Officer Liebowitz Michael was granted 1,500,000 shares, increasing direct ownership by 1,541% to 1,597,310 units (SEC Form 4)
$DOUG
Real Estate
Finance
| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
| Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10. | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
Douglas Elliman Inc. [ DOUG ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 11/24/2024 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
| Common Stock | 11/24/2024 | A | 1,500,000 | A | $0(1) | 1,597,310 | D | |||
| Common Stock | 1,478,382.149 | I | By MSL18 LLC(2) | |||||||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Performance Share Units | (3)(4)(5) | 11/24/2024 | A | 2,325,000 | (3)(4)(5) | 01/01/2028 | Common stock | 2,325,000 | $0 | 2,325,000 | D | ||||
| Explanation of Responses: |
| 1. On November 24, 2024, the Issuer granted the Reporting Person a restricted stock award of 1,500,000 shares of Issuer Common Stock pursuant to Issuer's 2021 Management Incentive Plan. The award will vest in three equal annual installments commencing on November 24, 2025, subject to the Reporting Person's continued employment through each such vesting date or earlier vesting upon a change-of-control. |
| 2. MSL18 Holdings LLC is a single member LLC owned by Reporting Person. |
| 3. On November 24, 2024, the Issuer granted the Reporting Person a Performance Share Unit Grant that provides for a three-year performance period commencing as of January 1, 2025 (the "Performance Period"), with the number of shares of Common Stock to be issued as soon as practicable following the end of the Performance Period determined as follows (the "Performance Thresholds"): (A) if the 30-day volume weighted average share price of the Common Stock at the end of the Performance Period (the "Performance Stock Price") is less than $3.00, no Common Stock will be issued in settlement of the PSUs, and the PSUs shall be forfeited in their entirety; (B) if the Performance Stock Price is equal to $3.00, 775,000 shares of Common Stock will be issued as full settlement of the PSUs; (C) if the Performance Stock Price is equal to $4.00, |
| 4. (Continued from footnote 3) 1,550,000 shares of Common Stock will be issued as full settlement of the PSUs; and (D) if the Performance Stock Price is equal to or greater than $5.00, 2,325,000 shares of Common Stock will be issued as full settlement of the PSUs; provided that, in each case, the shares of Common Stock to be issued in settlement of the PSUs described above will be determined where the Performance Stock Price is more than $3.00 and less than $5.00 (and is not $4.00) by a linear extrapolation between the per share Common Stock value between $3.00 and $4.00, or between $4.00 and $5.00, as the case may be. Subject to the terms of the Performance Share Unit Grant, it shall cease vesting if Reporting Person resigns or is terminated for Cause (as defined in the Reporting Person's Employment Agreement). In addition, upon the consummation of a Change of Control (as defined in the Reporting Person's Employment Agreement), |
| 5. (Continued from footnote 3) the Performance Period shall accelerate and deemed complete upon the date of the Change of Control. Further, the Reporting Person shall be entitled, under the Performance Share Unit Grant, to a pro rata portion of the applicable Performance Threshold based on the Performance Stock Price at the time of the Reporting Person's termination without Cause, such that (x) to the extent the Reporting Person is terminated prior to January 1, 2026, the Reporting Person shall not be entitled to any accelerated vesting under the Performance Share Unit Grant, (y) to the extent Reporting Person is terminated after January 1, 2026 but prior to December 31, 2026, the Reporting Person shall be entitled to one-third of the applicable Performance Threshold and (z) to the extent the Reporting Person is terminated after January 1, 2027 but prior to December 31, 2027, the Reporting Person shall be entitled to two-thirds of the applicable Performance Threshold. |
| Remarks: |
| President and Chief Executive Officer Exhibit 24 - Limited Power of Attorney filed with Form 3 dated December 16, 2021, which was filed on December 21, 2021. |
| /s/ J Bryant Kirkland III, Attorney in fact for Michael S. Liebowitz | 11/26/2024 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||