BUDORICK STEPHEN E 4

What Happened
Stephen E. Budorick, President/CEO and a director of COPT Defense Properties (CDP), received a grant of 179,704 Profit Interest Units on 2026-02-05. The units were issued as an award (transaction code A) at an acquisition price of $0.00 — this is a compensation/award transaction, not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-05; filing date: 2026-02-06 (timely).
• Instrument: 179,704 Profit Interest Units; acquisition price: $0.00.
• Shares owned after transaction: not specified in the provided filing.
• Footnote F1: Each Profit Interest Unit converts into one OP Unit (a unit in COPT Defense Properties, L.P.) when vested and upon equalization of its capital account; OP Units are redeemable for cash or, at the company's option, exchangeable one-for-one for common shares.
• Footnote F2: Units were issued under the COPT Defense Properties 2017 Omnibus Equity and Incentive Plan.
• Transaction type: Award/grant (A) — typically part of executive compensation, not a market signal like a buy or sell.

Context
This was a derivative equity award that will convert to partnership/OP units and potentially to common shares when vesting and capital-account conditions are met. Such grants reflect compensation structures and vesting schedules; they are not the same as an immediate cash purchase or sale of stock.