| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | HPP | LTIP Units | Award | +2.04M | 2.04M | Jan 1, 2024 | Common Stock, par value $.01 | 2.04M | Direct | F1, F2, F3 |
| 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 an award of performance-based LTIP units that will vest upon the satisfaction of both performance and service-based requirements. The LTIP Units may be earned based upon the performance of the Company's stock price from January 1, 2026 through December 31, 2030. The quantity reported represents the maximum quantity of LTIP units that may be earned. As such, fewer LTIP units may ultimately be earned based on actual results over the performance period. The earned LTIP Units will satisfy the service-based requirement in increments of 60%, 20% and 20% on January 1, 2027, January 1, 2028 and January 1, 2029, respectively, subject to continued service with the Company. There is a mandatory holding period prohibiting the transfer of any vested LTIP Units and the conversion of vested LTIP units into Common Units, in each case, for an additional two years following the applicable LTIP Unit vesting date. |
| 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. |