4//SEC Filing
ELL RANDALL M 4
Accession 0001181431-04-060889
CIK 0000915773other
Filed
Dec 26, 7:00 PM ET
Accepted
Dec 27, 9:24 PM ET
Size
18.6 KB
Accession
0001181431-04-060889
Insider Transaction Report
Form 4
ELL RANDALL M
Executive VP - Management
Transactions
- Disposition to Issuer
Employee Stock Option (right to buy)
2004-12-22$11.52/sh−72,610$836,104→ 23,390 totalExercise: $21.38Exp: 2010-06-01→ Common Stock (72,610 underlying) - Disposition to Issuer
Common Stock
2004-12-22$32.89/sh−11,024$362,579→ 20,847 total - Exercise/Conversion
Common Stock
2004-12-22$21.38/sh+23,390$499,961→ 44,237 total - Award
Common Stock
2004-01-01$24.23/sh+2,496$60,478→ 31,871 total - Exercise/Conversion
Employee Stock Option (right to buy)
2004-12-22$21.38/sh−23,390$499,961→ 0 totalExercise: $21.38Exp: 2010-06-01→ Common Stock (23,390 underlying) - Disposition to Issuer
Employee Stock Option (right to buy)
2004-12-22$8.33/sh−10,400$86,606→ 2,600 totalExercise: $24.56Exp: 2011-01-09→ Common Stock (10,400 underlying) - Disposition to Issuer
Employee Stock Option (right to buy)
2004-12-22$10.89/sh−80,000$871,200→ 0 totalExercise: $22.00Exp: 2012-02-06→ Common Stock (80,000 underlying)
Footnotes (10)
- [F1]This transaction was not previously reported, however beneficial ownership of the shares was disclosed in the Registrant's Proxy Statement for its annual meeting in 2004.
- [F10]The Reporting Person received $871,200 as consideration for the cancellation of these stock options.
- [F2]Includes 10,400 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: 3,200 shares on each of March 1, 2005 and 2006; and the final 4,000 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 performace based stock awards held by the Reporting Person, and the restricted stock and performance based stock awards were subsequently cancelled by mutual agreement of the Reporting Person and the Company. The Reporting Person received $362,579.36 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 June 1, 2000, 2001, 2002, 2003 and 2004.
- [F6]The Reporting Person received $836,104.15 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 equal installments on January 9, 2001, 2002, 2003, 2004 and 2005.
- [F8]The Reporting Person received $86,606 as consideration for the cancellation of these stock options.
- [F9]Prior to acceleration by the Board of Directors on December 17, 2004, the option vested in five installments, 12,000 on March 1, 2003, 16,000 on March 1, 2004, 2005 and 2006, and 20,000 on March 1, 2007.
Documents
Issuer
SUMMIT PROPERTIES INC
CIK 0000915773
Entity typeother
Related Parties
1- filerCIK 0001215400
Filing Metadata
- Form type
- 4
- Filed
- Dec 26, 7:00 PM ET
- Accepted
- Dec 27, 9:24 PM ET
- Size
- 18.6 KB