William Higgins Conkling - May 17, 2021 Form 4 Insider Report for Summit Hotel Properties, Inc. (INN)

Role
EVP & Chief Financial Officer
Signature
/s/ Christopher R. Eng, Attorney-in-Fact
Stock symbol
INN
Transactions as of
May 17, 2021
Transactions value $
$0
Form type
4
Date filed
5/18/2021, 04:47 PM
Next filing
Mar 10, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction INN Common Stock (Time-Based Vesting) Award $0 +76.5K $0.00 76.5K May 17, 2021 Direct F1
transaction INN Common Stock (Time-Based Vesting) Award $0 +42.8K +55.93% $0.00 119K May 17, 2021 Direct F2
transaction INN Common Stock (Performance-Based Vesting) Award $0 +64.2K +53.8% $0.00 184K May 17, 2021 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of restricted common stock granted to the reporting person under the Issuer's 2011 Equity Incentive Plan as amended and restated effective June 15, 2015. The restricted shares shall become vested and nonforfeitable, subject to the reporting person's continued service as an employee of the Issuer, on May 17, 2022 (25% of the shares granted), May 17, 2023 (25% of the shares granted) and May 17, 2024 (the remaining 50% of the shares granted).
F2 Represents shares of restricted common stock granted to the reporting person under the Issuer's 2011 Equity Incentive Plan as amended and restated effective June 15, 2015. The restricted shares shall become vested and nonforfeitable, subject to the reporting person's continued service as an employee of the Issuer, on March 9, 2022 (25% of the shares granted), March 9, 2023 (25% of the shares granted) and March 9, 2024 (the remaining 50% of the shares granted).
F3 Represents shares of restricted common stock granted to the reporting person under the Issuer's 2011 Equity Incentive Plan as amended and restated effective June 15, 2015. The restricted shares shall become vested and nonforfeitable on March 8, 2024, if the reporting person remains in the continued service as an employee of the Issuer and the Issuer's cumulative total shareholder return (TSR) for the period starting March 8, 2021 and ending March 8, 2024 exceeds at least 25.5% of its peer group, which shall include certain constituents of the SNL US REIT Hotel Index. The number of shares will convert at a range from 25% to 200% of the shares granted to the reporting person based upon the Issuer's cumulative TSR performance compared to its peer group for the reporting period.