LANDY MICHAEL P 4

What Happened

• Michael P. Landy, a director of UMH Properties (UMH), received stock awards on Jan 21, 2026. The filing shows two acquisitions: 1,220 shares granted at $16.15 each (worth $19,703) and a 12,000-share derivative award priced at $16.15 (notional value $193,800). Combined, the awards total 13,220 shares with an aggregate notional value of about $213,503.
• These were awards/grants (code A), not open-market purchases or sales.

Key Details

• Transaction date: 2026-01-21; Form 4 filed: 2026-01-23 (timely).
• Price per share shown: $16.15.
• Shares reported acquired: 1,220 (direct stock award) + 12,000 (derivative award) = 13,220 total.
• Shares owned following the transaction: not specified in the provided excerpt of the filing.
• Footnotes:
  • F1: Stock award for Directors (applies to the 1,220-share grant).
  • F2: The 12,000-share derivative is a stock option award that vests 20% per year over five years: 2,400 shares vesting each year on 1/21/2027, 1/21/2028, 1/21/2029, 1/21/2030, and 1/21/2031.
• Filing timeliness: filed two days after the transaction date (appears timely, not marked late).

Context

• Director awards are commonly part of regular compensation for board service. The 1,220 shares appear to be an immediate grant while the 12,000-share derivative award vests over five years, so the large portion is not immediately liquid or sold.
• These awards are informational and do not, by themselves, indicate intent to buy or sell stock in the market.