COPT DEFENSE PROPERTIES — Director's Dealing 2021

May 17, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CORPORATE OFFICE PROPERTIES TRUST (OFC)
CIK: 0000860546
Period of Report: 2021-05-13

Reporting Person: Owens Raymond Lee (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-05-13	Profit Interest Units	$	A	3416	Acquired		Common Shares (3416)	Direct

Footnotes

F1: Each Profit Interest Unit will convert automatically into one share of beneficial interest, designated as a unit (an "OP Unit"), in Corporate Office 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 Corporate Office Properties Trust, exchangeable for common shares of Corporate Office Properties Trust, currently on a one-for-one basis.

F2: 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.

F3: The Profit Interest Units do not expire once vested.

F4: Issued as compensation for service on the Board of Trustees.