Suazo Arthur X. 4

What Happened
Arthur X. Suazo, Executive Vice President, Leasing at Hudson Pacific Properties, was reported as acquiring 9,719 LTIP Units (a derivative award) on 2026-02-16 (Form 4 filed 2026-02-18). No purchase price or cash value is reported for the award. According to the filing footnotes, these LTIP Units were earned based on operational and relative TSR performance and vested in full on December 31, 2025; they are subject to a mandatory two‑year holding period after vesting.

Key Details

• Transaction date: 2026-02-16 (Form 4 filed 2026-02-18) — filing appears timely.
• Transaction type: Award/Grant of LTIP Units (derivative) — Code A.
• Units acquired: 9,719 LTIP Units; acquisition price: N/A.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • F1: LTIP Units are limited partnership units in the Operating Partnership, granted under the company incentive plan and potentially convertible into Common Units (redeemable for cash or shares).
  • F2: Units were earned for performance over 2023–2025, vested 12/31/2025, and are subject to a mandatory two‑year holding period following vesting.
  • F3: Conversion and redemption rights have no expiration date.
• No indication of sale, tax withholding, or 10b5-1 plan in the provided excerpt.

Context
LTIP Units are a form of long‑term incentive compensation, not an open‑market purchase or sale. They may convert into common partnership units and be redeemed for cash or Hudson Pacific common stock if certain parity/conversion conditions are met. Because these units vested on 12/31/2025 and carry a two‑year holding restriction, Suazo generally cannot sell the vested units until about 12/31/2027. This transaction reflects compensation tied to multi‑year performance metrics rather than an immediate trading decision.