SEC Form 4 · accession 0000729237-16-000106
PARKWAY PROPERTIES INC · PKY
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
M. Jayson Lipsey
Officer — EVP, CHIEF OPERATING OFFICER
Period of report
Feb 18, 2016
Accepted (ET)
Feb 22, 2016 · 5:30 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000729237
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Feb 18, 2016 | A | 23,760 | — | A | 113,378 | D | |
| Common StockF2 | Feb 19, 2016 | F | 1,202 | $12.68 | D | 112,176 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF3 | — | Feb 18, 2016 | A | 35,640 | A | — | — | Common OP Units | 35,640 | 35,640 | D |
Explanation of responses
- F1Represents time-based RSU awards that will vest 25% on each of the first, second, third and fourth anniversaries of the grant date, subject to the executive's continued employment with the Company.
- F2On February 19, 2016, 3,851 restricted share units vested, and the Reporting Person instructed the Company to withhold 1,202 shares to cover tax withholding obligations as permitted under the Company's 2015 Omnibus Equity Incentive Plan, as amended.
- F3Represents performance-based LTIP units that will vest based on the attainment of targets for total return to stockholders during the performance period running from February 18, 2016 to February 17, 2019, subject to the executive's continued employment with the Company. Subject to the satisfaction of the vesting requirements and certain restrictions set forth in the limited partnership agreement of Parkway Properties LP, each LTIP unit may be converted, at the election of the executive or the Company, into an OP unit. Each OP unit acquired upon conversion of an LTIP unit may be redeemed, at the election of the executive, for cash equal to the then fair market value of a share of common stock, except that the Company may, at its election, acquire each OP unit so presented for redemption for one share of common stock.