SEC Form 4 · accession 0001140361-17-011026
PS BUSINESS PARKS INC/CA · PSB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Ronald L Havner Jr.
Director
Period of report
Mar 7, 2017
Accepted (ET)
Mar 8, 2017 · 4:57 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000866368
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Mar 7, 2017 | M | 10,344 | $66.63 | A | 10,344 | D | |
| Common StockF2 | Mar 7, 2017 | S | 10,344 | $116.2558 | D | 0 | D | |
| Common StockF3 | holding | — | — | — | 190,584 | I | By Trust | |
| Common StockF4 | holding | — | — | — | 4,000 | I | By Foundation | |
| Common StockF5 | holding | — | — | — | 1,500 | I | By IRA | |
| Common StockF6 | holding | — | — | — | 2,500 | I | By IRA |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock Option (right to buy)F7,F8 | $66.63 | Mar 7, 2017 | M | 10,344 | D | Apr 30, 2008 | Apr 30, 2017 | Common Stock | 10,344 | 0 | D |
Explanation of responses
- F1On December 15, 2014, PSB declared a special dividend, payable on December 30, 2014. As a result, pursuant to anti-dilution provisions of PSB's 2003 Stock Option and Incentive Plan, an option for 10,000 shares of common stock held by the reporting person on December 30, 2014 became exercisable for an additional 344 shares of common stock.
- F2Represents weighted average sale price. These shares were sold at prices ranging between $116.00 and $116.84. Full information regarding the number of shares sold at each separate price will be provided by the reporting person upon request to the staff of the Securities and Exchange Commission, the issuer, or a security holder of the issuer.
- F3By Havner Family Trust of which the reporting person and his spouse are trustees.
- F4Shares owned by the Havner Family Foundation, of which Mr. Havner and his wife are co-trustees, but with respect to which Mr. and Mrs. Havner disclaim any beneficial interest.
- F5By a custodian of an IRA for benefit of the reporting person.
- F6By a custodian of an IRA for benefit of the reporting person's wife.
- F7Stock Option granted pursuant to the 2003 Stock Option and Incentive Plan. The Options vests in five (5) equal annual installments beginning one (1) year from the date of grant.
- F8This option was previously reported as an option for 10,000 shares of common stock at an exercise price of $68.90, but was adjusted to reflect the special dividend declared by PSB on December 15, 2014.