Wattula Andy 4
4 · Hudson Pacific Properties, Inc. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Hudson Pacific (HPP) COO Andy Wattula Receives Award
What Happened
Andy Wattula, Chief Operating Officer of Hudson Pacific Properties (HPP), was granted 9,719 LTIP Units (reported as an award/derivative) on 2026-02-16. No purchase price or cash value is reported on the Form 4 (price = N/A). These LTIP Units vested in full on December 31, 2025 and are subject to a mandatory two-year holding period after vesting.
Key Details
- Transaction date: 2026-02-16; Form 4 filed 2026-02-18 (appears timely under the two-business-day filing rule).
- Transaction type: A = Award/Grant of LTIP Units (derivative), 9,719 units; price/value: N/A.
- Shares owned after transaction: Not specified in the filing.
- Footnotes of note:
- F1: LTIP Units are limited partnership units in HPP’s operating partnership; initially not fully pari passu with common units but can convert into Common Units if parity is reached; Common Units are redeemable for cash or shares of common stock.
- F2: The units were earned based on 2023 operational metrics and relative TSR goals (2023–2025); they vested 12/31/2025 and are subject to a two-year post-vesting holding period (generally cannot be sold during that period).
- F3: Conversion and redemption rights for LTIP Units do not expire.
- Filing timeliness: Filed two days after the transaction date; the filing appears to be within the usual Form 4 timeframe.
Context: This was an equity award (not an open‑market purchase or sale). LTIP Units are derivative compensation that may be converted into partnership/common units and ultimately redeemed for cash or shares; the mandatory holding period limits immediate liquidity, so this award does not indicate an immediate sale or cashing out.
Insider Transaction Report
- Award
LTIP Units
[F1][F2][F3]2026-02-16+9,719→ 100,316 total→ Common Stock, par value $0.01 (9,719 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.