LUSTIG MATTHEW J 4

What Happened
Matthew J. Lustig, a director of BXP, received a grant of 439.86 Phantom Stock Units (derivative award) on June 30, 2026. The units are reported at an equivalent value of $66.31 each for a total reported value of $29,167. This was an award/grant (code A), not an open-market purchase or sale.

Key Details

• Transaction date and value: 2026-06-30; 439.86 units @ $66.31 = $29,167 (derivative award).
• Instrument: Phantom Stock Units that convert 1-for-1 into BXP common stock (see footnote F1).
• Shares owned after transaction: not specified in this Form 4 filing.
• Notable footnotes:
  • F1: Phantom Stock Units convert to BXP common stock on a 1-for-1 basis.
  • F2: Units awarded under the 2021 Stock Incentive Plan for non‑employee directors who elected phantom units in lieu of cash; settlement occurs after the director’s retirement (lump sum or up to ten annual installments); fractional units paid in cash; some amounts may be converted to measurement funds and settled in cash.
  • F3: The reported grant includes 249.38 Phantom Stock Units credited as dividend equivalents on April 30, 2026.
• Timeliness: Filed 2026-07-01 for a 2026-06-30 transaction. This filing appears timely (Form 4s are generally due within two business days).

Context
Phantom Stock Units are a derivative, not immediate share purchases; they represent a right to receive company stock (or cash in limited circumstances) in the future per the director plan. Awards to non-employee directors are common compensation and do not necessarily indicate the director bought or sold company shares today.