Form 4: CBL Executive Sells Shares, Updates Power of Attorney

CBL & Associates Properties' Executive VP-Leasing, Howard B. Grody, disposed of 2,460 shares of common stock for tax liability and updated his power of attorney for SEC filings.

Summary

• Howard B. Grody, Executive VP-Leasing at CBL & Associates Properties Inc. (CBL), reported a transaction on December 17, 2025.
• He disposed of 2,460 shares of CBL common stock at a price of $37.365 per share.
• This transaction was coded as 'F', indicating the shares were withheld to cover tax liabilities.
• Following this transaction, Grody directly beneficially owns 51,342 shares of common stock, including 24 shares held jointly with his spouse.
• The filing also includes a Replacement Limited Power of Attorney, effective May 1, 2025, which revokes previous appointments.
• This new power of attorney designates Jeffery V. Curry, Andrew F Cobb, and James (Tripp) Wingo II as attorneys-in-fact for executive officers, including Grody, to handle SEC Forms 3, 4, and 5 filings.

Sentiment

Score: 5

Explanation: The filing reports a routine, non-discretionary stock disposition for tax purposes and an administrative update to a power of attorney. These events are neutral in terms of company performance or strategic direction.

Positives

• The transaction is a routine tax-related disposition, not a discretionary sale, which typically has less negative signaling than an open market sale.

Negatives

• A reduction in direct beneficial ownership by a key executive, even if for tax purposes, slightly decreases management's direct equity alignment.

Future Outlook

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

Management Comments

• The undersigned individuals had each executed a limited power of attorney prior to the date hereof (the Initial LPOAs) and each of the undersigned had appointed Jeffery V. Curry, Chief Legal Officer of CBL & Associates Properties, Inc., and J. Tyler Overley, Vice President-Accounting and Assistant Controller of the Company, or any of them signing singly, and with full power of substitution, as each of the undersigned's true and lawful attorney-in-fact for the limited purposes stated therein.
• Each of the undersigned individuals do now, by his/her execution below, hereby revoke the Initial LPOA as to his/her prior appointments as of this 1st day of May, 2025 and a copy of said revocation has been delivered to the foregoing attorneys-in-fact.
• Each of the undersigned individuals hereby designates and appoints Jeffery V. Curry, Chief Legal Officer, Andrew F Cobb, Executive Vice President-Accounting, and James (Tripp) Wingo II, Vice President-Accounting of the Company or any of them signing singly, and with full power of substitution, as his/her true and lawful attorney-in-fact for the limited purposes stated herein.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, specifically a tax-related disposition of shares. It does not provide information directly related to broader industry trends or competitive landscape. The power of attorney update is an internal administrative matter for SEC compliance.

Comparison to Industry Standards

• The transaction is a standard tax withholding event, common across all industries for executives receiving equity compensation. No specific comparable companies or projects are relevant for this type of administrative filing.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: Minor impact from a routine tax-related stock disposition by an executive. The change in power of attorney is administrative and ensures compliance, which is positive for governance.
• Management/Executives: Streamlined process for SEC filings through the updated power of attorney.

Next Steps

• Howard B. Grody will continue to file Forms 3, 4, and 5 as required for his holdings and transactions in CBL securities.
• The newly appointed attorneys-in-fact will assist executive officers with future SEC filings.

Key Dates

Recommendation

The filing details a routine, non-discretionary disposition of shares by an executive for tax purposes, which is a common occurrence and does not signal a change in the company's fundamentals or management's confidence. The update to the power of attorney is an administrative governance matter. Neither event provides new information that would warrant a change in investment thesis, thus a 'hold' recommendation is appropriate.

Keywords

CBL & Associates Properties, CBL, Form 4, Insider Trading, Executive Stock Sale, Howard B. Grody, SEC Filing, Common Stock, Tax Withholding, Power of Attorney