0001209191-21-031928.txt : 20210511 0001209191-21-031928.hdr.sgml : 20210511 20210511215721 ACCESSION NUMBER: 0001209191-21-031928 CONFORMED SUBMISSION TYPE: 4 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20210507 FILED AS OF DATE: 20210511 DATE AS OF CHANGE: 20210511 REPORTING-OWNER: OWNER DATA: COMPANY CONFORMED NAME: Hallenberg Susan CENTRAL INDEX KEY: 0001809971 FILING VALUES: FORM TYPE: 4 SEC ACT: 1934 Act SEC FILE NUMBER: 000-56165 FILM NUMBER: 21913276 MAIL ADDRESS: STREET 1: 6340 SOUTH 3000 EAST STREET 2: SUITE 500 CITY: SALT LAKE CITY STATE: UT ZIP: 84121 ISSUER: COMPANY DATA: COMPANY CONFORMED NAME: Cottonwood Communities, Inc. CENTRAL INDEX KEY: 0001692951 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 000000000 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 BUSINESS ADDRESS: STREET 1: 1245 BRICKYARD RD. STREET 2: SUITE 250 CITY: SALT LAKE CITY STATE: UT ZIP: 84106 BUSINESS PHONE: 801-278-0700 MAIL ADDRESS: STREET 1: 1245 BRICKYARD RD. STREET 2: SUITE 250 CITY: SALT LAKE CITY STATE: UT ZIP: 84106 4 1 doc4.xml FORM 4 SUBMISSION X0306 4 2021-05-07 0 0001692951 Cottonwood Communities, Inc. N/A 0001809971 Hallenberg Susan 1245 BRICKYARD ROAD SUITE 250 SALT LAKE CITY UT 84106 0 1 0 0 See Remarks CCOP LTIP Units 2021-05-07 4 A 0 7500 A Common Stock, par value $0.01 per share 7500 7500 D CCOP LTIP Units 2021-05-07 4 D 0 7500 D Common Stock, par value $0.01 per share 0 0 D CROP LTIP Units 2021-05-07 4 A 0 7500 A Common Stock, par value $0.01 per share 7500 7500 D CROP LTIP Units 2021-05-07 4 J 0 12587.705 A Common Stock, par value $0.01 per share 12587.705 12587.705 D CROP LTIP Units 2021-05-07 4 J 0 6079.255 A Common Stock, par value $0.01 per share 6079.255 6079.255 D CROP Units 2021-05-07 4 J 0 3633.045 A Class I Common Stock, par value $0.01 per share 3633.045 3633.045 I By Ravinnia, LLC The long-term incentive plan units ("CCOP LTIP Units") of Cottonwood Communities O.P., LP, a Delaware limited partnership ("CCOP"), of which Cottonwood Communities, Inc., a Maryland corporation (the "Issuer"), was the sole general partner prior to the effective time of the CRII Merger (as defined herein), were granted to the reporting person on May 7, 2021, as equity incentive compensation. The CCOP LTIP Units vest annually in equal installments over a four-year period with the first 25% vesting on May 7, 2022, subject to continued service. Represents CCOP LTIP Units granted to the reporting person as equity incentive compensation. Over time, CCOP LTIP Units can achieve full parity with common units of limited partnership of CCOP ("CCOP Units") for all purposes. If such parity is reached, non-forfeitable CCOP LTIP Units may be converted into CCOP Units and then may be redeemed for cash equal to the then-current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. CCOP LTIP Units do not have an expiration date. On May 7, 2021, Cottonwood Residential II, Inc. ("CRII") merged with and into Cottonwood Communities GP Subsidiary, LLC ("Merger Sub"), a wholly owned subsidiary of the Issuer, with Merger Sub surviving the merger (the "REIT Merger"). Immediately following the REIT Merger, CCOP, merged with and into Cottonwood Residential O.P., LP ("CROP"), a Delaware limited partnership and the operating partnership of CRII, (the "Partnership Merger," and together with the REIT Merger, the "CRII Merger"), with CROP surviving the Partnership Merger. As of the effective time of the CRII Merger, Merger Sub, of which the Issuer is the sole member, became the sole general partner of CROP, the operating partnership of the Issuer following the CRII Merger. At the effective time of the Partnership Merger, each issued and outstanding CCOP LTIP Unit (vested and unvested) converted into the right to receive one CROP LTIP Unit (as defined herein) and such units continue to have, and are subject to, the same terms and conditions (including vesting terms) set forth in the applicable CCOP vesting agreement, as in effect immediately prior to the effective time of the Partnership Merger. Following the CRII Merger and the change in general partner of CROP, the CROP LTIP Units became a derivative security of the Issuer. Reflects the disposition of the CCOP LTIP Units in connection with the Partnership Merger. Reflects the acquisition of long-term incentive plan units ("CROP LTIP Units") of CROP, of which a wholly owned subsidiary of the Issuer is the sole general partner as of the effective time of the Partnership Merger. Over time, the CROP LTIP Units can achieve full parity with common units of limited partnership of CROP ("CROP Units") for all purposes. If such parity is reached, non-forfeitable CROP LTIP Units may be converted into CROP Units and then may be redeemed for cash equal to the then-current market value of one share of the Issuer's Class I common stock or, at the Issuer's election, for shares of the Issuer's Class I common stock on a one-for-one basis. CROP LTIP Units do not have an expiration date. Represents CROP LTIP Units received by the reporting person at the effective time of the Partnership Merger. The CROP LTIP Units vest annually in equal installments over a four-year period with the first 25% vesting on May 7, 2022, subject to continued service. The units were held by the reporting person prior to the CRII Merger, as units that were a derivative security of CRII. Following the CRII Merger the units became a derivative security of the Issuer. Represents CROP LTIP Units received by the reporting person as equity incentive compensation. The CROP LTIP units are vested as of the date of filing. Represents CROP LTIP Units received by the reporting person as equity compensation on January 2, 2021. The CROP LTIP Units vest annually in equal installments over a four-year period with the first 25% vesting on January 1, 2022, subject to continued service. Represents CROP Units. CROP Units may be redeemed for cash equal to the then-current market value of one share of the Issuer's Class I common stock or, at the Issuer's election, for shares of the Issuer's Class I common stock on a one-for-one basis. The CROP Units are vested as of the date of issuance and have no expiration date. The CROP Units were held by the reporting person prior to the CRII Merger, as units that were a derivative security of CRII. Following the CRII Merger and the change in general partner of CROP, the units became a derivative security of the Issuer. Chief Accounting Officer and Treasurer /s/ Adam Larson, Attorney-in-fact 2021-05-11