BXP (NYSE: BXP) CFO receives 23,194 LTIP units in equity award

Rhea-AI Filing Summary

BXP, Inc. executive vice president and chief financial officer Michael E. Labelle reported an equity incentive grant of 23,194 LTIP Units on January 30, 2026. These units were recorded at a price of $0.25 per LTIP Unit, increasing his beneficially owned derivative securities to 323,983 LTIP Units, held directly.

The LTIP Units are limited partnership interests in Boston Properties Limited Partnership that can be converted into common operating partnership units and then redeemed for cash equal to the fair market value of one share of BXP common stock, or, at the issuer’s election, one share of common stock per unit. The 23,194 LTIP Units vest in four equal annual installments beginning on January 15, 2027, providing long-term, performance-linked compensation.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider LABELLE MICHAEL E

Role EVP and CFO

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	23,194	$0.25	$6K

Holdings After Transaction: LTIP Units — 323,983 shares (Direct)

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 23,194 LTIP Units vest in four equal annual installments beginning on January 15, 2027.

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^*

LABELLE MICHAEL E

(Last) (First) (Middle)

C/O BXP

800 BOYLSTON STREET

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
01/30/2026

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
LTIP Units(1)	(1)	01/30/2026		A		23,194		(1)(2)	(1)	Common Stock, par value $0.01	23,194	$0.25	323,983	D

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 23,194 LTIP Units vest in four equal annual installments beginning on January 15, 2027.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	02/02/2026
	** 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.

FAQ

What insider transaction did BXP EVP and CFO Michael E. Labelle report?

Michael E. Labelle reported receiving 23,194 LTIP Units as an equity incentive award. These derivative units were granted on January 30, 2026 at a recorded price of $0.25 per unit and are held directly as part of his long-term compensation.

How many BXP LTIP Units does Michael E. Labelle beneficially own after this Form 4?

After the reported award, Michael E. Labelle beneficially owns 323,983 LTIP Units. This figure reflects derivative securities tied to Boston Properties Limited Partnership interests and incorporates the 23,194 newly granted LTIP Units disclosed in the January 30, 2026 transaction.

What are LTIP Units reported in the BXP Form 4 for Michael E. Labelle?

The LTIP Units are units of limited partnership interest in Boston Properties Limited Partnership. Each can be converted into a common operating partnership unit and then redeemed for cash equal to the fair market value of one BXP share or, at the issuer’s election, one share.

When do the 23,194 BXP LTIP Units granted to Michael E. Labelle vest?

The 23,194 LTIP Units vest in four equal annual installments beginning January 15, 2027. This structure staggers vesting over four years, aligning the executive’s compensation with longer-term company and partnership performance incentives over the vesting schedule.

Do the LTIP Units granted to the BXP CFO have an expiration date?

The LTIP Units reported do not have an expiration date. They represent limited partnership interests that may be converted into common operating partnership units and then redeemed, providing flexible long-term participation in the economic value of BXP’s common equity.

At what price were the 23,194 LTIP Units to BXP’s CFO recorded?

The 23,194 LTIP Units were recorded at a price of $0.25 per unit. This figure is disclosed as the price of the derivative security in the Form 4 and reflects how the incentive grant is reported for Section 16 purposes.