Form 4: Equity Residential Director Mark S. Shapiro Receives Restricted Units

Director Mark S. Shapiro received 3,346 restricted units (RUs) in ERP Operating Limited Partnership, which are exchangeable for Equity Residential common shares, as part of the company's long-term compensation plan.

Summary

• Mark S. Shapiro, a director of Equity Residential, received 3,346 restricted units (RUs) in ERP Operating Limited Partnership on June 20, 2024.
• These RUs are part of the company's annual long-term compensation for service from the 2024 to 2025 Annual Meeting of Shareholders.
• The RUs will automatically convert into an equal number of limited partnership interests (OP Units) when a specific capital account target is reached within ten years.
• OP Units can be exchanged for Equity Residential common shares on a one-for-one basis or their cash value, at the company's discretion.
• The RUs are scheduled to vest on June 20, 2025, and are subject to a holding restriction until June 20, 2026.

Sentiment

Score: 7

Explanation: The document reflects a routine compensation practice, indicating stability and alignment of interests. It's a neutral to slightly positive event.

Positives

• The grant of restricted units aligns the director's interests with the long-term performance of the company.
• The vesting schedule and holding restriction encourage continued service and commitment to Equity Residential.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting and holding restriction dates of the restricted units.

Industry Context

This type of equity compensation is common in the real estate industry to align management and board member interests with shareholder value.

Stakeholder Impact

• The grant of restricted units aligns the director's interests with those of the shareholders, potentially leading to decisions that benefit shareholder value.

Key Dates