DUNCAN BRUCE W 4

What Happened
Bruce W. Duncan, a non-employee director of BXP, Inc. (BXP), was granted 515.26 Phantom Stock Units on 2026-06-30. The units are reported at $66.31 each for a total reported value of $34,167. These are derivative awards (Phantom Stock Units) rather than an open-market purchase or sale.

Key Details

• Transaction date and terms: 2026-06-30 — 515.26 Phantom Stock Units @ $66.31 each; total $34,167 (transaction code A: Award/Grant).
• Conversion: Phantom Stock Units convert to BXP common stock on a 1-for-1 basis (F1).
• Plan and settlement: Award made under BXP’s 2021 Stock Incentive Plan for non-employee directors who elected phantom units instead of cash; units settle in shares at retirement (lump sum or up to ten annual installments) unless notionally invested in measurement funds (which are settled in cash) (F2). Fractional units, if any, are settled in cash.
• Dividend equivalents: The grant includes 158.94 Phantom Stock Units credited as dividend equivalent rights on April 30, 2026 (F3).
• Shares owned after transaction: Not specified in this filing.
• Filing timeliness: No late filing indicated.

Context
Phantom Stock Units are a deferred-compensation derivative: they do not represent immediate share ownership but will convert into actual BXP shares (or cash in certain circumstances) per the plan rules when settled. This award is routine director compensation and should be viewed as a grant rather than a market purchase or sale.