Form 4: Piedmont Office Realty Trust Executive Vests Restricted Stock Units

Christopher Brent Smith, President & CEO of Piedmont Office Realty Trust, reports the vesting of restricted stock units and subsequent tax withholding.

Summary

• On February 13, 2023, Christopher Brent Smith, President & CEO of Piedmont Office Realty Trust, was granted 150,711 restricted stock units vesting in four equal annual installments.
• On February 13, 2025, the second 25% tranche of the grant vested, resulting in 37,678 shares of PDM common stock being issued.
• To cover tax obligations related to the vesting, 17,988 shares were forfeited at a price of $7.96 per share.
• Following these transactions, Smith directly owns 379,091 shares of common stock and 506,308 restricted stock units.

Sentiment

Score: 5

Explanation: This is a routine disclosure of stock vesting, neither particularly positive nor negative.

Future Outlook

The remaining restricted stock units will continue to vest in equal annual installments.

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 provides transparency to the market.

Stakeholder Impact

• The vesting of restricted stock units aligns management's interests with those of shareholders.
• The forfeiture of shares to cover tax obligations reduces the number of shares outstanding by a small amount.

Next Steps

• The remaining restricted stock units will vest in subsequent years according to the vesting schedule.

Key Dates

Keywords

restricted stock units, Form 4, Piedmont Office Realty Trust, Christopher Brent Smith, vesting, common stock, tax withholding, executive compensation