Spann Hilary J. 4
4 · BXP, Inc. · Filed Feb 26, 2026
Research Summary
AI-generated summary of this filing
Boston Properties (BXP) EVP Hilary Spann Acquires 5,495 Shares via LTIP Conversion
What Happened
Hilary J. Spann, Executive Vice President of Boston Properties, reported the conversion of 5,495 LTIP (limited partnership) units into common units and the redemption of those units for 5,495 shares of BXP common stock on 2026-02-25. The Form 4 shows a reported disposition of 5,495 shares at $0.25 per share, totaling $1,374, in connection with the conversion/redemption. The main economic event is an acquisition of shares through an equity-compensation conversion rather than an open-market purchase.
Key Details
- Transaction date: February 25, 2026; Form filed February 26, 2026 (timely).
- Primary action: Conversion of LTIP Units into Common OP Units and redemption for common stock (derivative/security conversion; transaction code C).
- Reported counts/prices: 5,495 shares acquired via conversion; a corresponding reported disposal of 5,495 shares at $0.25 each (total $1,374). Acquisition price listed as N/A (conversion).
- Shares owned after transaction: Not specified in the provided filing excerpt.
- Footnotes: F1–F3 explain LTIP Units convertable into Common OP Units and that Common OP Units may be redeemed for cash or exchanged by the issuer for shares of common stock; LTIP and Common OP Units have no expiration.
- Filing timeliness: Report appears timely (filed one day after the transaction).
Context
This was an equity-compensation conversion (LTIP units converted and redeemed for company stock). Such conversions are routine for executives receiving long-term incentive units; the small reported $1,374 disposition commonly reflects cash handling or withholding related to the conversion/redemption process rather than an opportunistic market sale.
Insider Transaction Report
- Conversion
Common Stock, par value $0.01
[F1]2026-02-25+5,495→ 23,327 total - Conversion
LTIP Units
[F2][F1]2026-02-25$0.25/sh−5,495$1,374→ 39,923 total→ Common Stock, par value $.01 (5,495 underlying) - Conversion
Common OP Units
[F3][F1]2026-02-25+5,495→ 5,495 total→ Common Stock, par value $0.01 (5,495 underlying) - Conversion
Common OP Units
[F3][F1]2026-02-25−5,495→ 0 total→ Common Stock, par value $0.01 (5,495 underlying)
Footnotes (3)
- [F1]5,495 of the reporting person's units of limited partnership interest ("LTIP Units") in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, were converted into common units of limited partnership interest ("Common OP Units") in BPLP by the reporting person and the Common OP Units were redeemed for an equal number of shares of the Issuer's common stock in accordance with BPLP's Partnership Agreement.
- [F2]Represents units of limited partnership interest in BPLP issued pursuant to the Issuer'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 BPLP 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 the Issuer's common stock, except that the Issuer may, at its election, acquire each Common OP Unit so presented for one share of the Issuer's common stock. LTIP Units have no expiration date.
- [F3]Represents Common OP Units in BPLP. 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 the Issuer's common stock, except that the Issuer may, at its election, acquire each Common OP Unit so presented for redemption for one share of the Issuer's common stock. Common OP Units have no expiration date.