Smith Christopher Brent 4

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.