COPT Defense (NYSE: CDP) director receives 7,511 profit units
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
PICKETT C TAYLOR reported acquisition or exercise transactions in this Form 4 filing.
COPT Defense Properties director C. Taylor Pickett received a grant of 7,511 Profit Interest Units as compensation for Board service. Each unit is currently tied to one underlying common share and will vest on the first anniversary of the grant if he remains a trustee. Following this award, he holds 39,126 Profit Interest Units in total.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
PICKETT C TAYLOR
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Profit Interest Units | 7,511 | $0.00 | -- |
Holdings After Transaction:
Profit Interest Units — 39,126 shares (Direct, null)
Footnotes (1)
- Each Profit Interest Unit will convert automatically into one share of beneficial interest, designated as a unit (an "OP Unit"), in COPT Defense Properties, L.P. when such Profit Interest Unit becomes vested and upon equalization of its capital account balance. OP Units are redeemable for cash, or, at the option of COPT Defense Properties , exchangeable for common shares of COPT Defense Properties, currently on a one-for-one basis. Consists of 3,803 shares received as the equity portion of compensation for his Board service and 3,708 shares received upon the election by the reporting person to receive common shares in lieu of cash for all or part of his annual retainer for Board service, consistent with a policy adopted by the Board with respect to the cash portion of compensation for Board service. By making such election, the reporting person received shares equal to the amount of cash compensation designated by the reporting person divided by the 15-day trailing average price of the common shares as of the grant date. The Profit Interest Units will vest on the first anniversary of the grant date, provided that the reporting person remains a trustee on such date. The Profit Interest Units do not expire once vested. Received as compensation for Board service.
Key Figures
Profit Interest Units granted: 7,511 units
Total Profit Interest Units after grant: 39,126 units
Grant price per unit: $0.00 per unit
+3 more
6 metrics
Profit Interest Units granted
7,511 units
Grant to director on May 14, 2026
Total Profit Interest Units after grant
39,126 units
Director’s holdings following reported transaction
Grant price per unit
$0.00 per unit
Equity compensation, no purchase price paid
Underlying common shares
7,511 shares
Each Profit Interest Unit linked to one common share
Vesting schedule
1-year cliff vesting
Vests on first anniversary if trustee status continues
Conversion ratio
1:1
OP Units exchangeable for common shares one-for-one
Key Terms
Profit Interest Units, OP Unit, 15-day trailing average price, annual retainer
4 terms
Profit Interest Units financial
"Each Profit Interest Unit will convert automatically into one share of beneficial interest"
OP Unit financial
"designated as a unit (an "OP Unit"), in COPT Defense Properties, L.P."
An op unit is shorthand for an operating unit — a distinct part of a company that runs day-to-day activities, such as manufacturing, sales, or a product line, with its own management and performance metrics. Investors care because each unit’s results show which parts of the business are profitable or struggling, much like checking individual rooms in a house to see where energy or costs are leaking, helping assess growth potential and risk.
15-day trailing average price financial
"divided by the 15-day trailing average price of the common shares as of the grant date"
annual retainer financial
"in lieu of cash for all or part of his annual retainer for Board service"
FAQ
What did COPT Defense Properties (CDP) director C. Taylor Pickett receive in this Form 4?
C. Taylor Pickett received 7,511 Profit Interest Units as part of his Board compensation. These units represent a form of equity-based pay and are linked to COPT Defense Properties’ common shares, aligning his interests with other shareholders over time.
How are the 7,511 Profit Interest Units at COPT Defense Properties (CDP) structured?
Each Profit Interest Unit is tied to one underlying common share of COPT Defense Properties. Once vested and capital accounts are equalized, they convert into OP Units, which can be redeemed for cash or exchanged for common shares on a one-for-one basis.
When do COPT Defense Properties (CDP) Profit Interest Units granted to the director vest?
The Profit Interest Units vest on the first anniversary of the grant date, provided C. Taylor Pickett continues serving as a trustee on that date. This one-year vesting schedule encourages ongoing Board service and extends his equity exposure over that period.
What is C. Taylor Pickett’s total Profit Interest Unit position at COPT Defense Properties (CDP) after this grant?
After the 7,511-unit grant, Pickett holds 39,126 Profit Interest Units. This total reflects his accumulated equity-based compensation for Board service and shows a continuing stake linked to the future performance of COPT Defense Properties.
Does the COPT Defense Properties (CDP) Form 4 indicate a market purchase or sale by the director?
No, the filing shows a grant/award acquisition, not a market trade. The 7,511 Profit Interest Units were received as compensation for Board service, with no purchase price paid and no open-market sale disclosed in this transaction.
Can the Profit Interest Units reported by COPT Defense Properties (CDP) be converted into common shares?
Yes, vested Profit Interest Units convert into OP Units, which are currently redeemable for cash or exchangeable for common shares on a one-for-one basis. This structure effectively links the director’s award to the value of COPT Defense Properties’ common equity.