Form 4: Sabra Health Care REIT Director Catherine Cusack Receives Restricted Stock Unit Grant

Sabra Health Care REIT, Inc. Director Catherine Cusack was granted 8,178 restricted stock units as part of her compensation, vesting over the next year.

Summary

• Catherine Cusack, a Director of Sabra Health Care REIT, Inc. (SBRA), was granted 8,178 restricted stock units (RSUs).
• The transaction occurred on June 12, 2025, with the filing submitted on June 13, 2025.
• These RSUs were granted under the Issuer's 2009 Performance Incentive Plan at a price of $0 per unit.
• Each stock unit represents the right to receive one share of the Issuer's Common Stock.
• Following this transaction, Ms. Cusack beneficially owns 70,399 common stock units, which includes the newly granted 8,178 unvested units and 47,721 stock units that have vested but whose payment has been deferred.
• The newly granted units will vest in equal monthly installments starting July 12, 2025, and concluding on the earlier of June 12, 2026, or the day before the next annual stockholders' meeting.

Sentiment

Score: 6

Explanation: The grant of restricted stock units to a director is a positive event for the individual and a standard practice for corporate governance, aligning interests. It does not indicate any negative operational or financial issues for the company.

Positives

• Grant of 8,178 restricted stock units to Director Catherine Cusack aligns her interests with shareholders.
• The grant is part of the company's 2009 Performance Incentive Plan, indicating a structured and established compensation approach.

Future Outlook

The 8,178 restricted stock units granted to Director Catherine Cusack are scheduled to vest in equal monthly installments beginning July 12, 2025, and concluding by June 12, 2026, or earlier if the next annual stockholders' meeting occurs before that date.

Industry Context

This Form 4 filing represents a routine equity compensation grant to a director, a common practice across publicly traded companies, including those in the healthcare REIT sector, to align management and director incentives with shareholder interests.

Comparison to Industry Standards

• The grant of restricted stock units to a director is a standard form of non-cash compensation in the U.S. corporate landscape, particularly within the REIT sector.
• While specific comparable companies or projects are not detailed in this filing, such grants are widely used by companies like Ventas, Inc. (VTR) or Welltower Inc. (WELL) to compensate their board members and executives, typically tied to performance or continued service.

Corporate Governance

Related Party Transactions

• The grant of restricted stock units to Catherine Cusack, a director, constitutes a related party transaction as it involves compensation from the company to a member of its board.

Stakeholder Impact

• Shareholders: Minor potential for dilution upon vesting and conversion of RSUs into common stock; however, it aligns the director's interests with shareholder value creation.
• Director (Catherine Cusack): Receives equity compensation, increasing her beneficial ownership and providing a future financial incentive tied to company performance.

Next Steps

• Vesting of the 8,178 restricted stock units in equal monthly installments beginning July 12, 2025.
• Completion of vesting by June 12, 2026, or the day before the next annual stockholders' meeting, whichever is earlier.

Key Dates

Keywords

Sabra Health Care REIT, SBRA, Form 4, SEC filing, insider transaction, restricted stock units, RSU grant, director compensation, equity compensation, stock ownership, corporate governance