||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"). 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.
||(continued from footnote 1) the ltip units were issued pursuant to the amended and restated hudson pacific properties, inc. and hudson pacific properties, l.p. 2010 incentive award plan, and will vest with respect to one-third of the ltip units on each of the first, second and third anniversaries of december 29, 2019, subject to the executive's continued service through the applicable vesting date. the ltip units also are subject to a mandatory holding period under which the executives generally cannot sell vested ltip units for an additional three years following the applicable vesting date.