Piedmont (NYSE: PDM) EVP gains stock from RSU vest, some withheld for tax

Rhea-AI Filing Summary

Piedmont Realty Trust EVP and Co-COO George M. Wells reported equity compensation activity tied to previously granted deferred stock units. On February 23, 2026, 5,280 units vested and were settled into an equal number of common shares at no cost, while 2,352 common shares were withheld and delivered to Piedmont to satisfy tax obligations. Following these transactions, he directly holds 158,632 shares of common stock and 89,265 restricted stock units.

Insider Trade Summary

5,280 shares exercised/converted

Mixed 3 txns

Insider Wells George M.

Role EVP- Co-COO

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Units	5,280	$0.00	--
Exercise	Common Stock	5,280	$0.00	--
Tax Withholding	Common Stock	2,352	$7.62	$18K

Holdings After Transaction: Restricted Stock Units — 89,265 shares (Direct); Common Stock — 160,984 shares (Direct)

Footnotes (1)

1. On February 23, 2023, the reporting person was granted 21,119 deferred stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date. On February 23, 2026, the third 25% of the grant vested (5,280 shares) and were settled in PDM common stock. In connection with this vesting, 2,352 shares were forfeited by the employee and delivered to PDM to satisfy tax withholding obligations. Each deferred stock unit represents a contingent right to receive one share of PDM common stock. Deferred stock units may be settled in cash or common stock at PDM's election.

Form 4 Insider Transactions: What Each Field Means →

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

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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^*

Wells George M.

(Last) (First) (Middle)

5565 GLENRIDGE CONNECTOR

STE 450

(Street)

ATLANTA GA 30342

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Piedmont Realty Trust, Inc. [ PDM ]

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

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP- Co-COO

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

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
Common Stock	02/23/2026		M		5,280	A	(1)(2)	160,984	D
Common Stock	02/23/2026		F		2,352(1)	D	$7.62	158,632	D

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
Restricted Stock Units	$0(2)	02/23/2026		M			5,280	(1)	(1)	Common Stock	5,280	$0	89,265	D

Explanation of Responses:

1. On February 23, 2023, the reporting person was granted 21,119 deferred stock units, vesting in four equal, annual installments beginning on the anniversary of the grant date. On February 23, 2026, the third 25% of the grant vested (5,280 shares) and were settled in PDM common stock. In connection with this vesting, 2,352 shares were forfeited by the employee and delivered to PDM to satisfy tax withholding obligations.

2. Each deferred stock unit represents a contingent right to receive one share of PDM common stock. Deferred stock units may be settled in cash or common stock at PDM's election.

Remarks:

	/s/ M. Wade Grace III as Attorney-in-Fact for George M. Wells	02/25/2026
	** 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 did Piedmont Realty Trust (PDM) EVP George M. Wells report on this Form 4?

George M. Wells reported vesting and settlement of deferred stock units into common shares, plus a related tax-withholding share disposition. These transactions reflect routine equity compensation events rather than open-market buying or selling activity. All reported holdings remain directly owned after the transactions.

How many Piedmont (PDM) shares did George M. Wells acquire through RSU vesting?

He acquired 5,280 shares of Piedmont common stock when an equal number of deferred stock units vested. Each unit converted into one share at no cost, reflecting the third 25% installment of a 21,119-unit grant originally awarded on February 23, 2023.

Why were some Piedmont Realty Trust (PDM) shares disposed of in this Form 4?

The filing shows 2,352 common shares disposed of to cover tax withholding obligations related to the vesting event. These shares were forfeited by the employee and delivered back to Piedmont, rather than sold in the open market, as indicated by transaction code F.

What are deferred stock units in the context of Piedmont (PDM) equity awards?

Each deferred stock unit represents a contingent right to receive one share of Piedmont common stock. According to the filing, these units may be settled in either cash or common stock at Piedmont’s election when they vest, linking executive compensation to future company performance.

What are George M. Wells’ Piedmont (PDM) holdings after these Form 4 transactions?

After the reported transactions, he directly owns 158,632 shares of Piedmont common stock and 89,265 restricted stock units. These figures reflect the vesting of 5,280 units into shares and the tax-withholding disposition of 2,352 shares delivered back to the company.