DENTON ROBERT L 4

What Happened
Robert L. Denton, a director of COPT Defense Properties (CDP), redeemed/converted 1,000 common units of COPT Defense Properties, L.P. on April 29, 2026. The common units are convertible into an equal number of the issuer's common shares or, at the issuer’s election, cash; for these 1,000 units the issuer elected to pay cash based on the 10‑day average closing price. The Form 4 reports the derivative conversion as a disposal (conversion) and shows no share purchase.

Key Details

• Transaction date: 2026-04-29; Form filed: 2026-04-30.
• Transaction type: Conversion of derivative security (redemption of 1,000 common units) with cash settlement elected by the issuer.
• Price/total value: Cash amount determined by the issuer using the 10‑day average NYSE closing price; the filing does not state the dollar amount.
• Shares reported on Form 4: the conversion is recorded as a derivative disposal; the filing does not disclose post-transaction common-share holdings.
• Footnotes: F1 confirms the issuer elected cash based on the 10‑day average NYSE price; F2 notes common units are convertible upon issuance and have no expiration.

Context
This was a conversion/redemption with cash settlement rather than an open‑market sale or a purchase—common-unit holders can elect shares or the issuer can elect cash. Such cash settlements are typically routine and reflect the unit-holder exercising conversion rights and receiving cash rather than signaling a buy/sell judgment about the company's stock.