UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
(Exact Name of Registrant as Specified in Charter)
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(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
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(Address of Principal Executive offices) |
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(Zip Code) |
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Registrant’s telephone number, including area code:
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2.):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Title of each Class |
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Trading Symbol |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
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Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On December 20, 2021, David Zobel tendered his resignation as Executive Vice President, Head of Acquisitions of Paramount Group, Inc. (the “Company”), effective January 20, 2022.
In connection with Mr. Zobel’s resignation, the Company entered into an agreement with Mr. Zobel pursuant to which Mr. Zobel agreed to remain subject to non-competition covenants for three months after his resignation and, subject to Mr. Zobel’s execution of a customary release, the Company agreed to pay Mr. Zobel a bonus for 2021 in the amount of $600,000 and accelerate the vesting of 41,562 of Mr. Zobel’s previously granted and unvested LTIP Units and 95,312 previously granted and unvested AOLTIP Units that otherwise would have vested on February 15, 2022 if Mr. Zobel were still employed by the Company. All of Mr. Zobel’s other remaining unvested equity awards will be forfeited in accordance with their terms upon the effectiveness of Mr. Zobel’s resignation.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PARAMOUNT GROUP, INC. |
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Date: December 22, 2021 |
By: |
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/s/ Wilbur Paes |
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Name: |
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Wilbur Paes |
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Title: |
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Chief Operating Officer, Chief Financial Officer and Treasurer |
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