Drew Iadanza - Jul 29, 2021 Form 4 Insider Report for CONDOR HOSPITALITY TRUST, INC. (CDOR)

Role: Director
Signature: /s/ Drew Iadanza
Stock symbol: CDOR
Transactions as of: Jul 29, 2021
Transactions value $: $0
Form type: 4
Date filed: 8/2/2021, 04:02 PM
Previous filing: Jul 6, 2021
Next filing: Oct 5, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CDOR	Common Stock	Options Exercise	$0	+1.27M	+43.58%	$0.00	4.18M	Jul 29, 2021	By SREP III Flight-Investco, L.P.	F1, F2, F3, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CDOR	Series E Cumulative Convertible Preferred Stock	Options Exercise		-437K	-100%		0	Jul 29, 2021	Common Stock			Direct	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Shares issued pursuant to exercise of put right (see footnotes #3 and #4 below). Mr. Iadanza is employed by StepStone Group Real Estate LP, the sole member and investment manager of StepStone Rep III (GP), LLC, the general partner of SREP III, Flight-Investco, L.P. ("Investco") (continued at Footnote 2)
F2	(continued from Footnote 1) Mr. Iadanza may be deemed a participant in the control of the voting, disposition or purchase of these shares and thus may be deemed to share beneficial ownership of these shares. Mr. Iadanza disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be an admission of beneficial ownership of all of the reported securities for purposes of Section 16 or for any other purpose.
F3	Investco elected to exercise its right to require the Issuer to redeem all 437,262 shares of the Series E Stock (the "Shares") held by Investco at a value per share equal to 130% of the $10 liquidation preference of the Shares, plus accrued and unpaid dividends, on July 29, 2021, pursuant to the terms of the Shares. The Issuer had the right to redeem the Shares with cash or by issuing shares of common stock, and a special committee of independent directors of the board of directors of the Issuer unanimously approved redemption of the Shares with shares of common stock. (continued at Footnote 4)
F4	(continued from Footnote 3) For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, Investco is deemed a Director by Deputization by virtue of its representation on the Board of Directors of the Issuer. The number of shares of common stock issued to effect redemption of the Shares equals 1,269,985 shares of common stock based on the weighted market sale price average of the Common Stock for the applicable thirty trading day period of $4.90 per share.