BXP, Inc. (BXP) director defers fees into phantom stock units
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
BXP, Inc. director Joel Klein received a grant of 496.41 Phantom Stock Units valued at $66.31 per unit under BXP's 2021 Stock Incentive Plan in lieu of director cash fees. These units convert into BXP common stock on a 1-for-1 basis and are generally settled after his retirement from the board, either in a lump sum or over ten annual installments. Following this award, Klein holds a total of 24,293.47 Phantom Stock Units, which include 281.57 units credited on April 30, 2026 as dividend equivalent rights.
Positive
- None.
Negative
- None.
Insider Trade Summary
1 transaction reported
Mixed
1 txn
Insider
KLEIN JOEL
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock Units | 496.41 | $66.31 | $33K |
Holdings After Transaction:
Phantom Stock Units — 24,293.47 shares (Direct, null)
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 281.57 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the Reporting Person on April 30, 2026.
Key Figures
Phantom Stock Units granted: 496.41 units
Grant reference price: $66.31 per unit
Total Phantom Stock Units after grant: 24,293.47 units
+2 more
5 metrics
Phantom Stock Units granted
496.41 units
Grant on June 30, 2026 to director Joel Klein
Grant reference price
$66.31 per unit
Value used for Phantom Stock Unit award
Total Phantom Stock Units after grant
24,293.47 units
Klein’s Phantom Stock Unit balance following the transaction
Dividend equivalent units
281.57 units
Credited on April 30, 2026 via dividend equivalent rights
Conversion ratio
1-for-1
Each Phantom Stock Unit converts into one BXP common share
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 281.57 Phantom Stock Units received pursuant to dividend equivalent rights..."
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 convert ... to a deemed investment in one or more measurement funds."
notional investment financial
"convert all or a portion ... of their notional investment from BXP common stock to a deemed investment..."
FAQ
What did BXP (BXP) director Joel Klein report in this Form 4?
Joel Klein reported receiving 496.41 Phantom Stock Units as a grant. These were awarded under BXP’s 2021 Stock Incentive Plan instead of cash director fees and are linked to BXP common stock value, to be settled after he leaves the board.
How do BXP (BXP) Phantom Stock Units work for Joel Klein?
The Phantom Stock Units convert into BXP common stock on a 1-for-1 basis. They are generally settled after Klein retires from the board, either in a single lump sum or in ten annual installments, based on his prior election.
What is Joel Klein’s total Phantom Stock Unit position at BXP (BXP)?
After this grant, Joel Klein holds 24,293.47 Phantom Stock Units. This total includes units from prior awards plus 281.57 units credited on April 30, 2026 as dividend equivalent rights tied to BXP’s dividend payments.
Why did Joel Klein receive Phantom Stock Units instead of cash from BXP (BXP)?
Under BXP’s 2021 Stock Incentive Plan, non-employee directors can elect Phantom Stock Units instead of cash fees. Klein chose this option, aligning his compensation with BXP’s share value rather than taking immediate cash payments for board service.
How and when will Joel Klein’s Phantom Stock Units at BXP (BXP) be paid?
The Phantom Stock Units will be settled after Klein retires from BXP’s board. He can receive them either as a lump sum or in ten annual installments, with fractional units, if any, settled in cash rather than stock.
What are dividend equivalent rights mentioned in BXP (BXP) director Joel Klein’s filing?
Dividend equivalent rights credit additional Phantom Stock Units when BXP pays dividends. Klein’s holdings include 281.57 such units, which were credited on April 30, 2026, effectively mirroring the economic effect of dividends on his deferred equity-based compensation.