BXP, Inc. (NYSE: BXP) EVP granted 11,597 LTIP incentive units

Rhea-AI Filing Summary

BXP, Inc. Executive Vice President John J. Stroman received an award of 11,597 LTIP Units on January 30, 2026 at a price of $0.25 per unit. These are long-term incentive units tied to Boston Properties Limited Partnership.

Each LTIP Unit can, after certain tax-related conditions, be converted into a partnership common unit and then effectively into either cash equal to the value of one BXP common share or one actual share, at the issuer’s election. The 11,597 LTIP Units vest in four equal annual installments starting on January 15, 2027. After this grant, Stroman directly holds 105,321 LTIP Units, and the LTIP Units have no expiration date.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Stroman John J

Role Executive Vice President

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	11,597	$0.25	$3K

Holdings After Transaction: LTIP Units — 105,321 shares (Direct)

Footnotes (1)

1. Represents units of limited partnership interest in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, issued pursuant to the Issuer's equity based incentive programs ("LTIP Units"). Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of BPLP or the holder, into a common unit of limited partnership interest in BPLP ("Common OP Unit"). Each Common OP Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of the Issuer's common stock, except that the Issuer may, at its election, acquire each Common OP Unit so presented for one share of common stock. LTIP Units have no expiration date. The 11,597 LTIP Units vest in four equal annual installments beginning on January 15, 2027.

Form 4 Insider Transactions: What Each Field Means →

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
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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^*

Stroman John J

(Last) (First) (Middle)

2200 PENNSYLVANIA AVENUE NW

SUITE 200W

(Street)

WASHINGTON DC 20037

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
01/30/2026

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

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

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

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
LTIP Units(1)	(1)	01/30/2026		A		11,597		(1)(2)	(1)	Common Stock, par value $0.01	11,597	$0.25	105,321	D

Explanation of Responses:

1. Represents units of limited partnership interest in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, issued pursuant to the Issuer's equity based incentive programs ("LTIP Units"). Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of BPLP or the holder, into a common unit of limited partnership interest in BPLP ("Common OP Unit"). Each Common OP Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of the Issuer's common stock, except that the Issuer may, at its election, acquire each Common OP Unit so presented for one share of common stock. LTIP Units have no expiration date.

2. The 11,597 LTIP Units vest in four equal annual installments beginning on January 15, 2027.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	02/02/2026
	** 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.

FAQ

What did BXP Executive Vice President John J. Stroman report in this Form 4?

John J. Stroman reported receiving 11,597 LTIP Units on January 30, 2026 at $0.25 per unit. These long-term incentive partnership units are issued under BXP’s equity-based incentive programs and are tied economically to the company’s common stock through a multi-step conversion and redemption structure.

How do the reported LTIP Units for BXP (BXP) relate to common stock?

Each LTIP Unit can, after required tax-related allocations, be converted into a Common OP Unit of Boston Properties Limited Partnership. Each Common OP Unit may then be redeemed for cash equal to the fair market value of one BXP common share, or one share at the issuer’s election.

When do John J. Stroman’s 11,597 BXP LTIP Units vest?

The 11,597 LTIP Units vest in four equal annual installments beginning on January 15, 2027. This means one-quarter of the units becomes vested each year over four years, aligning the executive’s long-term incentives with multi-year performance and continued service at BXP.

How many LTIP Units does the BXP executive own after this transaction?

After this grant, John J. Stroman beneficially owns 105,321 LTIP Units directly. This figure reflects the total number of derivative LTIP Units held following the January 30, 2026 award, as reported in the Form 4’s derivative securities table for BXP’s equity-based incentive programs.

Do the BXP LTIP Units reported by John J. Stroman have an expiration date?

The reported LTIP Units have no expiration date. They remain outstanding subject to vesting conditions, potential conversion into Common OP Units, and subsequent redemption or share acquisition, providing an open-ended long-term incentive structure linked to BXP’s common stock value over time.

What is the economic value structure of the BXP LTIP Units granted to the EVP?

The LTIP Units are granted at $0.25 per unit and represent partnership interests. After meeting tax allocation conditions, each can convert into a Common OP Unit, which may then be redeemed for cash equal to one BXP share’s fair market value or exchanged for one actual share.