SEC Form 4 · accession 0001140361-17-013249
Seritage Growth Properties · SRG
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Benjamin Schall
Officer — CEO, President · Director
Period of report
Jul 7, 2016
Accepted (ET)
Mar 24, 2017 · 4:14 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001628063
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Class A Common SharesF1,F2,F3 | Jul 7, 2016 | M | 7,184 | — | A | 212,235 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Share Units (time-based)F1,F2,F3 | — | Jul 7, 2016 | M | 7,184 | D | — | — | Class A Common Shares | 7,184 | 0 | D |
Explanation of responses
- F1Represents vesting of 1/3 of a grant of 21,552 Restricted Share Units ("RSUs") under the Seritage Growth Properties 2015 Share Plan (the "Plan") granted on July 7, 2015 that vests in three equal installments beginning on July 7, 2016. When vested RSUs are converted into Class A Common Shares on a one-to-one basis.
- F2Includes 171,145 unvested RSU and Restricted Shares, including (a) 33,807 unvested Restricted Shares, which will vest in two remaining tranches on July 7, 2017 and 2018 and which were previously reported on Table I on July 9, 2015; (b) 101,419 unvested Restricted Shares representing the target number of shares that will vest upon the achievement of applicable performance goals, which were granted under the Plan and previously reported on Table II on July 9, 2015, (c) 21,551 unvested Restricted Shares representing the target number of shares that will vest upon the achievement of applicable performance goals, which were granted under the Plan and previously reported on Table II on July 9, 2015, and (d) 14,368 unvested RSUs representing the remainder of the RSU award granted on July 7, 2015 and previously reported in Table II on July 9, 2015.
- F3The Reporting Person has elected to report his ownership of these unvested RSUs and performance-based Restricted Shares in Table I of his Form 4 filings.