Director at Phillips Edison (NYSE: PECO) exercises 6,580 OP-linked units

Q: What insider transaction did Phillips Edison (PECO) report on this Form 4?

Phillips Edison reported that director Wang Parilee Edison exercised or converted derivative securities. On May 1, 2026, 3,290 Class B Units vested and converted into 3,290 OP Units , increasing the director’s directly held OP Unit position without any reported open-market share sales.

Q: What happened to the Class B Units reported by the Phillips Edison (PECO) director?

The Form 4 states that 3,290 Class B Units vested and, having achieved full parity with OP Units, were converted into an equal number of OP Units. After this conversion, the Class B Unit balance in the filing shows 0 units remaining for the reporting person.

Q: Did the Phillips Edison (PECO) director sell any common stock in this Form 4?

The disclosure shows only exercise or conversion transactions coded “M” for derivative securities, with no transactions flagged as open-market purchases or sales. The reporting person acquired OP Units through vesting and conversion, and the filing does not list any stock sales.

Q: Do Phillips Edison (PECO) OP Units have an expiration or vesting schedule?

According to the footnotes, OP Units have no expiration date and are not subject to vesting . By contrast, Class B Units were initially subject to vesting and only converted into OP Units after achieving full parity and satisfying vesting conditions described in the partnership agreement.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Phillips Edison & Company, Inc. director Wang Parilee Edison reported derivative transactions involving partnership interests linked to the company’s common stock. On May 1, 2026, 3,290 Class B Units vested and converted into 3,290 OP Units, reflecting an exercise or conversion of derivative securities.

After these transactions, the director held 6,654 OP Units directly. According to the disclosure, OP Units in Phillips Edison Grocery Center Operating Partnership I, L.P. are exchangeable at the holder’s election for cash equal to the fair market value of one share of common stock or, at PECO OP’s option, one share of common stock on a one-for-one basis.

Insider Trade Summary

6,580 shares exercised/converted

Mixed 2 txns

Insider Wang Parilee Edison

Role null

Type	Security	Shares	Price	Value
Exercise	Class B Units	3,290	$0.00	--
Exercise	OP Units	3,290	$0.00	--

Holdings After Transaction: Class B Units — 0 shares (Direct, null); OP Units — 6,654 shares (Direct, null)

Footnotes (1)

Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP") are exchangeable, at the election of the holder, for cash equal to the fair market value of one share of the Issuer's Common Stock or, at the option of PECO OP, shares of the Issuer's Common Stock on a one-for-one basis, and have no expiration date and are not subject to vesting. Represents the vesting of Class B Units of limited partnership interests ("Class B Units") in PECO OP. At issuance, the Class B Units were subject to vesting, and did not have full parity with OP Units with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, based upon capital account balance per unit, could over time achieve full parity with the OP Units for all purposes. Upon vesting, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units. The Class B Units have no expiration date.

Key Figures

OP Units acquired: 3,290 OP Units Class B Units converted: 3,290 Class B Units OP Units after transaction: 6,654 OP Units +1 more

4 metrics

OP Units acquired 3,290 OP Units Exercise/conversion on May 1, 2026

Class B Units converted 3,290 Class B Units Vested and converted into OP Units on May 1, 2026

OP Units after transaction 6,654 OP Units Direct holdings following reported transactions

Total derivative exercise shares 6,580 underlying shares Aggregate exerciseShares across two derivative transactions

Key Terms

OP Units, Class B Units, vesting, liquidating distributions, +1 more

5 terms

OP Units financial

"Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P."

OP units are ownership stakes in an operating partnership that sits beneath a public parent company, commonly used by real estate and energy firms to hold assets and distributions. Think of them like special shares in a subsidiary: they give economic rights to profits and cash payouts but are structured differently from the parent’s common stock, so investors watch OP unit issuance because it can change the effective ownership, future distributions, and potential dilution of the parent company’s equity.

Class B Units financial

"Represents the vesting of Class B Units of limited partnership interests ("Class B Units") in PECO OP."

vesting financial

"Represents the vesting of Class B Units of limited partnership interests ("Class B Units") in PECO OP."

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

liquidating distributions financial

"did not have full parity with OP Units with respect to liquidating distributions, but upon the occurrence of certain events"

Payments made to shareholders from a company’s remaining cash or asset sale proceeds when the business is being wound up or reorganized. Like splitting the money after selling a shared house, these distributions return investors’ capital (often after creditors are paid) rather than representing regular profit payouts, so they matter because they determine how much investors recover and can affect tax treatment and final investment value.

capital account balance per unit financial

"based upon capital account balance per unit, could over time achieve full parity with the OP Units"

Form 4 Insider Transactions: What Each Field Means →

05/04/2026 - 04:29 PM

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^*

Wang Parilee Edison

(Last)

(First)

(Middle)

11501 NORTHLAKE DRIVE

(Street)

CINCINNATI

OHIO

45249

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Phillips Edison & Company, Inc. [ PECO ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/01/2026

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

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

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Class B Units	⁽¹⁾⁽²⁾	05/01/2026		M⁽²⁾			3,290	⁽¹⁾⁽²⁾	⁽¹⁾⁽²⁾	Common Stock	3,290	$0	0	D
OP Units	⁽¹⁾⁽²⁾	05/01/2026		M⁽²⁾		3,290		⁽¹⁾	⁽¹⁾	Common Stock	3,290	$0	6,654	D

Explanation of Responses:

1. Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP") are exchangeable, at the election of the holder, for cash equal to the fair market value of one share of the Issuer's Common Stock or, at the option of PECO OP, shares of the Issuer's Common Stock on a one-for-one basis, and have no expiration date and are not subject to vesting.

2. Represents the vesting of Class B Units of limited partnership interests ("Class B Units") in PECO OP. At issuance, the Class B Units were subject to vesting, and did not have full parity with OP Units with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, based upon capital account balance per unit, could over time achieve full parity with the OP Units for all purposes. Upon vesting, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units. The Class B Units have no expiration date.

Remarks:

	/s/ Jennifer Robison, Attorney-in-Fact	05/04/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Phillips Edison (PECO) report on this Form 4?

Phillips Edison reported that director Wang Parilee Edison exercised or converted derivative securities. On May 1, 2026, 3,290 Class B Units vested and converted into 3,290 OP Units, increasing the director’s directly held OP Unit position without any reported open-market share sales.

How many OP Units does the Phillips Edison (PECO) director hold after the transaction?

Following the reported derivative exercises, the director holds 6,654 OP Units directly. This figure reflects the impact of the May 1, 2026 vesting and conversion of 3,290 Class B Units into OP Units as disclosed in the Form 4 filing’s post-transaction ownership data.

What are OP Units in relation to Phillips Edison (PECO) common stock?

The filing describes OP Units as limited partnership interests in Phillips Edison Grocery Center Operating Partnership I, L.P.. They are exchangeable, at the holder’s election, for cash equal to the fair market value of one share of common stock or, at PECO OP’s option, one share on a one-for-one basis.

What happened to the Class B Units reported by the Phillips Edison (PECO) director?

The Form 4 states that 3,290 Class B Units vested and, having achieved full parity with OP Units, were converted into an equal number of OP Units. After this conversion, the Class B Unit balance in the filing shows 0 units remaining for the reporting person.

Did the Phillips Edison (PECO) director sell any common stock in this Form 4?

The disclosure shows only exercise or conversion transactions coded “M” for derivative securities, with no transactions flagged as open-market purchases or sales. The reporting person acquired OP Units through vesting and conversion, and the filing does not list any stock sales.

Do Phillips Edison (PECO) OP Units have an expiration or vesting schedule?

According to the footnotes, OP Units have no expiration date and are not subject to vesting. By contrast, Class B Units were initially subject to vesting and only converted into OP Units after achieving full parity and satisfying vesting conditions described in the partnership agreement.