SEC Form 4 · accession 0000899243-19-001762
Easterly Government Properties, Inc. · DEA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
William C. Trimble
Officer — President & CEO · Director
Period of report
Jan 18, 2019
Accepted (ET)
Jan 23, 2019 · 7:01 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001622194
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Jan 18, 2019 | A | 18,014 | $0.00 | A | 99,727 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF2,F3 | — | Jan 18, 2019 | A | 6,818 | D | — | — | Common Stock | 6,818 | 6,818 | D |
| LTIP UnitsF4,F3 | — | Jan 18, 2019 | A | 14,502 | D | — | — | Common Stock | 14,502 | 14,502 | D |
Explanation of responses
- F1Represents shares of the Issuer's common stock ("Common Stock") granted under the Issuer's 2015 Equity Incentive Plan, as amended (the "Plan"), which will vest on January 18, 2021 and January 18, 2022 in accordance with the terms of the award and subject to the reporting person's continued employment.
- F2Represents a target number of LTIP Units in Easterly Government Properties LP (the "Operating Partnership"), of which the Issuer is the general partner, granted as long-term incentive compensation pursuant to the Plan that may be earned based on the Issuer's performance through December 31, 2020. Subject to continued employment, 50% of the earned LTIP Units will vest when earned and 50% of the earned LTIP Units will vest on January 2, 2022.
- F3Conditioned 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 in the Operating Partnership ("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. 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 Common Units and redeem Common Units do not have expiration dates.
- F4Represents a target number of LTIP Units in the Operating Partnership granted as long-term incentive compensation pursuant to the Plan that may be earned based on the Issuer's performance through December 31, 2021. Subject to continued employment, 50% of the earned LTIP Units will vest when earned and 50% of the earned LTIP Units will vest on January 2, 2023.