LABELLE MICHAEL E 4

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.