Paul Ruiz - Mar 8, 2023 Form 4 Insider Report for Summit Hotel Properties, Inc. (INN)

Role: SVP and CAO
Signature: /s/ Christopher R. Eng, as Attorney-in-Fact
Stock symbol: INN
Transactions as of: Mar 8, 2023
Transactions value $: $0
Form type: 4
Date filed: 3/10/2023, 04:16 PM
Previous filing: Apr 8, 2022
Next filing: Apr 3, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	INN	Common Stock (Time-Based Vesting)	Award	$0	+24.9K	+12.42%	$0.00	225K	Mar 8, 2023	Direct	F1
transaction	INN	Common Stock (Performance-Based Vesting)	Award	$0	+37.3K	+16.57%	$0.00	262K	Mar 8, 2023	Direct	F2

* 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 May 13, 2021. 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, 2024 (25% of the shares granted), March 9, 2025 (25% of the shares granted) and March 9, 2026 (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 May 13, 2021. The restricted shares shall become vested and nonforfeitable on March 8, 2026, 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, 2023 and ending March 8, 2026 exceeds at least 25.5% of its peer group, which shall include certain constituents of the Dow Jones U.S. Hotels 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.

Content

Represents shares of restricted common stock granted to the reporting person under the Issuer's 2011 Equity Incentive Plan as amended and restated effective May 13, 2021. The restricted shares shall become vested and nonforfeitable on March 8, 2026, 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, 2023 and ending March 8, 2026 exceeds at least 25.5% of its peer group, which shall include certain constituents of the Dow Jones U.S. Hotels 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.