ELSZTAIN EDUARDO S 4
4 · HERSHA HOSPITALITY TRUST · Filed Mar 1, 2012
Insider Transaction Report
Form 4
ELSZTAIN EDUARDO S
10% Owner
Transactions
- Expiration (Short)
Options to Purchase Class A Common Shares of Beneficial Inte
2012-02-13−5,700,000→ 0 total(indirect: See Footnote)Exercise: $3.00From: 2009-08-04Exp: 2014-08-04→ Option to Purchase Class A Common Shares of Beneficial Inter (5,700,000 underlying) - Award
Class A Common Shares of Beneficial Int
2012-02-13+2,521,561→ 18,105,630 total(indirect: See Footnote)
Holdings
- 15,400
Class A Common Shares of Beneficial Int
Footnotes (3)
- [F1]Please see Exhibit.
- [F2]On February 13, 2012, Hersha Hospitality Trust (the "Company") exercised its right, at its sole discretion, pursuant to that certain Investor Rights and Option Agreement (the "Agreement"), dated August 4, 2009, by and among the Company, Real Estate Investment Group L.P. ("REIG") and IRSA Inversiones y Representaciones Sociedad Anonima, to call in and cancel in full the purchase option (the "Option") held by REIG to purchase, pursuant to the Agreement, up to 5,700,000 Class A common shares of beneficial interest, $0.01 par value per share (the "Shares") at an exercise price of $3.00, subject to certain adjustments.
- [F3]To cancel REIG's Option, the Company issued an aggregate of 2,521,561 class A shares of beneficial interest of the Company to REIG. Based on the formula provided in the Agreement, the Option was valued at $13,566,000.00 and the Shares were valued at $5.38 per share. For additional information about the Agreement, please see the Company's current report on Form 8-K filed with the Securities and Exchange Commission on August, 6, 2009, and exhibit 10.2 thereto.