RUIZ PAUL 4
4 · Summit Hotel Properties, Inc. · Filed Mar 10, 2026
Research Summary
AI-generated summary of this filing
Summit Hotel (INN) SVP Paul Ruiz Receives Restricted Stock Award
What Happened
Paul Ruiz, SVP and Chief Accounting Officer of Summit Hotel Properties, was granted two awards of restricted common stock on March 9, 2026: 42,572 time‑based shares and 63,858 performance‑based shares, for a total of 106,430 shares. Both grants were recorded at $0.00 per share (standard for restricted stock awards as compensation).
Key Details
- Transaction date: 2026-03-09 (reported on Form 4 filed 2026-03-10).
- Transaction code: A (award/grant). Price: $0.00.
- Grant breakdown: 42,572 time‑based restricted shares (F1) and 63,858 performance‑based restricted shares (F2) — total 106,430 shares.
- Vesting (F1 time‑based): 25% vest on 3/9/2027, 25% on 3/9/2028, and remaining 50% on 3/9/2029, contingent on continued employment.
- Vesting (F2 performance‑based): vesting on 3/9/2029 if Summit’s cumulative total shareholder return (TSR) from 3/9/2026–3/9/2029 exceeds 25.5% of its peer group; payout multiplier ranges from 25% to 200% of the granted shares based on relative TSR.
- Shares owned after the grant: not specified in the provided filing.
- Filing timeliness: Report filed next day (2026-03-10); not identified as late.
Context
These are restricted stock awards as part of executive compensation — time‑based shares vest with continued service, while performance‑based shares depend on relative TSR versus peers. Grants like this are routine compensation and do not represent an open‑market purchase or sale.
Insider Transaction Report
- Award
Common Stock
[F1]2026-03-09+42,572→ 365,158 total - Award
Common Stock
[F2]2026-03-09+63,858→ 429,016 total
Footnotes (2)
- [F1]Time Based Vesting - Represents shares of restricted common stock granted to the reporting person under the Issuer's 2024 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, 2027 (25% of the shares granted), March 9, 2028 (25% of the shares granted) and March 9, 2029 (the remaining 50% of the shares granted).
- [F2]Performance Based Vesting - Represents shares of restricted common stock granted to the reporting person under the Issuer's 2024 Equity Incentive Plan. The restricted shares shall become vested and nonforfeitable on March 9, 2029, 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 9, 2026, and ending March 9, 2029, exceeds at least 25.5% of its peer group, which shall include certain constituents of the Dow Jones U.S. Hotels 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.