SEC Form 4 · accession 0001616175-15-000001
ESSEX PROPERTY TRUST, INC. · ESS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
John Farias
Officer — Group Vice President and CAO
Period of report
Jan 5, 2015
Accepted (ET)
Jan 6, 2015 · 8:32 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000920522
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF1,F3,F2 | — | Jan 5, 2015 | A | 1,250 | A | — | — | Common Stock | 1,250 | 1,250 | D |
| LTIP UnitsF1,F4,F2 | — | Jan 5, 2015 | A | 625 | A | — | — | Common Stock | 625 | 625 | D |
Explanation of responses
- F1Represents LTIP Units in Essex Portfolio, L.P.
- F2Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes and vesting as described in footnote 3 below, each LTIP Unit may be converted, at the election of the holder, into a unit of limited partnership interest in Essex Portfolio, L.P. (a "Common Unit"). Each Common Unit acquired upon conversion of an LTIP Unit may be converted into one share of Common Stock of the Issuer. 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 LTIP Units into Common Units and to convert Common Units into shares of Common Stock do not have expiration dates.
- F3500 of the LTIP Units granted are scheduled to vest 20% on each of the first five anniversaries of December 9, 2014, subject to continued employment through such dates. 750 of the LTIP Units granted are scheduled to vest 20% on each of the first five anniversaries of December 9, 2014, subject to continued employment through such dates and the achievement of certain performance criteria based on the Issuer's total return to shareholders through December 9, 2015. In accordance with applicable Form 4 reporting requirements, the foregoing excludes 750 LTIP Units also granted on January 5, 2015 that are scheduled to vest 20% on each of the first five anniversaries of December 9, 2014, subject to continued employment through such dates and the achievement of certain performance criteria based on the Issuer's relative total return to shareholders measured against an industry-specific index through December 9, 2015.
- F4250 of the LTIP Units granted were vested upon grant. 375 of the LTIP Units granted are scheduled to vest based on the achievement of certain performance criteria based on the Issuer's total return to shareholders through December 9, 2015. In accordance with applicable Form 4 reporting requirements, the foregoing excludes 375 LTIP Units also granted on January 5, 2015 that are scheduled to vest based on the achievement of certain performance criteria based on the Issuer's relative total return to shareholders measured against an industry-specific index through December 9, 2015.