Gordon Drew 4
4 · Hudson Pacific Properties, Inc. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Hudson Pacific (HPP) CIO Gordon Drew Receives 9,719 LTIP Units
What Happened
Gordon Drew, Chief Investment Officer of Hudson Pacific Properties (HPP), was reported as acquiring 9,719 LTIP Units (derivative limited partnership units) on 2026-02-16 under the company’s incentive award plan. No per-unit price is reported (transaction coded A for award/grant). The LTIP Units were earned based on performance periods (see Key Details) 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 within the standard two-business-day window.
- Security/amount: 9,719 LTIP Units (derivative units); price: N/A.
- Vesting/performance: Units were earned based on 2023 operational metrics and relative total shareholder return through 2025; vested 12/31/2025 (F2).
- Holding/convertibility: Vested LTIP Units are subject to a two-year mandatory holding period; they may be converted into Common Units (and redeemed for cash or converted to common stock) and conversion/redeem rights have no expiration (F1, F3).
- Reverse split: Reported amounts have been adjusted for the company’s 1-for-7 reverse stock split effective 12/02/2025 (F4).
- Shares owned after transaction: Not specified in the provided filing excerpt.
Context
LTIP Units are long-term incentive awards (limited partnership units in HPP’s operating partnership) tied to performance goals. They are not an open-market purchase or sale and do not necessarily indicate immediate buying or selling of common stock—conversion/redemption and any eventual sale are subject to plan rules and the mandatory holding period. The grant reflects compensation tied to past performance periods rather than a new cash investment by the insider.
Insider Transaction Report
- Award
LTIP Units
[F1][F2][F3][F4]2026-02-16+9,719→ 78,804 total→ Common Stock, par value $0.01 (9,719 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 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.
- [F4]On December 2, 2025, the Company effected a one-for-seven reverse stock split of its Common Stock (the "Reverse Stock Split"). The number of securities reported on this Form 4 has been adjusted to reflect the Reverse Stock Split.