Smith Christopher Brent 4
4 · Piedmont Realty Trust, Inc. · Filed Feb 5, 2026
Research Summary
AI-generated summary of this filing
Piedmont Realty (PDM) CEO Christopher B. Smith Receives Award, Sells Shares
What Happened
Christopher Brent Smith, President & CEO and a director of Piedmont Realty Trust (PDM), had performance and deferred equity vest on February 3, 2026. He was granted 296,313 unrestricted shares under the 2023–2025 Long Term Incentive plan (awarded at $0.00). To satisfy tax withholding, 131,978 of those shares were delivered back to the company at $8.39 per share for $1,107,295. Separately, 39,906 deferred stock units (25% of a 159,624-unit grant from Feb 3, 2025) vested and were settled in common stock; 18,410 of those shares were withheld at $8.39 per share for $154,460. Total shares withheld: 150,388, total value withheld ≈ $1,261,755. These were award vestings and withholding actions, not open‑market sales.
Key Details
- Transaction date: February 3, 2026 (Form 4 filed Feb 5, 2026). Filing appears timely.
- Awarded shares: 296,313 shares (performance share vesting) acquired at $0.00.
- Deferred units vested/settled: 39,906 DSUs converted to common stock.
- Shares withheld for taxes: 131,978 (from performance award) + 18,410 (from DSU settlement) at $8.39 each, totaling $1,261,755.
- Shares owned after transaction: Not specified in the filing.
- Footnotes: F1 = award granted without restriction under the 2023–2025 LTIP; F2/F4 = shares forfeited/delivered to PDM to satisfy tax withholding; F3 = DSUs are contingent rights payable in cash or stock; F4 = DSUs were a 159,624-unit grant vesting in four annual installments.
- Transaction types: A = award/grant, M = conversion/exercise of deferred equity, F = shares delivered for tax withholding.
Context
These entries reflect routine vesting and company tax-withholding (commonly seen when equity awards vest) rather than a discretionary open-market sale or a purchase indicating a change in sentiment. The deferred stock units are a form of restricted/contingent equity that can be settled in stock or cash; here they were settled in stock with withholding to cover taxes.
Insider Transaction Report
- Award
Common Stock
[F1]2026-02-03+296,313→ 736,805 total - Tax Payment
Common Stock
[F2]2026-02-03$8.39/sh−131,978$1,107,295→ 604,827 total - Exercise/Conversion
Common Stock
[F3][F4]2026-02-03+39,906→ 644,733 total - Tax Payment
Common Stock
[F4]2026-02-03$8.39/sh−18,410$154,460→ 626,323 total - Exercise/Conversion
Restricted Stock Units
[F3][F4]2026-02-03−39,906→ 380,703 totalExercise: $0.00→ Common Stock (39,906 underlying)
Footnotes (4)
- [F1]Such shares were granted without restriction pursuant to the performance share component of the 2023-2025 Long Term Incentive Compensation plan.
- [F2]In connection with the vesting of the unrestricted stock award (296,313 shares) pursuant to the performance share component of the 2023-2025 Long Term Incentive Compensation plan on February 3, 2026 (mentioned above), 131,978 shares were forfeited by the employee and delivered to the Company to satisfy tax withholding obligations.
- [F3]Each deferred stock unit represents a contingent right to receive one share of PDM common stock. Deferred stock units may be settled in cash or common stock at PDM's election.
- [F4]On February 3, 2025, the reporting person was granted 159,624 deferred stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date. On February 3, 2026, the initial 25% of the grant vested (39,906 shares) and were settled in PDM common stock. In connection with this vesting, 18,410 shares were forfeited by the employee and delivered to PDM to satisfy tax withholding obligations.