Form 4: Retail Opportunity Investments Corp. COO Schoebel Disposes of Shares and Units in Merger Transaction
SEC Form 4
Richard K. Schoebel, COO of Retail Opportunity Investments Corp., reports the disposal of common stock and OP Units following the merger agreement where each share was converted to $17.50 in cash.
Summary
- Richard K. Schoebel, the Chief Operating Officer of Retail Opportunity Investments Corp. (ROIC), filed a Form 4 detailing changes in beneficial ownership.
- The filing reflects transactions related to the merger agreement dated November 6, 2024, where Retail Opportunity Investments Corp. was acquired.
- Schoebel disposed of 576,012 shares of common stock at $17.50 per share, receiving cash as part of the merger.
- He also acquired 95,238 and 109,630 OP Units through the redemption of LTIP Units, which vested due to the merger agreement.
- Schoebel elected to retain his OP Units in the Surviving Partnership.
- The transactions were executed on February 12, 2025.
Sentiment
Score: 7
Explanation: The sentiment is neutral as the filing reflects standard transactions related to a previously announced merger. There are no indications of unexpected issues or concerns.
Future Outlook
The reporting person has elected to retain 100% of their OP Units in the Surviving Partnership.
Industry Context
Form 4 filings are standard practice when company insiders, like the COO, trade in their company's securities; this filing is triggered by the merger of Retail Opportunity Investments Corp.
Stakeholder Impact
- Shareholders received $17.50 per share as part of the merger agreement.
- The COO's transactions reflect the completion of the merger.
Key Dates
| Date | Description |
|---|---|
| June 7, 2013 | Date of the Schoebel Family Trust |
| February 21, 2023 | Reporting person was granted 95,238 long-term incentive plan units (LTIP Units) of the Partnership pursuant to the Company's Amended and Restated 2009 Equity Incentive Plan |
| January 1, 2023 | Start of the performance period for the 95,238 LTIP Units |
| December 31, 2025 | End of the performance period for the 95,238 LTIP Units |
| February 20, 2024 | Reporting person was granted 109,630 LTIP Units of the Partnership pursuant to the Company's Amended and Restated 2009 Equity Incentive Plan |
| January 1, 2024 | Start of the performance period for the 109,630 LTIP Units |
| November 6, 2024 | Date of the Merger Agreement |
| December 31, 2026 | End of the performance period for the 109,630 LTIP Units |
| February 12, 2025 | Date of the reported transactions (disposal of shares and acquisition/disposal of OP Units) |
| February 14, 2025 | Date of the report filing |
Keywords
Form 4, Beneficial Ownership, ROIC, Retail Opportunity Investments Corp, Merger, OP Units, LTIP Units, Schoebel, Richard K. Schoebel
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