Bright Force Investment, LLC - 23 Mar 2022 Form 4 Insider Report for Summit Hotel Properties, Inc. (INN)

Role
10%+ Owner
Signature
BRIGHT FORCE INVESTMENT, LLC By: /s/ Chirag Patel Name: Chirag Patel Title: Manager
Issuer symbol
INN
Transactions as of
23 Mar 2022
Net transactions value
+$5,548,730
Form type
4
Filing time
25 Mar 2022, 17:02:19 UTC
Previous filing
19 Jan 2022
Next filing
10 Mar 2025
SEC
View on sec.gov

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 INN Partnership Units Other $5,548,730 +550,180 +3.8% $10.09 14,906,084 23 Mar 2022 Common Stock 550,180 Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Bright Force Investment, LLC is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Represents common units of limited partnership interest ("OP Units") in Summit Hotel OP, LP, the operating partnership of the Issuer (the "Operating Partnership"). Each OP Unit is redeemable, after July 13, 2022, for cash equal to the then fair market value of one share of the Issuer's common stock, except that the Operating Partnership may, at its election, cause the Issuer to acquire some or all of the OP Units so presented on a one to one basis for shares of the Issuer's common stock. These redemption rights have no expiration date.
F2 OP Units issued in connection with the consummation of the contribution of a property to the Operating Partnership or its affiliate pursuant to the Contribution and Purchase Agreement, executed as of November 2, 2021, by and among the Operating Partnership, Summit Hospitality JV, LP, NewcrestImage Holdings, LLC and NewcrestImage Holdings II, LLC, as amended.
F3 Held directly by Bright Force Investment, LLC, a limited liability company wholly-owned by NewcrestImage Holdings, LLC.