Form 4: MMI CEO Nadji Plans Future Stock Gifts

Marcus & Millichap CEO Hessam Nadji reported planned gifts of 2,625 shares of common stock scheduled for August 2025 under a 10b5-1 plan.

Summary

• Hessam Nadji, Chief Executive Officer and Director of Marcus & Millichap, Inc. (MMI), reported a series of planned dispositions of common stock scheduled for August 2025.
• On August 26, 2025, Nadji is scheduled to gift 1,125 shares and an additional 750 shares of MMI common stock.
• On August 27, 2025, Nadji is scheduled to gift another 750 shares of MMI common stock.
• These transactions, totaling 2,625 shares, are reported with a price of $0, indicating they are gifts.
• Following these planned transactions, Nadji's beneficial ownership will be 261,203 shares of MMI common stock.
• The transactions are made pursuant to a Rule 10b5-1(c) plan.

Sentiment

Score: 5

Explanation: The filing reports a planned gift of shares by an insider, which is a neutral event for the company's operational performance. While it reduces insider ownership, it is not a sale for cash and is pre-scheduled, mitigating immediate market reaction.

Positives

• The transactions are pre-scheduled under a Rule 10b5-1(c) plan, which provides an affirmative defense against insider trading allegations, indicating a planned disposition strategy rather than a reaction to immediate market conditions.
• The dispositions are gifts, not sales, which typically implies a different motivation (e.g., estate planning, philanthropy) than a cash-generating sale.

Negatives

• The planned disposition of 2,625 shares of common stock by the CEO and Director will result in a reduction of direct insider ownership, which some investors may view as a decrease in management's direct stake in the company.

Future Outlook

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

Industry Context

This filing, detailing an insider's planned stock gifts, does not provide information relevant to broader industry trends or competitive landscape within the real estate investment services sector.

Stakeholder Impact

• Shareholders: A minor reduction in the direct beneficial ownership of common stock by the CEO, which could be interpreted by some as a slight decrease in management's direct alignment, though the nature of a gift is distinct from a sale.

Key Dates

Keywords

MMI, Marcus & Millichap, Hessam Nadji, Form 4, Insider Transaction, Common Stock, CEO, Director, 10b5-1 Plan, Stock Gift