BXP Insider Filing: Walton III Receives 319.48 Phantom Units Worth $74.34 Each
Rhea-AI Filing Summary
Director William H. Walton III received 319.48 Phantom Stock Units from BXP on 09/30/2025, awarded under BXP's 2021 Stock Incentive Plan to non-employee directors who elected to receive phantom units instead of cash fees. The phantom units convert 1-for-1 into BXP common stock and may be settled in a lump sum or ten annual installments after the director's retirement, with an option to notionally invest portions in measurement funds that would be settled in cash. The filing shows 319.48 units valued at $74.34 and that the reporting person now beneficially owns 8,695.02 shares equivalent, including 123.60 units credited as dividend equivalents on July 31, 2025.
Positive
- 319.48 Phantom Stock Units awarded to the reporting person on 09/30/2025
- Phantom units convert 1-for-1 into BXP common stock per the filing
- Post-transaction beneficial ownership reported as 8,695.02 shares, providing transparency
- 123.60 units credited as dividend equivalents on July 31, 2025, disclosed in the filing
Negative
- None.
Insights
TL;DR: Director received equity-settled phantom units equal to 319.48 shares, modest change to reported holdings.
The Form 4 discloses a non-employee director election to receive Phantom Stock Units under the 2021 Stock Incentive Plan on 09/30/2025. The units convert 1-for-1 into common stock and can be settled either as shares or, for certain elections after retirement, in cash if notionally invested in measurement funds. The filing reports a per-unit value of $74.34 and a post-transaction beneficial ownership of 8,695.02 shares. This is a routine director compensation transaction rather than an open-market purchase or sale.
TL;DR: Director compensation awarded as phantom units aligns pay with equity but is a standard, disclosed plan award.
The disclosure indicates the award was made under the company plan for non-employee directors who elected phantom units in lieu of cash. Settlement mechanics, including lump-sum or ten-year installment options and the ability to convert portions to measurement funds post-retirement, are described. The report also notes 123.60 phantom units were credited as dividend equivalents on July 31, 2025, and the form is signed by an attorney-in-fact on 10/01/2025. The filing appears to be a routine, compliant Section 16 disclosure.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Units | 319.48 | $74.34 | $24K |
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 123.60 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the Reporting Person on July 31, 2025.
