SHAPIRO MARK S 4

What Happened
Mark S. Shapiro, a director of Equity Residential (EQR), was granted 3,561 Series 2026C restricted limited partnership interests ("RUs") on June 18, 2026. The reported transaction shows an acquisition at $0.00 (award/grant), i.e., no cash paid by the insider. This is an equity award, not an open-market purchase or sale.

Key Details

• Transaction type: Award/Grant (Report code A). Date of grant: 2026-06-18. Report filed: 2026-06-23.
• Amount granted: 3,561 RUs; reported acquisition price: $0.00.
• Vesting and holding: RUs are scheduled to vest on June 18, 2027, and are subject to a holding restriction until June 18, 2028.
• Derivative mechanics: RUs convert automatically into OP Units when a tax-related capital account target is met (within 10 years); OP Units are exchangeable one-for-one for common shares or for cash at the company's option. The reported RU total includes any OP Units into which they automatically convert.
• Shares owned after transaction: Not specified in the provided filing.
• Timeliness: The Form 4 was filed five days after the grant (6/23/2026 for a 6/18/2026 grant), which is outside the typical 2-business-day Section 16 filing window.

Context
This was a compensation award tied to prospective service (annual long-term grant) and includes vesting and a subsequent holding restriction. As an award (not a purchase or sale), it reflects grant-based compensation rather than an immediate insider buy or sell.