Form 4: Piedmont Office Realty Trust CEO Christopher Brent Smith Reports Stock Vesting and Tax Withholding
SEC Form 4 Filing
Christopher Brent Smith, CEO of Piedmont Office Realty Trust, reports the vesting of restricted stock units and subsequent tax withholding, resulting in changes to his beneficial ownership of company stock.
Summary
- On February 20, 2025, Christopher Brent Smith, the President & Chief Executive Officer of Piedmont Office Realty Trust, had 51,908 deferred stock units vest, which were settled in PDM common stock.
- In connection with this vesting, 24,781 shares were forfeited to satisfy tax withholding obligations at a price of $7.27.
- On February 23, 2025, 33,791 restricted stock units vested and were settled in PDM common stock.
- In connection with this vesting, 16,132 shares were forfeited to satisfy tax withholding obligations at a price of $7.07.
- Following these transactions, Smith directly owns 423,877 shares of common stock and 420,609 restricted stock units.
Sentiment
Score: 5
Explanation: This is a routine regulatory filing related to executive compensation. It doesn't contain information that would be considered significantly positive or negative.
Industry Context
Form 4 filings are standard disclosures required by the SEC when company insiders, like the CEO, trade in their company's stock. This filing reflects the vesting of previously granted stock units and the associated tax implications, which are common occurrences in executive compensation packages.
Comparison to Industry Standards
- Executive compensation packages in REITs (Real Estate Investment Trusts) like Piedmont Office Realty Trust often include grants of restricted stock units (RSUs) that vest over time.
- The vesting schedules and tax withholding practices described in this Form 4 are typical for executive compensation in publicly traded companies.
- Comparable companies such as Boston Properties (BXP) and Kilroy Realty (KRC) also utilize RSUs as part of their executive compensation plans.
Stakeholder Impact
- The vesting of stock units and associated tax withholding have a minor dilutive effect on existing shareholders.
- The transactions do not have a significant impact on employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| 02/23/2023 | Reporting person was granted 135,164 restricted stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date. |
| 02/20/2024 | Reporting person was granted 207,634 deferred stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date. |
| 02/20/2025 | Initial 25% of deferred stock units vested (51,908 shares) and were settled in PDM common stock; 24,781 shares were forfeited for tax withholding. |
| 02/23/2025 | Second 25% of restricted stock units vested (33,791 shares) and were settled in PDM common stock; 16,132 shares were forfeited for tax withholding. |
| 02/24/2025 | Date of signature for the Form 4 filing. |
Keywords
Form 4, Beneficial Ownership, Restricted Stock Units, Vesting, Tax Withholding, PDM, Piedmont Office Realty Trust, Christopher Brent Smith, Executive Compensation
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