LEBOVITZ MICHAEL I 4

What Happened
Michael I. Lebovitz, President of CBL & Associates Properties (CBL), was granted a total of 71,649 shares of restricted/common stock (7,474 + 43,035 + 21,140) on 2026-02-11 and, on the same date, had 10,021 shares withheld/sold to satisfy tax liabilities (1,702 shares at $36.55 for $62,200 and 8,319 shares at $36.05 for $299,858), yielding proceeds of about $362,058. The grants are awarded under CBL’s equity plans and performance stock unit agreements.

Key Details

• Transaction date: 2026-02-11; Form 4 filed 2026-02-13 (filed within the standard 2-business-day window).
• Grants/acquisitions: 71,649 shares granted (no cash paid) — described as restricted stock and performance-based awards.
• Tax-related dispositions: 10,021 shares disposed as payment of tax liability (codes F), at $36.55 and $36.05 per share, totaling ~$362K.
• Shares owned after transaction: not specified in the filing.
• Footnotes: grants pursuant to the 2021 Equity Incentive Plan and 2022/2023 Performance Stock Unit Award Agreements; the reporting person disclaims beneficial ownership except for pecuniary interest; filing reports small trust holdings (total 386 shares across family trusts).

Context
This filing reflects equity awards being issued to an executive and the company withholding/selling a portion of those shares to cover tax obligations — a routine administrative transaction rather than an open-market buy/sell expressing investment conviction. For retail investors, awards indicate management compensation alignment with shareholders, while the withheld shares simply settle tax liabilities and do not necessarily signal a view on the company’s outlook.