PREFERRED APARTMENT COMMUNITIES INC 4
4 · PREFERRED APARTMENT COMMUNITIES INC · Filed Jan 5, 2015
Insider Transaction Report
Form 4
LESEMAN WILLIAM F
See Remarks
Transactions
- Award
Class A Units
2015-01-02+19,566→ 54,554 total→ Common Stock (19,566 underlying)
Holdings
- 17,487
Common Stock, par value $0.01
Footnotes (2)
- [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 January 2, 2014, the reporting person was awarded a maximum of 19,566 Class B Units of the Operating Partnership ("Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2014, 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. Class A Units do not expire.
- [F2]As of January 2, 2015, 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 19,566, of the Class B Units becoming earned Class B Units. The earned Class B Units fully vested on January 2, 2015 and were converted into Class A Units on that date.