LAMMAS MARK T 4
4 · Hudson Pacific Properties, Inc. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Hudson Pacific (HPP) President Mark Lammas Receives LTIP Award
What Happened
- Mark T. Lammas, President of Hudson Pacific Properties (HPP), was reported as acquiring 34,018 LTIP Units (derivative limited partnership units) on 2026-02-16. The filing lists this as an award/acquisition (code A); no cash price or open‑market purchase was involved (price shown as N/A).
- These LTIP Units vested in full on December 31, 2025 and were earned based on operational performance for 2023 and relative total shareholder return goals for the 2023–2025 performance period.
Key Details
- Transaction date: 2026-02-16. Form 4 filed: 2026-02-18 (timely).
- Amount: 34,018 LTIP Units. Price: N/A (derivative award, not an open-market trade).
- Shares/units owned after transaction: not specified in the filing.
- Footnotes:
- F1: LTIP Units are limited partnership units in Hudson Pacific Properties, L.P., granted under the company’s 2010 Incentive Award Plan; they can convert to Common Units and be redeemed for cash or exchanged for common stock (subject to adjustments).
- F2: Units were earned based on 2023 operational metrics and 2023–2025 TSR goals; LTIP Units vested 12/31/2025 and are subject to a mandatory two‑year holding period after vesting.
- F3: Conversion and redemption rights have no expiration date.
- Transaction type: Compensation award (derivative), not an open-market buy or sell.
Context
- This filing reports a compensation-derived award that vested (not an exercised option or sale). Such LTIP Units are generally part of executive incentive pay and are subject to limits on sale — here, a mandatory two-year holding period following vesting (likely preventing sale until 12/31/2027).
- Because this is a performance award rather than a purchase, it should be read as compensation realization rather than a direct insider market signal.
Insider Transaction Report
Form 4
LAMMAS MARK T
President
Transactions
- Award
LTIP Units
[F1][F2][F3]2026-02-16+34,018→ 294,769 total→ Common Stock, par value $0.01 (34,018 underlying)
Footnotes (3)
- [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 granted 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]Represents the number of LTIP Units earned based on the achievement of operational performance metrics over the one-year performance period beginning January 1, 2023 and ending December 31, 2023 and the Company's achievement of relative total shareholder return goals over the three-year performance period commencing January 1, 2023 and ending December 31, 2025. The LTIP Units vested in full on December 31, 2025. The LTIP Units are subject to a mandatory holding period under which the executives generally cannot sell the vested LTIP Units for an additional two years following the 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.
Signature
/s/ Mark Thomas Lammas|2026-02-18