Smith Christopher Brent 4
4 · Piedmont Realty Trust, Inc. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Piedmont Realty (PDM) CEO Christopher Smith Receives RSU Vesting & DSU Grant
What Happened
Christopher Brent Smith, President, CEO and a director of Piedmont Realty Trust (PDM), had the final tranche of a 2023 restricted stock unit (RSU) grant vest on Feb 13, 2026: 37,677 RSUs were settled into common stock. To satisfy withholding tax obligations, 16,782 of those shares were delivered back to the company (reported as forfeited), leaving a net receipt of 20,895 shares. The filing reports the tax withholding value as $138,452 (16,782 shares at $8.25). On Feb 17, 2026 he was also granted 165,854 deferred stock units (DSUs) that vest in four equal annual installments.
Key Details
- Transaction dates: RSU vest/settlement and tax withholding on 2026-02-13; DSU grant on 2026-02-17.
- Reported withholding: 16,782 shares withheld at $8.25/share = $138,452 (tax withholding, code F).
- Vested/settled: 37,677 RSUs converted to common stock (code M). Net shares received after withholding: 20,895.
- New grant: 165,854 deferred stock units (DSUs) granted on Feb 17, 2026 (code A); DSUs may be settled in cash or common stock and vest in four equal annual installments.
- Footnotes: Original RSU grant was 150,711 units (granted 2/13/2023) vesting in four equal annual installments; final 25% vested 2/13/2026 and was settled in stock.
- Shares owned after transactions: Not specified in the provided filing details.
- Filing timeliness: Transactions occurred 2026-02-13 and the Form 4 was filed 2026-02-18 — this appears to be filed after the typical 2-business-day Form 4 deadline.
Context
- This was not an open-market sale or purchase; it was an RSU vesting/settlement with routine tax withholding and a separate DSU grant. Such withholding transactions are common for fulfilling tax obligations and do not necessarily indicate a personal sale or market-driven decision.
- DSUs are contingent rights to receive shares (or cash) in the future and vest over time; they do not immediately change circulating share count until settled.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1][F2]2026-02-13+37,677→ 664,000 total - Tax Payment
Common Stock
[F1]2026-02-13$8.25/sh−16,782$138,452→ 647,218 total - Exercise/Conversion
Restricted Stock Units
[F2][F1]2026-02-13−37,677→ 343,026 totalExercise: $0.00→ Common Stock (37,677 underlying) - Award
Restricted Stock Units
[F2][F3]2026-02-17+165,854→ 508,880 totalExercise: $0.00→ Common Stock (165,854 underlying)
Footnotes (3)
- [F1]On February 13, 2023, the reporting person was granted 150,711 restricted stock units, vesting in four equal, annual installments beginning on the grant date. On February 13, 2026, the final 25% of the grant vested (37,677 shares), and were settled in PDM common stock. In connection with this vesting, 16,782 shares were forfeited by the employee and delivered to PDM to satisfy tax withholding obligations.
- [F2]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.
- [F3]On February 17, 2026, the reporting person was granted 165,854 deferred stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date.