BXP director granted 457 Phantom Stock Units

BXP, Inc. director Tony West received a grant of 457.61 Phantom Stock Units, valued at $51.90 per unit, as director compensation.

Rhea-AI Filing Summary

BXP, Inc. director Tony West received a grant of 457.61 Phantom Stock Units, valued at $51.90 per unit, as director compensation. This award increased his Phantom Stock Unit balance to 4,394.46 units. Each Phantom Stock Unit converts into one share of BXP common stock, typically after he retires from the board.

The units were granted under BXP’s 2021 Stock Incentive Plan to a non-employee director who chose stock-based compensation instead of cash fees. The total includes 41.94 Phantom Stock Units credited earlier through dividend equivalent rights, and payouts may be made in stock or cash depending on elections and any reallocation to measurement funds.

Insider Trade Summary

Grant/Award: 457.61 shares

Grant/Award 1 txn

Insider West Tony

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	457.61	$51.90	$24K

Holdings After Transaction: Phantom Stock Units — 4,394.46 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 41.94 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: 457.61 units Grant value per unit: $51.90 per unit Total Phantom Stock Units after grant: 4,394.46 units +3 more

6 metrics

Phantom Stock Units granted 457.61 units Award to Tony West as director compensation

Grant value per unit $51.90 per unit Reference price for Phantom Stock Unit award

Total Phantom Stock Units after grant 4,394.46 units Tony West’s balance following this transaction

Dividend-equivalent units included 41.94 units Units credited via dividend equivalent rights on January 29, 2026

Conversion ratio 1 unit : 1 share Each Phantom Stock Unit converts into one BXP common share

Exercise price $0.00 Conversion or exercise price of Phantom Stock Units

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 41.94 Phantom Stock Units received pursuant to dividend equivalent rights..."

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 did BXP (BXP) director Tony West report in this Form 4?

Tony West reported receiving 457.61 Phantom Stock Units as director compensation. These units were granted under BXP’s 2021 Stock Incentive Plan and increased his total Phantom Stock Unit holdings to 4,394.46, representing deferred equity-linked compensation instead of cash fees.

How do Tony West’s Phantom Stock Units in BXP (BXP) convert to common shares?

Each Phantom Stock Unit converts into one share of BXP common stock on a 1-for-1 basis. After Tony West retires from the board, the units are generally settled in a lump sum or ten annual installments, with fractional units paid in cash instead of stock.

What is the value of the Phantom Stock Units granted to Tony West at BXP (BXP)?

The grant to Tony West covers 457.61 Phantom Stock Units at $51.90 per unit. This represents equity-based compensation awarded in lieu of director cash fees, tying a portion of his compensation directly to the value of BXP’s common stock over time.

Why did Tony West receive Phantom Stock Units instead of cash fees from BXP (BXP)?

Tony West elected to receive Phantom Stock Units under BXP’s 2021 Stock Incentive Plan instead of cash director fees. This election converts his board compensation into a deferred, stock-linked form that aligns his interests with shareholders and pays out after his board service ends.

What are the dividend equivalent rights mentioned in Tony West’s BXP (BXP) filing?

The filing notes that Tony West’s total includes 41.94 Phantom Stock Units from dividend equivalent rights. These rights credit additional Phantom Stock Units when dividends are paid, mimicking the effect of reinvested dividends on actual shares of BXP common stock over time.

Can Tony West’s BXP (BXP) Phantom Stock Units be settled in cash instead of stock?

Most Phantom Stock Units are settled in BXP common stock, but fractional units are paid in cash. After board service ends, he may reallocate some notional value to measurement funds, and those amounts will be settled entirely in cash rather than BXP shares.

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^*

West Tony

(Last) (First) (Middle)

800 BOYLSTON STREET

SUITE 1900

(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		457.61		(2)	(2)	Common Stock, par value $0.01	457.61	$51.9	4,394.46(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 41.94 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)