LABELLE MICHAEL E 4

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.