Howard Hughes CEO David Weinreb sells shares to satisfy tax obligation
The Howard Hughes Corporation announced that its CEO, David Weinreb, sold 400,000 shares of HHC common stock in a private transaction to satisfy personal tax obligations arising from the exercise and settlement of shares under the Warrant Purchase Agreement, dated as of November 22, 2010, between him and HHC. Weinreb continues to own 1,224,803 shares of HHC stock with a current market value of $167M, 50,374 shares of performance-based restricted stock which he received in connection with the renewal of his employment contract, and warrants to acquire 1,965,409 shares of HHC stock which he acquired in June 2017 from the company for $50M, their fair market value at the time of issuance. The June 2017 warrants cannot be hedged, sold or exercised until June 2022. Other than the 50,374 shares of performance-based stock which he received in connection with his August 2017 employment agreement, all shares and warrants owned by Weinreb were acquired by him for fair market value in open market or private transactions as he had not previously received any option or restricted stock grants.