HAWKINS PHILIP L 4
4 · COPT DEFENSE PROPERTIES · Filed May 18, 2026
Research Summary
AI-generated summary of this filing
COPT Defense Properties Director Philip Hawkins Receives Award
What Happened
Philip L. Hawkins, a director of COPT Defense Properties (CDP), received an award/derivative acquisition of 7,448 units/shares on May 14, 2026 (reported on Form 4 filed May 18, 2026). The filing lists the grant as a derivative Profit Interest Unit (no per‑share price or immediate cash value reported). Per the filing, the 7,448 total consists of 3,803 shares as the equity portion of board compensation and 3,645 shares elected in lieu of cash retainer.
Key Details
- Transaction date: 2026-05-14; Form 4 filed 2026-05-18 (appears filed four days after the transaction; Form 4s are generally due within 2 business days).
- Transaction code: A (award/grant — derivative). Price/value: N/A (not specified in the filing).
- Quantity: 7,448 Profit Interest Units (3,803 + 3,645 as detailed in footnotes).
- Vesting/convertibility: Units vest on the first anniversary of the grant (footnote). Each Profit Interest Unit converts automatically into one OP Unit (a share of the partnership) 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 COPT Defense Properties common shares. Vested units do not expire.
- Shares owned after the transaction: Not specified in the provided filing excerpt.
- Reason: Received as compensation for Board service (per footnotes).
Context
This was a board‑compensation grant of profit‑interest units rather than an open‑market purchase or sale. Because the units convert to partnership shares only upon vesting and equalization, they do not represent immediately tradable common shares or a disclosed dollar value at grant. Board awards and elections to receive stock in lieu of cash are a common form of director compensation and do not by themselves indicate the insider’s view on near‑term stock direction.
Insider Transaction Report
- Award
Profit Interest Units
[F1][F2][F5][F3][F4]2026-05-14+7,448→ 38,988 total→ Common Shares (7,448 underlying)
Footnotes (5)
- [F1]Each Profit Interest Unit will convert automatically into one share of beneficial interest, designated as a unit (an "OP Unit"), in COPT Defense Properties, L.P. when such Profit Interest Unit becomes vested and upon equalization of its capital account balance. OP Units are redeemable for cash, or, at the option of COPT Defense Properties, exchangeable for common shares of COPT Defense Properties, currently on a one-for-one basis.
- [F2]Consists of 3,803 shares received as the equity portion of compensation for his Board service and 3,645 shares received upon the election by the reporting person to receive common shares in lieu of cash for all or part of his annual retainer for Board service, consistent with a policy adopted by the Board with respect to the cash portion of compensation for Board service. By making such election, the reporting person received shares equal to the amount of cash compensation designated by the reporting person divided by the 15-day trailing average price of the common shares as of the grant date.
- [F3]The Profit Interest Units will vest on the first anniversary of the grant date, provided that the reporting person remains a trustee on such date.
- [F4]The Profit Interest Units do not expire once vested.
- [F5]Received as compensation for Board service.