LUSTIG MATTHEW J 4

What Happened

• Matthew J. Lustig, a director of BXP, was granted 3,332 LTIP Units (derivative limited partnership units) on 2026-05-29. The units were reported at $0.25 each, for a total reported value of $833. This transaction is coded as an Award/Grant (A) — a compensation award rather than an open-market purchase.

Key Details

• Transaction date: 2026-05-29; Filing date: 2026-06-02 (filed on time).
• Price/value: $0.25 per LTIP Unit; total value $833.
• Instrument: LTIP Units (limited partnership interests in Boston Properties Limited Partnership) — a derivative instrument, not direct common stock.
• Vesting: 3,332 LTIP Units vest on the earlier of (i) May 29, 2027 or (ii) the date of BXP’s 2027 annual meeting of stockholders.
• Conversion/redemption: LTIP Units may be converted into Common OP Units, which can be redeemed for cash equal to the fair market value of a BXP share or, at the issuer’s election, exchanged for one share of common stock. LTIP Units have no expiration.
• Shares owned after transaction: not specified in the Form 4.

Context

• This is a compensation grant (award) rather than a purchase or sale; such grants are common and reflect company equity compensation practices rather than an immediate trading signal. The reported dollar value is small ($833) because the grant is in partnership units priced at $0.25 each; potential economic value depends on future conversion/redemption and stock price.