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BXP (BXP) director Matthew Lustig granted 3,332 LTIP Units in equity award

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

BXP, Inc. director Matthew J. Lustig received an equity-based compensation grant of 3,332 LTIP Units on May 29, 2026. These units represent limited partnership interests in Boston Properties Limited Partnership, which BXP controls as general partner.

Each LTIP Unit can convert into a Common OP Unit and then be redeemed for cash equal to the fair market value of one BXP common share, or, at BXP’s election, exchanged for one share of common stock instead of cash. The 3,332 LTIP Units will vest on the earlier of May 29, 2027 or the date of BXP’s 2027 annual stockholder meeting, and they have no expiration date. Following this award, Lustig holds 25,697 LTIP Units directly.

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Insider LUSTIG MATTHEW J
Role null
Type Security Shares Price Value
Grant/Award LTIP Units 3,332 $0.25 $833.00
Holdings After Transaction: LTIP Units — 25,697 shares (Direct, null)
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 3,332 LTIP Units will vest on the earlier of (i) May 29, 2027 and (ii) the date of the BXP's 2027 annual meeting of stockholders.
LTIP Units granted 3,332 units Equity award on May 29, 2026
LTIP Units held after grant 25,697 units Total direct LTIP Units following transaction
Grant reference price $0.25 per LTIP Unit Transaction price per unit in Form 4
Vesting date trigger May 29, 2027 Earlier of this date or 2027 annual meeting
Underlying common stock linkage 1 share per Common OP Unit Each Common OP Unit may be acquired for 1 BXP share
LTIP Units financial
"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")."
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.
Boston Properties Limited Partnership financial
"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")."
Common OP Unit financial
"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")."
redemption financial
"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,"
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.
vest financial
"The 3,332 LTIP Units will vest on the earlier of (i) May 29, 2027 and (ii) the date of the BXP's 2027 annual meeting of stockholders."
A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.
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Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
LUSTIG MATTHEW J
(Last)(First)(Middle)
C/O LAZARD FRERES & CO LLC
30 ROCKEFELLER PLAZA
(Street)
NEW YORK NEW YORK 10020
(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)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm 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)
CodeVAmount(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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
LTIP Units(1)(1)05/29/2026A3,332 (1)(2) (1)Common Stock, par value $0.013,332$0.2525,697D
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 3,332 LTIP Units will vest on the earlier of (i) May 29, 2027 and (ii) the date of the BXP's 2027 annual meeting of stockholders.
Remarks:
/s/ Kelli A. DiLuglio, as Attorney-in-Fact06/02/2026
** Signature of Reporting PersonDate
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 Matthew J. Lustig report in this BXP (BXP) Form 4 filing?

Matthew J. Lustig reported receiving 3,332 LTIP Units as equity compensation from BXP. These are partnership units in Boston Properties Limited Partnership that can ultimately be exchanged for cash or BXP common stock, aligning his interests with long-term shareholder value.

How many LTIP Units does Matthew J. Lustig hold in BXP after this grant?

After this grant, Matthew J. Lustig holds a total of 25,697 LTIP Units. These units represent equity interests linked to BXP through Boston Properties Limited Partnership and can ultimately be converted into Common OP Units and then into cash or BXP common shares.

When do the 3,332 LTIP Units granted to Matthew J. Lustig vest at BXP?

The 3,332 LTIP Units will vest on the earlier of May 29, 2027 or the date of BXP’s 2027 annual stockholder meeting. Vesting means the units become fully earned, after which they are eligible for conversion and potential redemption or share exchange.

What are LTIP Units as reported in this BXP Form 4 for Matthew J. Lustig?

LTIP Units are units of limited partnership interest in Boston Properties Limited Partnership, BXP’s operating partnership. Subject to tax allocation conditions, each can convert into a Common OP Unit, then be redeemed for cash or, at BXP’s election, exchanged for one share of BXP common stock.

Do the LTIP Units granted to Matthew J. Lustig at BXP have an expiration date?

The LTIP Units granted to Matthew J. Lustig have no expiration date. Once vested and subject to required conditions, each LTIP Unit may be converted into a Common OP Unit and then redeemed for cash or exchanged for one share of BXP common stock at the company’s election.

Is Matthew J. Lustig’s Form 4 transaction a market purchase or sale of BXP stock?

The Form 4 reflects an equity grant, not a market purchase or sale of BXP stock. Lustig received 3,332 LTIP Units as a compensation award, which may later convert into partnership units and ultimately into cash or BXP common shares under specified terms.