CRAVEN DENNIS M 4
4 · Chatham Lodging Trust · Filed Mar 2, 2023
Insider Transaction Report
Form 4
CRAVEN DENNIS M
EVP & COO
Transactions
- Award
LTIP Units
2023-03-01+56,040→ 405,532 total→ Common Shares (56,040 underlying) - Award
LTIP Units
2023-03-01+42,588→ 349,492 total→ Common Shares (42,588 underlying)
Footnotes (2)
- [F1]Represents restricted units of limited partnership interest ("LTIP Units") in Chatham Lodging, L.P. (the "Operating Partnership"), of which the Issuer is the general partner, granted to the reporting person on March 1, 2023. Vested LTIP Units, upon achieving parity with the Operating Partnership units pursuant to the terms of the Operating Partnership's limited partnership agreement, may be exchanged at any time at the election of the holder for Operating Partnership units on a one-for-one basis or, at the Issuer's option, an equivalent amount of cash. One-third of the reporting person's LTIP Units vest on each of the first three anniversaries of the date of grant, subject to the reporting person's continued employment with the Issuer. Prior to vesting, the holder is entitled to receive distributions on the LTIP units. The LTIP Units were issued pursuant to the Issuer's Equity Incentive Plan and have no expiration dates.
- [F2]The Company exceeded the target performance criteria under the March 1, 2020 LTIP Performance Award. This LTIP issuance represents the vesting of the award and represents restricted units of limited partnership interest ("LTIP Units") in Chatham Lodging, L.P. (the "Operating Partnership"), of which the Issuer is the general partner. Vested LTIP Units, upon achieving parity with the Operating Partnership units pursuant to the terms of the Operating Partnership's limited partnership agreement, may be exchanged at any time at the election of the holder for Operating Partnership units on a one-for-one basis or, at the Issuer's option, an equivalent amount of cash.