SUMMIT PROPERTIES PARTNERSHIP L P 4

4 · SUMMIT PROPERTIES PARTNERSHIP L P · Filed Aug 29, 2003

Form 4

Period: 2003-08-27

Executive Vice President

Transactions

Sale
Common Stock
2003-08-27$22.10/sh−8,000$176,800→ 101,025 total
From: 1988-08-08Exp: 1988-08-08→ Common Units (8,000 underlying)
Exercise/Conversion
Stock Option (Right to Buy Common Stock)
2003-08-27−8,000→ 0 total
Exercise: $16.50Exp: 2009-01-13→ Common Stock (8,000 underlying)
Exercise/Conversion
Common Stock
2003-08-27$16.50/sh+8,000$132,000→ 109,025 total
From: 1988-08-08Exp: 1988-08-08→ Common Units (8,000 underlying)

Footnotes (4)

[F1]The issuer of the Common Stock is Summit Properties Inc. (the "Company"), the general partner of Summit Properties Partnership, L.P. (the "Partnership"). Common units of limited partnership interest of the Partnership are redeemable for cash equal to the fair market value of an equal number of shares of Common Stock or, in lieu of cash, the Partnership may elect to cause the Company to issue an equal number of shares of Common Stock.
[F2]This option vested in five equal annual installments beginning on January 13, 1999.
[F3]There is no exercise date and no expiration date on these securities. The field is required for filing acceptance and the date is used for acceptance of filing purposes only.
[F4]Includes 13,600 shares of Common Stock that the Reporting Person has the opportunity to receive subsequent to August 27, 2003 pursuant to a stock award agreement with the Company. Subject to the Reporting Person's continued employment with the Company, the number of shares that the Reporting Person will be entitled to receive is based on the following schedule: 3,200 shares on each of March 1, 2004, 2005 and 2006; and the final 4,000 shares on March 1, 2007 (subject to acceleration under certain circumstances).

Documents

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