Form 4: Empire State Realty Trust EVP, CFO and CAO Stephen Horn Reports Acquisition of LTIP Units

Stephen Horn, EVP, CFO and CAO of Empire State Realty Trust, reports the acquisition of 22,332 Long Term Incentive Plan Units (LTIP Units) on March 13, 2024.

Summary

• On March 13, 2024, Stephen Horn, the EVP, CFO, and CAO of Empire State Realty Trust, Inc. (ESRT), acquired 22,332 Long Term Incentive Plan Units (LTIP Units).
• These LTIP Units are a class of units of Empire State Realty OP, L.P. and were granted under the 2019 Equity Incentive Plan.
• Upon vesting and sufficient capital allocations, these LTIP Units are convertible into an equivalent number of Operating Partnership Units, which are redeemable for Class A Common Stock of ESRT on a one-for-one basis or the cash value of such shares, at the Issuer's option.
• The rights to convert and redeem do not have expiration dates.
• The LTIP Units vest ratably on each of the first four anniversaries of January 1, 2024, subject to continued employment, and are subject to an additional two-year holding period following vesting.
• Following the reported transaction, Stephen Horn directly owns 77,908 shares of Class A Common Stock.

Sentiment

Score: 7

Explanation: The document reflects a standard insider transaction, indicating confidence in the company's future. The vesting schedule and holding period suggest a long-term commitment.

Positives

• The acquisition of LTIP Units aligns the executive's interests with those of the shareholders, incentivizing long-term performance.
• The vesting schedule encourages continued employment and commitment to the company's success.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Stakeholder Impact

• The acquisition of LTIP units by a key executive can positively influence shareholder confidence.
• The vesting schedule and holding period incentivize the executive to focus on long-term value creation for the company and its stakeholders.

Key Dates