4//SEC Filing
DOWNEY KEITH L 4
Accession 0001181431-04-060890
CIK 0000915773other
Filed
Dec 26, 7:00 PM ET
Accepted
Dec 27, 9:24 PM ET
Size
22.0 KB
Accession
0001181431-04-060890
Insider Transaction Report
Form 4
DOWNEY KEITH L
Executive VP - Construction
Transactions
- Award
Common Stock
2004-01-01$24.23/sh+870$21,080→ 89,918 total - Disposition to Issuer
Employee Stock Options (right to buy)
2004-12-22$15.77/sh−4,000$63,060→ 0 totalExercise: $17.13Exp: 2005-06-01→ Common Stock (4,000 underlying) - Exercise/Conversion
Common Stock
2004-12-23$22.00/sh+13,635$299,970→ 92,935 total - Disposition to Issuer
Employee Stock Options (right to buy)
2004-12-22$8.33/sh−13,000$108,258→ 0 totalExercise: $24.56Exp: 2011-02-09→ Common Stock (13,000 underlying) - Disposition to Issuer
Common Stock
2004-12-22$32.89/sh−10,618$349,226→ 79,300 total - Disposition to Issuer
Employee Stock Options (right to buy)
2004-12-22$10.89/sh−54,910$597,970→ 13,635 totalExercise: $22.00Exp: 2012-02-06→ Common Stock (54,910 underlying) - Exercise/Conversion
Employee Stock Options (right to buy)
2004-12-23$22.00/sh−13,635$299,970→ 0 totalExercise: $22.00Exp: 2012-02-06→ Common Stock (13,635 underlying) - Disposition to Issuer
Employee Stock Options (right to buy)
2004-12-22$16.39/sh−15,000$245,850→ 0 totalExercise: $16.50Exp: 2009-01-13→ Common Stock (15,000 underlying)
Holdings
- 13,536(indirect: By Trust)
Common Stock
Footnotes (13)
- [F1]This transaction was not previously reported, however the beneficial ownership of the shares by the Reporting Person was disclosed in the Registrant's Proxy Statement for its annual meeting in 2004.
- [F10]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.
- [F11]The Reporting Person received $108,257.50 as consideration for the cancellation of the restricted stock.
- [F12]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.
- [F13]The Reporting Person received $597,969.90 as consideration for the cancellation of the restricted stock.
- [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 performance based stock awards held be 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 $349,226.02 as consideration for the cancellation of the restricted stock.
- [F4]Mr. Downey disclaims beneficial ownership of these shares, and this report shall not be deemed an admission that Mr. Downey is the beneficial owner of such shares for purposes of Section 16 or for any other purpose.
- [F5]On December 17, 2004, the Company's Board's 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.
- [F6]The option vested in five equal installments on June 1, 1996, 1997, 1998, 1999 and 2000.
- [F7]The Reporting Person received $63,060 as consideration for the cancellation of the restricted stock.
- [F8]The option vested in five equal installments on February 1, 1999, 2000, 2001, 2002 and 2003.
- [F9]The Reporting Person received $245,850 as consideration for the cancellation of the restricted stock.
Documents
Issuer
SUMMIT PROPERTIES INC
CIK 0000915773
Entity typeother
Related Parties
1- filerCIK 0001215398
Filing Metadata
- Form type
- 4
- Filed
- Dec 26, 7:00 PM ET
- Accepted
- Dec 27, 9:24 PM ET
- Size
- 22.0 KB