KLEIN JOEL 4

What Happened
Joel Klein, a non-employee director of BXP, was granted 496.41 Phantom Stock Units on 2026-06-30. The filing values the award at $66.31 per share, for a total reported value of $32,917. The units are derivative awards that convert to BXP common stock on a 1-for-1 basis when settled.

Key Details

• Transaction type/date: Award (A) on 2026-06-30; Form 4 filed 2026-07-01 (timely).
• Quantity/price/value: 496.41 Phantom Stock Units at $66.31 per share; total $32,917 (derivative award).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Footnotes of note:
  • F1: Phantom Stock Units convert to BXP common stock 1-for-1 on settlement.
  • F2: Award made under BXP’s 2021 Stock Incentive Plan to non-employee directors who elected phantom units instead of cash; settlement occurs after board service in a lump sum or up to ten annual installments, and fractional units may be paid in cash. Directors may elect post-retirement to convert portion of payout to measurement funds (paid in cash).
  • F3: The grant includes 281.57 Phantom Stock Units credited as dividend equivalents on April 30, 2026.

Context
This was a compensation award to a non-employee director, not an open-market purchase or sale. Phantom Stock Units are a derivative form of equity compensation—no immediate stock was received for trading; conversion/settlement into actual shares (or cash for certain elections/fractionals) occurs later per the plan rules. Such awards are routine director compensation and do not by themselves indicate a buy or sell signal.