Murphy Devin Ignatius 4
4 · Phillips Edison & Company, Inc. · Filed May 4, 2026
Research Summary
AI-generated summary of this filing
Phillips Edison (PECO) Director Devin Murphy Exercises 3,290 Derivatives
What Happened
Devin Ignatius Murphy, a director of Phillips Edison & Company (PECO), reported the exercise/conversion of 3,290 derivative units on May 1, 2026. The Form 4 shows both an acquisition and a disposition of 3,290 shares at $0.00 per share (total value $0), reflecting a non‑cash vesting/conversion event rather than an open‑market purchase or sale.
Key Details
- Transaction date: 2026-05-01; Filing date: 2026-05-04 (filed within the Form 4 timing window).
- Reported entries: Exercise/conversion of derivative (code M) — 3,290 shares acquired @ $0.00 and 3,290 shares disposed @ $0.00.
- Reported dollar value: $0 (no cash paid or received in the filing).
- Shares owned after transaction: Not specified in the provided filing excerpts.
- Footnotes:
- F1 — OP Units are limited partnership interests exchangeable for cash equal to the fair market value of a share or, at PECO OP’s option, for one share of common stock on a one‑for‑one basis.
- F2 — This reflects vesting of Class B Units that, upon vesting, converted into OP Units.
- F3 — Mr. Murphy disclaims beneficial ownership except to the extent of any pecuniary interest.
Context
This was a vesting/conversion event (derivative exercise) that created OP-unit/common-stock equivalents; it was not an open‑market buy or sale. Because no cash changed hands and the units were converted under partnership terms, the filing should be read as an administrative conversion/vesting disclosure rather than an indicator of buying or selling intent.
Insider Transaction Report
- Exercise/Conversion
Class B Units
[F1][F2]2026-05-01−3,290→ 0 total→ Common Stock (3,290 underlying) - Exercise/Conversion
OP Units
[F1][F2]2026-05-01+3,290→ 346,280.275 total→ Common Stock (3,290 underlying)
- 378,487.819(indirect: By LLC)
OP Units
[F1][F3]→ Common Stock (378,487.819 underlying) - 64,000(indirect: By Trust)
OP Units
[F1][F3]→ Common Stock (64,000 underlying)
Footnotes (3)
- [F1]Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP") are exchangeable, at the election of the holder, for cash equal to the fair market value of one share of the Issuer's Common Stock or, at the option of PECO OP, shares of the Issuer's Common Stock on a one-for-one basis, and have no expiration date and are not subject to vesting.
- [F2]Represents the vesting of Class B Units of limited partnership interests ("Class B Units") in PECO OP. At issuance, the Class B Units were subject to vesting, and did not have full parity with OP Units with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, based upon capital account balance per unit, could over time achieve full parity with the OP Units for all purposes. Upon vesting, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units. The Class B Units have no expiration date.
- [F3]Mr. Murphy disclaims beneficial ownership of these shares except to the extent of any pecuniary interest therein.