Drew Gordon - Dec 29, 2023 Form 4 Insider Report for Hudson Pacific Properties, Inc. (HPP)

Role
Chief Investment Officer
Signature
/s/ Drew Gordon
Stock symbol
HPP
Transactions as of
Dec 29, 2023
Transactions value $
-$36,551
Form type
4
Date filed
1/3/2024, 07:09 PM
Previous filing
Mar 29, 2023
Next filing
Feb 21, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction HPP Common Stock, par value $0.01 Tax liability -$36.6K -3.93K -3.01% $9.31 127K Dec 29, 2023 Direct
holding HPP Common Stock, par value $0.01 3.54K Dec 29, 2023 By IRA.

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 +101K +223.27% 146K Jan 1, 2024 Common Stock, par value $0.01 101K Direct F1, F2, F3, F4
* 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 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 (Continued from Footnote 1) The LTIP Units also are subject to a mandatory holding period under which the executives generally cannot sell vested LTIP Units for an additional three years following the applicable vesting date.
F3 The LTIP Units will vest with respect to one-third of the LTIP Units on each of the first, second and third anniversaries of January 1, 2024, subject to the executive's continued service through the applicable vesting date.
F4 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.