KOOP BRYAN J 4
4 · BOSTON PROPERTIES LTD PARTNERSHIP · Filed Feb 17, 2026
Research Summary
AI-generated summary of this filing
Boston Properties (BXP) - Bryan Koop Receives Award of 5,501 LTIP Units
What Happened
Bryan J. Koop, Executive Vice President of the issuer's general partner, was awarded 5,501 LTIP units (derivative limited partnership interests) on 2026-02-13. The units are recorded at $0.25 each for a total reported value of $1,375. The Form 4 lists the transaction as an award/grant (code A) rather than an open-market purchase or sale.
Key Details
- Transaction date: 2026-02-13; Form 4 filed 2026-02-17 (filing appears timely).
- Instrument & amount: 5,501 LTIP Units at $0.25 per unit; aggregate value $1,375 (derivative awards).
- Ownership after transaction: not specified in the filing.
- Vesting/holding: Footnotes state these LTIP Units were earned under BXP's 2023 Multi-Year LTIP and vested in full when earned, but are subject to a post-vesting holding period during which they generally cannot be transferred or redeemed for one year.
- Conversion/redemption: LTIP Units may be converted (subject to tax allocation conditions) into Common OP Units, which can be redeemed for cash equal to the fair market value of a share of BXP common stock or, at BXP's election, exchanged for one share of BXP common stock. LTIP Units have no expiration date.
- Forfeiture note: Filing reflects forfeiture of 5,222 LTIP Units originally issued on Feb 7, 2023 that failed to meet certain performance hurdles through Feb 6, 2026.
Context
This was a performance-based award (not a market purchase). For retail investors, award grants generally reflect compensation and long-term incentive structures rather than a direct personal buy/sell signal. The units are derivative interests with conversion and post-vesting restrictions, so they are not immediately liquid shares of stock.
Insider Transaction Report
- Award
LTIP Units
[F1][F2][F3][F4]2026-02-13$0.25/sh+5,501$1,375→ 222,070 total→ Common OP Units (5,501 underlying)
Footnotes (4)
- [F1]Represents units of limited partnership interest in the Issuer earned (i.e., for which the performance-based hurdles have been met) pursuant to BXP, Inc.'s ("BXP's"), the Issuer's sole general partner's, 2023 Multi-Year Long-Term Incentive Program (the "Program").
- [F2]Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of the Issuer or the holder, into a common unit of limited partnership interest in the Issuer ("Common OP Unit"). Each Common OP Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of BXP's common stock, except that BXP may, at its election, acquire each Common OP Unit so presented for one share of BXP's common stock. LTIP Units have no expiration date.
- [F3]The LTIP Units earned pursuant to the Program vested in full upon being earned. Each earned LTIP Unit and Common OP Unit acquired upon conversion of such LTIP Unit is subject to an additional post-vesting holding period pursuant to which such LTIP Unit and Common OP Unit generally may not be transferred, and the redemption right associated with the Common OP Unit may not be exercised, until one year after the vesting date.
- [F4]Reflects the forfeiture of 5,222 LTIP Units originally issued on February 7, 2023 pursuant to the Program that were previously reported as beneficially owned by the Reporting Person, but remained subject to certain performance-based vesting hurdles based on the Issuer's total shareholder return for the period from February 7, 2023 to February 6, 2026.