LABELLE MICHAEL E 4
4 · BXP, Inc. · Filed Jun 4, 2026
Research Summary
AI-generated summary of this filing
BXP CFO Michael Labelle Converts LTIP Units, Redeems 23,981 Shares
What Happened
Michael E. LaBelle, EVP and Chief Financial Officer of BXP, converted 23,981 LTIP (limited partnership) units into Common OP units and those Common OP units were redeemed for an equal number (23,981) of shares of BXP common stock. The Form 4 lists multiple conversion/redemption derivative entries (transaction code C). One derivative disposition line reports a value of $5,995 at $0.25 per unit; other conversion lines show price as N/A.
Key Details
- Transaction date: 2026-06-04 (reported same day).
- Primary action: Conversion of 23,981 LTIP Units → Common OP Units → redeemed for 23,981 shares of BXP common stock.
- Prices reported: most conversion lines show N/A; one derivative disposition line shows $0.25 per unit for a total of $5,995.
- Shares owned after transaction: not specified in the provided extract of the filing.
- Footnotes:
- F1–F3 explain LTIP Units can be converted into Common OP Units and Common OP Units may be redeemed for cash equal to fair market value or, at the issuer’s election, exchanged for one share of BXP common stock. LTIP and Common OP Units have no expiration.
- Timeliness: Filing date equals the transaction date (no late filing indicated).
Context
This was a conversion/redemption of equity-based incentive units into company common stock (derivative conversion), not an open-market purchase or sale. Such conversions are routine mechanics of equity compensation plans and do not, by themselves, indicate a change in sentiment. The $0.25/$5,995 line appears as a derivative disposition in the Form 4 and likely reflects a transactional detail described in the footnotes; the filing does not show an open-market sale of the resulting shares.
Insider Transaction Report
- Conversion
Common Stock, par value $0.01
[F1]2026-06-04+23,981→ 31,952 total - Conversion
LTIP Units
[F2][F1]2026-06-04$0.25/sh−23,981$5,995→ 300,395 total→ Common Stock, par value $.01 (23,981 underlying) - Conversion
Common OP Units
[F3][F1]2026-06-04+23,981→ 23,981 total→ Common Stock, par value $0.01 (23,981 underlying) - Conversion
Common OP Units
[F3][F1]2026-06-04−23,981→ 0 total→ Common Stock, par value $0.01 (23,981 underlying)
Footnotes (3)
- [F1]23,981 of the reporting person's units of limited partnership interest ("LTIP Units") in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, were converted into common units of limited partnership interest ("Common OP Units") in BPLP by the reporting person and the Common OP Units were redeemed for an equal number of shares of the Issuer's common stock in accordance with BPLP's Partnership Agreement.
- [F2]Represents LTIP Units in BPLP issued pursuant to the Issuer'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 BPLP 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 the Issuer's common stock, except that the Issuer may, at its election, acquire each Common OP Unit so presented for one share of the Issuer's common stock. LTIP Units have no expiration date.
- [F3]Represents Common OP Units in BPLP. 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 the Issuer's common stock, except that the Issuer may, at its election, acquire each Common OP Unit so presented for redemption for one share of the Issuer's common stock. Common OP Units have no expiration date.