Form 4: CBL CEO Lebovitz Boosts Stake with Significant Stock Grants

CBL & Associates Properties CEO Stephen D. Lebovitz increased his direct beneficial ownership through significant restricted stock grants, partially offset by tax-related dispositions.

Summary

• Stephen D. Lebovitz, CEO and Director of CBL & Associates Properties Inc. (CBL), reported multiple transactions on February 11, 2026.
• Disposed of 2,755 shares of Common Stock at a price of $36.545 per share for tax withholding purposes.
• Acquired 12,955 shares of restricted Common Stock as a grant pursuant to the 2021 Equity Incentive Plan at a price of $0.
• Acquired 103,271 shares of restricted Common Stock as a grant in accordance with the 2023 Performance Stock Unit Award Agreement at a price of $0.
• Acquired 126,832 shares of Common Stock issued in accordance with the 2022 Performance Stock Unit Award Agreement at a price of $0.
• Disposed of 49,909 shares of Common Stock at a price of $36.045 per share for tax withholding purposes.
• Following these transactions, Mr. Lebovitz's direct beneficial ownership of Common Stock increased to 562,638 shares.
• Indirect beneficial ownership includes 53 shares held by the Stephen D. Lebovitz Irrevocable Trust and 269 shares held by the Stephen D. Lebovitz and Lisa S. Lebovitz Irrevocable Trust.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive event. While routine, the significant increase in the CEO's direct beneficial ownership through grants signals continued alignment with shareholder interests and confidence in the company's future, despite the tax-related dispositions.

Positives

• The CEO's direct beneficial ownership significantly increased by a net of 190,394 shares (12,955 + 103,271 + 126,832 2,755 49,909) through equity grants, aligning management interests with shareholders.
• The grants of restricted stock and performance stock units indicate ongoing executive compensation tied to company performance and long-term incentives.

Negatives

• A total of 52,664 shares were disposed of (2,755 + 49,909) to cover tax obligations related to the vesting or issuance of equity awards, which is a common but non-voluntary reduction in direct holdings.

Future Outlook

The filing does not contain specific forward-looking statements or guidance regarding the company's future financial performance or strategic direction.

Industry Context

StockSavvy.ai notes that executive compensation packages frequently include restricted stock and performance-based equity awards, particularly in the REIT sector, to incentivize long-term performance and align executive interests with shareholder value creation. These types of grants are standard practice for retaining and motivating senior leadership.

Comparison to Industry Standards

• Performance-based equity awards, such as the restricted Common Stock and Performance Stock Units granted to Mr. Lebovitz, are a common component of executive compensation across the real estate investment trust (REIT) industry.
• Companies like Simon Property Group (SPG) and Federal Realty Investment Trust (FRT) also utilize similar equity incentive plans to compensate their executives, linking a significant portion of their pay to the company's stock performance and long-term strategic goals.

Related Party Transactions

• Indirect beneficial ownership of 53 shares is held by the Stephen D. Lebovitz Irrevocable Trust U/A dated 2/27/1998, with Charles B. Lebovitz as Trustee.
• Indirect beneficial ownership of 269 shares is held by the Stephen D. Lebovitz and Lisa S. Lebovitz Irrevocable Trust U/A dated 4/5/2005, with Michael I. Lebovitz as Trustee.

Stakeholder Impact

• Shareholders: Increased alignment of the CEO's financial interests with those of shareholders due to a larger equity stake.
• Employees: The equity incentive plan provides a framework for executive compensation, potentially influencing broader compensation strategies.

Key Dates

Recommendation

This Form 4 primarily details routine executive compensation events, specifically restricted stock grants and tax-related dispositions. While the increase in the CEO's direct beneficial ownership is generally a positive signal of alignment, these are not open market purchases. The filing does not provide sufficient new information to warrant a change in investment recommendation, thus a 'hold' stance is appropriate as part of a broader portfolio strategy.

Keywords

CBL & Associates Properties, CBL, Stephen D. Lebovitz, Form 4, Insider Transaction, Stock Grant, Restricted Stock, Equity Incentive Plan, CEO, Director, Performance Stock Unit