Donald G. Frey - 11 Mar 2026 Form 4 Insider Report for SIMON PROPERTY GROUP INC. (SPG)

Role: EVP, TREASURER
Signature: /s/ Donald G. Frey by his attorney-in-fact, Kevin M. Kelly
Issuer symbol: SPG
Transactions as of: 11 Mar 2026
Net transactions value: $0
Form type: 4
Filing time: 13 Mar 2026, 12:28:08 UTC
Previous filing: 04 Mar 2026
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Frey Donald G	EVP, TREASURER	225 W. WASHINGTON ST., INDIANAPOLIS	/s/ Donald G. Frey by his attorney-in-fact, Kevin M. Kelly	13 Mar 2026	0001942368

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	SPG	LTIP Units	Award		+6,246	+106%	$0.2500^*	12,130	11 Mar 2026	Common Stock	6,246		Direct	F1, F2
transaction	SPG	Restricted Stock Units	Award		+990		$0.000000^*	990	11 Mar 2026	Common Stock	990		Direct	F3, F4

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

Explanation of Responses:

Id	Content
F1	Represents long-term incentive performance ("LTIP") units of Simon Property Group, L.P. (the "Operating Partnership"), of which Simon Property Group, Inc. (the "Company") is the general partner, issued as long-term incentive compensation pursuant to the Operating Partnership's 2019 Stock Incentive Plan (the "Plan"), in compliance with Rule 16b-3. When earned and vested, each LTIP unit may be converted into a unit of limited partnership interest ("Partnership Unit"). Each Partnership Unit may be exchanged for a share of the Company's common stock, or cash, as selected by the Company.
F2	On March 1, 2023, the Reporting Person was awarded a maximum of 6,246 LTIP units, subject to certain performance conditions. On March 11, 2026, the Compensation and Human Capital Committee (the "Compensation Committee") of the Board of Directors of the Company determined that the extent to which the performance measures had been achieved during the performance period resulted in 100%, or 6,246 of the LTIP units becoming earned LTIP units. The earned LTIP units vest on January 1, 2027, subject to a continued service requirement, or may vest earlier due to the Reporting Person's death or disability, a change of control of the Company, the retirement of the Reporting Person, subject to the approval of the Company's Compensation Committee, or as may otherwise be determined by the Company's Compensation Committee in accordance with the terms of the grant agreement and the Plan.
F3	Each Restricted Stock Unit ("RSU") represents the contingent right to receive, at settlement, one share of common stock of the Company.
F4	The RSUs are being issued pursuant to the Plan, in compliance with Rule 16b-3. The RSUs will vest on March 11, 2029, subject to a continued service requirement, or may vest and settle earlier due the Reporting Person's death or disability, a change of control of the Company, the retirement of the Reporting Person, subject to the approval of the Company's Compensation Committee, or as may otherwise be determined by the Company's Compensation Committee in accordance with the terms of the grant agreement and the Plan. Vested RSUs will be settled in shares of the Company's common stock as soon as practicable after the vesting date.