BXP Director Matthew J. Lustig Receives Phantom Stock Award

What Happened

• Matthew J. Lustig, a non-employee director of BXP, received a grant of 490.92 Phantom Stock Units on 2026-09-30. The units were valued at $61.11 each, for a total grant value of $30,000. The transaction is reported as an award (derivative instrument).

Key Details

• Transaction date: 2026-09-30; filing date: 2026-10-01 (timely Form 4 filing).
• Grant details: 490.92 Phantom Stock Units at $61.11 per unit; total value $30,000.
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes of note:
  • F1: Phantom Stock Units convert to BXP common stock on a 1-for-1 basis.
  • F2: Units were awarded under BXP’s 2021 Stock Incentive Plan to directors who elected phantom units instead of cash fees; settlement occurs in shares (or cash for fractional units) after director retirement, either in a lump sum or up to ten annual installments. Directors may elect post-retirement to convert some notional investments to measurement funds, which are settled in cash.
  • F3: The reported 490.92 units include 214.79 Phantom Stock Units credited as dividend equivalent rights on July 31, 2026.

Context

• These are deferred director compensation awards (phantom units), not an open-market purchase or sale. Phantom Stock Units are derivative rights that will settle into BXP common stock (or cash in certain cases) after the director’s board service ends, so this is routine compensation rather than an active market trade.