Gregory Tylee, City Office REIT, Inc.'s President & COO, just received 2,763 restricted shares from the company. The restricted shares don't become available to Tylee until such time as they become vested. Tylee now owns at least 145,731 restricted shares of the company.
Some additional info was provided as follows:
In accordance with the Company's Equity Incentive Plan (the "Equity Incentive Plan"), Restricted Stock Units (as defined in the Equity Incentive Plan) convert into common stock on a one-for-one basis.
The units represent Restricted Stock Units issuable to the Reporting Person as a dividend equivalency payment with respect to Restricted Stock Units previously issued to the Reporting Person which vest in three substantially equal installments on each o
f the first three annual anniversaries of the initial Grant Date, generally subject to the Participant's continued service through each applicable vesting date. The Restricted Stock Units reported herein shall vest on the same date and under the same terms as the underlying Restricted Stock Units with respect of which these dividend equivalency units vest.
Vested shares will be delivered to the reporting person promptly upon vesting of the related restricted stock units.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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