BXP (BXP) director awarded 3,332 LTIP Units in equity compensation grant

Rhea-AI Filing Summary

WALTON WILLIAM H III reported acquisition or exercise transactions in this Form 4 filing.

BXP, Inc. director William H. Walton III received a grant of 3,332 LTIP Units on May 29, 2026 as equity-based compensation. These LTIP Units carry a stated value of $0.25 per unit and are convertible into partnership units that can ultimately be exchanged for cash or BXP common stock.

The 3,332 LTIP Units will vest on the earlier of May 29, 2027 or the company’s 2027 annual meeting of stockholders. Following this grant, Walton holds 17,629 LTIP Units in total, strengthening his equity-linked interest in the business without involving any open-market share purchases or sales.

Insights

Equity compensation analyst

Routine equity grant of LTIP Units; no open-market trading signal.

Director William H. Walton III received 3,332 LTIP Units as part of BXP, Inc.’s equity incentive program. Code A and the footnotes show this is a grant/award, not an open-market purchase or sale, so it functions as standard board compensation.

The LTIP Units can convert into partnership units and then be redeemed for cash equal to the fair market value of BXP common stock or for shares, with no expiration. The units vest on the earlier of May 29, 2027 or BXP’s 2027 annual meeting, which ties the award to continued service.

After the grant, Walton holds 17,629 LTIP Units. Given the modest scale and absence of any discretionary buying or selling, this filing mainly updates investors on ongoing equity-based alignment between the director and the company rather than signaling a change in sentiment.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider WALTON WILLIAM H III

Role null

Type	Security	Shares	Price	Value
Grant/Award	LTIP Units	3,332	$0.25	$833.00

Holdings After Transaction: LTIP Units — 17,629 shares (Direct, null)

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 3,332 LTIP Units will vest on the earlier of (i) May 29, 2027 and (ii) the date of the BXP's 2027 annual meeting of stockholders.

Key Figures

LTIP Units granted: 3,332 LTIP Units Price per LTIP Unit: $0.25 per unit LTIP Units after grant: 17,629 LTIP Units +2 more

5 metrics

LTIP Units granted 3,332 LTIP Units Grant on May 29, 2026

Price per LTIP Unit $0.25 per unit Stated transaction price

LTIP Units after grant 17,629 LTIP Units Holdings following transaction

Underlying common stock 3,332 shares Underlying security for LTIP Units

Vesting date Earlier of May 29, 2027 or 2027 annual meeting Vesting condition for 3,332 LTIP Units

Key Terms

LTIP Units, Boston Properties Limited Partnership, Common OP Unit, redemption, +1 more

5 terms

LTIP Units financial

"issued pursuant to the Issuer's equity based incentive programs ("LTIP Units")."

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.

Boston Properties Limited Partnership financial

"units of limited partnership interest in Boston Properties Limited Partnership ("BPLP"),"

Common OP Unit financial

"may be converted, at the election of BPLP or the holder, into a common unit of limited partnership interest in BPLP ("Common OP Unit")."

redemption financial

"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"

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.

equity based incentive programs financial

"issued pursuant to the Issuer's equity based incentive programs ("LTIP Units")."

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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^*

WALTON WILLIAM H III

(Last) (First) (Middle)

ONE INDEPENDENT DRIVE

SUITE 1600

(Street)

JACKSONVILLE FLORIDA 32202

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/29/2026

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)
			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)	05/29/2026		A		3,332		(1)(2)	(1)	Common Stock, par value $0.01	3,332	$0.25	17,629	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 3,332 LTIP Units will vest on the earlier of (i) May 29, 2027 and (ii) the date of the BXP's 2027 annual meeting of stockholders.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	06/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What did BXP (BXP) director William H. Walton III report in this Form 4?

He reported receiving a grant of 3,332 LTIP Units on May 29, 2026. These units are part of BXP’s equity incentive program and can ultimately be converted into partnership units and then cash or BXP common stock, aligning his compensation with shareholder value.

Is the BXP (BXP) Form 4 for William H. Walton III a stock buy or sell?

The Form 4 reflects an equity grant, not a buy or sell in the market. Transaction code A indicates a grant or award acquisition of 3,332 LTIP Units, so there were no open-market purchases or sales of BXP common stock in this filing.

How many LTIP Units does William H. Walton III hold in BXP after this grant?

After the 3,332-unit grant, his reported holdings rise to 17,629 LTIP Units. These units are limited partnership interests that can convert into Common OP Units and then be redeemed for cash or BXP common stock, providing long-term equity-linked exposure to the company’s performance.

When do the 3,332 LTIP Units granted to William H. Walton III vest at BXP?

The 3,332 LTIP Units vest on the earlier of May 29, 2027 or the date of BXP’s 2027 annual meeting. Vesting conditions encourage continued board service and link the value of the award to BXP’s performance over this time period before conversion or redemption.

What are LTIP Units and how can they become BXP common stock?

LTIP Units are partnership interests in Boston Properties Limited Partnership issued under BXP’s incentive plans. If certain tax allocation conditions are met, each LTIP Unit can convert into a Common OP Unit, which may then be redeemed for cash or acquired by BXP in exchange for one share of common stock.