WALTON WILLIAM H III 4

What Happened William H. Walton III, a non-employee director of BXP, received an award of 457.61 Phantom Stock Units on 2026-03-31. The units are valued at $51.90 each, for a total notional value of approximately $23,750. This was an award/compensation grant (derivative), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-31; transaction type: Award/Grant (code A). Price per unit: $51.90. Total value: ~$23,750.
• Nature of holding: Phantom Stock Units (derivative) that convert 1-for-1 into BXP common shares (F1).
• Settlement: Units are awarded under BXP’s 2021 Stock Incentive Plan for non-employee directors who elected phantom units in lieu of cash. They will be settled in shares (fractional units in cash) either in a lump sum or in ten annual installments after the director retires from the board; directors may later reallocate to measurement funds (cash-settled) post-retirement (F2).
• Dividend equivalents: 98.33 Phantom Stock Units were credited as dividend equivalents on January 29, 2026 and are included in the total (F3).
• Shares owned after transaction: Not specified in this Form 4.
• Filing timeliness: Form 4 was filed 2026-04-01 for a 2026-03-31 grant — appears timely (not noted as late).

Context Phantom Stock Units are a form of deferred compensation for directors and represent a future right to receive company stock (or cash for fractional/measurement-fund amounts) rather than an immediate cash investment or sale. Such awards are routine compensation and do not necessarily signal the director’s buy/sell decision in the market.