William Higgins Conkling - Mar 8, 2024 Form 4 Insider Report for Summit Hotel Properties, Inc. (INN)

Signature
/s/ Christopher R. Eng, as Attorney-in-Fact
Stock symbol
INN
Transactions as of
Mar 8, 2024
Transactions value $
$0
Form type
4
Date filed
3/11/2024, 05:00 PM
Previous filing
May 25, 2023
Next filing
Mar 25, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction INN Common Stock (Time-Based Vesting) Award $0 +74.1K +17.52% $0.00 497K Mar 8, 2024 Direct F1
transaction INN Common Stock (Performance-Based Vesting) Award $0 +111K +22.36% $0.00 608K Mar 8, 2024 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, 2025 (25% of the shares granted), March 9, 2026 (25% of the shares granted) and March 9, 2027 (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, 2027, 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, 2024 and ending March 8, 2027 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.