BXP director granted 481.7 Phantom Stock Units

BXP, Inc. director Julie Richardson received a grant of Phantom Stock Units as part of her board compensation.

Rhea-AI Filing Summary

BXP, Inc. director Julie Richardson received a grant of Phantom Stock Units as part of her board compensation. She was awarded 481.7 Phantom Stock Units on common stock valued at $51.90 per unit, increasing her Phantom Stock Unit balance to 1,367.25 units.

The units were granted under BXP's 2021 Stock Incentive Plan to non‑employee directors who elect stock units instead of cash fees. Each Phantom Stock Unit converts into one share of BXP common stock, generally payable after the director retires from the board, with fractional units settled in cash.

Insider Trade Summary

Grant/Award: 481.7 shares

Grant/Award 1 txn

Insider Richardson Julie

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	481.7	$51.90	$25K

Holdings After Transaction: Phantom Stock Units — 1,367.25 contracts (Direct)

Footnotes (3)

1. F1. The Phantom Stock Units convert to BXP, Inc. ("BXP") common stock on a 1-for-1 basis.
2. F2. The Phantom Stock Units are awarded under BXP's 2021 Stock Incentive Plan to non-employee directors who elected to receive Phantom Stock Units in lieu of director cash compensation fees. The Phantom Stock Units are to be settled in shares of BXP common stock (except that fractional units, if any, will be settled in cash) in a lump sum or in ten annual installments, at the reporting person's election, following the reporting person's retirement from the BXP Board of Directors. In addition, non-employee directors who elect a deferred payout following their retirement may make one or more elections to reallocate all or a portion (but only in 25% increments) of their notional investment from BXP common stock to a deemed investment in one or more measurement funds. These elections may only be made after the director's service on the BXP Board of Directors ends. Amounts notionally invested in measurement funds will be settled in cash instead of BXP common stock.
3. F3. Includes 9.43 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the Reporting Person on January 29, 2026.

Key Figures

Phantom Stock Units granted: 481.7 units Reference price per unit: $51.90 per unit Total Phantom Stock Units after grant: 1,367.25 units +1 more

4 metrics

Phantom Stock Units granted 481.7 units Grant on March 31, 2026

Reference price per unit $51.90 per unit Phantom Stock Units transaction price

Total Phantom Stock Units after grant 1,367.25 units Holdings following transaction

Dividend equivalent Phantom Units 9.43 units Credited on January 29, 2026

Key Terms

Phantom Stock Units, 2021 Stock Incentive Plan, dividend equivalent rights, measurement funds, +1 more

5 terms

Phantom Stock Units financial

"The Phantom Stock Units convert to BXP, Inc. ("BXP") common stock on a 1-for-1 basis."

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

2021 Stock Incentive Plan financial

"The Phantom Stock Units are awarded under BXP's 2021 Stock Incentive Plan to non-employee directors"

dividend equivalent rights financial

"Includes 9.43 Phantom Stock Units received pursuant to dividend equivalent rights which were credited"

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

measurement funds financial

"may make one or more elections to reallocate ... to a deemed investment in one or more measurement funds."

deferred payout financial

"non-employee directors who elect a deferred payout following their retirement may make one or more elections"

FAQ

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

What insider transaction did BXP (BXP) director Julie Richardson report?

Julie Richardson reported receiving a grant of Phantom Stock Units. She acquired 481.7 units tied to BXP common stock instead of cash director fees, increasing her total Phantom Stock Units to 1,367.25 under BXP’s 2021 Stock Incentive Plan.

How many BXP (BXP) Phantom Stock Units did Julie Richardson hold after this Form 4?

After the reported grant, Julie Richardson held 1,367.25 Phantom Stock Units. This total includes the 481.7 units granted on March 31, 2026 and 9.43 units credited earlier as dividend equivalent rights under BXP’s director compensation program.

What are Phantom Stock Units in the BXP (BXP) director plan?

BXP Phantom Stock Units are notional units that convert into BXP common shares on a 1‑for‑1 basis. They are granted to non‑employee directors in lieu of cash fees and are typically settled after the director retires from the BXP board.

When are BXP (BXP) Phantom Stock Units settled into common stock or cash?

BXP Phantom Stock Units are settled after a director retires from the board. They may be paid in a lump sum or ten annual installments, in BXP common stock, while any fractional units and certain measurement fund reallocations are settled in cash.

What price per unit was used for Julie Richardson’s BXP (BXP) Phantom Stock Units grant?

The reported transaction used a price of $51.90 per Phantom Stock Unit. This price applies to the 481.7 Phantom Stock Units granted on March 31, 2026, as disclosed in the Form 4 transaction details for the derivative award.

How do dividend equivalent rights affect BXP (BXP) Phantom Stock Units?

Dividend equivalent rights increase a director’s Phantom Stock Units when BXP pays dividends. In this filing, Julie Richardson’s total includes 9.43 additional units credited on January 29, 2026, reflecting dividend equivalents tied to her notional investment in BXP common stock.

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

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Accepted by SEC EDGAR 04/01/2026 - 01:11 PM 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^*

Richardson Julie

(Last) (First) (Middle)

800 BOYLSTON STREET

(Street)

BOSTON MASSACHUSETTS 02199

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
BXP, Inc. [ BXP ]

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)
03/31/2026

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
Phantom Stock Units	(1)	03/31/2026		A		481.7		(2)	(2)	Common Stock, par value $0.01	481.7	$51.9	1,367.25(3)	D

Explanation of Responses:

1. The Phantom Stock Units convert to BXP, Inc. ("BXP") common stock on a 1-for-1 basis.

2. The Phantom Stock Units are awarded under BXP's 2021 Stock Incentive Plan to non-employee directors who elected to receive Phantom Stock Units in lieu of director cash compensation fees. The Phantom Stock Units are to be settled in shares of BXP common stock (except that fractional units, if any, will be settled in cash) in a lump sum or in ten annual installments, at the reporting person's election, following the reporting person's retirement from the BXP Board of Directors. In addition, non-employee directors who elect a deferred payout following their retirement may make one or more elections to reallocate all or a portion (but only in 25% increments) of their notional investment from BXP common stock to a deemed investment in one or more measurement funds. These elections may only be made after the director's service on the BXP Board of Directors ends. Amounts notionally invested in measurement funds will be settled in cash instead of BXP common stock.

3. Includes 9.43 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the Reporting Person on January 29, 2026.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	04/01/2026
	** 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)