RULLI JOHN 4

What Happened
John Rulli, Chief Administrative Officer of Simon Property Group (SPG), was granted 24,981 long-term incentive performance (LTIP) units on March 11, 2026. The filing reports an acquisition price of $0.25 per unit, a total reported value of $6,245. The award is a derivative grant (not an immediate share purchase) under the Operating Partnership’s 2019 Stock Incentive Plan.

Key Details

• Transaction date: 2026-03-11; Form 4 filed 2026-03-13 (appears timely).
• Transaction type/code: A (Grant/Award of derivative LTIP units).
• Units granted: 24,981 LTIP units at $0.25 each; total reported value $6,245.
• Shares/units owned after transaction: Not disclosed in this filing.
• Footnotes:
  • F1 — LTIP units are performance-based units of the Operating Partnership that, when earned and vested, can convert into Partnership Units; each Partnership Unit may be exchanged for a share of the Company’s common stock or cash.
  • F2 — These 24,981 units were awarded originally on March 1, 2023 subject to performance; the Compensation Committee determined on March 11, 2026 that performance was met at 100% (24,981 earned). The earned LTIP units vest on January 1, 2027 subject to continued service and certain other conditions (or earlier upon death, disability, change in control, retirement with committee approval, or as otherwise determined).

Context
This was a performance-based long-term incentive award, not an open-market purchase or sale. The units are derivative in nature and do not immediately convert to common stock—vesting and potential conversion/exchange occur later per the plan terms. Such awards are part of executive compensation and do not directly signal a buy or sell decision by the insider.