SEC Form 4 · accession 0001482512-19-000049
Hudson Pacific Properties, Inc. · HPP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Joshua A. Hatfield
Officer — EVP, Operations
Period of report
Mar 11, 2019
Accepted (ET)
Mar 13, 2019 · 9:51 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001482512
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| LTIP UnitsF1,F2 | — | Mar 11, 2019 | A | 27,156 | A | — | — | Common Stock, par value $0.01 | 27,156 | 50,035 | D |
Explanation of responses
- F1LTIP Performance Units are a class of limited partnership units in Hudson Pacific Properties, L.P. (the "Operating Partnership") of the Company. Initially, LTIP Performance 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 Performance 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 Performance Units issued are pursuant to the Hudson Pacific Properties, Inc. and Hudson Pacific Properties, L.P. 2010 Incentive Award Plan and includes 13,578 unvested LTIP Performance Units, which will vest in equal annual installments on each of the first and second anniversaries of December 31, 2018, subject to the executive's continued service through the applicable vesting date. The LTIP Performance Units also are subject to a mandatory holding period under which the executives generally cannot sell vested LTIP Performance Units for an additional two years following the applicable vesting date.