BXP Inc director granted 518.67 phantom stock units

BXP, Inc. reported that a non-employee director received 518.67 Phantom Stock Units on 12/31/2025 under BXP's 2021 Stock Incentive Plan.

Rhea-AI Filing Summary

BXP, Inc. reported that a non-employee director received 518.67 Phantom Stock Units on 12/31/2025 under BXP's 2021 Stock Incentive Plan. These units track the value of BXP common stock and convert into BXP common shares on a 1-for-1 basis, with any fractional units settled in cash.

The director elected to receive Phantom Stock Units instead of cash director fees, with payout in either a lump sum or ten annual installments after retirement from the Board. Following retirement, the director may reallocate portions of the notional investment into measurement funds, which would then be settled in cash. After this award, the director beneficially owns 12,465.2 Phantom Stock Units, including 116.32 units credited on October 31, 2025 as dividend equivalents.

Insider Trade Summary

Grant/Award: 518.67 shares

Grant/Award 1 txn

Insider DUNCAN BRUCE W

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	518.67	$67.48	$35K

Holdings After Transaction: Phantom Stock Units — 12,465.2 contracts (Direct)

Footnotes (3)

1. F1. The Phantom Stock Units convert to BXP, Inc. ("BXP") common stock on a 1-for-1 basis.
2. F2. 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 reallocate 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.
3. F3. Includes 116.32 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the reporting person on October 31, 2025.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did BXP (BXP) disclose in this filing?

A non-employee director received 518.67 Phantom Stock Units of BXP, Inc. on 12/31/2025 as part of their director compensation under the 2021 Stock Incentive Plan.

How do the BXP (BXP) Phantom Stock Units work for this director?

The Phantom Stock Units convert into BXP common stock on a 1-for-1 basis, with fractional units, if any, paid in cash at settlement.

When are the BXP Phantom Stock Units for this director settled?

The Phantom Stock Units are settled in BXP common stock in a lump sum or ten annual installments, at the director's election, following the director's retirement from the BXP Board of Directors.

Can the BXP director change how their Phantom Stock Units are invested?

After the director's Board service ends, they may elect in 25% increments to reallocate all or part of their notional investment from BXP common stock to one or more measurement funds, which are settled in cash.

How many BXP Phantom Stock Units does the director own after this transaction?

Following the reported transaction, the director beneficially owns 12,465.2 Phantom Stock Units of BXP, Inc.

What are the dividend equivalent rights mentioned for BXP Phantom Stock Units?

The total includes 116.32 Phantom Stock Units credited on October 31, 2025 under dividend equivalent rights, which mirror dividends on BXP common stock by adding Phantom Stock Units.

What price is associated with the BXP Phantom Stock Units in this report?

The filing lists a price of $ 67.48 for the Phantom Stock Units reported in the derivative securities table.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 01/05/2026 - 03:28 PM Learn about SEC filing dates

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^*

DUNCAN BRUCE W

(Last) (First) (Middle)

800 BOYLSTON STREET

SUITE 1900

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

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

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
Phantom Stock Units	(1)	12/31/2025		A		518.67		(2)	(2)	Common Stock, par value $0.01	518.67	$67.48	12,465.2(3)	D

Explanation of Responses:

1. The Phantom Stock Units convert to BXP, Inc. ("BXP") common stock on a 1-for-1 basis.

2. 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 reallocate 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.

3. Includes 116.32 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the reporting person on October 31, 2025.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	01/05/2026
	** 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.