KIPP MARY E 4

What Happened
Mary E. Kipp, a director of BXP, was awarded 529.87 Phantom Stock Units on 2026-03-31, valued at $51.90 each for a total grant value of $27,500. This was an award (not a market purchase or sale) granted as part of director compensation and is a derivative entitlement that converts 1-for-1 into BXP common shares.

Key Details

• Transaction date and price: 2026-03-31; 529.87 units @ $51.90 each = $27,500 total.
• Shares owned after transaction: Not specified in the filing.
• Footnotes of note:
  • F1: Phantom Stock Units convert to BXP common stock on a 1-for-1 basis.
  • F2: Units awarded under BXP’s 2021 Stock Incentive Plan for non-employee directors who elected phantom units in lieu of cash; settlement occurs in shares (fractional units in cash) in a lump sum or up to ten annual installments after retirement; directors may reallocate post-retirement to measurement funds (those amounts are settled in cash).
  • F3: The award includes 79.06 Phantom Stock Units credited as dividend equivalents on Jan 29, 2026.
• Filing timeliness: Report covers period ending 2026-03-31 and was filed 2026-04-01 (appears timely).

Context
Phantom Stock Units are a common form of director compensation and represent a future right to receive shares (or cash in some cases); they are not an immediate cash purchase or sale of stock. Such awards reflect compensation policy rather than an open-market bullish or bearish trade by the director.