PREFERRED APARTMENT COMMUNITIES INC 4
4 · PREFERRED APARTMENT COMMUNITIES INC · Filed Jan 6, 2016
Insider Transaction Report
Form 4
MURPHY JOEL T
CEO-New Market Properties, LLC
Transactions
- Award
Class A. Units
2016-01-04+41,882→ 41,882 total→ Common Stock (41,882 underlying)
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, 2015, the reporting person was awarded a maximum of 41,882 Class B Units of the Operating Partnership ("Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2015, 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 4, 2016, 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 41,882, of the Class B Units becoming earned Class B Units. The earned Class B Units fully vested on January 4, 2016 and were converted into Class A Units on that date.