BXP Senior EVP redeems LTIP and OP units for 36,314 shares

Rhea-AI Filing Summary

BXP, Inc. (BXP) Senior Executive Vice President reported an equity transaction involving partnership and stock units. On 11/26/2025, the reporting person converted 36,314 LTIP Units of Boston Properties Limited Partnership (BPLP) into the same number of common operating partnership units (Common OP Units), which were then redeemed for 36,314 shares of BXP common stock, in line with BPLP’s partnership agreement. Following this, the reporting person directly held 36,314 shares of BXP common stock and also had indirect ownership of 14,150 shares through The Raymond A. Ritchey 2008 Family Trust. In addition, the person continued to hold significant Common OP Units in BPLP both directly and through trusts, which are redeemable for cash equal to the value of one BXP share or, at the issuer’s election, for one BXP share per unit.

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

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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^*

RITCHEY RAYMOND A

(Last) (First) (Middle)

C/O BXP

2200 PENNSYLVANIA AVENUE, NW

(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)
	Senior EVP

3. Date of Earliest Transaction (Month/Day/Year)
11/26/2025

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
Common Stock, par value $0.01	11/26/2025		C(1)		36,314	A	(1)	36,314	D
Common Stock, par value $0.01								14,150	I	By The Raymond A. Ritchey 2008 Family Trust

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(2)	(2)	11/26/2025		C(1)			36,314	(2)	(2)	Common Stock, par value $0.01	36,314	$0.25	92,585	D
Common OP Units(3)	(3)	11/26/2025		C(1)		36,314		(3)	(3)	Common Stock, par value $0.01	36,314	(1)(3)	125,119	D
Common OP Units(3)	(3)	11/26/2025		C(1)			36,314	(3)	(3)	Common Stock, par value $0.01	36,314	(1)(3)	88,805	D
Common OP Units(3)	(3)							(3)	(3)	Common Stock, par value $0.01	10,500		10,500	I	By The Raymond A. Ritchey 2020 Grantor Retained Annuity Trust, dated June 11, 2020
Common OP Units(3)	(3)							(3)	(3)	Common Stock, par value $0.01	17,115		17,115	I	By The Raymond A. Ritchey 2008 Family Trust

Explanation of Responses:

1. 36,314 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 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 the fair market value of a share of the Issuer's Common Stock, except that the Issuer may, at it's election, acquire each Common OP Unit so presented for redemption for one share of Common Stock. Common OP Units have no expiration date.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	11/26/2025
	** 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.
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FAQ

What insider transaction did BXP (BXP) disclose in this Form 4?

The Senior EVP converted 36,314 LTIP Units in Boston Properties Limited Partnership into Common OP Units and redeemed them for 36,314 shares of BXP common stock.

How many BXP common shares does the reporting person hold after the transaction?

After the transaction, the reporting person directly holds 36,314 shares of BXP common stock and indirectly holds 14,150 shares through The Raymond A. Ritchey 2008 Family Trust.

What are LTIP Units and how can they be converted for BXP (BXP)?

LTIP Units are units of limited partnership interest in BPLP issued under BXP’s equity incentive programs. Subject to tax-related conditions, each LTIP Unit may be converted into a Common OP Unit, which in turn may be redeemed for cash equal to the fair market value of one BXP share or, at BXP’s election, one share of common stock.

Do the Common OP Units related to BXP have an expiration date?

According to the disclosure, both LTIP Units and Common OP Units in BPLP have no expiration date.

What indirect interests in BPLP Common OP Units related to BXP does the reporting person hold?

The reporting person has indirect ownership of 10,500 Common OP Units through The Raymond A. Ritchey 2020 Grantor Retained Annuity Trust and 17,115 Common OP Units through The Raymond A. Ritchey 2008 Family Trust.

What is the role of the reporting person at BXP (BXP)?

The reporting person is an Officer of BXP, serving as Senior EVP (Senior Executive Vice President).