John Burkart - Feb 23, 2023 Form 4 Insider Report for WELLTOWER INC. (WELL)

Role: EVP-Chief Operating Officer
Signature: By: Matthew McQueen, Attorney-in-Fact For: John F. Burkart
Stock symbol: WELL
Transactions as of: Feb 23, 2023
Transactions value $: $0
Form type: 4
Date filed: 2/27/2023, 03:43 PM
Previous filing: Jan 5, 2023
Next filing: Dec 6, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	WELL	LTIP Units	Award		+5.91K			5.91K	Feb 23, 2023	Common	5.91K		Direct	F1
transaction	WELL	Option Units	Award		+21.9K			21.9K	Feb 23, 2023	Common	21.9K	$76.17	Direct	F2
transaction	WELL	Other Stock Units	Award		+27.8K			27.8K	Feb 23, 2023	Common	27.8K		Direct	F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents an award, granted without cash consideration, of membership interests in Welltower OP LLC ("Welltower OP"), a subsidiary of Welltower Inc. (the "Issuer"), designated as LTIP Units ("LTIP Units"), which LTIP Units are intended to qualify as profits interests for US federal income tax purposes. The LTIP Units are scheduled to vest in four equal installments on Jan. 15, 2024, Jan. 15, 2025, Jan. 15, 2026 and Jan. 15, 2027, subject to the reporting person's continued employment on each applicable vesting date. The LTIP Units, if and as they become vested, are convertible, conditioned upon the satisfaction of minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, into Class A Common Units in Welltower OP ("OP Units"). The resulting OP Units may be exchanged by the reporting person for shares of common stock, par value $1.00 per share ("Common Share") of the Issuer or the equivalent cash value of Common Shares, as determined by the Issuer.
F2	Represents an award, granted without cash consideration, of membership interests in Welltower OP designated as Option Units ("Option Units"), which Option Units are intended to qualify as profits interests for US federal income tax purposes. The Option Units are scheduled to vest in four equal installments on January 15, 2024, January 15, 2025, January 15, 2026 and January 15, 2027, subject to the reporting person's continued employment on each applicable vesting date. Upon vesting, the Option Units are convertible at the reporting person's election into a number of vested LTIP Units equal to the intrinsic value of the vested Options Units, which LTIP Units that are then convertible into OP Units. The resulting OP Units may be exchanged by the reporting person for Common Shares or the equivalent cash value of Common Shares, as determined by the Issuer.
F3	Solely in order to reserve Common Shares to satisfy any exchange in respect of OP Units as contemplated herein that might occur in the future, the reporting person also received an award of Other Stock Units under the Welltower Inc. 2022 Long-Term Incentive Plan (the "2022 Plan"). The award of Other Stock Units provides the reporting person with the ability to acquire Common Shares under the 2022 Plan only through the exchange of OP Units for those shares and in no other manner. Upon the exchange of OP Units for Common Shares, the reporting person will relinquish all rights to the exchanged OP Units. Any Other Stock Units that may be remaining after all OP Units have been exchanged will be immediately canceled for no consideration.