Spodek Andrew 4
4 · Postal Realty Trust, Inc. · Filed Feb 2, 2026
Research Summary
AI-generated summary of this filing
Postal Realty (PSTL) 10% Owner Andrew Spodek Receives Awards & Exercises RSUs
What Happened
- Andrew Spodek, a reported 10% owner of Postal Realty Trust, had previously awarded performance RSUs vest on Jan 29, 2026 and converted (exercised) those RSUs into shares. 24,736 shares were issued on conversion (reported at $0.00 acquisition price as these were derivative awards). To satisfy tax withholding on the vesting, 9,485 shares were disposed at $17.67 for proceeds of $167,600. The filing also shows a 20,091-share conversion/disposition related to prior 2023 performance RSUs.
- On Feb 1, 2026 Spodek received new awards: 169,431 market-based RSUs valued at $17.71 per share (grant value reported as $3,001,233) plus additional LTIP/award units of 18,878 and 15,446 units reported at $0.00 (derivative awards subject to vesting conditions).
Key Details
- Dates: Jan 29, 2026 (vesting/conversion and tax-withholding disposition); Feb 1, 2026 (new grants).
- Transaction codes: M = exercise/conversion of derivative (RSUs), F = tax withholding (sale of shares to cover taxes), A = grant/award.
- Notable amounts: 24,736 RSUs vested/converted; 9,485 shares sold for tax withholding ($17.67/share, $167,600); grant of 169,431 market-based RSUs valued at ~$3,001,233 (grant price $17.7136 used).
- Footnotes: 2023 RSUs vested at 123.1% of target after performance certification; 2026 RSUs are market-based awards (0–200% payout possible) with a three-year performance period ending Dec 31, 2028; LTIP Units have vesting/conversion features and may convert to partnership units redeemable for cash or Class A shares.
- Shares owned after transaction: not provided in the excerpt — see the full Form 4 for post-transaction ownership totals.
- Filing timing: Form 4 was filed Feb 2, 2026 and covers transactions on Jan 29 and Feb 1, 2026; filing appears to cover the reported dates.
Context
- These transactions are mostly non-cash equity plan events: RSUs vested/converted (not open-market purchases) and shares were withheld/sold to satisfy tax withholding — a routine administrative step, not an express directional bet. The Feb 1 grants are performance- and market-based awards that vest only if future performance and/or continued service conditions are met. As a 10% owner, Spodek’s activity is significant to monitor but primarily reflects equity compensation mechanics rather than transparent open-market buying/selling.
Insider Transaction Report
Form 4
Spodek Andrew
DirectorCEO and Director10% Owner
Transactions
- Exercise/Conversion
Class A common stock
[F1][F2]2026-01-29+24,736→ 38,831 total - Tax Payment
Class A common stock
[F3]2026-01-29$17.67/sh−9,485$167,600→ 29,346 total - Exercise/Conversion
Restricted Stock Units
[F5][F1]2026-01-29−20,091→ 49,404 total→ Class A common stock (20,091 underlying) - Award
LTIP Units
[F6][F7][F8][F9]2026-02-01$17.71/sh+169,431$3,001,233→ 1,148,627 total→ Class A common stock (169,431 underlying) - Award
Restricted Stock Units
[F10][F11]2026-02-01+18,878→ 68,282 total→ Class A common stock (18,878 underlying) - Award
LTIP Units
[F7][F8][F12]2026-02-01+15,446→ 1,164,073 total→ Class A common stock (15,446 underlying)
Holdings
- 277,518(indirect: By Trust)
Class A common stock
- 637,058(indirect: By LLC)
Class A common stock
[F4]
Footnotes (12)
- [F1]As previously reported, on February 2, 2023, the Reporting Person was granted 20,091 performance-based restricted stock units (the "2023 RSUs"), and, depending on the level of achievement of certain performance-based hurdles during the three-year performance period ended on December 31, 2025 (the "Measurement Period"), the actual number of 2023 RSUs earned could range from 0% to 200% of Target 2023 RSUs. On January 29, 2026, 24,736 2023 RSUs, equating to 123.1% of Target 2023 RSUs, vested based on the achievement of certain performance goals during the Measurement Period after the Corporate Governance and Compensation Committee of the Board of Directors of Postal Realty Trust, Inc. (the "Issuer") certified the Reporting Person's achievement relative to the applicable performance objectives during the Measurement Period and approved the vesting of the 2023 RSUs with respect to these shares.
- [F10]The Reporting Person may earn between 0% and 200%, inclusive, of the Restricted Stock Units granted herein (the "2026 RSUs").
- [F11]The 2026 RSUs are market-based awards that are subject to, and will vest upon, achievement of certain performance-based hurdles and continued employment with the Issuer during the three-year performance period ending on December 31, 2028. Upon vesting, the 2026 RSUs that vest will be settled in shares of the Issuer's Class A common stock and the Reporting Person will be entitled to receive the distributions that would have been paid with respect to each share of the Issuer's Class A common stock received upon settlement on or after the date the 2026 RSUs were initially granted.
- [F12]The LTIP Units will vest ratably on the first, second and third anniversaries of February 1, 2026, subject to continued employment with the Issuer.
- [F2]In accordance with the Issuer's 2019 Equity Incentive Plan, as amended (the "Plan"), the 2023 RSUs convert into the Issuer's Class A common stock on a one-for-one basis.
- [F3]Reflects shares of the Issuer's Class A common stock withheld to satisfy a tax withholding obligation in connection with the vesting of 2023 RSU's reported herein.
- [F4]Reflects shares of the Issuer's Class A common stock that were previously directly owned by the Reporting Person and for which the Reporting Person retains voting control.
- [F5]Each RSU represents a contingent right to receive shares of the Issuer's Class A common stock.
- [F6]Reflects LTIP Unit grants in lieu of cash compensation that vest on the eighth anniversary of February 1, 2026, subject to certain conditions.
- [F7]Following the occurrence of certain events and upon vesting, the LTIP Units are convertible into an equivalent number of limited partnership units ("OP Units") of Postal Realty LP (the "Operating Partnership"). OP Units are redeemable by the Reporting Person for cash or, at the election of the Issuer, shares of Class A common stock of the Issuer on a one-for-one basis or the cash value of such shares. LTIP Units do not have expiration dates.
- [F8]The LTIP Units are a class of limited partnership units of the Operating Partnership.
- [F9]The LTIP Units were granted in lieu of cash compensation. The price of the securities acquired by the Reporting Person is based on the volume weighted average price of the Issuer's Class A common stock for the 10 trading days immediately preceding February 1, 2026 which was $17.7136
Signature
/s/ Joseph Antignani, attorney-in-fact|2026-02-02