Wells George M. 4

4 · Piedmont Realty Trust, Inc. · Filed Feb 5, 2026

AI-generated summary of this filing

Updated Feb 5, 2026

Piedmont Realty EVP George Wells Receives Award, Sells for Taxes

What Happened

George M. Wells, EVP and Co-COO of Piedmont Realty Trust (PDM), received 46,299 unrestricted performance shares under the 2023–2025 LTIP and 8,803 vested deferred stock units (DSUs) that were settled in common stock on Feb 3, 2026.
To satisfy tax withholding obligations, 20,988 shares from the performance award and 4,388 shares from the DSU settlement were forfeited/delivered to the company (total 25,376 shares), representing cash withholding values of $176,089 and $36,815 (at $8.39/share), respectively — $212,904 total. These were not open-market sales but share withholdings.

Key Details

Transaction date: February 3, 2026; Form 4 filed Feb 5, 2026 (timely).
Grants/settlements: 46,299 performance shares (granted without restriction) and 8,803 DSUs vested and settled in stock.
Withholding (tax payment): 20,988 shares (performance award) and 4,388 shares (DSU) forfeited to PDM at $8.39/share, totals $176,089 and $36,815.
Net new shares received (after withholding): filing implies roughly 29,726 additional shares (46,299+8,803 − 25,376), though the Form 4 does not state total shares owned after the transactions.
Footnotes: DSUs represent contingent rights to one share each and may be settled in cash or stock; the performance shares were granted under the 2023–2025 LTIP.
Filing timeliness: Not late (filed within required reporting window).

Context

These transactions were awards and vesting events, not open-market purchases or sales — the withheld shares were surrendered to satisfy taxes (a common practice), not an indication of a discretionary sale. Deferred stock units were settled into common stock rather than cash.

Form 4

Period: 2026-02-03

EVP- Co-COO

Transactions

Award
Common Stock
[F1]
2026-02-03+46,299→ 163,434 total
Tax Payment
Common Stock
[F2]
2026-02-03$8.39/sh−20,988$176,089→ 142,446 total
Exercise/Conversion
Common Stock
[F3][F4]
2026-02-03+8,803→ 151,249 total
Tax Payment
Common Stock
[F4]
2026-02-03$8.39/sh−4,388$36,815→ 146,861 total
Exercise/Conversion
Restricted Stock Units
[F3][F4]
2026-02-03−8,803→ 73,906 total
Exercise: $0.00→ Common Stock (8,803 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 (46,299 shares) pursuant to the performance share component of the 2023-2025 Long Term Incentive Compensation plan on February 3, 2026 (mentioned above), 20,988 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 35,211 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 (8,803 shares) and were settled in PDM common stock. In connection with this vesting, 4,388 shares were forfeited by the employee and delivered to PDM to satisfy tax withholding obligations.

Signature

/s/ M. Wade Grace III as Attorney-in-Fact for George M. Wells|2026-02-05

3 files