RITCHEY RAYMOND A 4

What Happened
Raymond A. Ritchey, Senior Executive Vice President of Boston Properties (BXP), was granted/earned 15,163 LTIP units on February 13, 2026. The units were recorded at $0.25 each for a total value of $3,791 and are reported as derivative LTIP Units earned under BXP’s 2023 Multi‑Year Long‑Term Incentive Program. The filing also notes the forfeiture of 14,391 previously reported LTIP Units from the February 7, 2023 award, resulting in a net increase of 772 LTIP Units (15,163 earned − 14,391 forfeited). The Form 4 was filed on February 17, 2026.

Key Details

• Transaction date: 2026-02-13; reported on Form 4 filed 2026-02-17 (within required filing window).
• Grant amount and value: 15,163 LTIP Units at $0.25 each; total $3,791.
• Net change: +772 LTIP Units after forfeiture of 14,391 units from the 2023 award (per footnote).
• Shares owned after transaction: not stated in the filing.
• Notable footnotes: units were earned under the 2023 LTIP (performance-based), vesting occurred upon being earned (F1, F3); LTIP Units may be converted to Common OP Units and redeemed for cash equal to the fair market value of a BXP share or exchanged for shares at the issuer’s election (F2); LTIP Units have no expiration (F2).
• This was an award/grant of LTIP Units (derivative), not an open‑market buy or sale.

Context
LTIP Units are performance-based limited partnership units in Boston Properties Limited Partnership (BPLP). They vest when performance hurdles are met but are subject to an additional one‑year post‑vesting holding restriction before transfer or redemption rights can generally be exercised. Because this is an earned/awarded derivative grant (with conversion and redemption mechanics), it is different from an outright stock purchase or sale and provides limited direct signal about near‑term insider sentiment.