Easterly Government Properties (DEA) grants 2,786 LTIP Units to SVP, CAO
Rhea-AI Filing Summary
Easterly Government Properties, Inc. reported that SVP and Chief Accounting Officer Brian M. Colantuoni received a grant of 2,786 LTIP Units in Easterly Government Properties LP under the company’s 2024 Equity Incentive Plan. These units are a form of long-term, performance-based equity compensation.
The LTIP Units, and any Common Units they convert into, will vest on the fifth anniversary of the grant date, if he remains with the company and only to the extent specified performance hurdles are achieved before the eighth anniversary. Once earned and vested, each LTIP Unit may be converted into a Common Unit, which can then be redeemed for cash equal to the fair market value of one share of common stock, or, at the company’s election, one share of common stock. The conversion and redemption rights do not expire.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | LTIP Units | 2,786 | $0.00 | -- |
Footnotes (1)
- Represents LTIP Units in Easterly Government Properties LP (the "Operating Partnership"), of which the Issuer is the general partner, granted pursuant to the Issuer's 2024 Equity Incentive Plan, as amended (the "Plan"). The LTIP Units, and the common units of limited partnership interest in the Operating Partnership (each, a "Common Unit") into which such LTIP Units may be converted, will vest on the fifth anniversary of the grant date, subject to the Reporting Person's continued service with the Company, and, in accordance with the terms of the award, only to the extent such LTIP Units are earned based on the achievement of specified performance hurdles prior to the eighth anniversary of the Grant Date. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of the holder, into a Common Unit. Each Common Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the fair market value of a share of the Issuer's Common Stock, except that the Issuer may, at its election, acquire each Common Unit so presented for one share of Common Stock. The rights to convert earned and vested LTIP Units into Common Units and redeem Common Units do not have expiration dates.