Summit Hotel Properties, Inc. Files Definitive Proxy Statement

TL;DR

<b>Summit Hotel Properties, Inc. has filed its Definitive Proxy Statement for the fiscal year 2023, detailing executive compensation and award valuations.</b>

AI Summary

Summit Hotel Properties, Inc. (INN-PF) filed a Proxy Statement (DEF 14A) with the SEC on April 3, 2024. Summit Hotel Properties, Inc. filed a Definitive Proxy Statement (DEF 14A) on April 3, 2024. The filing covers the fiscal year ending December 31, 2023. Key individuals mentioned in relation to compensation include Jonathan Stanner and Daniel Hansen. The filing details compensation components such as stock awards and option awards. It also references ASC 718 fair value calculations for unvested awards.

Why It Matters

For investors and stakeholders tracking Summit Hotel Properties, Inc., this filing contains several important signals. This DEF 14A filing provides shareholders with crucial information regarding executive compensation practices and decisions made by the company's board. Understanding the details of stock and option awards, along with their valuation under ASC 718, is important for assessing management's alignment with shareholder interests and the company's financial reporting.

Risk Assessment

Risk Level: — Summit Hotel Properties, Inc. shows moderate risk based on this filing. The filing is a routine DEF 14A, providing information on executive compensation and corporate governance, with no immediate financial or operational performance indicators presented.

Analyst Insight

Review the executive compensation details and any shareholder proposals to understand management's incentives and potential governance changes.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the DEF 14A)
• 2024-04-03 — Filing Date (Date the DEF 14A was filed)

Key Players & Entities

• Summit Hotel Properties, Inc. (company) — Filer of the DEF 14A
• Jonathan Stanner (person) — Member referenced in compensation details
• Daniel Hansen (person) — Member referenced in compensation details

FAQ

Industry Context

Summit Hotel Properties, Inc. operates as a real estate investment trust (REIT) focused on the hospitality sector.

Regulatory Implications

The filing is a DEF 14A, a standard SEC form for definitive proxy statements, used to solicit proxies from shareholders.

What Investors Should Do

1. Analyze the compensation packages for key executives like Jonathan Stanner and Daniel Hansen.
2. Review any shareholder proposals or voting matters presented in the proxy statement.
3. Understand the valuation methods for stock and option awards under ASC 718.

Year-Over-Year Comparison

This is a DEF 14A filing, which is a routine disclosure for the fiscal year end, providing information on executive compensation and corporate governance.

Filing Documents

• inn-20240403.htm (DEF 14A) — 1239KB
• inn-20240403_g1.jpg (GRAPHIC) — 32KB
• inn-20240403_g2.jpg (GRAPHIC) — 10KB
• inn-20240403_g3.jpg (GRAPHIC) — 11KB
• inn-20240403_g4.jpg (GRAPHIC) — 122KB
• inn-20240403_g5.jpg (GRAPHIC) — 115KB
• inn-20240403_g6.jpg (GRAPHIC) — 122KB
• inn-20240403_g7.jpg (GRAPHIC) — 1376KB
• inn-20240403_g8.jpg (GRAPHIC) — 1057KB
• 0001497645-24-000027.txt (&nbsp;) — 7928KB
• inn-20240403.xsd (EX-101.SCH) — 5KB
• inn-20240403_def.xml (EX-101.DEF) — 12KB
• inn-20240403_lab.xml (EX-101.LAB) — 101KB
• inn-20240403_pre.xml (EX-101.PRE) — 53KB
• inn-20240403_htm.xml (XML) — 85KB

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 43 Summary Compensation Table 43 Grants of Plan-Based Awards 44 Discussion of Summary Compensation and Grants of Plan-Based Awards Tables 44 Outstanding Equity Awards at Fiscal Year-End 45 Option Exercises and Stock Vested 46 Equity Compensation Plan Information 46 Employment Agreements 46 Potential Payments Upon Termination or Change in Control 47 CEO Pay Ratio Summary 48 Pay Versus Performance Table 49 Risk Considerations in our Executive Compensation Program 53 AUDIT COMMITTEE REPORT 54 Principal Accountant Fees and Services 56 Audit Fees 56 Audit-Related Fees 56 Tax Fees 56 All Other Fees 56 Pre-Approval Policy 56

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 57

Security Ownership of Certain Beneficial Owners

Security Ownership of Certain Beneficial Owners 57

Security Ownership of Management (Executive Officers and Directors)

Security Ownership of Management (Executive Officers and Directors) 59 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 60 Related Person Transaction Policy 60 Related Person Transactions 60 OTHER INFORMATION 61 Discretionary Voting Authority 61 Section 16(a) Beneficial Ownership Reporting Compliance 61 Stockholder Proposals and Director Nominations for the 2025 Annual Meeting of Stockholders 61 Requirements for Proposals to be Considered for Inclusion in Proxy Materials 61 Requirements for Proposals Not Intended for Inclusion in Proxy Materials; Director Nominations 61 Solicitation of Proxies for 2025 Annual Meeting of Stockholders 62 Requests for Annual Report 62 R econciliation of Non-GAA P Financial Measures from GAAP 63 A pp endix A: Summit Hotel Properties, Inc. 2024 Equity Incen tive Plan 67 TABLE OF CONTENTS PROXY STATEMENT 2024 ANNUAL MEETING OF STOCKHOLDERS GENERAL INFORMATION Proxy Solicitation The Board of Directors (the "Board") of Summit Hotel Properties, Inc., has made these materials available to you on the internet or, upon your request, has delivered printed versions of these materials to you by mail, in connection with its solicitation of proxies for its 2024 annual meeting of stockholders to be held on May 22, 2024, at 8:00 a.m. Central Time, at the Hampton Inn & Suites located at 200 San Jacinto Boulevard, Austin, Texas 78701, and at any adjournments or postponements thereof. These materials were first made available to stockholders on April 3, 2024. Unless the context requires otherwise, references in this proxy statement to "Summit," "we," "our," "us" and the "Company" refer to Summit Hotel Properties, Inc. and its consolidated subsidiaries. Pursuant to rules adopted by the Securities and Exchange Commission (the "SEC"), we have elected to provide access to our proxy materials on the internet. Accordingly, we are sending a Notice of Internet Availability of Proxy Materials (the "Notice of Intern

View Full Filing

View this DEF 14A filing on SEC EDGAR