WALTON WILLIAM H III 4

What Happened
William H. Walton III, a director of BXP, Inc. (Boston Properties), was granted 3,332 LTIP units (derivative award) on May 29, 2026. The units were priced at $0.25 each, for a nominal reported value of $833. This was an equity award (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-05-29; 3,332 LTIP units at $0.25/unit (reported value $833).
• Shares/units owned after transaction: Not specified in this filing.
• Award type: LTIP Units (limited partnership interest units under BXP’s equity incentive program). These are derivative units rather than direct shares of BXP common stock.
• Vesting: The 3,332 LTIP Units vest on the earlier of (i) May 29, 2027 or (ii) the date of BXP’s 2027 annual meeting of stockholders.
• Conversion/redemption mechanics (summary of footnote): LTIP Units may be converted into Common OP Units of Boston Properties Limited Partnership and, upon conversion or presentation for redemption, generally can be redeemed for cash equal to the then fair market value of a BXP share or, at the issuer’s election, exchanged for one share of common stock. LTIP Units have no expiration date.
• Timeliness: Filing shows the transaction date as 2026-05-29 and was reported in the Form 4 filed 2026-06-02; no late-filing notation is indicated in the summary information provided.

Context
This is a routine equity award under BXP’s long-term incentive program for insiders. Awards like these are compensation, not an immediate buy or sell signal about the director’s view of the stock. Because these are derivative LTIP units with conversion/redemption features and a one-year (or meeting-tied) vesting schedule, they are not immediately tradable shares.