Form 4: Phillips Edison & Company Director Receives Class B Units

Director Devin Ignatius Murphy receives 2,789 Class B Units in Phillips Edison Grocery Center Operating Partnership I, L.P. (PECO OP) that will vest within a year.

Summary

• Devin Ignatius Murphy, a director of Phillips Edison & Company, Inc. (PECO), received 2,789 Class B Units in Phillips Edison Grocery Center Operating Partnership I, L.P. (PECO OP) on July 2, 2024.
• These Class B Units, upon vesting and achieving full parity with OP Units, convert into an equal number of OP Units, which are exchangeable for cash or shares of PECO common stock.
• The Class B Units will vest in full on the earlier of the first anniversary of the grant date or the date of the next annual meeting of stockholders that is at least 50 weeks after the immediately preceding year's annual meeting, subject to continued service.

Sentiment

Score: 7

Explanation: The document reflects a standard equity grant to a director, which is generally viewed as a positive sign of alignment between management and shareholder interests. The sentiment is neutral to slightly positive.

Positives

• The grant of Class B Units aligns the director's interests with the performance of PECO OP and, ultimately, PECO.
• The vesting schedule incentivizes continued service and contribution from the director.

Future Outlook

The Class B Units will vest in full on the earlier of (i) the first anniversary of the date of grant, or (ii) on the date of the next annual meeting of stockholders that is at least 50 weeks after the immediately preceding year's annual meeting, subject to continued service through the applicable vesting date.

Industry Context

Grants of equity-based compensation, such as Class B Units, are a common practice in the real estate industry to incentivize and retain key personnel.

Stakeholder Impact

• The grant of Class B Units aligns the director's interests with those of the shareholders, potentially leading to better decision-making and company performance.

Key Dates