Long Letitia A 4

What Happened Letitia A. Long, a director of COPT Defense Properties (CDP), received an award of 3,803 profit interest units on 2026-05-14 as compensation for Board service. The filing lists this as an award/acquisition (derivative instrument); no purchase price or immediate cash value is reported because these are profit-interest units rather than immediate common shares.

Key Details

• Transaction date: 2026-05-14; Form 4 filed 2026-05-18 (reporting period 2026-05-14).
• Grant: 3,803 Profit Interest Units (derivative). No per-share price or total value reported.
• Vesting: Units vest on the first anniversary of the grant (i.e., ~2027-05-14) provided the reporting person remains a trustee.
• Conversion/exchange: Each Profit Interest Unit converts into one OP Unit when vested and upon capital-account equalization; OP Units are redeemable for cash or exchangeable for common shares of COPT Defense Properties on a roughly one-for-one basis.
• Expiration: Once vested, the Profit Interest Units do not expire.
• Purpose: Issued as compensation for Board service.
• Shares owned after transaction: Not specified in the filing.
• Filing timeliness: Transaction reported in the Form 4 filed 4 days after the grant date; filing shows no late-status flag.

Context This was a compensation grant (an award of derivative units), not an open-market purchase or sale. Because conversion into actual shares depends on vesting and capital-account equalization, these units do not represent immediate tradable common shares and do not directly indicate a near-term buy or sell by the director. Compensation awards to directors are common and intended as ongoing incentive/retention.