Dennis M. Craven - Mar 1, 2023 Form 4 Insider Report for Chatham Lodging Trust (CLDT)

Signature
Dennis M. Craven
Stock symbol
CLDT
Transactions as of
Mar 1, 2023
Transactions value $
$0
Form type
4
Date filed
3/2/2023, 03:07 PM
Previous filing
Mar 2, 2022
Next filing
Mar 15, 2023

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 CLDT LTIP Units Award $0 +42.6K +13.88% $0.00 349K Mar 1, 2023 Common Shares 42.6K Direct F1
transaction CLDT LTIP Units Award $0 +56K +16.03% $0.00 406K Mar 1, 2023 Common Shares 56K Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents restricted units of limited partnership interest ("LTIP Units") in Chatham Lodging, L.P. (the "Operating Partnership"), of which the Issuer is the general partner, granted to the reporting person on March 1, 2023. Vested LTIP Units, upon achieving parity with the Operating Partnership units pursuant to the terms of the Operating Partnership's limited partnership agreement, may be exchanged at any time at the election of the holder for Operating Partnership units on a one-for-one basis or, at the Issuer's option, an equivalent amount of cash. One-third of the reporting person's LTIP Units vest on each of the first three anniversaries of the date of grant, subject to the reporting person's continued employment with the Issuer. Prior to vesting, the holder is entitled to receive distributions on the LTIP units. The LTIP Units were issued pursuant to the Issuer's Equity Incentive Plan and have no expiration dates.
F2 The Company exceeded the target performance criteria under the March 1, 2020 LTIP Performance Award. This LTIP issuance represents the vesting of the award and represents restricted units of limited partnership interest ("LTIP Units") in Chatham Lodging, L.P. (the "Operating Partnership"), of which the Issuer is the general partner. Vested LTIP Units, upon achieving parity with the Operating Partnership units pursuant to the terms of the Operating Partnership's limited partnership agreement, may be exchanged at any time at the election of the holder for Operating Partnership units on a one-for-one basis or, at the Issuer's option, an equivalent amount of cash.