COPT Defense director granted 7,511 profit units

PICKETT C TAYLOR reported acquisition or exercise transactions in this Form 4 filing.

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.

Insider Trade Summary

Grant/Award: 7,511 shares

Grant/Award 1 txn

Insider PICKETT C TAYLOR

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Profit Interest Units	7,511	$0.00	$0.00

Holdings After Transaction: Profit Interest Units — 39,126 contracts (Direct)

Footnotes (5)

1. F1. 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.
2. F2. 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.
3. F3. 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.
4. F4. The Profit Interest Units do not expire once vested.
5. F5. 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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

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.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/18/2026 - 05:13 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

PICKETT C TAYLOR

(Last) (First) (Middle)

6711 COLUMBIA GATEWAY DRIVE

SUITE 300

(Street)

COLUMBIA MARYLAND 21046

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
COPT DEFENSE PROPERTIES [ CDP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Profit Interest Units	(1)	05/14/2026		A		7,511(2)		(1)(3)	(4)	Common Shares	7,511	(5)	39,126	D

Explanation of Responses:

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.

2. 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.

3. 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.

4. The Profit Interest Units do not expire once vested.

5. Received as compensation for Board service.

Remarks:

	/s/ David L. Finch by Power of Attorney	05/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)