Spann Hilary J. 4

What Happened
Hilary J. Spann, Executive Vice President of the general partner of Boston Properties, converted 5,495 LTIP (long-term incentive plan) units into Common OP Units and those Common OP Units were redeemed for an equal number (5,495) of shares of BXP, Inc. common stock. The Form 4 shows an associated disposition line reporting 5,495 shares at $0.25 per share, totaling $1,374 (derivative disposition).

Key Details

• Transaction date: 2026-02-25; Form 4 filed: 2026-02-26.
• Reported transactions: conversion/acquisition of 5,495 shares (conversion of LTIP units), redemption/disposition of 5,495 shares, and a derivative disposition reported at $0.25/share for $1,374.
• Shares owned after the transaction: not disclosed in the excerpt provided.
• Relevant footnotes:
  • F2/F3: 5,495 LTIP Units were converted into Common OP Units and redeemed for 5,495 shares of BXP common stock per the partnership agreement.
  • F1/F3 explain that Common OP Units can be redeemed for cash equal to BXP share FMV or exchanged for BXP common stock; LTIP Units are equity awards that may be converted and have no expiration.
• Filing timeliness: transaction date and filing date are adjacent (no late-filing flag indicated).

Context
This was not an open-market purchase or sale of stock but an internal conversion/redemption of equity awards: LTIP units converted to partnership units and then redeemed for BXP shares. The small $1,374 disposition reported (5,495 shares at $0.25) is recorded as a derivative disposition in the filing; filings of this type often include a small share surrender or disposition related to tax withholding or administrative mechanics of conversion/redemption. The Form 4 does not by itself signal the insider’s view of the company’s prospects.