Wells George M. 4

What Happened George M. Wells, EVP and Co‑COO of Piedmont Realty Trust (PDM), had 10,496 deferred stock units vest on February 20, 2026. Those units were converted to PDM common stock (code M). To satisfy withholding tax obligations, 4,675 shares were forfeited/delivered back to PDM at $7.98 per share (code F), totaling $37,307. Net shares received by Wells from this vesting were 5,821 shares. This was a vesting/settlement of previously awarded deferred stock units rather than an open‑market purchase or sale.

Key Details

• Transaction date: February 20, 2026; Form 4 filed February 23, 2026.
• Conversion/settlement: 10,496 deferred stock units converted into common stock (code M).
• Tax withholding: 4,675 shares withheld at $7.98/share = $37,307 (code F).
• Net shares received: 10,496 − 4,675 = 5,821 shares.
• Shares owned after transaction: Not reported in the provided filing.
• Footnotes: The DSUs were part of a grant of 41,985 deferred stock units on Feb 20, 2024 that vest in four equal annual installments; DSUs may be settled in cash or common stock.

Context This was a routine vesting/settlement of deferred compensation (not a market buy or sale). Withholding shares to cover taxes is common in such settlements and does not by itself indicate an intent to sell additional shares. The filing documents conversion of DSUs rather than exercise of stock options for cash.