4//SEC Filing
PREFERRED APARTMENT COMMUNITIES INC 4
Accession 0001638599-17-000039
CIK 0001481832operating
Filed
Jan 4, 7:00 PM ET
Accepted
Jan 5, 12:15 PM ET
Size
6.8 KB
Accession
0001638599-17-000039
Insider Transaction Report
Form 4
MURPHY JOEL T
CEO-New Market Properties, LLC
Transactions
- Award
Class A Units
2017-01-03+8,118→ 50,000 total→ Common Stock (8,118 underlying)
Footnotes (2)
- [F1]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 24,353 Class B Units of the Operating Partnership ("Class B Units") issued in lieu of any reimbursement for annual cash compensation for 2016, 2017 and 2018, 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.
- [F2]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 24,353 of the Class B Units becoming earned Class B Units. One-third of the earned Class B Units, or 8,118 Class B Units, fully vested on January 3, 2017 and were converted into Class A Units on that date. The remaining 16,235 unvested Class B Units will vest approximately equally on January 2, 2018 and January 2, 2019 and will convert to Class A Units on those dates.
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, 12:15 PM ET
- Size
- 6.8 KB