Form 4: BXP Inc. Director Acquires Phantom Stock Units

Director William H. Walton III acquired phantom stock units in BXP, Inc. under the company's 2021 Stock Incentive Plan.

Summary

• William H. Walton III, a director of BXP, Inc., acquired phantom stock units on June 30, 2024.
• The acquisition was made under BXP's 2021 Stock Incentive Plan.
• Walton received 374.29 phantom stock units, convertible to BXP common stock on a 1-for-1 basis.
• These units were awarded in lieu of director cash compensation fees.
• The price per unit was $61.56.
• Following the transaction, Walton beneficially owns 6,547.51 phantom stock units.
• This amount includes 96.23 Phantom Stock Units received pursuant to dividend equivalent rights which were credited to the Reporting Person on April 30, 2024.
• The phantom stock units will be settled in shares of BXP common stock upon Walton's retirement from the BXP Board of Directors, either in a lump sum or in ten annual installments, at Walton's election.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a stable and well-managed company. The use of phantom stock units is a positive sign of aligning director interests with shareholder value.

Positives

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders.
• The stock incentive plan is a common way to compensate directors and retain talent.

Future Outlook

The phantom stock units will be settled in shares of BXP common stock upon the director's retirement, either in a lump sum or in ten annual installments, at the director's election.

Industry Context

The use of phantom stock units is a common practice in real estate investment trusts (REITs) like BXP to align the interests of directors with those of shareholders and to conserve cash.

Comparison to Industry Standards

• Many REITs use stock-based compensation, including phantom stock units, to incentivize directors and executives.
• Companies like Simon Property Group and Prologis also utilize similar compensation structures.
• The specific terms of the BXP plan, such as the vesting schedule and settlement options, are typical for the industry.

Stakeholder Impact

• The acquisition of phantom stock units by a director can positively impact shareholders by aligning the director's interests with the company's long-term success.
• Employees may view this as a positive sign of the company's commitment to its leadership.

Key Dates