CBL Properties adopts limited-duration stockholder rights agreement (poison pill) expiring Sept. 2023

CBL & ASSOCIATES PROPERTIES INC

Rights dividend of one right per share; record date September 22, 2022.
Rights become exercisable if a person/group acquires 10% or more of common stock (with exceptions for certain existing holders).
Rights Agreement automatically expires on September 8, 2023; no dead-hand or slow-hand provisions.
Issuance of rights is not taxable to CBL or its stockholders; no impact on reported EPS.
CEO states pill is to protect long-term shareholder interests and allow board to evaluate value-creation strategies.

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