Form 4: BXP Director Matthew Lustig Reports Phantom Stock Units

Matthew J. Lustig, a Director at BXP, Inc., reported the acquisition of 439.86 Phantom Stock Units on June 30, 2026, as part of a compensation plan.

Summary

• Matthew J. Lustig, a Director at BXP, Inc., acquired 439.86 Phantom Stock Units on June 30, 2026.
• These units are part of the BXP's 2021 Stock Incentive Plan, where non-employee directors can elect to receive Phantom Stock Units instead of cash compensation.
• The Phantom Stock Units convert to BXP common stock on a 1-for-1 basis.
• Settlement in shares of BXP common stock will occur in a lump sum or ten annual installments after Lustig retires from the BXP Board.
• Fractional units will be settled in cash.
• Directors can elect to convert their notional investment from BXP common stock to measurement funds, which will be settled in cash.
• The filing also notes 249.38 Phantom Stock Units received due to dividend equivalent rights on April 30, 2026.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily details routine director compensation adjustments and does not indicate significant new financial performance or strategic shifts.

Positives

• Director compensation structure allows for equity participation through Phantom Stock Units.
• Dividend equivalent rights were applied to the Phantom Stock Units, increasing the total amount held.

Risks

• The value of Phantom Stock Units is tied to the performance of BXP common stock.
• Elections to convert to measurement funds may result in cash settlement rather than BXP stock, potentially impacting direct equity ownership.

Future Outlook

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 payouts, and potential conversion to measurement funds.

Industry Context

StockSavvy.ai notes that the use of Phantom Stock Units by BXP, Inc. for director compensation is a common practice in the Real Estate sector, aligning director interests with shareholder value through equity-based incentives.

Stakeholder Impact

• Shareholders: The issuance of Phantom Stock Units and their conversion to common stock can dilute existing share ownership, but also aligns director incentives with long-term company performance.
• Directors: Provides a mechanism for directors to receive equity-based compensation tied to company performance.
• Employees: Indirect impact through the alignment of director and company performance.

Next Steps

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

Key Dates

Keywords

BXP, Matthew Lustig, Phantom Stock Units, Director Compensation, Stock Incentive Plan, SEC Form 4, Beneficial Ownership, Equity Compensation