Xenia Hotels (NYSE: XHR) officer sells stock, granted LTIP units
Rhea-AI Filing Summary
Xenia Hotels & Resorts officer Barry A. N. Bloom reported both stock sales and an equity award. On February 26, he sold 151,909 shares of common stock in open-market transactions at a weighted average price of $15.7255 per share. On February 25, he sold another 50,599 shares at a weighted average price of $15.6244 per share, leaving him with 15,233 shares of common stock held directly.
On February 24, Bloom was granted 27,534 LTIP Units, a class of limited partnership units in XHR LP. These units were granted at $0.0000 per unit and can, over time and upon specified conditions, reach parity with common units and be convertible one-for-one into common units. The LTIP Units vest 33% on March 2, 2027, 33% on March 2, 2028, and 34% on March 2, 2029, with potential earlier vesting upon certain employment terminations or a change of control, as described in the award agreement.
Positive
- None.
Negative
- None.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Sale | Common Stock | 151,909 | $15.7255 | $2.39M |
| Sale | Common Stock | 50,599 | $15.6244 | $791K |
| Grant/Award | LTIP Units | 27,534 | $0.00 | -- |
Footnotes (1)
- The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $15.58 to $15.79, inclusive. The reporting person undertakes to provide Xenia Hotels & Resorts, Inc., any security holder of Xenia Hotels & Resorts, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (1) to this Form 4. The price reported in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $15.60 to $15.86, inclusive. The reporting person undertakes to provide Xenia Hotels & Resorts, Inc., any security holder of Xenia Hotels & Resorts, Inc. or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in footnote (2) to this Form 4. LTIP Units are a class of limited partnership units in XHR LP (the "Operating Partnership"), of which the Issuer's wholly-owned subsidiary is the general partner. Initially, the LTIP Units do not have full parity with common limited partnership units of the Operating Partnership ("Common Units") with respect to liquidating distributions. However, upon the occurrence of certain events described in the Operating Partnership's partnership agreement, the LTIP Units can over time achieve full parity with the Common Units for all purposes. If such parity is reached, vested LTIP Units may be converted into an equal number of Common Units on a one for one basis at any time at the request of the Reporting Person or the general partner of the Operating Partnership. (continued from Footnote 3) Common Units are redeemable for cash based on the fair market value of an equivalent number of shares of the Issuer's common stock, or, at the election of the Issuer, an equal number of shares of the Issuer's common stock, each subject to adjustment in the event of stock splits, specified extraordinary distributions or similar events. The LTIP Units issued pursuant to the Xenia Hotels & Resorts, Inc., XHR Holding, Inc. and XHR LP 2015 Incentive Award Plan vest 33% on March 2, 2027, 33% on March 2, 2028 and 34% on March 2, 2029, subject to earlier vesting upon certain terminations of the Reporting Person's employment or a change of control of the Issuer, in each case as described in the award agreement.