BXP director granted 530 phantom stock units

BXP, Inc. director Mary E. Kipp received a grant of 529.87 Phantom Stock Units as deferred board compensation, at a deemed price of $51.90 per unit.

Rhea-AI Filing Summary

BXP, Inc. director Mary E. Kipp received a grant of 529.87 Phantom Stock Units as deferred board compensation, at a deemed price of $51.90 per unit. This increased her holdings to 7,950.92 Phantom Stock Units, which convert into BXP common stock on a 1-for-1 basis.

The units are awarded under BXP's 2021 Stock Incentive Plan to non-employee directors who elect units instead of cash fees. They are generally settled in BXP common stock, in a lump sum or up to ten annual installments, after the director retires from the board.

The total includes 79.06 Phantom Stock Units credited from dividend equivalent rights on January 29, 2026, reflecting additional notional units earned on prior awards.

Insider Trade Summary

Grant/Award: 529.87 shares

Grant/Award 1 txn

Insider KIPP MARY E

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	529.87	$51.90	$28K

Holdings After Transaction: Phantom Stock Units — 7,950.92 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 79.06 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the Reporting Person on January 29, 2026.

Key Figures

Phantom Stock Units granted: 529.87 units Deemed grant price: $51.90 per unit Total Phantom Stock Units after grant: 7,950.92 units +3 more

6 metrics

Phantom Stock Units granted 529.87 units Grant on March 31, 2026 as director compensation

Deemed grant price $51.90 per unit Valuation used for Phantom Stock Units grant

Total Phantom Stock Units after grant 7,950.92 units Holdings following reported transaction

Dividend equivalent units credited 79.06 units Credited on January 29, 2026 via dividend equivalent rights

Conversion ratio 1 unit : 1 BXP common share Phantom Stock Units convert into BXP common stock

Installment option Up to 10 annual installments Settlement schedule option after board retirement

Key Terms

Phantom Stock Units, 2021 Stock Incentive Plan, dividend equivalent rights, measurement funds, +1 more

5 terms

Phantom Stock Units financial

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

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

2021 Stock Incentive Plan financial

"The Phantom Stock Units are awarded under BXP's 2021 Stock Incentive Plan to non-employee directors..."

dividend equivalent rights financial

"Includes 79.06 Phantom Stock Units received pursuant to dividend equivalent rights which were credited..."

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

measurement funds financial

"may make one or more elections to reallocate ... to a deemed investment in one or more measurement funds."

notional investment financial

"Amounts notionally invested in measurement funds will be settled in cash instead of BXP common stock."

FAQ

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

What did BXP (BXP) director Mary E. Kipp report in this Form 4?

Mary E. Kipp reported receiving 529.87 Phantom Stock Units as board compensation. These units, valued at $51.90 each, increased her total Phantom Stock Unit holdings to 7,950.92, all tied to BXP common stock on a 1-for-1 conversion basis after board service ends.

How many BXP Phantom Stock Units does Mary E. Kipp now hold?

Following this transaction, Mary E. Kipp holds 7,950.92 Phantom Stock Units. This total includes the new 529.87-unit grant and 79.06 units received from dividend equivalent rights, all notionally linked to BXP common stock for future settlement after her board retirement.

What are BXP Phantom Stock Units and how are they settled?

BXP Phantom Stock Units are deferred compensation instruments for non-employee directors, tracking BXP common stock 1-for-1. They are generally settled in BXP shares, either in a single lump sum or in ten annual installments, after the director retires from the board, with fractional units settled in cash.

Why did Mary E. Kipp receive Phantom Stock Units instead of cash at BXP?

Kipp elected to receive Phantom Stock Units under BXP’s 2021 Stock Incentive Plan in lieu of cash director fees. This plan allows non-employee directors to defer compensation into stock-based units that convert into BXP common stock at retirement, aligning compensation with long-term shareholder outcomes.

How do dividend equivalent rights affect BXP Phantom Stock Units?

Dividend equivalent rights credit additional Phantom Stock Units when BXP pays dividends. In this filing, 79.06 units were added to Mary E. Kipp’s account on January 29, 2026, representing notional reinvestment of dividends, which increases the number of units ultimately settled at retirement.

Can BXP Phantom Stock Units be reallocated into other investments?

After a director leaves the BXP board, they may elect to reallocate portions of their Phantom Stock Units into deemed measurement funds in 25% increments. Amounts notionally invested in these funds are ultimately settled in cash instead of BXP common stock, providing additional flexibility in how benefits are received.

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

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Accepted by SEC EDGAR 04/01/2026 - 01:11 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^*

KIPP MARY E

(Last) (First) (Middle)

800 BOYLSTON STREET

SUITE 1900

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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
Phantom Stock Units	(1)	03/31/2026		A		529.87		(2)	(2)	Common Stock, par value $0.01	529.87	$51.9	7,950.92(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 79.06 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the Reporting Person on January 29, 2026.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	04/01/2026
	** 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)