LABELLE MICHAEL E 4

What Happened Michael E. LaBelle, EVP and Chief Financial Officer of BXP, was granted/earned 7,736 LTIP units (derivative units) on 2026-02-13 at a reported per-unit amount of $0.25, a total reported value of $1,934. This filing reflects an award/vesting of performance-based long‑term incentive units (not an open‑market purchase or sale).

Key Details

• Transaction date: 2026-02-13; filing date: 2026-02-17 (filing appears timely).
• Instrument/type: LTIP Units (derivative award) — reported as "A" (Award/Grant).
• Price/value: $0.25 per unit; total reported value $1,934.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Notable footnotes:
  • F1: Units are limited partnership interests in Boston Properties Limited Partnership earned under the 2023 Multi‑Year LTIP (performance hurdles 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 share, or BXP may elect to exchange for one share of common stock. LTIP Units have no expiration.
  • F3: Earned LTIP Units vested in full but are subject to a one‑year post‑vesting holding period during which transfer/redemption rights are restricted.
  • F4: The filing also reflects forfeiture of 7,343 LTIP Units originally issued on Feb 7, 2023 that had been previously reported but remained subject to performance vesting.

Context This was an earned, performance‑based award that vested — essentially compensation — rather than a market purchase or sale. For retail investors, such awards indicate management was credited under company performance metrics, but they do not by themselves signal a buy/sell decision by the insider. The units are derivatives with conversion/redemption mechanics and a one‑year post‑vesting holding restriction.