Consists of 16,792, 5,963 and 5,309 common shares issuable pursuant to restricted share units granted in 2011, 2012 and 2013, respectively, as compensation, the performance conditions relating to which have been satisfied, as well as 4,974 shares that accrued under the Company's Dividend Reinvestment Plan with respect to those restricted share units as to which the performance conditions have been satisfied.
ed as employment compensation.
Also reflects (i) an increase of 1,305 shares received by the reporting person pursuant to the Company's Employee Stock Purchase Plan and Dividend Reinvestment Plan and (ii) a decrease of 3,176 shares reflecting shares previously reported in error as having been received by the reporting person pursuant to the Company's Dividend Reinvestment Plan which were not so received.
The stock acquired reflects the election by the reporting person to receive common shares in lieu of cash for all or part of annual performance bonus compensation for 2013, consistent with a policy adopted by the Trust's Compensation Committee with respect to employee annual performance bonus compensation. By making such election, the reporting person received shares equal to 120% of the cash value of such bonus or portion thereof, less applicable withholding tax (the "Bonus Value"). The reporting person received the number of common shares able to be purchased with the dollar amount of the Bonus Value based on the closing price per share of the common shares on March 17, 2014 ($37.26).
Represents an award of restricted common shares made under the Trust's share incentive plan in recognition of the reporting person's efforts with respect to completion during 2013 of a major acquisition and associated transactions. The restrictions on these shares will lapse in equal installments on the first five anniversaries of the date of grant.
Options granted are exercisable 20% after the first anniversary of the date of grant, 50% after the second anniversary and fully after the third anniversary.
The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.
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Other recent filings from the company include the following:
Jeanne Leonard, Liberty Property Trust, 610.648.1704 - Sept. 9, 2014