LUSTIG MATTHEW J 4

What Happened

• Matthew J. Lustig, a director of BXP, received an award of 578.03 Phantom Stock Units on 2026-03-31. The units are reported at a grant price of $51.90 each for a total value of $30,000. The award is a derivative grant (Phantom Stock Units), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-31; Filing date (Form 4): 2026-04-01 (appears timely).
• Award: 578.03 Phantom Stock Units @ $51.90 = $30,000 (derivative award, transaction code A).
• Conversion: Phantom Stock Units convert to BXP common stock on a 1-for-1 basis (Footnote F1).
• Settlement terms: Units awarded under BXP’s 2021 Stock Incentive Plan for non-employee directors who elected phantom units in lieu of cash. Units settle in shares (fractional units cash-settled) either in a lump sum or in up to ten annual installments after the director’s retirement; deferred payouts may be reallocated to measurement funds and settled in cash (Footnote F2).
• Includes 215.70 Phantom Stock Units credited as dividend equivalents on January 29, 2026 (Footnote F3).
• Shares owned after the transaction: not specified in the filing.

Context

• This is an award of phantom stock units to a non-employee director, a common form of director compensation. Phantom units are a derivative that will convert to common shares (or cash for fractional or measurement-fund elections) upon settlement; they do not represent an immediate purchase or sale of shares. Awards like this are routine compensation and should be interpreted as compensation-related rather than a direct buy/sell market signal.