SUMMIT PROPERTIES INC 4
4 · SUMMIT PROPERTIES INC · Filed Aug 29, 2003
Insider Transaction Report
Form 4
ELL RANDALL M
Executive VP - Management
Transactions
- Exercise/Conversion
Stock Option (Right to Purchase Common Stock)
2003-08-27−8,000→ 0 totalExercise: $16.50Exp: 2009-01-13→ Common Stock (8,000 underlying) - Exercise/Conversion
Common Stock
2003-08-27$16.50/sh+8,000$132,000→ 109,025 total - Sale
Common Stock
2003-08-27$22.10/sh−8,000$176,800→ 101,025 total
Footnotes (2)
- [F1]Includes 13,600 shares of Common Stock that the Reporting Person has the opportunity to receive subsequent to August 27, 2003 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, 2004, 2005 and 2006; and the final 4,000 shares on March 1, 2007 (subject to acceleration under certain circumstances).
- [F2]This option vested in five equal annual installments beginning on January 13, 1999.