LESEMAN WILLIAM F 4
4 · PREFERRED APARTMENT COMMUNITIES INC · Filed Dec 31, 2012
Insider Transaction Report
Form 4
LESEMAN WILLIAM F
See Remarks
Transactions
- Award
Class A Units
2012-12-30+16,487→ 16,487 total→ Common Stock (16,487 underlying) - Conversion
Class A Units
2012-12-31−16,487→ 0 totalFrom: 2012-12-30→ Common Stock (16,487 underlying) - Conversion
Common Stock, par value $0.01
2012-12-31+16,487→ 17,487 total
Footnotes (3)
- [F1]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 16,487 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.
- [F2]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 16,487, 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.
- [F3]The reporting person redeemed 16,487 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.