BXP insider redeems OP units for 4,136 shares of common stock

Rhea-AI Filing Summary

BXP, Inc. reported an insider equity transaction by its Executive Vice President. On 11/17/2025, the executive converted 4,136 LTIP Units in Boston Properties Limited Partnership into Common OP Units and then redeemed those units for 4,136 shares of BXP common stock, as allowed under the partnership agreement. Following the transaction, the executive directly owned 4,136 shares of common stock and 49,274 LTIP Units that remain outstanding as derivative securities.

Insider Trade Summary

12,408 shares exercised/converted

Mixed 4 txns

Insider Otteni Peter V

Role Executive Vice President

Type	Security	Shares	Price	Value
Conversion	LTIP Units	4,136	$0.25	$1K
Conversion	Common OP Units	4,136	$0.00	--
Conversion	Common OP Units	4,136	$0.00	--
Conversion	Common Stock, par value $0.01	4,136	$0.00	--

Holdings After Transaction: LTIP Units — 49,274 shares (Direct); Common OP Units — 4,136 shares (Direct); Common Stock, par value $0.01 — 4,136 shares (Direct)

Footnotes (1)

1. 4,136 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. 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 redemption for one share of the Issuer's common stock. LTIP Units have no expiration date. 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 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 redemption for one share of the Issuer's Common Stock. Common OP Units have no expiration date.

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^*

Otteni Peter V

(Last) (First) (Middle)

2200 PENNSYLVANIA AVENUE NW

SUITE 200W

(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)
	Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
11/17/2025

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	11/17/2025		C(1)		4,136	A	(1)	4,136	D

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)	11/17/2025		C(1)			4,136	(2)	(2)	Common Stock, par value $0.01	4,136	$0.25	49,274	D
Common OP Units(3)	(3)	11/17/2025		C(1)		4,136		(3)	(3)	Common Stock, par value $0.01	4,136	(1)(3)	4,136	D
Common OP Units(3)	(3)	11/17/2025		C(1)			4,136	(3)	(3)	Common Stock, par value $0.01	4,136	(1)(3)	0	D

Explanation of Responses:

1. 4,136 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 redemption 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 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 redemption for one share of the Issuer's Common Stock. Common OP Units have no expiration date.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	11/17/2025
	** 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.
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.

FAQ

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

The filing reports that BXP's Executive Vice President converted 4,136 LTIP Units in Boston Properties Limited Partnership into Common OP Units and redeemed them for 4,136 shares of BXP common stock on 11/17/2025.

How many BXP shares did the insider acquire in this transaction?

The insider acquired 4,136 shares of BXP common stock through the redemption of an equal number of Common OP Units.

What are LTIP Units and Common OP Units referenced in the BXP Form 4?

LTIP Units are units of limited partnership interest in Boston Properties Limited Partnership that can be converted into Common OP Units. Each Common OP Unit may be redeemed for cash equal to the fair market value of one BXP share, or, at BXP's election, for one share of BXP common stock.

How many derivative securities does the BXP insider hold after the transaction?

After the reported transaction, the insider beneficially owned 49,274 LTIP Units as derivative securities.

Did the BXP insider retain any Common OP Units after this Form 4 transaction?

The table shows that 4,136 Common OP Units were converted and then reduced to zero, indicating no Common OP Units remained from that block after the transaction.

Does this BXP Form 4 involve an option or warrant exercise?

No. The filing describes conversions and redemptions of LTIP Units and Common OP Units into BXP common stock, not the exercise of options or warrants.