Form 4: CBL Executive VP Receives Equity Awards

CBL & Associates Properties Executive VP Alan L. Lebovitz was granted restricted common stock awards totaling 36,486 shares, effective February 11, 2026.

Summary

• Alan L. Lebovitz, Executive VP Management of CBL & Associates Properties Inc., received grants of restricted common stock.
• These grants total 36,486 shares, comprising 4,310 shares under the 2021 Equity Incentive Plan, 21,605 shares under the 2023 Performance Stock Unit Award Agreement, and 10,571 shares under the 2022 Performance Stock Unit Award Agreement.
• The transactions are dated February 11, 2026, with an acquisition price of $0 per share, indicating awards or grants.
• Following these transactions, Alan L. Lebovitz's direct beneficial ownership of common stock will be 86,125 shares, and indirect ownership through a trust will be 289 shares.
• A Replacement Limited Power of Attorney was filed, effective May 1, 2025, updating the individuals authorized to prepare and file SEC reports (Forms 3, 4, and 5) on behalf of executive officers, including Alan L. Lebovitz.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as it reflects ongoing executive compensation aligned with company performance and retention, which is generally favorable for corporate governance and long-term strategy.

Positives

• Executive VP Alan L. Lebovitz received significant equity awards, totaling 36,486 shares, which aligns management's interests with shareholders.
• The awards are part of existing incentive plans (2021 Equity Incentive Plan, 2022 and 2023 Performance Stock Unit Award Agreements), indicating a structured and ongoing compensation strategy.

Future Outlook

The filing details future equity grants scheduled for February 11, 2026, indicating planned executive compensation and alignment with long-term performance incentives.

Management Comments

• The Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his pecuniary interest therein.

Industry Context

StockSavvy.ai notes that equity grants to executive management are a common practice in the real estate investment trust (REIT) sector, aiming to align executive incentives with long-term shareholder value creation. The use of restricted stock and performance stock units is typical for executive compensation packages, linking rewards to company performance and retention.

Comparison to Industry Standards

• The grant of restricted common stock and performance stock units at a $0 price is standard for executive incentive compensation plans across various industries, including REITs like CBL & Associates Properties. This structure is designed to incentivize long-term performance and retention, similar to practices at peer companies such as Simon Property Group (SPG) or Federal Realty Investment Trust (FRT), which also utilize equity-based awards as a significant component of executive pay.
• The total number of shares granted (36,486) to an Executive VP is a substantial award, reflecting a significant component of the executive's overall compensation package, consistent with the scale of compensation seen in publicly traded companies of similar market capitalization within the retail REIT sector.

Management Changes

Corporate Governance

Related Party Transactions

• Indirect beneficial ownership of 289 shares through the Alan L. Lebovitz and Allison G. Lebovitz Irrevocable Trust U/A dated 3/24/2003, with Michael I. Lebovitz as Trustee. This is a standard disclosure for family trusts.

Stakeholder Impact

• Shareholders: The equity grants align executive incentives with shareholder interests, potentially fostering long-term value creation.
• Employees (Executive): Alan L. Lebovitz receives significant equity compensation, reflecting his role and performance within the company.

Next Steps

• The granted restricted stock and performance units will vest according to the terms of the 2021 Equity Incentive Plan, 2022 Performance Stock Unit Award Agreement, and 2023 Performance Stock Unit Award Agreement.
• Future Form 4 filings will report any subsequent changes in beneficial ownership by Alan L. Lebovitz.

Key Dates

Recommendation

This Form 4 filing details routine executive equity grants as part of established compensation plans. While positive for aligning management incentives, it does not present new information that would fundamentally alter the company's valuation or strategic outlook to warrant a change in investment posture. It is an expected disclosure of executive compensation.

Keywords

CBL & Associates Properties, CBL, Form 4, Insider Transaction, Equity Grant, Restricted Stock, Performance Stock Units, Executive Compensation, Alan L. Lebovitz, SEC Filing