4//SEC Filing
SCHWARZ MICHAEL L 4
Accession 0001181431-04-060887
CIK 0000915773other
Filed
Dec 26, 7:00 PM ET
Accepted
Dec 27, 9:23 PM ET
Size
12.8 KB
Accession
0001181431-04-060887
Insider Transaction Report
Form 4
SCHWARZ MICHAEL L
EVP & Chief Operating Officer
Transactions
- Award
Common Stock
2004-01-01$24.23/sh+3,744$90,717→ 155,999 total - Disposition to Issuer
Common Stock
2004-12-22$32.89/sh−18,811$618,694→ 137,188 total - Disposition to Issuer
Employee Stock Option (right to buy)
2004-12-22$15.58/sh−90,000$1,401,975→ 0 totalExercise: $17.31Exp: 2009-12-13→ Common Stock (90,000 underlying) - Disposition to Issuer
Employee Stock Option (right to buy)
2004-12-22$10.89/sh−119,396$1,300,222→ 604 totalExercise: $22.00Exp: 2012-02-06→ Common Stock (119,396 underlying)
Footnotes (8)
- [F1]This transaction was not previously reported, however beneficial ownership of the shares by the Reporting Person was disclosed in the Registrant's Proxy Statement for its annual meeting in 2004.
- [F2]Includes 17,875 shares of Common Stock that the Reporting Person has the opportunity to receive subsequent to January 1, 2004 pursuant to a stock award agreement with the Issuer. Subject to the Reporting Person's continued employment with the Issuer, the number of shares that the Reporting Person will be entitled to receive is based on the following schedule: 5,500 shares on each of March 1, 2005 and 2006; and the final 6,875 shares on March 1, 2007 (subject to acceleration under certain circumstances).
- [F3]On December 17, 2004, the Company's Board of Directors accelerated the vesting of certain shares of restricted stock and performance based stock awards held by the Reporting Person, and the restricted stock and performance based stock awards were was subsequently cancelled by mutual agreement of the Reporting Person and the Company. The Reporting Person received $618,693.79 as consideration for the cancellation of the restricted stock.
- [F4]On December 17, 2004, the Company's Board of Directors accelerated the vesting of certain stock options held by the Reporting Person, and such stock options were subsequently cancelled by mutual agreement of the reporting person and the Company.
- [F5]The option vested in five equal installments on December 13, 1999, 2000, 2001, 2002 and 2003.
- [F6]The Reporting Person received $1,401,975 as consideration for the cancellation of these stock options.
- [F7]Prior to acceleration by the Board of Directors on December 17, 2004, the option vested in five installments, 20,000 on March 1, 2003, 24,000 on March 1, 2004, 2005 and 2006, and 30,000 on March 1, 2007.
- [F8]The Reporting Person received $1,300,222.44 as consideration for the cancellation of these stock options.
Documents
Issuer
SUMMIT PROPERTIES INC
CIK 0000915773
Entity typeother
Related Parties
1- filerCIK 0001215399
Filing Metadata
- Form type
- 4
- Filed
- Dec 26, 7:00 PM ET
- Accepted
- Dec 27, 9:23 PM ET
- Size
- 12.8 KB