BXP Director Julie Richardson Receives Phantom Stock Award

What Happened Julie Richardson, a director of BXP, was granted 409.1 Phantom Stock Units on 2026-09-30 (reported on Form 4 filed 2026-10-01). The units were valued at $61.11 each for a total grant value of $25,000. This transaction is an award (derivative grant) rather than an open-market purchase or sale.

Key Details

• Transaction date and valuation: 2026-09-30, 409.1 Phantom Stock Units @ $61.11 = $25,000 (reported 2026-10-01).
• Transaction type: Award/Grant of Phantom Stock Units (derivative), Form 4 code A.
• Conversion: Phantom Stock Units convert to BXP common stock on a 1-for-1 basis (F1).
• Plan and eligibility: Units awarded under BXP’s 2021 Stock Incentive Plan to non-employee directors who elected to receive phantom units instead of cash fees (F2).
• Settlement and elections: Units are settled in shares (fractionals paid in cash) either in a lump sum or up to ten annual installments after the director’s retirement; directors may elect post-retirement to convert some notional investment into cash-settled measurement funds (in 25% increments) (F2).
• Dividend equivalents: 17.45 of the Phantom Stock Units reflect dividend equivalent credits posted July 31, 2026 (F3).
• Shares owned after transaction: Not specified in this filing.
• Filing timeliness: Reported the business day after the grant date; no late filing indicated.

Context Phantom Stock Units are a form of deferred compensation for non-employee directors and are settled in shares (or cash for fractionals/measurement-fund elections) after board service ends. Such awards are common as routine director compensation and do not represent an immediate purchase or sale of shares on the open market, so they signal compensation policy more than direct insider buying/selling intent.