4/A: BRT Apartments Corp. Director Elie Weiss Amends Form 4 to Correct Arithmetic Error
SEC Form 4/A
Director Elie Weiss files an amended Form 4 to correct an arithmetic error in a previous filing regarding restricted stock issued under the 2022 Incentive Plan.
Summary
- Elie Weiss, a director of BRT Apartments Corp., filed an amended Form 4 with the SEC.
- The amendment corrects an arithmetic error in the original Form 4 filed on January 16, 2024.
- The corrected form reports the acquisition of 4,100 shares of common stock on January 11, 2024, issued as restricted stock under the issuer's 2022 Incentive Plan.
- These shares vest on or about January 10, 2029, contingent upon Weiss's continued relationship with the issuer.
- The amended form also reflects a total of 87,412.57 shares of common stock beneficially owned directly and 271 shares beneficially owned indirectly by spouse.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing correcting a minor error. It doesn't indicate any significant positive or negative developments for the company, but transparency is generally viewed favorably.
Future Outlook
The vesting of the restricted stock is contingent upon the reporting person's continued relationship with the issuer until on or about January 10, 2029.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency to investors regarding the holdings of company insiders.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock grants that vest over several years to align executive interests with long-term shareholder value.
- Vesting schedules of 5 years are common in the industry.
- Companies like Equity Residential (EQR) and AvalonBay Communities (AVB), which are also major players in the apartment REIT sector, similarly use stock-based compensation as part of their executive pay packages.
Stakeholder Impact
- The correction of the filing ensures accurate information is available to shareholders and potential investors.
Key Dates
| Date | Description |
|---|---|
| 01/11/2024 | Date of transaction: Acquisition of 4,100 shares of restricted stock. |
| 01/16/2024 | Date of original Form 4 filing (amended). |
| 01/10/2029 | Vesting date for the restricted stock, contingent upon continued relationship with the issuer. |
| 01/15/2025 | Date of signature for the amended Form 4A. |
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