LABELLE MICHAEL E 4
4 · BOSTON PROPERTIES LTD PARTNERSHIP · Filed Feb 17, 2026
Research Summary
AI-generated summary of this filing
Boston Properties EVP/CFO Michael LaBelle Receives 7,736 LTIP Units
What Happened
- Michael E. LaBelle, EVP and CFO of the issuer's general partner, was awarded 7,736 LTIP units (derivative interests) on Feb 13, 2026. The reported acquisition price is $0.25 per unit, totaling $1,934. This was an award/vesting event under the company’s multi-year long-term incentive program, not an open-market purchase or sale.
Key Details
- Transaction date: 2026-02-13; Report filed: 2026-02-17 (timely filing).
- Transaction type: Award/Grant (derivative LTIP Units) — reported as Code A.
- Units awarded: 7,736 LTIP Units at $0.25 each; total reported value $1,934.
- Shares/units owned after transaction: Not specified in the Form 4 filing.
- Notable footnotes:
- F1: Units were earned under BXP’s 2023 Multi-Year LTIP once performance hurdles were met.
- F2: LTIP Units may be converted to Common OP Units and generally can be redeemed for cash equal to the fair market value of a BXP common share, or converted to shares at BXP’s election.
- F3: Although vested when earned, these LTIP Units/Common OP Units are subject to a one-year post-vesting transfer/redemption holding period.
- F4: The filing also reflects forfeiture of 7,343 LTIP Units originally issued Feb 7, 2023 that were subject to performance-based vesting and have now been forfeited.
Context
- These were performance-based LTIP awards (derivative interests), not open-market trades, so they reflect compensation/vesting outcomes rather than a direct buying or selling decision by the insider. The units have conversion and redemption mechanics tied to BXP common stock and carry a one-year post-vesting restriction before transfer or redemption.
Insider Transaction Report
Form 4
LABELLE MICHAEL E
EVP and CFO of GP
Transactions
- Award
LTIP Units
[F1][F2][F3][F4]2026-02-13$0.25/sh+7,736$1,934→ 324,376 total→ Common OP Units (7,736 underlying)
Footnotes (4)
- [F1]Represents units of limited partnership interest in the Issuer earned (i.e., for which the performance-based hurdles have been met) pursuant to BXP, Inc.'s ("BXP's"), the Issuer's sole general partner's, 2023 Multi-Year Long-Term Incentive Program (the "Program").
- [F2]Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of the Issuer or the holder, into a common unit of limited partnership interest in the Issuer ("Common OP Unit"). Each Common OP Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of BXP's common stock, except that BXP may, at its election, acquire each Common OP Unit so presented for one share of BXP's common stock. LTIP Units have no expiration date.
- [F3]The LTIP Units earned pursuant to the Program vested in full upon being earned. Each earned LTIP Unit and Common OP Unit acquired upon conversion of such LTIP Unit is subject to an additional post-vesting holding period pursuant to which such LTIP Unit and Common OP Unit generally may not be transferred, and the redemption right associated with the Common OP Unit may not be exercised, until one year after the vesting date.
- [F4]Reflects the forfeiture of 7,343 LTIP Units originally issued on February 7, 2023 pursuant to the Program that were previously reported as beneficially owned by the Reporting Person, but remained subject to certain performance-based vesting hurdles based on the Issuer's total shareholder return for the period from February 7, 2023 to February 6, 2026.
Signature
/s/ Kelli A. DiLuglio, as Attorney-in-Fact|2026-02-17