LABELLE MICHAEL E 4

4 · BOSTON PROPERTIES LTD PARTNERSHIP · Filed Jun 4, 2026

AI-generated summary of this filing

Updated Jun 4, 2026

Boston Properties EVP Michael LaBelle Converts LTIP Units to BXP Shares

What Happened

Michael E. LaBelle, EVP and CFO of the issuer's general partner, converted 23,981 LTIP (long-term incentive) units into Common OP Units and those Common OP Units were redeemed for an equal number (23,981) of BXP (BXP, Inc.) common shares. The filing reports a derivative value of $0.25 per unit, totaling $5,995. This was a conversion/redemption transaction (not an open-market buy or sale).

Key Details

Transaction date: 2026-06-04 (filed same day).
Reported amounts: 23,981 LTIP units converted; 23,981 Common OP Units redeemed; reported derivative price $0.25 / unit; total reported value $5,995.
Shares owned after transaction: Not disclosed in this Form 4.
Footnotes: F2 confirms the LTIP units were converted and Common OP Units redeemed for an equal number of BXP common shares. F1/F3 explain Common OP Units and LTIP unit mechanics (redeemable for cash or exchangeable for BXP stock; LTIP units issued under equity incentive plans).
Timeliness: Filing date and report date are both 2026-06-04 (timely).

Context

This was an internal conversion/redemption of incentive units into company stock, not an open-market sale or purchase. For retail investors, such transactions typically reflect routine equity-plan mechanics (conversion of vested incentive units) rather than a market trade signaling buy/sell preference. The monetary amount reported ($5,995) is small relative to company market caps and likely reflects the derivative reporting convention rather than a cash sale.

Form 4

Period: 2026-06-04

EVP and CFO of GP

Transactions

Conversion
Common OP Units
[F1][F2]
2026-06-04+23,981→ 23,981 total
Conversion
Common OP Units
[F1][F2]
2026-06-04−23,981→ 0 total
Conversion
LTIP Units
[F3][F2]
2026-06-04$0.25/sh−23,981$5,995→ 300,395 total
→ Common OP Units (23,981 underlying)

Footnotes (3)

[F1]Represents common units of limited partnership interest ("Common OP Units") in the Issuer. Each Common OP 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 common stock of BXP, Inc. ("BXP"), the Issuer's sole general partner, except that BXP may at its election, acquire each Common OP Unit so presented for redemption for one share of BXP's common stock.
[F2]23,981 of the reporting person's units of limited partnership interest ("LTIP Units") in the Issuer were converted into Common OP Units in the Issuer by the reporting person and the Common OP Units were redeemed for an equal number of shares of BXP's common stock, in accordance with the terms of the Issuer's Partnership Agreement.
[F3]Represents LTIP Units in the Issuer issued pursuant to BXP's equity based incentive programs. 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 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.

Signature

/s/ Kelli A. DiLuglio, as Attorney-in-Fact|2026-06-04

1 file