Form 4: CBL President's Future Share Disposition & POA Update

CBL & Associates Properties President Michael I. Lebovitz disclosed a future disposition of 4,919 common shares under a 10b5-1 plan and updated the company's power of attorney for SEC filings.

Summary

• Michael I. Lebovitz, President of CBL & Associates Properties Inc., reported a planned disposition of 4,919 shares of common stock.
• The transaction is scheduled for December 17, 2025, and is designated as a disposition to the issuer in payment of exercise price or tax liability (Transaction Code 'F').
• The shares were disposed of at a price of $37.365 per share.
• Following this transaction, Mr. Lebovitz will beneficially own 51,575 shares directly.
• Additionally, 10 shares are indirectly owned by his spouse, and 386 shares are indirectly owned through trusts for the benefit of his children (296 shares in one trust, 90 shares in three other trusts).
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged trading plan.
• A Replacement Limited Power of Attorney was executed on May 1, 2025, revoking previous appointments and designating new attorneys-in-fact for SEC Section 16 filings.
• The new attorneys-in-fact are Jeffery V. Curry (Chief Legal Officer), Andrew F Cobb (Executive Vice President-Accounting), and James (Tripp) Wingo II (Vice President-Accounting).

Sentiment

Score: 5

Explanation: The filing is neutral as it reports a routine, pre-planned insider transaction for tax purposes and an administrative update to a power of attorney, neither of which inherently indicates positive or negative sentiment regarding the company's performance or prospects.

Future Outlook

The filing indicates a pre-planned future transaction for December 17, 2025, under a Rule 10b5-1(c) plan, which suggests a scheduled disposition for tax liability or exercise price payment rather than a discretionary sale based on market outlook.

Industry Context

This filing is a routine insider transaction report (Form 4) for a publicly traded real estate investment trust (REIT) executive. Such disclosures are standard for officers and directors and typically reflect pre-arranged trading plans or tax-related dispositions, rather than strategic market moves. The update to the power of attorney is an internal administrative change related to SEC filing compliance.

Corporate Governance

Related Party Transactions

• Michael I. Lebovitz disclaims beneficial ownership of reported securities except to the extent of his pecuniary interest therein.
• Indirect beneficial ownership includes 10 shares held by his spouse.
• Indirect beneficial ownership also includes 90 shares held in three trusts for the benefit of his children, where his father serves as Trustee.
• An additional 296 shares are held in a trust for the benefit of his children, where his brother serves as Trustee.

Stakeholder Impact

• Shareholders: The disposition is a routine, pre-planned transaction for tax liability, not a discretionary sale, thus unlikely to signal a change in management's confidence. The power of attorney update is an administrative change with no direct impact on shareholder value.
• Regulatory Authorities: The filing ensures compliance with Section 16(a) of the Securities Exchange Act of 1934, providing transparency regarding insider holdings and transactions.

Key Dates

Keywords

CBL & Associates Properties, CBL, Form 4, insider transaction, stock disposition, Rule 10b5-1 plan, executive compensation, power of attorney, corporate governance