Terreno Realty (TRNO) President Michael Coke Receives Award, Surrenders Shares

What Happened

• Michael A. Coke, President and Director of Terreno Realty (TRNO), had two related insider transactions. On 2026-08-03 he surrendered 7,460 shares to the issuer to satisfy tax liabilities at $71.70 per share (proceeds/value $534,882). On 2026-08-04 he was granted 28,426 shares of restricted common stock (no cash paid), which per the filing will fully vest on August 1, 2031.
• The 7,460-share disposition represents tax withholding tied to the vesting of 14,663 restricted shares on August 3, 2026 (footnote). The August 4 action is a new restricted stock award (long-term grant).

Key Details

• Transaction dates and amounts:
  • 2026-08-03: Tax withholding/disposition (code F) — 7,460 shares @ $71.70 = $534,882.
  • 2026-08-04: Grant/award (code A) — 28,426 restricted shares @ $0.00 (no purchase price).
• Footnotes:
  • F1: 7,460 shares surrendered to satisfy taxes due on vesting of 14,663 restricted shares on 2026-08-03.
  • F2: 28,426 restricted shares granted; they fully vest on 2026-08-01 (likely meant 2031 per footnote).
• Shares owned after the transactions: Not specified in this filing.
• Filing timeliness: Form 4 was filed 2026-08-05 for transactions on 2026-08-03 and 2026-08-04 — this appears to be timely (Form 4 is due within two business days of the transaction).

Context

• The 7,460-share disposition was a tax withholding/surrender (common when restricted shares vest), not an open-market sale — it does not necessarily signal the insider is reducing exposure.
• The 28,426-share entry is a restricted stock grant with a multi-year vesting schedule (long-term compensation). Such awards are routine executive compensation and should be viewed as long-term incentive rather than an immediate market buy.