Smith Christopher Brent 4

What Happened
Christopher Brent Smith, President & CEO and a director of Piedmont Realty Trust (PDM), had 51,909 deferred stock units vest on Feb 20, 2026. Those DSUs were settled in PDM common stock. To satisfy tax withholding, 23,121 shares were delivered back to the company at $7.98 per share (total $184,506). Net shares issued to Smith were 28,788 (51,909 vested minus 23,121 withheld). This was a receipt of an award (vesting/settlement), not an open-market buy or sale.

Key Details

• Transaction date: Feb 20, 2026; Form 4 filed Feb 23, 2026 (filing appears timely).
• Vesting/settlement: 51,909 deferred stock units converted to common stock (transaction code M).
• Tax withholding: 23,121 shares forfeited/delivered to PDM at $7.98 per share for $184,506 (transaction code F).
• Net shares received by insider: 28,788.
• Shares owned after transaction: not provided in the materials you supplied.
• Footnotes of the filing: the DSUs were part of a 207,634 grant on Feb 20, 2024 vesting in four equal annual installments; each DSU represents a contingent right to one share and may be settled in cash or stock.

Context
Deferred stock units vesting and company share withholding for taxes is a routine executive compensation event. Code M indicates conversion/settlement of a derivative/DSU and code F indicates shares used to cover tax obligations. Because shares were withheld by the company for taxes rather than sold on the open market, this transaction is a settlement of compensation rather than a market-directed sale or purchase.