Form 4: BXP Inc. Director Matthew Lustig Reports Acquisition of Phantom Stock Units

Director Matthew Lustig reports acquisition of phantom stock units in BXP, Inc. under the company's 2021 Stock Incentive Plan.

Summary

• On March 31, 2025, Matthew Lustig, a director of BXP, Inc., acquired 446.5 phantom stock units.
• These units were awarded under BXP's 2021 Stock Incentive Plan as an alternative to director cash compensation fees.
• The phantom stock units convert to BXP common stock on a 1-for-1 basis.
• Lustig now beneficially owns 18,001.11 derivative securities.
• The price of the derivative security is $67.19.
• The phantom stock units will be settled in shares of BXP common stock (with fractional units settled in cash) either in a lump sum or in ten annual installments following Lustig's retirement from the BXP Board of Directors.
• Lustig also received 234.44 Phantom Stock Units pursuant to dividend equivalent rights on January 30, 2025.

Sentiment

Score: 6

Explanation: The document is a routine disclosure of a director's acquisition of phantom stock units, indicating a neutral sentiment. It reflects standard compensation practices and doesn't suggest any significant positive or negative developments.

Positives

• The acquisition of phantom stock units by a director signals confidence in the company's future performance.
• The 2021 Stock Incentive Plan appears to be functioning as intended, incentivizing non-employee directors.

Future Outlook

The phantom stock units will be settled in shares of BXP common stock (with fractional units settled in cash) either in a lump sum or in ten annual installments following Lustig's retirement from the BXP Board of Directors.

Industry Context

Director compensation through stock and phantom stock units is a common practice in the real estate industry to align the interests of directors with those of shareholders.

Comparison to Industry Standards

• Comparing BXP's director compensation structure to peers like Boston Properties (BXP's namesake), Equity Residential, or Simon Property Group would provide a benchmark for assessing the competitiveness and appropriateness of the compensation plan.
• The use of phantom stock units is a fairly standard practice, but the specific terms (vesting, payout schedule, conversion ratio) can vary significantly.
• Benchmarking against these companies would require analyzing their proxy statements and other SEC filings.

Stakeholder Impact

• The acquisition of phantom stock units by a director can have a slightly positive impact on shareholder sentiment, as it aligns the director's interests with those of the shareholders.
• The impact on employees, customers, suppliers, and creditors is likely to be negligible.

Key Dates

Keywords

BXP, Matthew Lustig, phantom stock units, director compensation, Form 4, beneficial ownership, 2021 Stock Incentive Plan