BXP insider filing: 470.81 phantom units added to director holdings
Rhea-AI Filing Summary
BXP director Bruce W. Duncan received 470.81 Phantom Stock Units on 09/30/2025 that convert to common shares on a 1-for-1 basis. The filing shows 470.81 units granted at an indicated price of $74.34 per share and reports 11,830.21 shares beneficially owned by the reporting person after the award. The grant includes 167.63 Phantom Stock Units credited as dividend equivalents on July 31, 2025. These units were awarded under BXP’s 2021 Stock Incentive Plan for non-employee directors who elected phantom units in lieu of cash, and they settle in shares (or cash for fractions) either as a lump sum or in ten annual installments after the director’s board retirement; deferred payouts may be converted to deemed investments that pay in cash.
Positive
- None.
Negative
- None.
Insights
TL;DR: Director compensation awarded as phantom units increases share-equivalent holdings but appears routine and non-dilutive until settlement.
The Form 4 documents a non-employee director grant of 470.81 Phantom Stock Units that convert 1-for-1 into common stock. The filing discloses the mechanics: settlement in shares (or cash for fractions), elective lump-sum or ten-year installment payout after retirement, and optional deferral into measurement funds that pay cash. The inclusion of 167.63 units as dividend equivalents is explicitly reported. This is a standard equity-based director compensation item and does not by itself indicate operational or financial performance changes for BXP.
TL;DR: A routine director equity award under the 2021 plan aligns pay with shareholders and includes standard deferral and dividend-equivalent features.
The disclosure identifies the grant’s plan basis, settlement options, and post-service deferral elections available only after board service ends. The structure—phantom units settled in shares or cash and dividend-equivalent crediting—is consistent with common non-employee director compensation practices. The filing is descriptive and procedural, reflecting compensation governance rather than an extraordinary corporate action.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Units | 470.81 | $74.34 | $35K |
Footnotes (1)
- The Phantom Stock Units convert to BXP, Inc. ("BXP") common stock on a 1-for-1 basis. 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 convert 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. Includes 167.63 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the Reporting Person on July 31, 2025.
