Walsh Michael R. 4

What Happened
Michael R. Walsh, Senior Vice President & Chief Accounting Officer of Boston Properties, Inc. (BXP), received a grant of 4,638 LTIP units (derivative award) on January 30, 2026. The award was reported as 4,638 units at $0.25 per unit, with a total reported grant value of $1,160. This was an equity-based compensation award (code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-01-30; Form 4 filed: 2026-02-02 (filing appears timely).
• Grant: 4,638 LTIP Units at $0.25 per unit; total reported value $1,160.
• Vesting: The 4,638 LTIP Units vest in four equal annual installments beginning January 15, 2027.
• Instrument: LTIP Units are derivative limited partnership units (see footnote). They may be converted into Common OP Units and can be redeemed for cash equal to the fair market value of a BXP share or, at the issuer’s election, exchanged for one share of common stock. LTIP Units have no expiration date.
• Shares owned after transaction: Not disclosed in the provided filing.
• Transaction code: A = Award/Grant (derivative).

Context
This is a routine equity compensation grant to an executive; such awards are part of long-term incentive programs and don’t by themselves indicate buying or selling sentiment. Because these are LTIP (derivative) units that vest over time and may convert or be redeemed for stock/cash, their ultimate economic exposure depends on future conversion/redemption elections and vesting.