Cypher Matthew 4

What Happened
Matthew Cypher, a director of Chiron Real Estate, was granted 2,497 limited partnership units (LTIP Units) on 2026-05-20. The units were reported as acquired at $0.00 (award/derivative). The LTIP Units vest in full on May 20, 2027, subject to Cypher’s continued service, and may be exchanged after vesting for cash or, at the issuer’s election, one share of common stock per unit.

Key Details

• Transaction date: 2026-05-20; filing date: 2026-05-21 (timely).
• Transaction type/code: Award/Grant (A).
• Amount: 2,497 LTIP Units; reported price: $0.00.
• Vesting: All units vest on 2027-05-20, contingent on continued service (F1).
• Conversion: Vested LTIP Units that reach capital account parity may be exchanged for cash or, at the issuer’s election, one-for-one for common stock (F2).
• Plan/legal: Issued under the Issuer’s 2016 Equity Incentive Plan.
• Reverse-split note: Amount shown is post 1-for-5 reverse split effective 2025-09-19 (F3).
• Shares owned after transaction: Not specified in the filing.
• No 10b5-1, tax-withholding, or late-filing flags disclosed.

Context
LTIP Units are a form of long-term compensation (derivative interest in the operating partnership), not immediate common stock. Because they vest conditionally and may convert to cash or shares only after vesting, this award is a compensation grant rather than an outright purchase or sale — it does not by itself signal an immediate insider buy or sell. If exchanged for shares after vesting, future conversions could dilute existing shareholders.