Kelly Kevin M 4

What Happened

• Kevin M. Kelly, Assistant General Counsel/Secretary of Simon Property Group (SPG), was awarded derivative compensation on March 11, 2026: 3,124 LTIP units and 990 restricted stock units (RSUs). The Form 4 reports the LTIP grant at $0.25 each (total $781) and the RSUs at $0.00.
• These were awards/grants (transaction code A) — not open-market purchases or sales — and represent long-term incentive compensation rather than an immediate cash investment.

Key Details

• Transaction date: March 11, 2026; Form 4 filed March 13, 2026 (timely filing).
• LTIP units: 3,124 units reported as earned on March 11, 2026 (reported price $0.25, total $781). These are derivative LTIP units under the Operating Partnership’s 2019 Stock Incentive Plan.
• RSUs: 990 restricted stock units reported at $0.00; each RSU represents the contingent right to one share at settlement.
• Vesting/settlement: Earned LTIP units vest on January 1, 2027 subject to continued service (with earlier vesting possible for death/disability, change in control, retirement with committee approval, etc.). RSUs vest on March 11, 2029 subject to continued service (with similar accelerated-vesting provisions). Vested RSUs will be settled in shares as soon as practicable.
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Footnotes: F1–F4 explain LTIP conversion mechanics (LTIP → Partnership Unit → exchangeable for Company shares or cash) and vesting details for both awards.

Context

• These awards are compensation grants and are common for executives and senior employees; they vest in the future and may convert to company stock or cash, so they do not reflect an immediate purchase or sale of shares. Such grants are informational about executive compensation and retention but are not a direct market commitment (unlike open-market purchases).