SEC Form 4 · accession 0001144204-15-000471
PREFERRED APARTMENT COMMUNITIES INC · APTS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Steve Bartkowski
Director
Period of report
Jan 2, 2015
Accepted (ET)
Jan 5, 2015 · 4:39 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001481832
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock, par value $0.01 | holding | — | — | — | 32,269 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Class A UnitsF1,F2 | — | Jan 2, 2015 | A | 1,223 | A | — | — | Common Stock | 1,223 | 1,223 | D |
Explanation of responses
- F1Represents Class A Units ("Class A Unit") of Preferred Apartment Communities Operating Partnership, L.P. (the "Operating Partnership"), of which Preferred Apartment Communities, Inc. (the "Company") is the general partner. On January 2, 2014, the reporting person was awarded a maximum of 1,223 Class B Units of the Operating Partnership ("Class B Units") issued as compensation for services to the Company and Partnership other than as a director, subject to certain performance conditions. When earned and vested, each Class B Unit is converted into a Class A Unit. Each Class A Unit may be exchanged for one share of the Company's common stock, or cash, as selected by the Company. Class A Units do not expire.
- F2As of January 2, 2015, the Compensation Committee of the Board of Directors of the Company determined that the extent to which the performance measures had been achieved during the performance period resulted in 100%, or 1,223, of the Class B Units becoming earned Class B Units. The earned Class B Units fully vested on January 2, 2015 and were converted into Class A Units on that date.