Victor J. Coleman - 07 Jan 2026 Form 4 Insider Report for Hudson Pacific Properties, Inc. (HPP)

Footnote 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.

Footnote F2

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, 2026, subject to the executive's continued service through the applicable vesting date. The LTIP Units are subject to a mandatory holding period under which the executives generally cannot sell the vested LTIP Units for an additional three years following the vesting date.

Footnote 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.

Footnote F4

On December 2, 2025, the Company effected a one-for-seven reverse stock split of its Common Stock (the "Reverse Stock Split"). The number of securities reported on this Form 4 has been adjusted to reflect the Reverse Stock Split.

Footnote F5

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 on the Company's achievement of relative total shareholder return goals over the three-year performance period commencing January 1, 2026 and ending December 31, 2028. 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 subject to the executive's continued service with the Company through December 31, 2028. The LTIP Units are subject to 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 vesting date.