Corporate Office Properties Trust | Maryland | 1-14023 | 23-2947217 | |||
(State or other jurisdiction of | (Commission File | (IRS Employer | ||||
incorporation or organization) | Number) | Identification No.) | ||||
Corporate Office Properties, L.P. | Delaware | 333-189188 | 23-2930022 | |||
(State or other jurisdiction of | (Commission File | (IRS Employer | ||||
incorporation or organization) | Number) | Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
(a) | Financial Statements of Businesses Acquired |
None | |
(b) | Pro Forma Financial Information |
None | |
(c) | Shell Company Transactions |
None | |
(d) | Exhibits |
Exhibit Number | Exhibit Title | |
99.1 | Separation Agreement, dated July 26, 2016, between Corporate Office Properties Trust, Corporate Office Properties, L.P., and Karen M. Singer. |
CORPORATE OFFICE PROPERTIES TRUST | CORPORATE OFFICE PROPERTIES, L.P. | ||
By: Corporate Office Properties Trust, | |||
its General Partner | |||
/s/ Anthony Mifsud | /s/ Anthony Mifsud | ||
Anthony Mifsud | Anthony Mifsud | ||
Executive Vice President and Chief Financial Officer | Executive Vice President and Chief Financial Officer | ||
Dated: | July 28, 2016 | Dated: | July 28, 2016 |
Exhibit Number | Exhibit Title | |
99.1 | Separation Agreement, dated July 26, 2016, between Corporate Office Properties Trust, Corporate Office Properties, L.P., and Karen M. Singer. |
a. | Termination Payment. The Executive’s Termination Payment, which the parties hereto agree equals $687,497, paid to the Executive in substantially equal installments in accordance with the Employer’s payroll practice over a twelve (12) month period from the Separation Date, however the first payment will be made on the first payroll date that occurs on or after October 30, 2016 (the “Payment Commencement Date”), which is the date that is 60 days following the Separation Date, and will include a catch-up payment to include amounts retroactive to the Separation Date. |
b. | Pro-Rata Bonus. The Executive’s Pro-Rata Bonus, which the parties hereto agree equals $230,720 (if and to the extent that a bonus pool is funded by the Company and/or the Employer with respect to the 2016 annual cash performance bonus plan or program of the Employer in which the Executive would have participated (the “Bonus Pool”)), paid in a lump sum in calendar year 2017 at the same time annual bonuses are paid to continuing executives under the terms of the bonus plan in place for calendar year 2016. The parties hereto agree that no payment will be due as the Executive’s Pro-Rata Bonus if the Bonus Pool is not funded for 2016. |
c. | Group Benefit Plans. Continuing coverage to the Executive under the Employer’s group medical, dental and vision plans as would have applied (and at such costs to the Executive) if the Executive remained employed by the Employer for a period equal to the lesser of (1) twelve (12) months following the Separation Date or (2) the period from the Separation Date until such items are available to the Executive under another group health plan. |
d. | Time-Based Equity Awards. On the Payment Commencement Date, full vesting of all of the Executive’s equity awards under any Stock Plan or similar program to the extent such equity awards are subject to a time-based vesting schedule (the “Time-Based Equity Awards”). In addition, any termination or forfeiture of the Time-Based Equity Awards that otherwise would have occurred on or before the Payment Commencement Date will be delayed until the Payment Commencement Date and will only occur to the extent the Time-Based Equity Awards do not vest pursuant to the Plan (i.e., forfeiture will only occur if the Executive does not sign the Release (as defined below), or the revocation period with respect to the Release has not expired, on or before the Payment Commencement Date). The parties hereto agree that all of the Time-Based Equity Awards that were outstanding as of the date hereof and are not otherwise scheduled to vest pursuant to their terms prior to the Separation Date are set forth and identified as such on Schedule A attached hereto. |
e. | Performance-Based Equity Awards. The Executive’s equity awards under any Stock Plan or similar program that are subject to performance-based vesting (the “Performance-Based Equity Awards”) are treated in accordance with the terms of the applicable award agreements. The parties hereto agree that all of the Performance-Based Equity Awards that were outstanding as of the date hereof and are not otherwise scheduled to vest (or be forfeited) pursuant to their terms prior to the Separation Date are set forth and identified as such on Schedule A attached hereto. |
/s/ Karen M. Singer Karen M. Singer | |
Corporate Office Properties L.P., a Delaware limited partnership By: Corporate Office Properties Trust, a Maryland real estate investment trust By: /s/ Holly G. Edington Name: Holly G. Edington Title: Senior Vice President, Human Resources | |
Corporate Office Properties Trust, a Maryland real estate investment trust By: /s/ Holly G. Edington Name: Holly G. Edington Title: Senior Vice President, Human Resources |
Grant Date | Award Type | Total Number of Unvested Shares |
March 6, 2014 | Restricted Stock Award | 2,623 |
March 5, 2015 | Restricted Stock Award | 4,896 |
March 1, 2016 | Restricted Stock Award | 9,267 |
Grant Date | Award Type* | Total Number of Unvested Shares |
March 6, 2014 | PSU Award | 1,486 |
March 5, 2015 | PSU Award | 1,462 |
March 1, 2016 | PSU Award | 1,449 |
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