BXP Director Bruce W. Duncan Receives 572.74 Phantom Stock Units

What Happened

• Bruce W. Duncan, a non-employee director of BXP, was granted 572.74 Phantom Stock Units on 2026-09-30. The units are reported at a grant value of $35,000 (572.74 units × $61.11 per unit). This is an award/derivative grant (not an open-market purchase or sale).

Key Details

• Transaction date and price: 2026-09-30; 572.74 units at a reported value of $61.11 each (total $35,000).
• Instrument: Phantom Stock Units (derivative) — not immediate common shares.
• Conversion: Phantom Stock Units convert to BXP common stock on a 1-for-1 basis (F1).
• Plan and eligibility: Awarded under BXP’s 2021 Stock Incentive Plan to non-employee directors who elected phantom units instead of cash fees (F2).
• Dividend equivalent: The total includes 139.24 Phantom Stock Units credited as dividend equivalents on July 31, 2026 (F3).
• Settlement: Units are to be settled in shares (or cash for fractions) in a lump sum or up to ten annual installments following the director’s retirement; directors may elect to have some amounts notionally invested in measurement funds (those amounts are settled in cash) (F2).
• Shares owned after transaction: Not disclosed in the filing.
• Filing timeliness: Report filed 2026-10-01 for a 2026-09-30 grant; filing appears timely under Form 4 reporting rules.

Context

• These Phantom Stock Units are director compensation and are generally routine; they represent a future right to receive shares (or cash in certain circumstances) rather than an immediate open-market purchase. Such awards are common for non-employee directors and do not by themselves indicate a buy/sell sentiment.