SEC Form 4 · accession 0001144204-16-087268

Summit Hotel Properties, Inc. · INN

Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗

Reporting owner

Officer — VP & Chief Accounting Officer

Period of report

Mar 8, 2016

Accepted (ET)

Mar 10, 2016 · 5:00 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 8, 2016	A	7,299	$0.00	A	44,529	D
Common Stock (Performance-Based Vesting)^F2	Mar 8, 2016	A	10,949	$0.00	A	55,478	D

No Table II lines on this filing.

F1Represents shares of restricted common stock granted to the reporting person under the Issuer's 2011 Equity Incentive Plan as amended and restated effective June 15, 2015. 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, 2017 (25% of the shares granted), March 9, 2018 (25% of the shares granted) and March 9, 2019 (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 as amended and restated effective June 15, 2015. The restricted shares shall become vested and nonforfeitable on March 8, 2019, 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 March 8, 2016 and ending March 8, 2019 exceeds at least 25.5% of its peer group, which shall include 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.