PAPA CHRISTOPHER J 4

What Happened

• Christopher J. Papa, Chief Financial Officer of Americold Realty Trust (COLD), received a grant of 187,970 OP Profits Units (a derivative equity award) on February 23, 2026. The units were issued at $0 per unit (no cash paid).
• This is an equity award (not a purchase or sale). The filing reports the grant but does not state a market dollar value for the award.

Key Details

• Transaction date: 2026-02-23; Form 4 filed: 2026-02-24 (timely filing).
• Award: 187,970 OP Profits Units issued at $0 per unit.
• Vesting: 50% vests on the one-year anniversary of the grant date (Feb 23, 2027) and 50% vests on the second anniversary (Feb 23, 2028).
• Shares owned after transaction: not disclosed in the supplied excerpt.
• Footnotes: F1 describes the two-year, ratable vesting schedule; F2 explains that vested OP Profits Units can be converted into common units of the Operating Partnership and those common units may be redeemed for cash equal to the fair market value of a share of the company or exchanged for one share of common stock at the company's election. Conversion/redemption rights have no expiration.

Context

• OP Profits Units are a form of deferred/derivative compensation tied to the Operating Partnership, commonly used in REIT/partnership structures; they are not immediate open-market purchases and do not by themselves indicate the insider is buying or selling stock.
• Because the units were granted (awarded) and vest over time, their economic value to the insider depends on future vesting and any future conversion/redemption elections.