Otteni Peter V 4

What Happened Peter V. Otteni, Executive Vice President of BXP, converted 4,863 LTIP units in Boston Properties Limited Partnership (BPLP) and received 4,863 shares of BXP common stock on May 15, 2026. The Form 4 shows multiple conversion (derivative) entries; one derivative-disposition line reports 4,863 units at $0.25 per unit for $1,216. No cash purchase price for the acquired shares is reported (N/A).

Key Details

• Transaction date: May 15, 2026; Form 4 filed May 18, 2026 (filed within required timeframe).
• Primary effect: 4,863 LTIP Units were converted into Common OP Units and those Common OP Units were redeemed for 4,863 shares of BXP common stock.
• Reported cash line: a derivative-disposition entry of 4,863 units at $0.25 per unit = $1,216 is included in the filing.
• Shares owned after the transaction: not specified in the data provided in this summary.
• Filing timeliness: timely (filed within required business-day window).

Context

• These were conversions of LTIP Units (limited partnership interest units issued under BXP’s equity incentive plans). Per the filing footnotes, LTIP Units can be converted into Common OP Units, and Common OP Units may be redeemed for cash equal to fair market value or, at the issuer’s election, exchanged for one share of the issuer’s common stock. In this case the conversion/redemption resulted in shares being issued.
• This is not a market purchase or open-market sale; it reflects an internal conversion/redemption of incentive units into company stock rather than a buy/sell decision in the public market.