Form 4: BXP Board Member Receives 347.32 Deferred Stock Units

Rhea-AI Filing Summary

BXP, Inc. (ticker BXP) filed a Form 4 disclosing that non-employee director Tony West acquired 347.32 Phantom Stock Units (PSUs) on 06/30/2025 under the company’s 2021 Stock Incentive Plan. Each PSU is economically equivalent to one share of BXP common stock and carried a reference price of $67.47. Following the award, West beneficially owns 3,141.91 PSUs. The units, together with 42.32 dividend-equivalent PSUs, will settle in BXP shares (or cash for fractions) in a lump sum or up to ten annual installments after the director retires from the board. No open-market cash was exchanged and no traditional shares were bought or sold; the transaction represents deferred, stock-settled compensation.

The filing is routine for board compensation and does not signal a shift in insider sentiment or company fundamentals. It modestly increases the director’s equity-linked exposure, aligning interests with shareholders, but has no immediate dilutive or cash-flow impact on BXP.

Positive

• Director equity alignment increases as Tony West adds 347.32 PSUs, marginally strengthening shareholder-director interest alignment.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director compensation; negligible market impact.

The award of 347 PSUs (≈$23.4 k fair value) to Director Tony West is part of BXP’s standard deferred-fee program. Because settlement occurs only after board retirement and units convert 1-for-1 to shares, there is no near-term dilution or cash cost. The director’s total PSU balance rises to ~3,142 units (≈$212 k), increasing alignment but remaining immaterial relative to BXP’s ~158 million shares outstanding. Investors should view this as housekeeping rather than a signal on future performance.

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
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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^*

West Tony

(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)
06/30/2025

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)	06/30/2025		A		347.32		(2)	(2)	Common Stock, par value $0.01	347.32	$67.47	3,141.91(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 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.

3. Includes 42.32 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the Reporting Person on April 30, 2025.

Remarks:

	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	07/01/2025
	** 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 did BXP (BXP) disclose in the latest Form 4?

Director Tony West acquired 347.32 Phantom Stock Units on 06/30/2025 as part of deferred board compensation.

How many BXP Phantom Stock Units does Tony West now hold?

After the transaction, West beneficially owns 3,141.91 PSUs convertible 1-for-1 into BXP common shares.

Was cash used or received in the transaction?

No. The PSUs were granted as compensation; there was no open-market cash purchase or sale.

When will the Phantom Stock Units be settled?

Units convert to BXP shares (or cash for fractions) after the director retires, either in a lump sum or up to ten annual installments.

Does this Form 4 signal any change in BXP’s fundamentals?

The filing is routine board compensation and does not indicate a change in company fundamentals or insider sentiment.