SEC Form 4 · accession 0001209191-15-032405
Paramount Group, Inc. · PGRE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Wilbur N. Paes
Officer — SVP, Chief Accounting Officer
Period of report
Apr 1, 2015
Accepted (ET)
Apr 3, 2015 · 5:06 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001605607
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 | — | Apr 1, 2015 | A | 25,658 | A | — | — | Common Stock | 25,658 | 25,658 | D |
| Stock OptionF3 | $19.08 | Apr 1, 2015 | A | 100,000 | A | — | Mar 31, 2025 | Common Stock | 100,000 | 100,000 | D |
Explanation of responses
- F1Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each vested LTIP Unit may be converted, at the election of the holder, into a common unit of limited partnership interest ("OP Unit") in Paramount Group Operating Partnership LP. Each OP Unit acquired upon conversion of a vested LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Issuer may, at its election, acquire each OP Unit so presented for one share of common stock. 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 vested LTIP Units into OP Units and redeem OP Units do not have expiration dates.
- F2Represents LTIP Units issued pursuant to the Paramount Group, Inc. 2015 Performance Program (the "2015 Program"). The LTIP Units granted pursuant to the 2015 Program will vest 50% on the date that performance is determined under the 2015 Program following the conclusion of the three-year performance period ending March 31, 2018, 25% on April 1, 2019, and 25% on April 1, 2020, subject to the achievement of performance criteria and continued employment.
- F3The option vests in five equal installments on each of April 1, 2016, 2017, 2018, 2019 and 2020, subject to continued employment.