4//SEC Filing
PREFERRED APARTMENT COMMUNITIES INC 4
Accession 0001638599-17-000033
CIK 0001481832operating
Filed
Jan 4, 7:00 PM ET
Accepted
Jan 5, 12:07 PM ET
Size
8.8 KB
Accession
0001638599-17-000033
Insider Transaction Report
Form 4
SILVERSTEIN LEONARD A
DirectorSee Remarks
Transactions
- Award
Class A Units
2017-01-03+52,451→ 243,397 total→ Common Stock (52,451 underlying)
Holdings
- 43,265(indirect: By NELL Partners, Inc.)
Common Stock, par value $0.01
- 35,473
Common Stock, par value $0.01
Footnotes (3)
- [F1]John A. Williams, Leonard A. Silverstein and Daniel M. DuPree share joint voting and investment power over the shares held by NELL Partners, Inc. Mr. Silverstein disclaims any economic interest in such shares, 59% of which are owned indirectly by the Nancy Ann Richardson Williams Children's Trust, formed on January 30, 1995, a trust created by Mr. Williams' spouse for the benefit of their children; 26% of which are owned indirectly by Northside Partners Trust, formed on November 2, 2009, a trust created by Mr. Silverstein's spouse for the benefit of their children; and 15% of which are owned indirectly by Daniel M. DuPree.
- [F2]Represents Class A Units ("Class A Unit") of Preferred Apartment Communities Operating Partnership, L.P. (the "Operating Partnership"), of which Preferred Apartment Communities, Inc. (the "Company") is the general partner. On January 4, 2016, the reporting person was awarded a maximum of 52,451 Class B Units of the Operating Partnership ("Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2016, subject to certain performance conditions. When earned and vested, each Class B Unit is converted into a Class A Unit. Each Class A Unit may be exchanged for one share of the Company's common stock, or cash, as selected by the Company. Class A Units do not expire.
- [F3]As of January 3, 2017, the Compensation Committee of the Board of Directors of the Company determined that the extent to which the performance measures had been achieved during the performance period resulted in 100%, or 52,451 of the Class B Units becoming earned Class B Units. All of the earned Class B Units fully vested on January 3, 2017 and were converted into Class A Units on that date.
Documents
Issuer
PREFERRED APARTMENT COMMUNITIES INC
CIK 0001481832
Entity typeoperating
IncorporatedMD
Related Parties
1- filerCIK 0001481832
Filing Metadata
- Form type
- 4
- Filed
- Jan 4, 7:00 PM ET
- Accepted
- Jan 5, 12:07 PM ET
- Size
- 8.8 KB