Devin Ignatius Murphy - May 4, 2022 Form 4 Insider Report for Phillips Edison & Company, Inc. (PECO)

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

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Ownership	Footnotes
transaction	PECO	OP Units	Award	$0	+13.3K	+6.13%	$0.00	230K	May 4, 2022	Common Stock	13.3K	Direct	F1, F2
transaction	PECO	Class C Units	Award	$0	+2.15K		$0.00	2.15K	May 4, 2022	Common Stock	2.15K	Direct	F1, F3, F4
holding	PECO	OP Units						378K	May 4, 2022	Common Stock	378K	By DJM Investments LLC	F1

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

Id	Content
F1	Limited partnership interests ("OP Units") in Phillips Edison Grocery Center Operating Partnership I, L.P., a Delaware limited partnership ("PECO OP") 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-for-one basis, and have no expiration date.
F2	Represents OP Units earned based upon the Issuer's achievement of the NAV Modifier performance metrics under the 2018-2020 Performance-Based LTIP Units.
F3	Represents Class C Units of limited partnership interests ("Class C Units") in PECO OP. At issuance, the Class C Units do not have full parity with the OP Units, but upon achieving parity with the OP Units under the PECO OP's partnership agreement, based upon capital account balance per unit, and upon satisfaction of any applicable vesting conditions, the Class C Units convert to OP Units on a one-for-one basis. The Class C Units have no expiration date.
F4	Represents vested and earned Class C Units issued in lieu of cash dividends accrued on the NAV Modifier performance units under the 2018-2020 Performance-Based LTIP.