Otteni Peter V 4

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.