FrontView REIT (FVR) grants COO 20,394 LTIP units in partnership
Rhea-AI Filing Summary
FrontView REIT, Inc. reported an equity award to its Chief Operating Officer, Drew Ireland. The filing shows a grant of 20,394 LTIP Units in FrontView Operating Partnership LP under the company’s 2024 Omnibus Equity and Incentive Plan, at a price of $0 per unit.
Each LTIP Unit has no expiration date and can be converted, if vesting and other conditions are met, into an OP Unit, which can then be redeemed for either cash equal to the fair market value of one common share or one share of FrontView REIT common stock, at the issuer’s election. These LTIP Units vest in four equal annual installments, each covering one quarter of the grant, on January 15 of 2027, 2028, 2029, and 2030, generally contingent on continued service with the company.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | LTIP Units | 20,394 | $0.00 | -- |
Footnotes (1)
- Represents units of limited partnership interest designated as "LTIP Units" in FrontView Operating Partnership LP (the "Operating Partnership") granted pursuant to Issuer's 2024 Omnibus Equity and Incentive Plan and the Amended and Restated Agreement of Limited Partnership of the Operating Partnership, dated as of October 3, 2024 (as amended, the "Partnership Agreement"). LTIP Units have no expiration date. Each LTIP Unit may be converted at the election of the Issuer or the holder, into a common unit of limited partnership interest in the Operating Partnership (an "OP Unit") only if the vesting conditions described below and other conditions set forth in the Partnership Agreement are met. Each OP Unit is thereafter redeemable at the election of the holder for cash equal to the then fair market value of one share of the Issuer's common stock (a "Share"), or at the Issuer's election, one Share, subject to adjustment as set forth in the Partnership Agreement. These LTIP Units vest in equal annual installments as to 1/4 of such LTIP Units on each of January 15, 2027, 2028, 2029, and 2030, subject, generally, to continued service with the Issuer through the applicable date.
FAQ
What did FrontView REIT (FVR) report in this Form 4 filing?
The filing reports that Chief Operating Officer Drew Ireland received an equity award of 20,394 LTIP Units in FrontView Operating Partnership LP at a price of $0 per unit.
Who is the insider involved in this FrontView REIT (FVR) Form 4?
The reporting person is Drew Ireland, who serves as Chief Operating Officer of FrontView REIT, Inc.
What are LTIP Units in the FrontView Operating Partnership?
LTIP Units are units of limited partnership interest in FrontView Operating Partnership LP granted under the 2024 Omnibus Equity and Incentive Plan. They have no expiration date and may be converted into OP Units if vesting and other conditions in the Partnership Agreement are satisfied.
How many LTIP Units were granted to Drew Ireland and at what price?
Drew Ireland was granted 20,394 LTIP Units, with a stated price of $0 per unit. After this grant, he beneficially owns 20,394 derivative securities directly.
What is the vesting schedule for Drew Ireland’s LTIP Units at FrontView REIT (FVR)?
The 20,394 LTIP Units vest in four equal annual installments, each covering one quarter of the units, on January 15, 2027, January 15, 2028, January 15, 2029, and January 15, 2030, generally subject to continued service with the issuer.
How can these LTIP Units ultimately relate to FrontView REIT common stock?
Each LTIP Unit may be converted, once vested and subject to the Partnership Agreement conditions, into an OP Unit. Each OP Unit is redeemable at the holder’s election for cash equal to the fair market value of one share of FrontView REIT common stock, or, at the issuer’s election, for one share of common stock, subject to adjustment provisions.