LEBOVITZ STEPHEN D 4

What Happened

• Stephen D. Lebovitz, CEO and Director of CBL & Associates Properties (CBL), had 5,619 shares disposed on February 17, 2026 to satisfy tax withholding related to recently vested restricted stock awards. The disposals were: 1,985 shares at $35.59 ($70,646) and 3,634 shares at $36.13 ($131,278), for a combined value of approximately $201,924.
• This was a tax-withholding/share-for-tax transaction (code F) associated with vesting, not an open-market sale for investment or trading purposes.

Key Details

• Transaction date: February 17, 2026.
• Prices and amounts reported:
  • 1,985 shares @ $35.59 = $70,646
  • 3,634 shares @ $36.13 = $131,278
• Total shares withheld/sold: 5,619; total value ≈ $201,924.
• Shares owned after the transaction: not specified in the filing.
• Relevant footnotes:
  • F1: Withholding was calculated based on average NYSE prices for the trading days prior to the vesting dates (Feb 12 vesting using $35.59; Feb 15 vesting using $36.125 rounded to $36.13).
  • F2: Reporting person disclaims beneficial ownership except to the extent of pecuniary interest.
  • F3–F4: Some holdings are held via irrevocable trusts (details of trustees provided).
• Filing timeliness: Form 4 filed on Feb 18, 2026 for Feb 17 transactions — appears timely (Form 4 is generally due within two business days).

Context

• Code F transactions are routine tax-withholding or share-surrender actions when restricted shares vest; they do not necessarily signal a view on the company's prospects. In effect, the company or issuer withheld/sold shares to cover required taxes on behalf of the insider.
• The filing includes trust and beneficial-ownership disclaimers; these are standard and clarify how some shares are held or controlled.