LABELLE MICHAEL E 4

What Happened
Michael E. LaBelle, EVP and Chief Financial Officer 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 award/grant (not an open-market purchase or sale) as part of the company’s equity-based incentive program.

Key Details

• Transaction date: 2026-01-30; Filing date (Form 4): 2026-02-02 (timely filed).
• Transaction type/code: A = Award/Grant; Derivative security (LTIP Units).
• Quantity and value: 23,194 LTIP Units at $0.25 each; total $5,799.
• Vesting: 23,194 LTIP Units vest in four equal annual installments beginning January 15, 2027.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote highlights: LTIP Units are units of limited partnership interest in BPLP, convertible (subject to conditions) into Common OP Units, which may be redeemed for cash equal to the then fair market value of a BXP common share or exchanged for one share at the issuer’s election; LTIP Units have no expiration date.

Context
This was a compensation award (common for executives) rather than a purchase or sale; such grants are routine parts of long-term incentive pay and do not by themselves indicate buying or selling sentiment. Because these are derivative LTIP Units, they carry conversion/redemption mechanics rather than representing direct shares immediately; vesting begins in 2027 over four years.