Otteni Peter V 4

4 · BOSTON PROPERTIES LTD PARTNERSHIP · Filed May 18, 2026

AI-generated summary of this filing

Updated May 18, 2026

Boston Properties EVP Peter Otteni Converts LTIP Units, Receives 4,863 Shares

What Happened

Peter V. Otteni, Executive Vice President of the Issuer's GP, converted 4,863 LTIP (long-term incentive) units into Common OP Units and those Common OP Units were redeemed for 4,863 shares of BXP, Inc. common stock. The filing reports a $0.25 per-unit derivative value on one line (total $1,216). This was a conversion/redemption transaction—not an open‑market sale or cash purchase.

Key Details

Transaction date: 2026-05-15; Form 4 filed: 2026-05-18 (filed within the standard two-business-day window).
Quantity: 4,863 LTIP units converted and redeemed for 4,863 BXP common shares.
Reported per-unit amount on one line: $0.25; total reported derivative value: $1,216.
Shares owned after transaction: Form reports that Otteni received 4,863 BXP shares but does not disclose his total BXP holdings after the transaction.
Notable footnotes: F2 confirms the LTIP units were converted and redeemed for one-for-one BXP shares. F3 explains LTIP units are incentive units granted under BXP’s equity plans and can be converted into Common OP Units; F1 explains Common OP Units’ redemption mechanics.

Context

This was a conversion/redemption of incentive units into company stock (a non‑market transaction). It’s effectively a receipt of 4,863 BXP shares via plan mechanics rather than a purchase or an open‑market sale. The reported $1,216 reflects the derivative/nominal value recorded in the Form 4, not an open‑market sale proceeds figure.

Form 4

Period: 2026-05-15

Executive Vice President of GP

Transactions

Conversion
Common OP Units
[F1][F2]
2026-05-15+4,863→ 4,863 total
Conversion
Common OP Units
[F1][F2]
2026-05-15−4,863→ 0 total
Conversion
LTIP Units
[F3][F2]
2026-05-15$0.25/sh−4,863$1,216→ 94,515 total
→ Common OP Units (4,863 underlying)

Footnotes (3)

[F1]Represents common units of limited partnership interest in the Issuer ("Common OP Units"). 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 common stock of BXP, Inc. ("BXP"), the Issuer's sole general partner, except that BXP may, at its election, acquire each Common OP Unit so presented for redemption for one share of BXP's common stock.
[F2]4,863 of the reporting person's units of limited partnership interest ("LTIP Units") in the Issuer were converted into Common OP Units by the reporting person and the Common OP Units were redeemed for an equal number of shares of BXP's common stock in accordance with the terms of the Issuer's Partnership Agreement.
[F3]Represents LTIP Units in the Issuer issued pursuant to BXP'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 the Issuer 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 BXP's common stock, except that BXP may, at its election, acquire each Common OP Unit so presented for redemption for one share of BXP's common stock. LTIP Units have no expiration date.

Signature

/s/ Kelli A. DiLuglio, as Attorney-in-Fact|2026-05-18

1 file