Landmark Apartment Trust, Inc. 4
4 · Landmark Apartment Trust, Inc. · Filed Oct 13, 2015
Insider Transaction Report
Form 4
Salkind Michael
Director
Transactions
- Other
Operating Partnership Units
2015-10-08$8.15/sh−13,906.31$113,336→ 2,146,101.35 total(indirect: By LLC)→ Common Stock (13,906.31 underlying)
Footnotes (4)
- [F1]The operating partnership units ("OP Units") represent units of limited partnership interests in Landmark Apartment Trust Holdings, LP, of which the issuer is the general partner (the "Operating Partnership"). The OP Units have the rights and preferences as set forth in the agreement of limited partnership of the Operating Partnership, as amended (the "Partnership Agreement"), and do, following a 12-month holding period, become redeemable, subject to certain limitations, in exchange for either (i) shares of common stock of the issuer on a one-for-one basis or (ii) a cash amount equal to the product of (A) the number of redeemed OP Units, multiplied by (B) the "cash amount" (as defined in the Partnership Agreement).
- [F2]The OP Units disposed of reflect the forfeiture of 13,906.31 OP Units by Elco Landmark Residential Holdings II LLC ("ELRH II") in connection with certain indemnification obligations under the Asset Purchase and Contribution Agreement (the "Agreement") relating to the acquisition of the property management business of Elco Landmark Residential Management LLC in March 2013. The forfeiture results from a property sold by ELRH II with respect to which an affiliate of the issuer provided property management services.
- [F3]The OP Units do not have an expiration date.
- [F4]The reporting person disclaims beneficial ownership of these securities except to the extent of his pecuniary interests therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for purposes of Section 16 or for any other purpose.