WALTON WILLIAM H III 4

What Happened

• William H. Walton III, a director of Boston Properties (BXP), was granted 3,332 LTIP units (a derivative award) on May 29, 2026. The grant price is $0.25 per unit for a total reported value of $833. This is an equity-based award (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date and filing: grant dated 2026-05-29; Form 4 filed 2026-06-02.
• Grant specifics: 3,332 LTIP units at $0.25 each; total value $833.
• Vesting: units vest on the earlier of (i) May 29, 2027 or (ii) the date of BXP’s 2027 annual meeting of stockholders (see footnote F2).
• Derivative terms (footnote F1): LTIP units are limited partnership interests that, upon certain tax/accounting conditions, may be converted into common OP units. Common OP units can be redeemed for cash equal to the fair market value of a BXP share or, at BXP’s election, exchanged for one share of BXP common stock. LTIP units have no expiration date.
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: Form filed June 2, 2026; the filing does not state a late-filer designation.

Context

• This was an equity compensation award (retention/long-term incentive), not a buy or sell; such awards are routine for directors and reflect compensation policy rather than an immediate market view.
• Because these LTIP units are derivative interests convertible/redeemable into common-equity economic value, their ultimate value depends on BXP’s future stock price and the issuer’s election rights.