Form 4: BXP Director Acquires Phantom Stock Units

BXP, Inc. director Tony West acquired 351.63 phantom stock units, convertible to common stock, as part of a director compensation plan.

Summary

• Tony West, a Director at BXP, Inc., acquired 351.63 Phantom Stock Units on June 30, 2026.
• These units are part of the BXP's 2021 Stock Incentive Plan and are awarded to non-employee directors in lieu of cash compensation.
• Each Phantom Stock Unit is convertible into one share of BXP common stock.
• The units are to be settled in shares of BXP common stock, with fractional units settled in cash, following the reporting person's retirement.
• Settlement can be in a lump sum or ten annual installments, at the reporting person's election.
• Additionally, 52.62 Phantom Stock Units were received on April 30, 2026, due to dividend equivalent rights.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it pertains to routine director compensation and does not indicate significant operational changes or financial performance.

Positives

• Director compensation aligns with long-term shareholder interests through equity-based awards.
• The acquisition of phantom stock units by a director indicates continued commitment to the company.
• Dividend equivalent rights on phantom stock units suggest a mechanism for directors to benefit from company performance and dividends.

Negatives

• The filing details a transaction related to director compensation, not operational performance, which may not directly impact the company's immediate financial health.

Risks

• Potential for fractional units to be settled in cash, which could lead to minor cash outflows.
• The value of phantom stock units is tied to the performance of BXP common stock, exposing the director to market volatility.
• Elections to convert notional investments to measurement funds could result in cash settlement instead of stock, impacting potential equity dilution.

Future Outlook

The phantom stock units are to be settled in shares of BXP common stock following the reporting person's retirement from the BXP Board of Directors, with options for lump sum or installment payments.

Industry Context

StockSavvy.ai notes that equity-based compensation for directors, such as phantom stock units, is a common practice in the real estate investment trust (REIT) sector to align director incentives with shareholder value and company performance.

Related Party Transactions

• Acquisition of Phantom Stock Units by Director Tony West as part of director compensation.

Stakeholder Impact

• Shareholders: Potential for slight dilution if phantom stock units are settled in shares, though this is a standard compensation practice.
• Directors: Continued incentive alignment with company performance through equity awards.

Next Steps

• Settlement of Phantom Stock Units in shares of BXP common stock upon reporting person's retirement.
• Potential election by reporting person to convert notional investments to measurement funds after service ends.

Key Dates

Keywords

BXP, Inc., Tony West, Form 4, Insider Transaction, Phantom Stock Units, Director Compensation, Stock Incentive Plan, Beneficial Ownership, Securities Exchange Act