Crate Darrell W 4
4 · Easterly Government Properties, Inc. · Filed Feb 20, 2026
Research Summary
AI-generated summary of this filing
Easterly (DEA) CEO Darrell Crate Receives Award — 245 LTIP Units
What Happened
Darrell W. Crate, President & CEO and a director of Easterly Government Properties (DEA), was granted 245 long‑term incentive plan (LTIP) units on February 18, 2026. The grant was recorded as a derivative award at $0.00 per unit (no cash paid). The LTIP units were earned based on performance vesting hurdles for the period Jan 3, 2023–Dec 31, 2025 and vested when earned.
Key Details
- Transaction date: 2026-02-18; Form 4 filed 2026-02-20 (appears timely).
- Security/amount: 245 LTIP Units (derivative securities) granted at $0.00 per unit.
- Reported value: $0 cash paid at grant; economic value depends on future conversion/redemption.
- Shares/units owned after transaction: not specified in the provided filing excerpt.
- Relevant footnotes: award under the Issuer’s 2015 Equity Incentive Plan; units earned on achievement of performance hurdles (F1, F3). Conversion/redeem rules and conversion timing restrictions summarized below (F2).
- Transaction code: A (award/grant).
Context
- LTIP Units are units in the company’s operating partnership that, when vested, can be converted (at the holder’s election and subject to tax/accounting conditions) into common partnership units and then redeemed for cash equal to the fair market value of a share of common stock or, at the issuer’s election, exchanged for one share of common stock.
- LTIP Units are generally not convertible without issuer consent until two years after grant; conversion and redemption rights do not expire.
- As an award rather than an open‑market purchase or sale, this transaction reflects compensation tied to prior performance rather than a direct insider buy/sell signal.
Insider Transaction Report
Form 4
Crate Darrell W
DirectorPresident & CEO
Transactions
- Award
LTIP Units
[F1][F2][F3]2026-02-18+245→ 13,345 total→ Common Stock (245 underlying)
Footnotes (3)
- [F1]Represents additional LTIP Units in Easterly Government Properties LP (the "Operating Partnership"), of which the Issuer is the general partner, that were granted as long-term incentive compensation pursuant to the Issuer's 2015 Equity Incentive Plan, subject to certain performance vesting hurdles based on the Issuer's performance from January 3, 2023 through December 31, 2025 ("LTIP Unit Award"), which were earned upon the determination by the Issuer's compensation committee that the performance vesting hurdles had been achieved.
- [F2]Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each vested LTIP Unit may be converted, at the election of the holder, into a common unit of limited partnership interest in the Operating Partnership (a "Common Unit"). Each Common Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the fair market value of a share of the Issuer's Common Stock, except that the Issuer may, at its election, acquire each Common Unit so presented for one share of Common Stock. LTIP Units are generally not convertible without the consent of the Issuer until two years from the date of the grant. The rights to convert vested LTIP Units into Common Units and redeem Common Units do not have expiration dates.
- [F3]The total number of derivative securities represents the aggregate of all LTIP Units earned by the reporting person pursuant to the LTIP Unit Award, including LTIP Units earned on January 20, 2026. LTIP Units vested when earned.
Signature
/s/ Franklin V. Logan, Attorney-in-fact for Darrell W. Crate|2026-02-20