KLEIN JOEL 4

What Happened Joel Klein, a non-employee director of BXP, received an award of 650.29 Phantom Stock Units (derivative award) on March 31, 2026. The filing values the units at $51.90 each for a total of $33,750. This was an award (compensation), not an open-market purchase or sale.

Key Details

• Transaction date and price: 2026-03-31; 650.29 units valued at $51.90 each (total $33,750).
• Transaction type: A = Award/Grant of derivative Phantom Stock Units.
• Shares owned after transaction: Not specified in the filing.
• Footnote highlights:
  • Phantom Stock Units convert 1-for-1 into BXP common shares on settlement (F1).
  • Units were awarded under BXP’s 2021 Stock Incentive Plan to directors who elected phantom units instead of cash; settlement is in shares (or cash for fractional units) either in a lump sum or up to ten annual installments after retirement (F2).
  • The total includes 243.58 Phantom Stock Units credited as dividend equivalents on January 29, 2026 (F3).
• Filing timeliness: Report filed 2026-04-01 for a 2026-03-31 transaction — appears timely (not indicated as late).

Context Phantom Stock Units are a form of deferred/director compensation that convert to shares (or cash for certain elections) upon payout; they are routine for non-employee directors and do not necessarily signal the director buying or selling shares. The award increases potential future share holdings if settled in stock, but directors may elect deferred cash settlement or reallocate to measurement funds after leaving the board, which would be settled in cash.