Form 4: CBL Legal Officer Sells Shares, Updates Power of Attorney

CBL & Associates Properties' Chief Legal Officer, Jeffery V. Curry, sold 5,000 shares of common stock for $33.33 per share, while also updating his limited power of attorney for SEC filings.

Summary

• Jeffery V. Curry, Chief Legal Officer & Secretary of CBL & Associates Properties Inc., sold 5,000 shares of common stock.
• The sale occurred on December 2, 2025, at a price of $33.33 per share.
• Following the transaction, Mr. Curry beneficially owns 97,602 shares.
• The transaction was made pursuant to a Rule 10b5-1(c) pre-planned trading arrangement.
• Of the remaining shares, 14,754 are held jointly with his spouse, and a portion is held in his retirement accounts.
• Mr. Curry also executed a Replacement Limited Power of Attorney, effective May 1, 2025.
• This new LPOA revokes a previous one and appoints Andrew F Cobb, James Wingo III, and Jennifer V. Howard as attorneys-in-fact for SEC filings (Forms 3, 4, 5).

Sentiment

Score: 5

Explanation: A neutral event. Insider selling, even under a 10b5-1 plan, is generally not seen as a strong positive, but the plan itself mitigates negative interpretation. The LPOA update is administrative and routine.

Positives

• The stock sale was executed under a Rule 10b5-1(c) pre-planned trading arrangement, indicating a scheduled transaction rather than a reaction to new negative company developments.

Negatives

• The sale of 5,000 shares by a key executive reduces insider ownership, which can sometimes be perceived negatively by investors, although mitigated by the 10b5-1 plan.

Future Outlook

No specific future outlook or guidance is provided in this filing, as it primarily details an insider transaction and an administrative corporate governance update.

Industry Context

This filing details a routine insider transaction and an administrative update to a power of attorney, which are common occurrences for executives managing personal portfolios and ensuring compliance with SEC reporting requirements. It does not provide insights into broader industry trends or competitive landscape.

Management Changes

Corporate Governance

Stakeholder Impact

• Shareholders: May note the insider sale, but the 10b5-1 plan suggests it is a pre-scheduled personal financial decision rather than a reaction to new company-specific information, thus likely having minimal direct impact on investment decisions.
• Management/Executives: The updated Power of Attorney ensures efficient and compliant handling of SEC reporting obligations for the Chief Legal Officer.

Next Steps

• The newly appointed attorneys-in-fact will continue to prepare, execute, and submit SEC Forms 3, 4, and 5, and other related documents on behalf of Jeffery V. Curry as required.

Key Dates

Recommendation

The filing details a routine insider stock sale executed under a pre-planned 10b5-1 arrangement, which typically indicates a personal financial management decision rather than a reflection of new company-specific negative news. The associated power of attorney update is an administrative corporate governance matter. Neither event provides a strong catalyst for a 'buy' or 'sell' recommendation, thus a 'hold' stance is appropriate as it does not alter the fundamental investment thesis for CBL.

Keywords

CBL, CBL & Associates Properties, insider trading, Form 4, stock sale, Jeffery V. Curry, Chief Legal Officer, 10b5-1 plan, power of attorney, corporate governance