Wells George M. 4

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.