LABELLE MICHAEL E 4

What Happened
Michael E. Labelle, EVP and CFO of BXP, received a grant of 23,194 LTIP units (derivative units) on January 30, 2026. The units were recorded at $0.25 each for a total reported value of $5,799. This was an equity-based award (transaction code A) under the issuer’s long-term incentive programs, not an open-market purchase or sale.

Key Details

• Transaction date: 2026-01-30; Form 4 filed: 2026-02-02 (timely filing).
• Instrument: 23,194 LTIP Units; price reported $0.25/unit; total $5,799. (Derivative award.)
• Vesting: Units vest in four equal annual installments beginning January 15, 2027.
• Conversion/redemption: LTIP Units may be converted into common OP Units and those may be redeemable for cash equal to the fair market value of BXP common stock or, at BXP’s election, exchanged for one share of BXP common stock. LTIP Units have no expiration.
• Shares owned after transaction: Not disclosed in the filing.

Context
This was a compensation grant (award of LTIP units) rather than a market purchase or sale. Such grants are common for executives and generally subject to future vesting and conversion rules before any cash or stock value is realized. No late filing or sales were indicated.