Jeffrey David Sherman - Jun 23, 2022 Form 4 Insider Report for PREFERRED APARTMENT COMMUNITIES INC (APTS)

Role: PRESIDENT - MULTIFAMILY
Signature: /s/ Jeffrey R Sprain, Attorney-in-Fact
Stock symbol: APTS
Transactions as of: Jun 23, 2022
Transactions value $: $0
Form type: 4
Date filed: 6/23/2022, 03:22 PM
Previous filing: Apr 28, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	APTS	Common Stock, par value $0.01 per share	Gift	$0	-2K	-5.28%	$0.00	35.9K	May 24, 2022	Direct
transaction	APTS	Common Stock, par value $0.01 per share	Disposed to Issuer		-35.9K	-100%		0	Jun 23, 2022	Direct	F1, F2

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	APTS	Class A Units	Disposed to Issuer		-9.51K	-100%		0	Jun 23, 2022	Common Stock	9.51K		Direct	F3

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

Jeffrey David Sherman is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id	Content
F1	On June 23, 2022, pursuant to the Agreement and Plan of Merger, dated as of February 16, 2022 (as amended from time to time, the "Merger Agreement"), by and among Pike Parent LLC, Pike Merger Sub I LLC ("Merger Sub I"), Pike Merger Sub II LLC ("Merger Sub II"), Pike Merger Sub III LLC, Preferred Apartment Communities, Inc. ("PAC"), Preferred Apartment Communities Operating Partnership, L.P. (the "Partnership"), and PAC Operations, LLC, PAC merged with and into Merger Sub I (the "Company Merger") and each share of PAC common stock issued and outstanding immediately prior to the effective time of the Company Merger was automatically cancelled and converted into the right to receive an amount in cash equal to $25.00 per share, without interest.
F2	Includes 29,061 shares of unvested time-based restricted common stock. Pursuant to the Merger Agreement, each share of unvested time-based restricted common stock granted pursuant to PAC's 2019 Stock Incentive Plan (the "Long-Term Incentive Plan") outstanding immediately prior to the effective time of the Company Merger automatically became fully vested and all restrictions and reacquisition rights thereon lapsed. All shares of PAC common stock represented thereby were considered outstanding for all purposes under the Merger Agreement and therefore automatically cancelled and converted into the right to receive an amount in cash equal to $25.00 per share, without interest.
F3	On June 23, 2022, pursuant to the Merger Agreement, Merger Sub II merged with and into the Partnership (the "Partnership Merger") and each Class A unit of the Partnership (a "Class A Partnership Unit"), or fraction thereof, that was issued and outstanding immediately prior to the effective time of the Partnership Merger held by the Reporting Person was automatically cancelled and converted into the right to receive an amount in cash equal to $25.00 per Class A Partnership Unit, without interest.