Gordon Drew 4

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.