Jaffe Steven M. 4
4 · Hudson Pacific Properties, Inc. · Filed Dec 31, 2020
Insider Transaction Report
Form 4
Jaffe Steven M.
EVP, Business Affairs
Transactions
- Tax Payment
Common Stock, par value $0.01
2020-12-29$23.49/sh−2,243$52,688→ 34,230 total - Award
LTIP Units
2020-12-29+21,286→ 52,279 total→ Common Stock, par value $.01 (21,286 underlying) - Award
LTIP Units
2020-12-29+9,366→ 61,645 total→ Common Stock, par value $.01 (9,366 underlying)
Footnotes (4)
- [F1]LTIP Units are a class of limited partnership units in Hudson Pacific Properties, L.P. (the "Operating Partnership"), the operating partnership of Hudson Pacific Properties, Inc. (the "Company") and are issued pursuant to the Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. 2010 Incentive Award Plan. Initially, LTIP Units do not have full parity with common limited partnership units of the Operating Partnership ("Common Units") with respect to liquidating distributions. If such parity is reached, vested LTIP Units may be converted into an equal number of Common Units at any time thereafter, and, upon conversion, enjoy all the rights of Common Units. Common Units are redeemable for cash based on the fair market value of an equivalent number of shares of Common Stock, or, at the election of the Company, an equal number of shares of Common Stock, each subject to adjustment in the event of stock splits, specified extraordinary distributions or similar events.
- [F2]The LTIP Units will vest with respect to one-third of the LTIP Units on each of the first, second and third anniversaries of December 29, 2020, subject to the executive's continued service through the applicable vesting date.
- [F3]The rights to convert LTIP Units into Common Units and redeem Common Units for cash or shares of Common Stock do not have expiration dates.
- [F4]Represents LTIP Units issued in lieu of the reporting person's 2020 cash bonus pursuant to an election made by the reporting person. The LTIP Units were fully-vested upon their issuance on December 29, 2020.