LABELLE MICHAEL E 4

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.