Form 4: BXP Inc. Director Carol B. Einiger Reports Acquisition of Phantom Stock Units

Director Carol B. Einiger reports the acquisition of phantom stock units in BXP, Inc. related to director compensation.

Summary

• On September 30, 2024, Carol B. Einiger, a director of BXP, Inc., reported acquiring 341.78 phantom stock units.
• These units were awarded under the company's 2021 Stock Incentive Plan as an alternative to cash compensation.
• The phantom stock units convert to BXP common stock on a 1-for-1 basis and will be settled in shares (or cash for fractional units) after the director's retirement from the board.
• Einiger directly owns 30,853.03 shares, including 413.63 phantom stock units received through dividend equivalent rights on July 31, 2024.
• The price of the phantom stock units was $80.46.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects standard director compensation practices and aligns director interests with shareholders.

Positives

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders.
• The 2021 Stock Incentive Plan provides flexibility for non-employee directors to choose between cash and equity-based compensation.

Future Outlook

The phantom stock units will be settled in shares of BXP common stock (or cash for fractional units) after the director's retirement, with potential elections to convert to deemed investments in measurement funds.

Industry Context

This filing is a routine disclosure related to director compensation and aligns with standard practices for publicly traded companies.

Comparison to Industry Standards

• Director compensation packages often include a mix of cash and equity.
• Phantom stock units are a common tool used to align director interests with shareholder value, similar to practices at companies like Boston Properties' peers such as Equity Residential (EQR) and Vornado Realty Trust (VNO).
• The vesting and settlement terms are typical for such awards, often linked to retirement or continued service on the board.

Stakeholder Impact

• The acquisition of phantom stock units by a director can positively influence shareholder confidence by aligning management's interests with those of the shareholders.

Key Dates