LINDE DOUGLAS T 4

What Happened
Douglas T. Linde, President of the Issuer's general partner and a director, was awarded/acquired 20,973 LTIP Units on February 13, 2026 (transaction code A) at $0.25 per unit for a reported aggregate value of $5,243. The units are derivative limited partnership interests earned under BXP, Inc.'s 2023 Multi-Year Long‑Term Incentive Program and vested when earned, but are subject to a post‑vesting holding period.

Key Details

• Transaction date: 2026-02-13; filing date: 2026-02-17 (appears timely; Form 4 was filed within required reporting window).
• Price: $0.25 per LTIP Unit; total reported value $5,243.
• Transaction type/code: Award/Acquisition (A), derivative securities (LTIP Units).
• Post-transaction ownership: total beneficially owned after this transaction is not specified in the provided filing data.
• Conversion/redemption: LTIP Units may be converted to Common OP Units (subject to tax allocations). Common OP Units can be redeemed for cash equal to the fair market value of a BXP share, or BXP may elect to acquire them for one share of BXP common stock. LTIP Units have no expiration.
• Holding/vesting: units vested when earned but generally cannot be transferred nor redeemed for one year after vesting.
• Forfeiture noted: the filing reflects forfeiture of 19,907 LTIP Units originally issued Feb 7, 2023 that had been previously reported but remained subject to performance-based vesting hurdles.

Context
This was a compensation-related award earned under a multi-year performance LTIP, not an open-market purchase or sale. Such awards reflect program payouts tied to performance metrics and include conversion/restriction mechanics; they are routine executive compensation and should not be read solely as a personal market bet by the insider.