units of GPT Property Trust LP ("GPT OP"), of which the Issuer is the general partner, earned (i.e., for which the performance-based hurdles have been met) pursuant to the Gramercy Property Trust Inc. 2012 Long-Term Outperformance Plan (the "Plan").
- F2Conditioned upon minimum allocations to the capital account of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of the holder, into a Class A Unit of limited partnership interest in GPT OP (a "Common Unit"). Each Common Unit acquired upon conversion of an LTIP Unit may be presented for redemption at the election of the holder, for cash equal to the fair market value of a share of the Issuer's Common Stock, except that the Issuer may, at its election, acquire each Common Unit so presented for one share of Common Stock. The rights to convert LTIP Units into Common Units and redeem Common Units do not have expiration dates.
- F3The LTIP Units earned pursuant to the Plan vest 50% on June 30, 2016 and 50% on June 30, 2017, subject to continued employment.