Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
On January 12, 2021, Steadfast Apartment REIT, Inc. (the "Company"), STAR REIT
Services, LLC, a subsidiary of the Company, Steadfast Apartment REIT Operating
Partnership, L.P., the Company's operating partnership, and each of Ella S.
Neyland, the Company's President, Chief Financial Officer and Treasurer, Tim
Middleton, the Company's Chief Investment Officer, Tiffany Stanley, the
Company's Executive Vice President of Operations, Jason S. Stern, the Company's
Chief Strategic and Administrative Officer, and Gustav F. Bahn, the Company's
Chief Legal Officer and Corporate Secretary (Messrs. Middleton, Stern and Bahn
and Mses. Neyland and Stanley each an "Executive" and collectively the
"Executives") entered into an Amendment No.1 to the Employment Agreement dated
as of September 1, 2020 (the "Amendments"). The Amendments provide that,
effective January 1, 2021, each Executive shall have an unlimited amount of paid
time off each calendar year. Any accrued but unpaid paid time off as of January
1, 2021 shall be paid to the Executives by the Company.
The foregoing description of the Amendments does not purport to be complete and
is qualified in its entirety by reference to the form of Amendment, which is
filed as Exhibit 10.01 hereto and is incorporated herein by reference.
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Item 8.01 Other Events.
Share Repurchase Plan
On January 12, 2021, the Board of Directors of the Company approved an amendment
(the "Amendment") to the Second Amended and Restated Share Repurchase Plan (the
"SRP"). The Amendment (1) limits repurchase requests to death and qualifying
disability only and (2) sets a $3 million per calendar quarter limit on the
amount of repurchases by the Company. The Amendment will take effect upon 30
days' from the filing of this Current Report on Form 8-K, and will be in effect
on the Repurchase Date (as defined in the SRP) at the end of April 2021, with
respect to repurchases for the fiscal quarter ending March 31, 2021. Share
repurchase requests that do not meet the requirements for death and disability
will be cancelled (including any requests received during the first quarter of
2021).
Distribution Declaration
On January 12, 2021, the Board of Directors of the Company approved and
authorized a daily distribution to stockholders of record as of the close of
business on each day for the period commencing on February 1, 2021 and ending on
February 28, 2021. The distributions will be equal to $0.00143836 per share of
the Company's common stock per day. The distributions for each record date in
February 2021 will be paid in March 2021. The distributions will be payable to
stockholders from legally available funds therefor.
Stockholder Letter
On January 14, 2021, the Company mailed a letter to stockholders announcing the
distribution rate for February 2021 and the Amendment. The stockholder letter is
filed as Exhibit 99.1 to this Current Report on Form 8-K.
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Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibits Description
10.1 Form of Amendment No. 1 to Employment Agreement
99.1 Stockholder Letter dated January 14, 2021
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