SEC Form 4 · accession 0000890319-15-000129
TAUBMAN CENTERS INC · TCO
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
William U Parfet
Director
Period of report
Jul 1, 2015
Accepted (ET)
Jul 1, 2015 · 3:13 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000890319
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Jul 1, 2015 | A | 449 | $0.00 | A | 38,857 | D | |
| Common StockF3,F4 | Jul 1, 2015 | A | 178 | $0.00 | A | 39,035 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1These shares represent the quarterly grant of stock under The Taubman Company LLC 2008 Omnibus Long-Term Incentive Plan.
- F2Under The Taubman Centers, Inc. Non-Employee Directors' Deferred Compensation Plan, each director's account is credited with dividend equivalents on the deferred restricted stock units when the Company pays cash dividends on its common stock (including special dividends, if any), and such dividend equivalents are denominated in additional restricted stock units based on the fair market value of the Company's common stock on the business day immediately before the record date of the applicable dividend payment. The receipt of such dividends since the last Form 4 filing has been reflected in the column entitled 'amount of securities beneficially owned following reported transaction(s)', but has not been reported as a separate transaction.
- F3Under The Taubman Centers, Inc. Non-Employee Directors' Deferred Compensation Plan, each non-employee director may defer the receipt of all or a portion of his or her director retainer (cash and stock) until the earlier of the termination of such director's service on the Company's Board of Directors and upon a change of control. Such deferred compensation is denominated in restricted stock units, and the number of restricted stock units received equals the deferred retainer fee divided by the fair market value of the Company's common stock on the business day immediately before the date the director would otherwise have been entitled to receive the retainer fee. Mr. Parfet has elected to defer 50% of the cash-based portion of his retainer fee in 2015, the shares reflected in the table above are the deferred shares for the current quarter.
- F4The restricted stock units represent the right to receive equivalent shares of common stock at the end of the deferral period, and each director's account is 100% vested at all times. Therefore, the reporting person has elected to report the deferral as shares of common stock received on the grant date.