Douglas Emmett (NYSE: DEI) grants 1,011,140 LTIP units to CEO Kaplan
Rhea-AI Filing Summary
Douglas Emmett Inc reported a new long term equity grant to Chairman and CEO Jordan L. Kaplan. He was awarded 1,011,140 long term incentive plan units (LTIP Units) in Douglas Emmett Properties, LP under the companys 2016 Omnibus Stock Incentive Plan at a price of $0.
These LTIP Units can convert into the Operating Partnerships common units on a one for one basis after vesting and meeting a performance condition tied to a specified percentage increase in Gross Asset Values. Any LTIP Units not converted by the December 31, 2035 expiration date will be forfeited. Vesting is scheduled with 70% on December 31, 2025, and the remaining 30% in equal installments on December 31 of 2026, 2027, and 2028. In addition to this grant, Kaplan also beneficially owns 1,261,301 previously granted LTIP Units and 10,092,357 OP Units.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Long Term Incentive Plan Units | 1,011,140 | $0.00 | -- |
Footnotes (1)
- Long term incentive plan units ("LTIP Units") in Douglas Emmett Properties, LP, a DE limited partnership (the "Operating Partnership") granted pursuant to the 2016 Omnibus Stock Incentive Plan of Douglas Emmett, Inc. ("Issuer"). Issuer is the sole stockholder of the general partner of the Operating Partnership. Upon vesting and certain additional criteria based on achievement of a specified percentage increase in Gross Asset Values of the assets of the Operating Partnership, each LTIP Unit can be converted into one partnership common unit ("OP Unit") of the Operating Partnership on a one-for-one basis. LTIP Units not converted into OP Units by the expiration date will be forfeited. Upon the occurrence of certain events, OP Units are redeemable by the holder, without consideration, for an equivalent number of shares of Issuer's common stock or for the cash value of such shares, at Issuer's election. LTIP Units vest 70% on December 31, 2025. The remaining 30% of the LTIP Units vest in equal installments on December 31, 2026, 2027, and 2028. Derivative securities owned by the Reporting Person include the LTIP Units reported herein, an additional 1,261,301 LTIP Units previously granted pursuant to the Issuer's 2016 Omnibus Stock Incentive Plan, and 10,092,357 OP Units.
FAQ
What equity award did Douglas Emmett (DEI) grant to its CEO Jordan L. Kaplan?
Douglas Emmett granted Chairman and CEO Jordan L. Kaplan 1,011,140 long term incentive plan units (LTIP Units) in Douglas Emmett Properties, LP under the 2016 Omnibus Stock Incentive Plan at a price of $0.
How do the LTIP Units granted to the Douglas Emmett (DEI) CEO work?
The LTIP Units can be converted into partnership common units (OP Units) on a one for one basis after vesting and achieving a specified percentage increase in Gross Asset Values. OP Units are redeemable for an equivalent number of shares of Douglas Emmett common stock or the cash value of those shares, at the companys election.
What is the vesting schedule for the 1,011,140 LTIP Units at Douglas Emmett (DEI)?
The 1,011,140 LTIP Units vest 70% on December 31, 2025. The remaining 30% vest in equal installments on December 31 of 2026, 2027, and 2028. LTIP Units not converted by December 31, 2035 will be forfeited.
What additional derivative interests does the Douglas Emmett (DEI) CEO hold after this award?
Derivative securities owned by Jordan L. Kaplan include the 1,011,140 LTIP Units reported in this transaction, an additional 1,261,301 LTIP Units previously granted under the 2016 Omnibus Stock Incentive Plan, and 10,092,357 OP Units.
What is the expiration date for the new LTIP Units granted by Douglas Emmett (DEI)?
The LTIP Units granted to Jordan L. Kaplan have an expiration date of December 31, 2035. LTIP Units that are not converted into OP Units by that date will be forfeited.
What is Jordan L. Kaplan’s role and relationship to Douglas Emmett (DEI)?
Jordan L. Kaplan is reported as both a Director and an Officer of Douglas Emmett Inc, serving as Chairman and CEO, and he is the reporting person for this equity award.