Common Share Options and Restricted Share Grants

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Common Share Options and Restricted Share Grants

14. Common Share Options and Restricted Share Grants

In May 2007 Winthrop’s shareholders approved the Winthrop Realty Trust 2007 Long Term Incentive Plan (the “2007 Plan”) pursuant to which Winthrop could issue options to acquire Common Shares and restricted share awards to its trustees, directors and consultants, including those performing services for FUR Advisors. In May 2013 Winthrop’s shareholders approved an amendment to the 2007 Plan increasing the number of shares issuable under the plan to 1,000,000. No stock options were issued.

On February 1, 2013 the Board approved the issuance of 600,000 Restricted Shares to FUR Advisors, 500,000 of which were subject to the approval of the shareholders to the increase in the number of shares issuable under the 2007 Plan. The initial 100,000 Restricted Shares were issued on February 28, 2013. At the May 21, 2013 annual shareholders meeting the increase in shares issuable under the 2007 Plan from 100,000 to 1,000,000 was approved by the requisite number of shareholders and the remaining 500,000 shares were issued on May 28, 2013. The Restricted Shares were subject to forfeiture through May 5, 2016 (the “Forfeiture Period”). The Restricted Shares fully vested at the expiration of the Forfeiture Period and all prior dividends that were held in escrow were released and paid to the holders of the Restricted Shares.

Upon dissolution of Winthrop in August 2016, the 2007 Plan was terminated. There were no Restricted Shares issued and outstanding at December 31, 2016.