BXP (NYSE: BXP) EVP turns LTIP and OP units into 4,863 shares

Q: How many BXP common shares did Otteni acquire in this Form 4 filing?

Otteni acquired 4,863 shares of BXP common stock through a derivative conversion. LTIP Units in the operating partnership were converted into Common OP Units and then redeemed for the same number of BXP common shares, reflecting an internal equity restructuring.

Q: What are LTIP Units and Common OP Units mentioned in BXP’s Form 4?

LTIP Units are incentive-based partnership units in Boston Properties Limited Partnership that can convert into Common OP Units. Common OP Units can then be redeemed for cash equal to BXP’s share value, or for BXP common stock at the issuer’s election, with no expiration date.

Q: How many LTIP Units does Otteni hold after the reported transactions in BXP?

After the reported conversions, Otteni holds 94,515 LTIP Units in the operating partnership. These LTIP Units, subject to tax allocation conditions, may be converted into Common OP Units, which can then be redeemed for cash or BXP common stock under the partnership agreement.

Q: Did Peter V. Otteni sell any BXP shares in the reported Form 4 transactions?

The Form 4 shows no open-market sales of BXP shares by Otteni. All reported activity involves conversion of LTIP Units into Common OP Units and redemption into common stock, which are classified as derivative conversions rather than discretionary market trades.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BXP, Inc. Executive Vice President Peter V. Otteni converted partnership-based equity into common stock rather than trading shares on the market. He converted 4,863 LTIP Units in Boston Properties Limited Partnership into Common OP Units and redeemed those units for 4,863 shares of BXP common stock.

After these transactions, Otteni holds 4,863 shares of common stock directly and 94,515 LTIP Units. The LTIP Units and Common OP Units can, under the partnership agreement, be redeemed for cash equal to the fair market value of BXP common stock or, at the issuer’s election, for shares of BXP common stock. No open-market buys or sells were reported.

Insider Trade Summary

14,589 shares exercised/converted

Mixed 4 txns

Insider Otteni Peter V

Role Executive Vice President

Type	Security	Shares	Price	Value
Conversion	LTIP Units	4,863	$0.25	$1K
Conversion	Common OP Units	4,863	$0.00	--
Conversion	Common OP Units	4,863	$0.00	--
Conversion	Common Stock, par value $0.01	4,863	$0.00	--

Holdings After Transaction: LTIP Units — 94,515 shares (Direct, null); Common OP Units — 4,863 shares (Direct, null); Common Stock, par value $0.01 — 4,863 shares (Direct, null)

Footnotes (1)

4,863 of the reporting person's units of limited partnership interest ("LTIP Units") in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, were converted into common units of limited partnership interest ("Common OP Units") in BPLP by the reporting person and the Common OP Units were redeemed for an equal number of shares of the Issuer's common stock in accordance with BPLP's Partnership Agreement. Represents LTIP Units in BPLP issued pursuant to the Issuer's equity based incentive programs. 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 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 redemption for one share of the Issuer's common stock. LTIP Units have no expiration date. Represents Common OP Units in BPLP. Each Common OP Unit may be presented for redemption, at the election of the holder, for cash equal to 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 redemption for one share of the Issuer's Common Stock. Common OP Units have no expiration date.

Key Figures

Common stock acquired: 4,863 shares LTIP Units converted: 4,863 units Common OP Units redeemed: 4,863 units +2 more

5 metrics

Common stock acquired 4,863 shares Shares of BXP common stock obtained via derivative conversion on May 15, 2026

LTIP Units converted 4,863 units LTIP Units in Boston Properties Limited Partnership converted into Common OP Units

Common OP Units redeemed 4,863 units Common OP Units redeemed for an equal number of BXP common shares

LTIP Units remaining 94,515 units LTIP Units held after transactions, with potential future conversion rights

Total derivative exercises 14,589 units Aggregate derivative exercise shares reported in transaction summary

Key Terms

LTIP Units, Common OP Units, redemption, equity based incentive programs, +1 more

5 terms

LTIP Units financial

"4,863 of the reporting person's units of limited partnership interest ("LTIP Units") in Boston Properties Limited Partnership"

LTIP units are awards given to executives and employees as part of a long-term incentive plan; they act like deferred bonuses that convert into company shares or cash only if the business meets set performance or time requirements. Investors care because LTIP units tie management pay to future results, can increase the number of outstanding shares (dilution) when they vest, and create ongoing compensation expense that can affect earnings and shareholder value.

Common OP Units financial

"were converted into common units of limited partnership interest ("Common OP Units") in BPLP"

redemption financial

"Each Common OP Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder"

Redemption is when an issuer or holder settles a financial instrument by paying it off or returning it for cash, such as a bond being paid at maturity or a preferred share bought back by the company. It matters to investors because redemption changes when and how they get their money back, can cut off future income from the investment, and affects the issuer’s cash needs—think of it like a loan being paid off early or a store refunding a returned purchase.

equity based incentive programs financial

"Represents LTIP Units in BPLP issued pursuant to the Issuer's equity based incentive programs."

Partnership Agreement financial

"redeemed for an equal number of shares of the Issuer's common stock in accordance with BPLP's Partnership Agreement."

A partnership agreement is a written contract that lays out how two or more parties will work together, splitting responsibilities, profits, losses and decision-making. Think of it as a detailed roadmap or house rulebook for a joint project; it matters to investors because the terms determine how much revenue and risk a company will take on, how quickly it can act, and whether the partnership could dilute control or boost growth potential.

Form 4 Insider Transactions: What Each Field Means →

05/18/2026 - 11:09 AM

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^*

Otteni Peter V

(Last)

(First)

(Middle)

2200 PENNSYLVANIA AVENUE NW

SUITE 200W

(Street)

WASHINGTON

DISTRICT OF COLUMBIA

20037

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/15/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.01	05/15/2026		C⁽¹⁾		4,863	A	⁽¹⁾	4,863	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LTIP Units⁽²⁾	⁽²⁾	05/15/2026		C⁽¹⁾			4,863	⁽²⁾	⁽²⁾	Common Stock, par value $0.01	4,863	$0.25	94,515	D
Common OP Units⁽³⁾	⁽³⁾	05/15/2026		C⁽¹⁾		4,863		⁽³⁾	⁽³⁾	Common Stock, par value $0.01	4,863	⁽¹⁾⁽³⁾	4,863	D
Common OP Units⁽³⁾	⁽³⁾	05/15/2026		C⁽¹⁾			4,863	⁽³⁾	⁽³⁾	Common Stock, par value $0.01	4,863	⁽¹⁾⁽³⁾	0	D

Explanation of Responses:

1. 4,863 of the reporting person's units of limited partnership interest ("LTIP Units") in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, were converted into common units of limited partnership interest ("Common OP Units") in BPLP by the reporting person and the Common OP Units were redeemed for an equal number of shares of the Issuer's common stock in accordance with BPLP's Partnership Agreement.

2. Represents LTIP Units in BPLP issued pursuant to the Issuer's equity based incentive programs. 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 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 redemption for one share of the Issuer's common stock. LTIP Units have no expiration date.

3. Represents Common OP Units in BPLP. Each Common OP Unit may be presented for redemption, at the election of the holder, for cash equal to 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 redemption for one share of the Issuer's Common Stock. Common OP Units have no expiration date.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	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)

Source: View Original Filing on SEC EDGAR

FAQ

What did BXP EVP Peter V. Otteni report in this Form 4 for BXP?

Peter V. Otteni reported converting partnership-based equity into 4,863 shares of BXP common stock. He exchanged LTIP Units for Common OP Units, then redeemed those units for an equal number of shares, with no open-market purchases or sales disclosed.

How many BXP common shares did Otteni acquire in this Form 4 filing?

Otteni acquired 4,863 shares of BXP common stock through a derivative conversion. LTIP Units in the operating partnership were converted into Common OP Units and then redeemed for the same number of BXP common shares, reflecting an internal equity restructuring.

What are LTIP Units and Common OP Units mentioned in BXP’s Form 4?

LTIP Units are incentive-based partnership units in Boston Properties Limited Partnership that can convert into Common OP Units. Common OP Units can then be redeemed for cash equal to BXP’s share value, or for BXP common stock at the issuer’s election, with no expiration date.

How many LTIP Units does Otteni hold after the reported transactions in BXP?

After the reported conversions, Otteni holds 94,515 LTIP Units in the operating partnership. These LTIP Units, subject to tax allocation conditions, may be converted into Common OP Units, which can then be redeemed for cash or BXP common stock under the partnership agreement.

Did Peter V. Otteni sell any BXP shares in the reported Form 4 transactions?

The Form 4 shows no open-market sales of BXP shares by Otteni. All reported activity involves conversion of LTIP Units into Common OP Units and redemption into common stock, which are classified as derivative conversions rather than discretionary market trades.

How many BXP common shares does Otteni own after these transactions?

Following the derivative conversions, Otteni directly holds 4,863 shares of BXP common stock. In addition, he holds 94,515 LTIP Units, which are partnership interests that may later be converted and redeemed into cash or BXP shares under the operating partnership’s terms.