Matthew J. Lustig - May 28, 2025 Form 4 Insider Report for BXP, Inc. (BXP)

Role: Director
Signature: /s/ Kelli A. DiLuglio, as Attorney-in-Fact
Stock symbol: BXP
Transactions as of: May 28, 2025
Transactions value $: $609
Form type: 4
Date filed: 5/29/2025, 12:32 PM
Previous filing: May 15, 2025
Next filing: Jul 1, 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
LUSTIG MATTHEW J	Director	C/O LAZARD FRERES & CO LLC, 30 ROCKEFELLER PLAZA, NEW YORK	/s/ Kelli A. DiLuglio, as Attorney-in-Fact	2025-05-29	0001203367

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BXP	LTIP Units	Award	$609	+2.43K	+12.21%	$0.25	22.4K	May 28, 2025	Common Stock, par value $0.01	2.43K		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents units of limited partnership interest in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, issued pursuant to the Issuer's equity based incentive programs ("LTIP Units"). 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 unit of limited partnership interest in BPLP ("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 common stock. LTIP Units have no expiration date.
F2	The 2,434 LTIP Units will vest on the earlier of (i) May 28, 2026 and (ii) the date of the BXP's 2026 annual meeting of stockholders.

Content

Represents units of limited partnership interest in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, issued pursuant to the Issuer's equity based incentive programs ("LTIP Units"). 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 unit of limited partnership interest in BPLP ("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 common stock. LTIP Units have no expiration date.

The 2,434 LTIP Units will vest on the earlier of (i) May 28, 2026 and (ii) the date of the BXP's 2026 annual meeting of stockholders.