4//SEC Filing
SILVERSTEIN LEONARD A 4
Accession 0001144204-12-070366
CIK 0001481832other
Filed
Dec 30, 7:00 PM ET
Accepted
Dec 31, 8:44 PM ET
Size
11.8 KB
Accession
0001144204-12-070366
Insider Transaction Report
Form 4
SILVERSTEIN LEONARD A
DirectorSee Remarks
Transactions
- Award
Class A Units
2012-12-30+32,973→ 32,973 total→ Common Stock (32,973 underlying) - Conversion
Common Stock, par value $0.01
2012-12-31+32,973→ 35,473 total - Conversion
Class A Units
2012-12-31−32,973→ 0 totalFrom: 2012-12-30→ Common Stock (32,973 underlying)
Holdings
- 36,666(indirect: By NELL Partners, Inc.)
Common Stock, par value $0.01
Footnotes (4)
- [F1]John A. Williams and Leonard A. Silverstein share joint voting and investment power of these shares held by NELL Partners, Inc. Leonard A. Silverstein disclaims any economic interest in such shares, 70% of which are owned indirectly by the Nancy Ann Richardson Williams Children's Trust, formed on January 30, 1995, a trust created by John A. Williams' spouse for the benefit of their children, and 30% of which are owned indirectly by the Northside Partners Trust, formed on November 2, 2009, a trust created by Mr. Silverstein's spouse for the benefit of their children.
- [F2]Represents 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 December 30, 2011, the reporting person was awarded a maximum of 32,973 Class B Units of the Operating Partnership ("Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2011, 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.
- [F3]As of December 30, 2012, 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 32,973, of the Class B Units becoming earned Class B Units. The earned Class B Units fully vested on December 30, 2012 and were converted into Class A Units on that date.
- [F4]The reporting person redeemed 32,973 Class A Units of the Operating Partnership, of which the issuer is the general partner. Each Class A Unit may be exchanged for one share of the Company's common stock, or cash, as selected by the issuer. The issuer elected to redeem the reporting person's Class A Units with common stock. Class A Units have no expiration date.
Documents
Issuer
PREFERRED APARTMENT COMMUNITIES INC
CIK 0001481832
Entity typeother
Related Parties
1- filerCIK 0001506193
Filing Metadata
- Form type
- 4
- Filed
- Dec 30, 7:00 PM ET
- Accepted
- Dec 31, 8:44 PM ET
- Size
- 11.8 KB