SEC Form 4 · accession 0001140361-15-010514
Summit Hotel Properties, Inc. · INN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Christopher R. Eng
Officer — SVP, Gen Counsel, CRO & Sec
Period of report
Mar 3, 2015
Accepted (ET)
Mar 5, 2015 · 5:06 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001497645
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock (Time-Based Vesting)F1 | Mar 3, 2015 | A | 4,840 | $0.00 | A | 29,003 | D | |
| Common Stock (Performance-Based Vesting)F2 | Mar 3, 2015 | A | 7,446 | $0.00 | A | 36,449 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Represents shares of restricted common stock granted to the reporting person under the Issuer's 2011 Equity Incentive Plan. The restricted shares shall become vested and nonforfeitable, subject to the reporting person's continued service as an employee of the Issuer, on March 9, 2016 (25% of the shares granted), March 9, 2017 (25% of the shares granted) and March 9, 2018 (the remaining 50% of the shares granted).
- F2Represents shares of restricted common stock granted to the reporting person under the Issuer's 2011 Equity Incentive Plan. The restricted shares shall become vested and nonforfeitable on January 1, 2018, if the reporting person remains in the continued service as an employee of the Issuer and the Issuer's cumulative total shareholder return (TSR) for the period starting January 1, 2015 and ending December 31, 2017 exceeds at least 25.5% of its peer group, which shall include all of the constituents of the SNL US REIT Hotel Index. The number of shares will convert at a range from 25% to 200% of the shares granted to the reporting person based upon the Issuer's cumulative TSR performance compared to its peer group for the reporting period.