WALTON WILLIAM H III 4

What Happened

• William H. Walton III, a director of BXP, received an award of 345.6 Phantom Stock Units on 2026-06-30. The units were granted at a reported value of $66.31 each, for a notional total of $22,917. This is an award (derivative grant), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-30; Form 4 filed: 2026-07-01 (timely filing).
• Transaction code: A (award/other acquisition); derivative instrument: Phantom Stock Units.
• Grant size and value: 345.6 units × $66.31 = $22,917 (not cash paid at grant).
• Shares owned after transaction: Not disclosed in the filing.
• Footnotes of note:
  • F1: Each Phantom Stock Unit converts 1-for-1 into BXP common stock on settlement.
  • F2: Units awarded under BXP’s 2021 Stock Incentive Plan for non-employee directors who elected phantom units in lieu of cash; settlement is in shares (or cash for fractional units) either in a lump sum or up to ten annual installments after director retirement; directors may elect post-retirement to convert some notional investments to measurement funds that are settled in cash.
  • F3: The 345.6 units include 116.01 Phantom Stock Units credited April 30, 2026 as dividend equivalents.

Context

• Phantom Stock Units are a form of deferred/phantom equity: they represent a right to receive company shares (or cash in certain cases) in the future rather than an immediate purchase of stock. Such awards are routine director compensation and should be interpreted as compensation, not a direct market purchase or sale.