PECO

SEC source: 0001476204-20-000040 · wf-form4_158895694568465.xml · nonDerivative · entry 1

Wood Gregory S. · CIK 0001532609 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 20,723

F1 · shares: Restricted Stock issued pursuant to the Phillips Edison & Company, Inc. 2010 Independent Director Stock Plan. The Restricted Stock fully vests on the first anniversary of the grant date, subject to continued service through such date.

SEC source: 0001476204-20-000036 · wf-form4_158895668583218.xml · nonDerivative · entry 1

Silfen Jane · CIK 0001793362 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 8,833

F1 · shares: Restricted Stock issued pursuant to the Phillips Edison & Company, Inc. 2010 Independent Director Stock Plan. The Restricted Stock fully vests on the first anniversary of the grant date, subject to continued service through such date.

SEC source: 0001476204-20-000035 · wf-form4_158895661585969.xml · nonDerivative · entry 1

CHAO LESLIE T · CIK 0001210978 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 48,501

F1 · shares: Restricted Stock issued pursuant to the Phillips Edison & Company, Inc. 2010 Independent Director Stock Plan. The Restricted Stock fully vests on the first anniversary of the grant date, subject to continued service through such date.

SEC source: 0001476204-20-000034 · wf-form4_158895654755974.xml · nonDerivative · entry 1

Massey Paul · CIK 0001548379 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,151

F1 · shares: Restricted Stock issued pursuant to the Phillips Edison & Company, Inc. 2010 Independent Director Stock Plan. The Restricted Stock fully vests on the first anniversary of the grant date, subject to continued service through such date.

SEC source: 0001476204-20-000021 · wf-form4_158412763231670.xml · nonDerivative · entry 1

Edison Jeffrey · CIK 0001548377 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 105,682.78

F1 · shares: Restricted stock units awarded pursuant to a long-term incentive plan of the issuer. The restrictions on these shares lapse in four equal annual installments beginning on January 1, 2021.

SEC source: 0001476204-20-000020 · wf-form4_158412757566818.xml · nonDerivative · entry 1

Myers Robert F. · CIK 0001721152 · Chief Operating Officer & EVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 44,946.5

F1 · shares: Restricted stock units awarded pursuant to a long-term incentive plan of the issuer. The restrictions on these shares lapse in four equal annual installments beginning on January 1, 2021.

F2 · balance_after: Includes 62.64 shares acquired under the Issuer's dividend reinvestment since October 31, 2019.

SEC source: 0001476204-20-000019 · wf-form4_158412737794412.xml · nonDerivative · entry 1

Robison Jennifer L · CIK 0001633620 · Chief Accounting Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,460.86

F1 · shares: Restricted stock units awarded pursuant to a long-term incentive plan of the issuer. The restrictions on these shares lapse in four equal annual installments beginning on January 1, 2021.

SEC source: 0001476204-20-000018 · wf-form4_158412732999339.xml · nonDerivative · entry 1

Caulfield John P · CIK 0001786866 · CFO, SVP & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 55,505.54

F1 · shares: Restricted stock units awarded pursuant to a long-term incentive plan of the issuer. The restrictions on these shares lapse in four equal annual installments beginning on January 1, 2021.

F2 · balance_after: Includes 32.82 shares acquired under the Issuer's dividend reinvestment plan since October 31, 2019.

SEC source: 0001476204-20-000017 · wf-form4_158412723497893.xml · nonDerivative · entry 1

Brady Tanya · CIK 0001770509 · SVP, GC & Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 36,450.443

F1 · shares: Restricted stock units awarded pursuant to a long-term incentive plan of the issuer. The restrictions on these shares lapse in four equal annual installments beginning on January 1, 2021.

SEC source: 0000899243-21-000150 · doc4.xml · derivative · entry 1

Murphy Devin Ignatius · CIK 0001440186 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 27,300 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Reflects phantom units that vested on March 10, 2020 and were settled in cash.

F1 · derivative.exercise_date: Reflects phantom units that vested on March 10, 2020 and were settled in cash.

F1 · derivative.expiration_date: Reflects phantom units that vested on March 10, 2020 and were settled in cash.

SEC source: 0001476204-20-000007 · wf-form4_157807378251254.xml · derivative · entry 4

Myers Robert F. · CIK 0001721152 · Chief Operating Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Indirect · Held by PELP

Disclosed balance after: 28,210

Underlying: Common Stock · 12,462 shares

Expires not disclosed

F5 · derivative.exercise_price: Reflects OP Units distributed by PELP to the Reporting Person in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000007 · wf-form4_157807378251254.xml · derivative · entry 3

Myers Robert F. · CIK 0001721152 · Chief Operating Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 89,559

Underlying: Common Stock · 12,462 shares

Expires not disclosed

F4 · derivative.exercise_price: Reflects OP Units acquired by the Reporting Person as a distribution from Phillips Edison Limited Partnership ("PELP") upon the third annual vesting of his PELP C Units.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000007 · wf-form4_157807378251254.xml · derivative · entry 2

Myers Robert F. · CIK 0001721152 · Chief Operating Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 77,097

Underlying: Common Stock · 19,312 shares

Expires not disclosed

F3 · derivative.exercise_price: Reflects the number of OP Units received upon conversion of an equal number Class B Units in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000007 · wf-form4_157807378251254.xml · derivative · entry 1

Myers Robert F. · CIK 0001721152 · Chief Operating Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 78,230

Underlying: OP Units · 19,312 shares

Expires not disclosed

F1 · derivative.exercise_price: Represents vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units.

F2 · derivative.exercise_price: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F1 · derivative.exercise_date: Represents vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F1 · derivative.expiration_date: Represents vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000006 · wf-form4_157807373726608.xml · derivative · entry 4

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Indirect · Held by PELP

Disclosed balance after: 3,398.79

Underlying: Common Stock · 698 shares

Expires not disclosed

F5 · derivative.exercise_price: Reflects OP Units distributed by PELP to the Reporting Person in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000006 · wf-form4_157807373726608.xml · derivative · entry 3

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 270,356.21

Underlying: Common Stock · 698 shares

Expires not disclosed

F4 · derivative.exercise_price: Reflects OP Units acquired by the Reporting Person as a distribution from Phillips Edison Limited Partnership ("PELP") upon the third annual vesting of his PELP C Units.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000006 · wf-form4_157807373726608.xml · derivative · entry 2

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 269,658.21

Underlying: Common Stock · 4,545 shares

Expires not disclosed

F3 · derivative.exercise_price: Reflects the number of OP Units received upon conversion of an equal number Class B Units in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000006 · wf-form4_157807373726608.xml · derivative · entry 1

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,414

Underlying: OP Units · 4,545 shares

Expires not disclosed

F1 · derivative.exercise_price: Reflects vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units.

F2 · derivative.exercise_price: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F1 · derivative.exercise_date: Reflects vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F1 · derivative.expiration_date: Reflects vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000005 · wf-form4_157807368939529.xml · derivative · entry 4

Edison Jeffrey · CIK 0001548377 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Indirect · Held by PELP

Disclosed balance after: 666,533

Underlying: Common Stock · 12,503 shares

Expires not disclosed

F5 · derivative.exercise_price: Reflects OP Units distributed by PELP to the Reporting Person in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000005 · wf-form4_157807368939529.xml · derivative · entry 3

Edison Jeffrey · CIK 0001548377 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,367,866

Underlying: Common Stock · 12,503 shares

Expires not disclosed

F4 · derivative.exercise_price: Reflects OP Units acquired by the Reporting Person as a distribution from Phillips Edison Limited Partnership ("PELP") upon the third annual vesting of his PELP C Units.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000005 · wf-form4_157807368939529.xml · derivative · entry 2

Edison Jeffrey · CIK 0001548377 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,355,363

Underlying: Common Stock · 68,856 shares

Expires not disclosed

F3 · derivative.exercise_price: Reflects the number of OP Units received upon conversion of an equal number Class B Units in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000005 · wf-form4_157807368939529.xml · derivative · entry 1

Edison Jeffrey · CIK 0001548377 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 225,962

Underlying: OP Units · 68,856 shares

Expires not disclosed

F1 · derivative.exercise_price: Reflects vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, these Class B Units were converted into an equal number of OP Units.

F2 · derivative.exercise_price: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F1 · derivative.exercise_date: Reflects vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, these Class B Units were converted into an equal number of OP Units.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F1 · derivative.expiration_date: Reflects vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, these Class B Units were converted into an equal number of OP Units.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000003 · wf-form4_157806365747617.xml · nonDerivative · entry 1

Brady Tanya · CIK 0001770509 · SVP, GC & Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 31,045.443

F1 · shares: Shares surrendered to cover tax liability upon vesting of restricted stock units.

SEC source: 0001476204-20-000004 · wf-form4_157807364422726.xml · derivative · entry 4

Murphy Devin Ignatius · CIK 0001440186 · President

10b5-1 filing: Not disclosed

Ownership: Indirect · Held by PELP

Disclosed balance after: 123,244

Underlying: Common Stock · 10,482 shares

Expires not disclosed

F5 · derivative.exercise_price: Reflects OP Units distributed by PELP to the Reporting Person in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000004 · wf-form4_157807364422726.xml · derivative · entry 3

Murphy Devin Ignatius · CIK 0001440186 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,093,191

Underlying: Common Stock · 10,482 shares

Expires not disclosed

F4 · derivative.exercise_price: Reflects OP Units acquired by the Reporting Person as a distribution from Phillips Edison Limited Partnership ("PELP") upon the third annual vesting of his PELP C Units.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000004 · wf-form4_157807364422726.xml · derivative · entry 2

Murphy Devin Ignatius · CIK 0001440186 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,082,709

Underlying: Common Stock · 21,302 shares

Expires not disclosed

F3 · derivative.exercise_price: Reflects the number of OP Units received upon conversion of an equal number Class B Units in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000004 · wf-form4_157807364422726.xml · derivative · entry 1

Murphy Devin Ignatius · CIK 0001440186 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 82,209

Underlying: OP Units · 21,302 shares

Expires not disclosed

F1 · derivative.exercise_price: Reflects vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units.

F2 · derivative.exercise_price: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F1 · derivative.exercise_date: Reflects vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F1 · derivative.expiration_date: Reflects vesting of Class B Units of limited partnership interests ("Class B Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP"), previously issued as long term incentive compensation pursuant to the Issuer's equity based compensatory programs. At issuance, the Class B Units were subject to vesting, and did not have full parity with common units of limited partnership interest in PECO OP ("OP Units") with respect to liquidating distributions, but upon the occurrence of certain events described in PECO OP's partnership agreement, could over time achieve full parity with the OP Units for all purposes. Upon vesting on 1/1/20, having previously achieved full parity with OP Units, the Class B Units were converted into an equal number of OP Units.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-20-000002 · wf-form4_157806360699036.xml · nonDerivative · entry 1

Caulfield John P · CIK 0001786866 · CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 40,757.727

F1 · shares: Shares surrendered to cover tax liability upon vesting of restricted stock units.

SEC source: 0001476204-20-000001 · wf-form4_157806344512416.xml · nonDerivative · entry 1

Robison Jennifer L · CIK 0001633620 · Chief Accounting Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 18,652.86

F1 · shares: Shares surrendered to cover tax liability upon vesting of restricted stock units.

SEC source: 0001476204-19-000113 · wf-form4_157781492862250.xml · derivative · entry 1

Caulfield John P · CIK 0001786866 · CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,046

Underlying: OP Units · 4,017 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.exercise_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.expiration_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

SEC source: 0001476204-19-000110 · wf-form4_157781471638061.xml · derivative · entry 1

Myers Robert F. · CIK 0001721152 · Chief Operating Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,225

Underlying: OP Units · 160,122 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.exercise_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.expiration_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

SEC source: 0001476204-19-000112 · wf-form4_157781486087878.xml · derivative · entry 1

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,365

Underlying: OP Units · 9,249 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.exercise_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.expiration_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

SEC source: 0001476204-19-000111 · wf-form4_157781479419173.xml · derivative · entry 1

Edison Jeffrey · CIK 0001548377 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 74,250

Underlying: OP Units · 149,100 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.exercise_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.expiration_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

SEC source: 0001476204-19-000109 · wf-form4_157781465069897.xml · derivative · entry 1

Murphy Devin Ignatius · CIK 0001440186 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 27,300

Underlying: OP Units · 177,078 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.exercise_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.expiration_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

SEC source: 0001476204-19-000108 · wf-form4_157781457850986.xml · derivative · entry 1

Robison Jennifer L · CIK 0001633620 · Chief Accounting Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,300

Underlying: OP Units · 16,176 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.exercise_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.expiration_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

SEC source: 0001476204-19-000107 · wf-form4_157781447815826.xml · derivative · entry 1

Brady Tanya · CIK 0001770509 · SVP, GC & Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,727

Underlying: OP Units · 8,997 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.exercise_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

F1 · derivative.expiration_date: Reflects phantom units that vested on December 27, 2019 and were settled in cash.

SEC source: 0001476204-19-000078 · wf-form4_157263210221901.xml · nonDerivative · entry 1

Edison Jeffrey · CIK 0001548377 · Director · Chairman and CEO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 308,446.232

F1 · price: Received in exchange for shares of Phillips Edison Grocery Center REIT III, Inc. ("REIT III") in connection with the merger of REIT III into Phillips Edison & Company, Inc. ("PECO"). On the effective date of the merger, each share of Class A REIT III common stock was exchanged for 0.6693 shares of PECO common stock, which is equivalent to a value of $7.42923 per REIT III share based on PECO's most recent estimated net asset value per share of $11.10, plus $0.0939 in cash.

SEC source: 0001476204-19-000090 · wf-form4_157263435670817.xml · nonDerivative · entry 1

Caulfield John P · CIK 0001786866 · CFO & Treasurer

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 42,104.727

F1 · price: Received in exchange for shares of Phillips Edison Grocery Center REIT III, Inc. ("REIT III") in connection with the merger of REIT III into Phillips Edison & Company, Inc. ("PECO"). On the effective date of the merger, each share of Class A REIT III common stock was exchanged for (i) 0.6693 shares of PECO common stock, which is equivalent to a value of $7.42923 per REIT III share based on PECO's most recent estimated net asset value per share of $11.10, and (ii) $0.0939 in cash.

SEC source: 0001476204-19-000088 · wf-form4_157263399253872.xml · nonDerivative · entry 1

Robison Jennifer L · CIK 0001633620 · Chief Accounting Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 11,813.86

F1 · price: Received in exchange for shares of Phillips Edison Grocery Center REIT III, Inc. ("REIT III") in connection with the merger of REIT III into Phillips Edison & Company, Inc. ("PECO"). On the effective date of the merger, each share of Class A REIT III common stock was exchanged for (i) 0.6693 shares of PECO common stock, which is equivalent to a value of $7.42923 per REIT III share based on PECO's most recent estimated net asset value per share of $11.10, and (ii) $0.0939 in cash.

SEC source: 0001476204-19-000086 · wf-form4a_157263340244804.xml · nonDerivative · entry 1

Brady Tanya · CIK 0001770509 · SVP, GC & Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 32,709.443

F1 · price: Received in exchange for shares of Phillips Edison Grocery Center REIT III, Inc. ("REIT III") in connection with the merger of REIT III into Phillips Edison & Company, Inc. ("PECO"). On the effective date of the merger, each share of Class A REIT III common stock was exchanged for (i) 0.6693 shares of PECO common stock, which is equivalent to a value of $7.42923 per REIT III share based on PECO's most recent estimated net asset value per share of $11.10, and (ii) $0.0939 in cash.

SEC source: 0001476204-19-000084 · wf-form4_157263299220782.xml · nonDerivative · entry 1

Brady Tanya · CIK 0001770509 · SVP, GC & Secretary

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 34,020.886

F1 · price: Received in exchange for shares of Phillips Edison Grocery Center REIT III, Inc. ("REIT III") in connection with the merger of REIT III into Phillips Edison & Company, Inc. ("PECO"). On the effective date of the merger, each share of Class A REIT III common stock was exchanged for (i) 0.6693 shares of PECO common stock, which is equivalent to a value of $7.42923 per REIT III share based on PECO's most recent estimated net asset value per share of $11.10, and (ii) $0.0939 in cash.

SEC source: 0001476204-19-000082 · wf-form4_157263264152229.xml · nonDerivative · entry 1

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 49,014.529

F1 · price: Received in exchange for shares of Phillips Edison Grocery Center REIT III, Inc. ("REIT III") in connection with the merger of REIT III into Phillips Edison & Company, Inc. ("PECO"). On the effective date of the merger, each share of Class A REIT III common stock was exchanged for (i) 0.6693 shares of PECO common stock, which is equivalent to a value of $7.4292 per REIT III share based on PECO's most recent estimated net asset value per share of $11.10, and (ii) $0.0939 in cash which the reporting person elected to receive as additional shares of PECO common stock in lieu of cash, for a total equivalent value in PECO common stock of $7.5231 per REIT III share.

SEC source: 0001476204-19-000080 · wf-form4_157263234858025.xml · nonDerivative · entry 1

Myers Robert F. · CIK 0001721152 · Chief Operating Officer & SVP

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 12,257.893

F1 · price: Received in exchange for shares of Phillips Edison Grocery Center REIT III, Inc. ("REIT III") in connection with the merger of REIT III into Phillips Edison & Company, Inc. ("PECO"). On the effective date of the merger, each share of Class A REIT III common stock was exchanged for (i) 0.6693 shares of PECO common stock, which is equivalent to a value of $7.42923 per REIT III share based on PECO's most recent estimated net asset value per share of $11.10, and (ii) $0.0939 in cash.

SEC source: 0001476204-19-000076 · wf-form4_157263122836885.xml · nonDerivative · entry 1

Murphy Devin Ignatius · CIK 0001440186 · President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 40,727.444

F1 · price: Received in exchange for shares of Phillips Edison Grocery Center REIT III, Inc. ("REIT III") in connection with the merger of REIT III into Phillips Edison & Company, Inc. ("PECO"). On the effective date of the merger, each share of Class A REIT III common stock was exchanged for (i) 0.6693 shares of PECO common stock, which is equivalent to a value of $7.4292 per REIT III share based on PECO's most recent estimated net asset value per share of $11.10, and (ii) $0.0939 in cash which the reporting person elected to receive as additional shares of PECO common stock in lieu of cash, for a total equivalent value in PECO common stock of $7.5231 per REIT III share.

SEC source: 0001476204-19-000071 · wf-form4_157011176269017.xml · derivative · entry 2

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Indirect · Held by PELP

Disclosed balance after: 4,096.79

Underlying: Common Stock · 7,627.54 shares

Expires not disclosed

F3 · derivative.exercise_price: Reflects OP Units distributed by PELP to the Reporting Person in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-19-000071 · wf-form4_157011176269017.xml · derivative · entry 1

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 265,113.21

Underlying: Common Stock · 7,627.54 shares

Expires not disclosed

F1 · derivative.exercise_price: Represents common units of limited partnership interest ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P. ("PECO OP") acquired by the Reporting Person as a distribution from Phillips Edison Limited Partnership ("PELP") in connection with the Reporting Person's interest in OP Units which (i) were converted from Class B Units of limited partnership interests in PECO OP ("Class B Units") and (ii) were being held by PELP until two years from the date the Class B Units were issued.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-19-000046 · wf-form4_156540103648180.xml · derivative · entry 2

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Indirect · Held by PELP

Disclosed balance after: 11,724.33

Underlying: Common Stock · 7,507.67 shares

Expires not disclosed

F3 · derivative.exercise_price: Reflects OP Units distributed by PELP to the Reporting Person in the line above.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001476204-19-000046 · wf-form4_156540103648180.xml · derivative · entry 1

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 257,485.67

Underlying: Common Stock · 7,507.67 shares

Expires not disclosed

F1 · derivative.exercise_price: Represents common units of limited partnership interest ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P. ("PECO OP") acquired by the Reporting Person as a distribution from Phillips Edison Limited Partnership ("PELP") in connection with the Reporting Person's interest in OP Units which (i) were converted from Class B Units of limited partnership interests in PECO OP ("Class B Units") and (ii) were being held by PELP until two years from the date the Class B Units were issued.

F2 · derivative.exercise_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001548380-19-000006 · wf-form4_155923943951915.xml · derivative · entry 2

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Indirect · Held by PELP

Disclosed balance after: 19,232

Underlying: Common Stock · 7,227 shares

Expires not disclosed

F3 · derivative.exercise_price: Reflects OP Units distributed by PELP to the Reporting Person in the line above.

F2 · derivative.exercise_date: OP Units 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 I OP, shares of the Issuer's common stock on a one-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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 I OP, shares of the Issuer's common stock on a one-to-one basis, beginning one year from the date of issuance and have no expiration date.

SEC source: 0001548380-19-000006 · wf-form4_155923943951915.xml · derivative · entry 1

Addy Robert Mark · CIK 0001548380 · Executive Vice President

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 249,978

Underlying: Common Stock · 7,227 shares

Expires not disclosed

F1 · derivative.exercise_price: Reflects common units of limited partnership interest ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P. ("PECO I OP") acquired by the Reporting Person as a distribution from Phillips Edison Limited Partnership ("PELP") in connection with the Reporting Person's interest in OP Units which were (i) converted from Class B Units of limited partnership interests in PECO I OP ("Class B Units") and (ii) being held by PELP until two years from the date the Class B Units were issued.

F2 · derivative.exercise_date: OP Units 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 I OP, shares of the Issuer's common stock on a one-to-one basis, beginning one year from the date of issuance and have no expiration date.

F2 · derivative.expiration_date: OP Units 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 I OP, shares of the Issuer's common stock on a one-to-one basis, beginning one year from the date of issuance and have no expiration date.