BXP, Inc. (NYSE: BXP) EVP-CFO awarded 7,736 LTIP Units

Rhea-AI Filing Summary

BXP, Inc.’s EVP and CFO Michael E. Labelle reported an equity incentive award. On February 13, 2026, he acquired 7,736 LTIP Units at $0.25 per unit under BXP’s 2023 multi-year long-term incentive program. These LTIP Units represent limited partnership interests in Boston Properties Limited Partnership that can later convert into units redeemable for either cash or BXP common stock. Following this grant, Labelle beneficially owns 324,376 derivative securities, and the earned LTIP Units are fully vested but generally subject to a one-year post-vesting holding period before transfer or redemption.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider LABELLE MICHAEL E

Role EVP and CFO

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	7,736	$0.25	$2K

Holdings After Transaction: LTIP Units — 324,376 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, earned (i.e., for which the performance-based hurdles have been met) pursuant to the Issuer's 2023 Multi-Year Long-Term Incentive Program (the "Program"). 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 the Issuer's common stock. LTIP Units have no expiration date. The LTIP Units earned pursuant to the Program vested in full upon being earned. Each earned LTIP Unit and Common OP Unit acquired upon conversion of such LTIP Unit is subject to an additional post-vesting holding period pursuant to which such LTIP Unit and Common OP Unit generally may not be transferred, and the redemption right associated with the Common OP Unit may not be exercised, until one year after the vesting date. Reflects the forfeiture of 7,343 LTIP Units originally issued on February 7, 2023 pursuant to the Program that were previously reported as beneficially owned by the Reporting Person, but remained subject to certain performance-based vesting hurdles based on the Issuer's total shareholder return for the period from February 7, 2023 to February 6, 2026.

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
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^*

LABELLE MICHAEL E

(Last) (First) (Middle)

C/O BXP

800 BOYLSTON STREET

(Street)

BOSTON MA 02199

(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)
	EVP and CFO

3. Date of Earliest Transaction (Month/Day/Year)
02/13/2026

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)	(2)	02/13/2026		A		7,736		(2)(3)	(2)	Common Stock, par value $.01	7,736	$0.25	324,376(4)	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, earned (i.e., for which the performance-based hurdles have been met) pursuant to the Issuer's 2023 Multi-Year Long-Term Incentive Program (the "Program").

2. 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 the Issuer's common stock. LTIP Units have no expiration date.

3. The LTIP Units earned pursuant to the Program vested in full upon being earned. Each earned LTIP Unit and Common OP Unit acquired upon conversion of such LTIP Unit is subject to an additional post-vesting holding period pursuant to which such LTIP Unit and Common OP Unit generally may not be transferred, and the redemption right associated with the Common OP Unit may not be exercised, until one year after the vesting date.

4. Reflects the forfeiture of 7,343 LTIP Units originally issued on February 7, 2023 pursuant to the Program that were previously reported as beneficially owned by the Reporting Person, but remained subject to certain performance-based vesting hurdles based on the Issuer's total shareholder return for the period from February 7, 2023 to February 6, 2026.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	02/17/2026
	** 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.
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FAQ

What insider transaction did BXP (BXP) disclose for Michael E. Labelle?

BXP disclosed that EVP and CFO Michael E. Labelle received an award of 7,736 LTIP Units on February 13, 2026. These units are part of the 2023 multi-year long-term incentive program and increase his derivative holdings to 324,376 units.

How many LTIP Units did BXP’s EVP-CFO receive in this Form 4 filing?

Michael E. Labelle received 7,736 LTIP Units at a stated price of $0.25 per unit. The award stems from performance-based hurdles being met under BXP’s 2023 multi-year long-term incentive program, resulting in fully earned and vested LTIP Units.

What are LTIP Units in the context of BXP (BXP) and this Form 4?

The LTIP Units are limited partnership interests in Boston Properties Limited Partnership, where BXP is general partner. Each LTIP Unit may convert into a common OP unit, which can then be redeemed for cash equal to BXP’s share value or one share of BXP common stock.

What is Michael E. Labelle’s total derivative holdings after this BXP transaction?

After the February 13, 2026 award, Michael E. Labelle beneficially owns 324,376 derivative securities. This figure reflects his LTIP Units position following the new 7,736-unit grant under the company’s 2023 multi-year long-term incentive program.

Are the BXP LTIP Units awarded to Michael E. Labelle immediately transferable?

The earned LTIP Units vested in full upon being earned but are subject to a post-vesting holding period. Generally, they and related common OP units cannot be transferred, and redemption rights cannot be exercised, until one year after the vesting date.

Did this BXP Form 4 mention any forfeited LTIP Units related to the program?

Yes. The notes explain that 7,343 LTIP Units originally issued on February 7, 2023 were forfeited. These units were previously reported as beneficially owned but did not satisfy performance-based vesting hurdles tied to total shareholder return through February 6, 2026.