LAMMAS MARK T 4

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.