Form 4: CBL Director Kivitz Receives Future Stock Grant

CBL & Associates Properties Director Jeffrey Kivitz was granted 3,346 shares of common stock at $37.365 per share, effective December 15, 2025, increasing his direct beneficial ownership to 17,606 shares.

Summary

• Jeffrey Kivitz, a Director of CBL & Associates Properties Inc. (CBL), was granted 3,346 shares of common stock.
• The transaction date for this grant is December 15, 2025, and the shares were acquired at a price of $37.365 per share.
• Following this transaction, Mr. Kivitz will directly beneficially own 17,606 shares of CBL common stock.
• The grant of restricted common stock is pursuant to the company's 2021 Equity Incentive Plan.
• The transaction was made pursuant to a contract, instruction, or written plan for the purchase or sale of equity securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
• Mr. Kivitz revoked an initial Limited Power of Attorney (LPOA) dated August 10, 2022, effective May 1, 2025.
• A Replacement Limited Power of Attorney was executed on May 1, 2025, designating Jeffery V. Curry, Andrew F Cobb, and James (Tripp) Wingo III as attorneys-in-fact for SEC filings (Forms 3, 4, and 5).

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. The stock grant aligns director interests with shareholders and is part of a routine, pre-planned compensation structure. The governance update regarding the Power of Attorney is administrative and neutral.

Positives

• The grant of restricted common stock aligns the director's interests with those of shareholders, as his compensation is tied to the company's equity performance.
• The transaction is part of a pre-arranged plan (Rule 10b5-1(c)), indicating structured compensation and reducing concerns about opportunistic insider trading.

Future Outlook

The filing reports a future stock grant to a director, indicating planned equity compensation. It does not provide broader forward-looking statements regarding company performance or strategic direction.

Industry Context

This filing represents a routine insider transaction related to director compensation, common across publicly traded companies. It reflects standard corporate governance practices for aligning executive and director interests with shareholders through equity incentive plans.

Comparison to Industry Standards

• The grant of restricted stock to a director is a common form of executive and director compensation, aligning with industry standards for incentivizing long-term performance.
• The use of a Rule 10b5-1 plan for the transaction is a standard practice to provide an affirmative defense against insider trading allegations, demonstrating adherence to regulatory best practices.

Corporate Governance

Related Party Transactions

• The grant of restricted common stock to Director Jeffrey Kivitz is a compensation-related transaction between the company and a related party (a director).

Stakeholder Impact

• Shareholders: The stock grant aligns the director's financial interests with long-term shareholder value, potentially encouraging decisions that benefit the company's stock performance.
• Management/Directors: The updated Power of Attorney ensures efficient and compliant handling of SEC reporting obligations for the director.

Key Dates

Recommendation

This Form 4 reports a routine, pre-scheduled grant of restricted stock to a director as part of an existing equity incentive plan. Such transactions are standard compensation practices and do not typically provide new fundamental information that would warrant a change in investment recommendation. The administrative update to the Power of Attorney is also not price-sensitive. Therefore, a 'hold' recommendation is appropriate as the filing does not present new material information to alter the investment thesis.

Keywords

CBL & Associates Properties, CBL, Jeffrey Kivitz, Director, Stock Grant, Insider Transaction, Form 4, Equity Incentive Plan, Rule 10b5-1, Corporate Governance, Power of Attorney