Form 4: BXP Inc. Director Tony West Acquires Phantom Stock Units

Director Tony West acquired phantom stock units in BXP, Inc. under the company's 2021 Stock Incentive Plan.

Summary

• On September 30, 2024, Tony West, a director of BXP, Inc., acquired 295.18 phantom stock units.
• These units were awarded under the BXP, Inc. 2021 Stock Incentive Plan as an alternative to director cash compensation fees.
• The phantom stock units convert to BXP, Inc. common stock on a 1-for-1 basis.
• The price of the stock at the time of the transaction was $80.46.
• Following the transaction, West holds 2,022.75 phantom stock units.
• These 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 West's retirement from the BXP Board of Directors.
• West also received 23.42 Phantom Stock Units pursuant to dividend equivalent rights on July 31, 2024.

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 aligns director interests with shareholder value.

Positives

• The acquisition of phantom stock units by a director demonstrates alignment with the company's long-term performance.
• The stock incentive plan is a common method to attract and retain high-quality board members.

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, based on the reporting person's election. Amounts notionally invested in measurement funds will be settled in cash instead of BXP common stock.

Industry Context

Stock incentive plans and phantom stock units are common compensation tools used by publicly traded companies to align the interests of directors and management with those of shareholders. This encourages long-term value creation.

Comparison to Industry Standards

• Many REITs and real estate companies use similar stock incentive plans to compensate their directors.
• The specifics of the BXP, Inc. plan, such as the vesting schedule and settlement options, would need to be compared to those of peer companies like Boston Properties, Vornado Realty Trust, and Equity Residential to determine its relative attractiveness.

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.
• The plan provides a form of deferred compensation for the director.

Key Dates