Owens Raymond Lee 4

What Happened
Owens Raymond Lee, a director of COPT Defense Properties (CDP), was granted 3,803 Profit Interest Units on 2026-05-14 as compensation for board service (transaction code A). The award is a derivative grant (no cash paid and no per-share price reported). These Profit Interest Units convert into OP Units and, ultimately, may be exchanged one-for-one for common shares or redeemed for cash once vested.

Key Details

• Transaction date: 2026-05-14; Form 4 filed: 2026-05-18.
• Award: 3,803 Profit Interest Units (derivative instrument); price: N/A.
• Vesting: Units vest on the first anniversary of the grant date, provided the recipient remains a trustee (per footnote).
• Conversion/settlement: Each Profit Interest Unit automatically converts to one OP Unit when vested and upon equalization of its capital account; OP Units are redeemable for cash or, at the Trust’s option, exchangeable one-for-one for common shares (footnote).
• Post-transaction holdings: Not specified in the provided filing summary.
• Purpose: Issued as compensation for service on the Board of Trustees; units do not expire once vested.

Context
This is a compensation award, not an open-market purchase or sale—meaning it represents the potential to receive shares in the future if vesting/other conditions are met, rather than an immediate acquisition of common stock. Retail investors should view this as routine board compensation rather than a direct bullish or bearish trading signal.