[Form 4] Simon Property Group, Inc. Insider Trading Activity

Rhea-AI Filing Summary

IZEA Worldwide, Inc. (ticker: IZEA) filed a Form 4 on 1 July 2025 reporting that director Daniel R. Rua received 5,882 shares of common stock on 30 June 2025. The shares represent payment of Q2 2025 director fees valued at $15,000, calculated at the closing market price of $2.55 per share on the grant date. The restricted-stock award vested immediately and was acquired at $0 cash cost. Following the grant, Rua’s direct beneficial ownership increased to 85,259 shares. No derivative securities, sales, or additional transactions were disclosed, and the filing was made under Rule 10b5-1.

Positive

• Director increased ownership by ~7%, underscoring alignment with shareholders and confidence in IZEA’s prospects.
• Cash-conserving compensation structure supports liquidity while incentivizing the board through equity exposure.

Negative

• Minor share dilution from issuance of 5,882 new shares, though impact on total float is immaterial.

Insights

Insider Trading Analyst

TL;DR: Routine fee-in-stock grant; marginally positive insider alignment, financially immaterial.

The acquisition is compensation, not an open-market purchase, but it still raises the director’s stake by roughly 7%, signaling continued alignment with shareholders. At $15k, the dollar value and potential dilution are negligible relative to IZEA’s market cap. Because there is no sale, the transaction avoids negative sentiment often linked to insider disposals. Overall impact on valuation or liquidity is minimal.

Corporate Governance Expert

TL;DR: Stock-based board fees conserve cash and promote equity culture; standard governance practice.

Paying director fees in immediately-vesting stock is common among micro-caps to preserve cash while aligning board incentives. The 10b5-1 designation indicates pre-arranged, rule-compliant issuance, limiting legal risk. No unusual clauses or staggered vesting suggest straightforward governance. Investors should view this as neutral to slightly positive, reflecting prudent cash management without creating complex equity instruments.

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
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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^*

Roe Peggy Fang

(Last) (First) (Middle)

5804 CLEVES LANE

(Street)

BETHESDA MD 20816

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
SIMON PROPERTY GROUP INC /DE/ [ SPG ]

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

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

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
Common Stock	06/30/2025		P(1)		86	A	$159.29(1)	6,650	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

Explanation of Responses:

1. Represents shares of common stock acquired through the reinvestment of dividends received on restricted stock awarded to the Reporting Person as non-cash compensation under the Simon Property Group, L.P. 2019 Stock Incentive Plan.

	/s/ Peggy Fang Roe by her attorney-in-fact, Steven E. Fivel	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

How many IZEA shares did director Daniel Rua acquire?

He received 5,882 shares of restricted stock on 30 June 2025.

What was the value of the stock award reported in the Form 4 for IZEA?

The award was valued at $15,000, based on a $2.55 closing price.

Did the restricted stock granted to Daniel Rua vest immediately?

Yes. The filing states the award vests immediately on the grant date.

What is Daniel Rua’s total IZEA shareholding after the transaction?

After the award, he beneficially owns 85,259 shares directly.

Was any cash paid for the shares in this IZEA Form 4 filing?

No. The shares were granted at $0 cash cost as director fee compensation.

Does the filing involve any derivative securities?

No derivative securities were reported in Table II of the Form 4.