Form 4: Phillips Edison President Converts Equity Awards

Phillips Edison & Company President Robert F. Myers converted Class C Units into 16,679.549 OP Units, increasing his beneficial ownership.

Summary

• Robert F. Myers, President of Phillips Edison & Company, Inc. (PECO), reported the conversion of Class C Units into Operating Partnership Units (OP Units).
• On December 31, 2025, a total of 16,679.549 Class C Units were converted into an equal number of OP Units.
• The conversion involved two separate transactions: 14,486 Class C Units and 2,193.549 Class C Units.
• Class C Units are limited partnership interests in PECO OP, previously issued as long-term incentive compensation, subject to vesting and achieving parity with OP Units.
• Upon vesting and achieving full parity, the Class C Units were converted into OP Units at a price of $0.
• OP Units are limited partnership interests in Phillips Edison Grocery Center Operating Partnership I, L.P. (PECO OP), exchangeable at the holder's election for cash equal to the fair market value of one share of the Issuer's Common Stock or, at PECO OP's option, shares of Common Stock on a one-for-one basis.
• Following these conversions, Robert F. Myers beneficially owns a total of 283,467.472 OP Units.

Sentiment

Score: 7

Explanation: The conversion of Class C Units to OP Units represents a routine vesting and conversion of long-term incentive compensation, increasing the President's beneficial ownership and aligning his interests with shareholders. This is a neutral to slightly positive event.

Positives

• The conversion of Class C Units into OP Units represents the vesting of long-term incentive compensation, indicating the achievement of performance or time-based criteria.
• The increase in Robert F. Myers' beneficial ownership of OP Units further aligns his interests with those of Phillips Edison & Company's shareholders, as OP Units are exchangeable for common stock.

Future Outlook

This filing does not contain forward-looking statements or guidance regarding the company's future performance or strategic direction, as it is solely an insider transaction report.

Industry Context

This is a routine insider transaction common in publicly traded companies, particularly REITs or those with partnership structures, where executives receive equity-based compensation in the form of partnership units that convert to common stock equivalents upon vesting.

Comparison to Industry Standards

• The use of Class C Units and OP Units as part of executive long-term incentive compensation is a standard practice within the REIT industry and other partnership-structured entities, aligning executive interests with unitholders and shareholders.
• The conversion of such units upon vesting is a typical mechanism for delivering earned equity compensation, similar to stock option exercises or restricted stock unit (RSU) vestings seen across various industries.

Related Party Transactions

• No unusual related party transactions beyond the standard executive compensation conversion of equity awards as part of an established incentive program.

Stakeholder Impact

• Shareholders: The increase in the President's beneficial ownership of OP Units enhances alignment between management and shareholder interests, potentially fostering long-term value creation.

Next Steps

• The acquired OP Units are exchangeable for cash or shares of Phillips Edison & Company Common Stock at the election of the holder, though no immediate exchange is indicated in this filing.

Key Dates

Recommendation

This Form 4 reports a routine conversion of executive equity awards, which increases the President's beneficial ownership. While positive for management alignment, it does not provide new fundamental information to warrant a change in investment recommendation based solely on this filing.

Keywords

Phillips Edison & Company, PECO, Form 4, Insider Transaction, Equity Conversion, OP Units, Class C Units, Executive Compensation, Robert F. Myers