Pinard Matts 4

What Happened

• Matts Pinard, EVP, Chief Financial Officer and Treasurer of STAG Industrial, converted 25,242 LTIP units into OP units and had those OP units redeemed for 25,242 shares of STAG common stock, then sold 25,242 shares in an open-market transaction. The weighted-average sale price was $39.18, for total proceeds of approximately $988,924. Reported sales prices ranged from $39.04 to $39.34.

Key Details

• Transaction date: February 23, 2026.
• Sale: 25,242 shares disposed in an open-market sale; weighted-average price $39.18; price range $39.04–$39.34; total proceeds ≈ $988,924. (Footnote F2)
• Derivative conversion/redemption: 25,242 LTIP Units converted to OP Units and those OP Units were redeemed for common stock (Issuer elected stock redemption). (Footnotes F1, F3, F4)
• Shares owned after transaction: not specified in this Form 4.
• Filing timeliness: Reported on the same day (filed Feb 23, 2026); not indicated as late.

Context

• This was not an option exercise in the classic sense but a conversion/redemption of long-term incentive (LTIP) units into partnership units (OP Units) and then redemption into common shares, which were immediately sold. Such conversions are part of STAG’s equity compensation mechanics (non-forfeitable LTIP units that can be converted and redeemed one-for-one when parity conditions are met).
• The transaction is a sale (liquidity event) rather than a purchase; sales by executives can be routine (compensation-related or portfolio management) and do not by themselves indicate company prospects.