Victor Coleman - Mar 1, 2023 Form 4 Insider Report for Hudson Pacific Properties, Inc. (HPP)

Role
Chief Executive Officer, Director
Signature
/s/ Victor Coleman
Stock symbol
HPP
Transactions as of
Mar 1, 2023
Transactions value $
$0
Form type
4
Date filed
3/3/2023, 05:06 PM
Previous filing
Jan 3, 2023
Next filing
Jun 2, 2023

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 HPP LTIP Units Award +89.8K +6.72% 1.43M Mar 1, 2023 Common Stock, par value $.01 89.8K Direct F1, F2, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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 issued 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 LTIP Units issued in lieu of the reporting person's 2022 cash bonus pursuant to an election made by the reporting person. The LTIP Units were fully-vested upon their issuance on March 1, 2023.
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.