HAWKINS PHILIP L 4

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.