0001209191-24-001417.txt : 20240111
0001209191-24-001417.hdr.sgml : 20240111
20240111114012
ACCESSION NUMBER: 0001209191-24-001417
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20240109
FILED AS OF DATE: 20240111
DATE AS OF CHANGE: 20240111
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Hallenberg Susan
CENTRAL INDEX KEY: 0001809971
ORGANIZATION NAME:
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 000-56165
FILM NUMBER: 24528503
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]
ORGANIZATION NAME: 05 Real Estate & Construction
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
X0508
4
2024-01-09
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
0
LTIP Units
2024-01-09
4
A
0
4835.79
A
Class I Common Stock, par value $0.01 per share
4835.79
70490.7
D
LTIP Units
2024-01-09
4
A
0
14505.31
A
Class I Common Stock, par value $0.01 per share
14505.31
84996.01
D
The long-term incentive plan units ("LTIP Units") of Cottonwood Residential O.P., LP, a Delaware limited partnership ("Operating Partnership"), of which Cottonwood Communities, Inc., a Maryland corporation (the "Issuer"), is the sole member of the sole general partner, were granted to the reporting person on January 9, 2024 as equity incentive compensation. The LTIP Units vest annually in equal installments over a four-year period with the first 25% vesting on January 1, 2025, subject to continued service.
Represents LTIP units granted to the reporting person as equity incentive compensation. Over time, the LTIP Units can achieve full parity with common units of limited partnership of the Operating Partnership ("CROP Units") for all purposes. If such parity is reached, non-forfeitable LTIP Units automatically convert into CROP Units. CROP Units may be redeemed for cash equal to the net asset value ("NAV") per share, determined pursuant to valuation procedures adopted by the Issuer's board of directors, 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. LTIP Units do not have an expiration date.
Reflects the aggregate number of LTIP Units currently held by the reporting person, and includes LTIP Units which automatically converted to CROP Units. See footnote 2 discussing the conversion of the LTIP Units.
The LTIP Units were granted to the reporting person by the board of directors of Cottonwood Residential II, Inc. ("CRII") based on a performance unit award made in January 2021, when the Operating Partnership was the operating partnership of CRII. The reporting person earned 100% of the targeted number of performance units over a three-year performance period. The compensation committee of the Issuer's board of directors determined the number of LTIP Units earned on January 9, 2024. The LTIP Units fully vest on the first anniversary of the last day of the performance period, subject to continued employment with the Issuer and will be fully vested on December 31, 2024.
Represents the number of LTIP Units earned as of January 9, 2024 under the performance unit award made in January 2021.
Chief Accounting Officer and Treasurer
/s/ Adam Larson, attorney-in-fact
2024-01-11