STEPHEN E. BUDORICK - 01 Mar 2024 Form 4 Insider Report for COPT DEFENSE PROPERTIES (CDP)

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CDP	Profit Interest Units	Award	$0	+66,482	+11%	$0.000000	667,935	01 Mar 2024	Common Shares	66,482		Direct	F1, F2, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	Each Profit Interest Unit will convert automatically into one share of beneficial interest, designated as a unit (an "OP Unit"), in COPT Defense Properties, L.P. when such Profit Interest Unit becomes vested and upon equalization of its capital account balance. OP Units are redeemable for cash, or, at the option of COPT Defense Properties, exchangeable for common shares of COPT Defense Properties, currently on a one-for-one basis.
F2	Represents Profit Interest Units issued pursuant to the COPT Defense Properties 2017 Omnibus Equity and Incentive Plan.
F3	The Profit Interest Units will vest in three equal installments over a three-year period.