KOOP BRYAN J 4

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.