Virgis Colbert - Feb 23, 2023 Form 4 Insider Report for STAG Industrial, Inc. (STAG)

Role: Director
Signature: /s/ Jeffrey M. Sullivan, Attorney-in-Fact
Stock symbol: STAG
Transactions as of: Feb 23, 2023
Transactions value $: $0
Form type: 4
Date filed: 2/27/2023, 05:36 PM
Previous filing: Jan 18, 2023
Next filing: Mar 14, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	STAG	Common Stock	Conversion of derivative security		+23.9K	+140.51%		40.9K	Feb 23, 2023	Direct	F1

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	STAG	LTIP Units	Conversion of derivative security		-23.9K	-71.63%		9.47K	Feb 23, 2023	Common Stock, par value $0.01 per share	23.9K		Direct	F1, F2
transaction	STAG	Partnership Units	Conversion of derivative security		+23.9K			23.9K	Feb 23, 2023	Common Stock, par value $0.01 per share	23.9K		Direct	F1, F3
transaction	STAG	Partnership Units	Conversion of derivative security		-23.9K	-100%		0	Feb 23, 2023	Common Stock, par value $0.01 per share	23.9K		Direct	F1, F3

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

Explanation of Responses:

Id	Content
F1	The reporting person converted 23,911 long-term incentive plan units ("LTIP Units") of STAG Industrial Operating Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"), of which STAG Industrial, Inc., a Maryland corporation (the "Issuer"), is the sole member of the general partner, into 23,911 common units of limited partnership of the Operating Partnership ("OP Units") and redeemed 23,911 OP Units. The LTIP Units are convertible into OP Units as they are non-forfeitable and certain conditions to parity have been satisfied. The OP Units held by the reporting person are redeemable for cash equal to the current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. The Issuer elected to redeem the reporting person's OP Units with common stock.
F2	Represents LTIP Units granted to the reporting person pursuant to the Issuer's 2011 Equity Incentive Plan, as amended. Over time, the LTIP Units can achieve full parity with OP Units for all purposes. If such parity is reached, non-forfeitable LTIP Units may be converted into OP Units and then may be redeemed for cash equal to the then-current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. LTIP Units do not have an expiration date.
F3	Represents OP Units in the Operating Partnership. OP Units may be redeemed for cash equal to the then-current market value of one share of the Issuer's common stock or, at the Issuer's election, for shares of the Issuer's common stock on a one-for-one basis. The OP Units are vested as of the date of issuance and have no expiration date.