RITCHEY RAYMOND A 4

What Happened
Raymond A. Ritchey, Senior Executive Vice President of the general partner, was awarded 15,163 LTIP units (reported as a derivative acquisition) on February 13, 2026. The units are reported at $0.25 each for a reported value of $3,791. This is an award/vesting under Boston Properties’ 2023 Multi‑Year Long‑Term Incentive Program, not an open‑market purchase or sale.

Key Details

• Transaction date: February 13, 2026; Form 4 filed February 17, 2026 (report shows the transaction date and the filing date).
• Transaction type/code: A (award/acquisition); derivative LTIP Units.
• Price/value: 15,163 units × $0.25 = $3,791 (reported value).
• Shares owned after transaction: Not stated in the provided filing details.
• Notable footnotes:
  • F1: LTIP Units were earned under the 2023 Multi‑Year LTIP.
  • F2: LTIP Units may be converted to Common OP Units and can be redeemed for cash equal to the fair market value of BXP stock or exchanged (at BXP’s election) for one share of BXP common stock.
  • F3: Earned LTIP Units vested in full upon being earned but are subject to a post‑vesting holding period (generally not transferable and redemption rights not exercisable until one year after vesting).
  • F4: The filing notes the forfeiture of 14,391 LTIP Units originally issued Feb 7, 2023 that had been previously reported as beneficially owned but remained subject to performance vesting and were forfeited.

Context
LTIP Units are performance‑based derivative awards rather than outright stock purchases; they vest upon meeting performance hurdles and include conversion and holding restrictions. Awards like this are compensation events and do not by themselves indicate that the insider is buying or selling company stock in the open market.