[Form 4] Movado Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Foghorn Therapeutics Inc. (FHTX) has restructured its real-estate footprint, according to a Form 8-K filed on 1 July 2025.

New Watertown headquarters. On 27 June 2025 the company signed a 108-month lease with ARE-MA Region No. 77, LLC for 72,846 sq ft at 99 Coolidge Avenue, Watertown, MA. The premises will serve as the principal executive offices and support R&D, manufacturing and related activities.

• Lease commencement: 16 July 2025; base rent starts 9.5 months after delivery (targeted 1 Oct 2026).
• Year 1 base rent: $3.9 million (45,000 RSF).
• Year 2 base rent: ≈$5.2 million (60,000 RSF).
• Year 3 base rent: ≈$6.3 million; thereafter 3 % annual escalator beginning 1 Oct 2027.
• Tenant share of operating & tax expenses: ≈22.71 %.
• Two successive 5-year extension options.

Termination of Cambridge lease. Simultaneously, Foghorn executed an agreement with ARE-Tech Square, LLC to end its 81,441 sq ft lease at 500 Technology Square, Cambridge—originally set to run through 30 Sep 2028. The company will pay all rent and other amounts due through the agreed termination date.

Overall, the filing outlines a planned relocation from Cambridge to a purpose-built Watertown facility with staged rent obligations and optional extensions, replacing a larger, costlier lease that would otherwise have run for three additional years.

Positive

• Long-term facility secured with two 5-year extension options, supporting strategic growth.
• First-year rent abatement to $3.9 m delays cash outflow until after key development milestones.

Negative

• 9-year fixed rent obligation with 3 % annual escalators increases future fixed costs.
• Obligation to pay remaining rent on the terminated Cambridge lease could generate near-term cash drag.

Insights

Real-Estate Analyst

TL;DR: FHTX swaps an expiring Cambridge lease for a new Watertown HQ with staged rent, moderate escalators and extension options—financial impact appears neutral.

The 72.8 k sq ft Watertown lease provides long-term operational stability and consolidates functions under one roof. First-year rent of $3.9 m represents an abatement relative to market rates and previous obligations, giving the company flexibility during build-out. Annual escalations are a standard 3 %, while the 22.71 % share of operating expenses is in line with comparable biotech leases in Greater Boston. Two 5-year options preserve optionality without penalty. Early termination of the larger 81.4 k sq ft Cambridge lease removes an obligation that would have persisted to 2028, though Foghorn must still pay rent through the negotiated exit date. Net impact is operationally positive but financially neutral until rent commences in late 2026.

Equity Research Analyst

TL;DR: Relocation reallocates cash flows; no immediate P&L effect, but establishes predictable facility costs for nine years.

The transaction does not alter revenue guidance or near-term expense run-rate, as cash rent starts after October 2026. However, investors gain visibility into future occupancy costs: approximately $6.3 m in FY-2027 rising 3 % annually thereafter. Because the Cambridge lease was already an existing liability, the shift mainly changes timing and location of payments. With 18-24 months before rent accrues, Foghorn preserves cash during clinical milestones. Absent disclosed termination penalties or overlapping rent periods, the event is unlikely to change valuation models meaningfully, rendering the overall market impact neutral.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Soltani Behzad

(Last) (First) (Middle)

C/O MOVADO GROUP, INC.

650 FROM ROAD, SUITE 375

(Street)

PARAMUS NJ 07652

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MOVADO GROUP INC [ MOV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Unit	(1)	06/30/2025		A		112.77		(2)	(2)	Common Stock	112.77	$0	1,881.81	D

Explanation of Responses:

1. Each share of phantom stock is the economic equivalent of one share of Movado Group, Inc. common stock.

2. Phantom stock units acquired under issuer's Deferred Compensation Plan distributable in equal annual installments for 10 years following date of reporting person's termination of employment with issuer.

	/s/ Mitchell C. Sussis attorney-in-fact	07/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What is the size of Foghorn Therapeutics' new Watertown facility?

The lease covers 72,846 square feet at 99 Coolidge Avenue, Watertown, MA.

When does the new lease for FHTX begin and when is rent first due?

The lease commences 16 July 2025; base rent starts about 9.5 months after delivery, targeted for 1 October 2026.

How much will Foghorn pay in base rent during the first three years?

Year 1: $3.9 m; Year 2: ≈$5.2 m; Year 3: ≈$6.3 m, followed by 3 % annual increases.

What happened to the existing Cambridge lease at 500 Technology Square?

Foghorn signed a Lease Termination Agreement ending the Cambridge lease early; the company must pay all amounts due through the agreed termination date.

Does Foghorn have options to extend the new Watertown lease?

Yes, the company holds two successive 5-year extension options, exercisable 12–18 months before expiration.

What percentage of operating and tax expenses will Foghorn bear at the new site?

Foghorn's pro-rata share is estimated at ≈22.71 % of the building’s annual operating and tax expenses.