DUNCAN BRUCE W 4

What Happened

• Bruce W. Duncan, a director of BXP, was awarded 674.37 Phantom Stock Units on 2026-03-31. The units were valued at $51.90 each for a total grant value of $35,000. This was an award (code A) under the company's director compensation program, not an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-03-31; 674.37 units at $51.90 each (total $35,000).
• Derivative nature: Phantom Stock Units convert to BXP common stock on a 1-for-1 basis (Footnote F1).
• Additional credit: 134.22 Phantom Stock Units were included from dividend equivalent rights credited 2026-01-29 (Footnote F3).
• Plan and settlement: Award made under BXP’s 2021 Stock Incentive Plan for non-employee directors; units are settled in shares (fractional units in cash) either in a lump sum or in up to ten annual installments following the director’s retirement, unless the director elects certain post-retirement reallocations that may be settled in cash (Footnote F2).
• Shares owned after transaction: Not specified in the Form 4 filing.
• Filing timeliness: Reported on 2026-04-01 for a 2026-03-31 grant — appears timely (Form 4s are generally due within two business days).

Context

• This was a routine compensation award to a non-employee director rather than a market purchase or sale, so it should be viewed as standard director pay rather than a direct bullish/bearish trading signal. The units are derivative rights that may convert to common shares at settlement per the plan terms.