BXP (BXP) CFO converts LTIP and OP units into 23,981 common shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

BXP, Inc.’s EVP and CFO Michael E. Labelle converted 23,981 LTIP Units in Boston Properties Limited Partnership into the same number of Common OP Units, then redeemed those for 23,981 shares of BXP common stock. After these conversions, he directly holds 31,952 common shares and 300,395 LTIP Units, with no open‑market buying or selling involved.

Insider Trade Summary

71,943 shares exercised/converted

Mixed 4 txns

Insider LABELLE MICHAEL E

Role EVP and CFO

Type	Security	Shares	Price	Value
Conversion	LTIP Units	23,981	$0.25	$6K
Conversion	Common OP Units	23,981	$0.00	--
Conversion	Common OP Units	23,981	$0.00	--
Conversion	Common Stock, par value $0.01	23,981	$0.00	--

Holdings After Transaction: LTIP Units — 300,395 shares (Direct, null); Common OP Units — 23,981 shares (Direct, null); Common Stock, par value $0.01 — 31,952 shares (Direct, null)

Footnotes (1)

23,981 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 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 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. Common OP Units have no expiration date.

Key Figures

LTIP Units converted: 23,981 units Common shares acquired: 23,981 shares Shares held after transaction: 31,952 shares +3 more

6 metrics

LTIP Units converted 23,981 units Converted into Common OP Units and then BXP common stock

Common shares acquired 23,981 shares BXP common stock received upon redemption of Common OP Units

Shares held after transaction 31,952 shares Total BXP common stock directly owned after conversions

LTIP Units remaining 300,395 units LTIP Units balance after reported conversions

Conversion transactions 4 transactions All coded as C, conversion of derivative security

Exercise/conversion price $0.00 per unit Stated price for the derivative conversions

Key Terms

LTIP Units, Common OP Units, limited partnership interest, equity based incentive programs, +1 more

5 terms

LTIP Units financial

"23,981 of the reporting person's units of limited partnership interest ("LTIP Units") in Boston Properties Limited Partnership..."

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.

Common OP Units financial

"were converted into common units of limited partnership interest ("Common OP Units") in BPLP..."

limited partnership interest financial

"units of limited partnership interest ("LTIP Units") in Boston Properties Limited Partnership ("BPLP")..."

equity based incentive programs financial

"Represents LTIP Units in BPLP issued pursuant to the Issuer's equity based incentive programs."

redemption financial

"may be presented for redemption, at the election of the holder, for cash equal to the then fair market value..."

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.

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Form 4 Insider Transactions: What Each Field Means →

06/04/2026 - 11:24 AM

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

MASSACHUSETTS

02199

(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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP and CFO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/04/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form 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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock, par value $0.01	06/04/2026		C		23,981	A	⁽¹⁾	31,952	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
LTIP Units⁽²⁾	⁽²⁾	06/04/2026		C⁽¹⁾			23,981	⁽²⁾	⁽²⁾	Common Stock, par value $.01	23,981	$0.25	300,395	D
Common OP Units⁽³⁾	⁽³⁾	06/04/2026		C⁽¹⁾		23,981		⁽³⁾	⁽³⁾	Common Stock, par value $0.01	23,981	⁽¹⁾⁽³⁾	23,981	D
Common OP Units⁽³⁾	⁽³⁾	06/04/2026		C			23,981	⁽³⁾	⁽³⁾	Common Stock, par value $0.01	23,981	⁽¹⁾⁽³⁾	0	D

Explanation of Responses:

1. 23,981 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 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. Common OP Units have no expiration date.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	06/04/2026
	** 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.
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 BXP (BXP) EVP and CFO Michael Labelle report in this Form 4?

Michael Labelle reported converting 23,981 LTIP Units into Common OP Units, then into 23,981 shares of BXP common stock. The transactions are equity conversions, not open‑market purchases or sales, and adjust how his existing incentives are held.

How many BXP common shares does Michael Labelle hold after these transactions?

Following the reported conversions, Michael Labelle directly holds 31,952 shares of BXP common stock. This reflects his position after exchanging 23,981 LTIP Units through Common OP Units into an equal number of BXP common shares on the transaction date.

What are LTIP Units mentioned in the BXP Form 4 filing?

LTIP Units are units of limited partnership interest in Boston Properties Limited Partnership issued under BXP’s equity incentive programs. Subject to tax allocation conditions, each LTIP Unit can convert into a Common OP Unit, which can then be redeemed for cash or BXP common stock.

What are Common OP Units in the context of BXP’s structure?

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

Did the BXP Form 4 show any open-market buying or selling of shares?

The Form 4 shows no open‑market purchases or sales. Instead, it reports conversions of LTIP Units into Common OP Units and then into BXP common stock at a stated price of $0.00 per unit, reflecting internal equity restructurings rather than market trades.

How many LTIP Units does Michael Labelle hold after the reported conversions?

After the transactions, Michael Labelle holds 300,395 LTIP Units. These LTIP Units may, subject to specified tax allocation conditions, be convertible into Common OP Units, which are in turn redeemable for cash or exchangeable for an equal number of BXP common shares.