Marcus & Millichap (MMI) CEO Nadji Hessam Exercises RSUs, Gifts Shares

What Happened
Nadji Hessam, CEO of Marcus & Millichap (MMI), settled 30,000 restricted stock units (RSUs) on September 10, 2026. The RSU settlement shows an exercise/conversion at $0.00 per share (RSUs convert to common stock without a cash exercise price). To cover withholding tax obligations, 15,264 shares were withheld by the issuer. On September 14, 2026, Hessam also gifted 700 shares. Net of withholding and the gift, Hessam increased stock holdings by 14,036 shares (30,000 acquired − 15,264 withheld − 700 gifted). The filing also records the derivative conversion mechanics (disposition of the derivative interest) related to the RSU settlement.

Key Details

• Transaction dates: RSU settlement/exercise reported 2026-09-10; gift reported 2026-09-14.
• Reported price: $0.00 per share for the RSU conversion (typical for RSU settlements); withholding was calculated based on the closing sale price on Sept 10, 2026 (price not stated in the filing).
• Net shares added to Hessam’s position: +14,036 shares. The filing does not state total shares owned following these transactions.
• Footnotes of note:
  • F1: Each RSU represents a contingent right to receive one share.
  • F2: 15,264 shares were withheld by the issuer to satisfy tax withholding on the RSU settlement.
  • F3: Some shares are owned by the reporting person’s adult son (residing in the household); Hessam disclaims beneficial ownership of those shares.
  • F4: The RSUs vest in five equal annual installments beginning March 10, 2023.
• Timeliness: Transaction date was 2026-09-10 and the Form 4 was filed on 2026-09-15; this appears to be a late filing (outside the typical 2-business-day window required for Section 16 insiders).

Context

• This was an RSU settlement (no cash exercise price) with shares withheld for taxes — a routine administrative disposition rather than an open-market sale.
• The 700-share transfer on Sept 14 is reported as a gift; gifts typically reflect personal/estate planning and are not direct indicators of management sentiment about the stock.
• For retail investors, the key takeaway is a net increase in the CEO’s shares (14,036). As always, insider activity is one data point and should be considered alongside company fundamentals and other information.