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

Director Tony West acquired 353.48 Phantom Stock Units of BXP, Inc. on March 31, 2025, convertible to common stock, as part of the company's 2021 Stock Incentive Plan.

Summary

• On March 31, 2025, Tony West, a director of BXP, Inc., acquired 353.48 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.
• West now holds a total of 2,752.27 Phantom Stock Units, including 32.04 units received through dividend equivalent rights on January 30, 2025.
• The price of the derivative security was $67.19.
• The 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.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. It reflects a standard director compensation practice, aligning interests with shareholders. There are no indications of negative implications.

Positives

• The acquisition of Phantom Stock Units by a director aligns their interests with those of the shareholders.
• The 2021 Stock Incentive Plan provides a mechanism for compensating directors in a way that encourages long-term value creation.
• Dividend equivalent rights further incentivize directors to hold the units.

Future Outlook

The Phantom Stock Units will be settled in shares of BXP common stock (except that fractional units, if any, will be settled in cash) in a lump sum or in ten annual installments, at the reporting person's election, following the reporting person's retirement from the BXP Board of Directors.

Industry Context

Director compensation through stock and phantom stock units is a common practice in publicly traded companies to align the interests of management and the board with those of shareholders. This encourages long-term value creation and responsible corporate governance.

Comparison to Industry Standards

• Many REITs and real estate companies use similar stock incentive plans for directors.
• Companies like Simon Property Group (SPG) and Equity Residential (EQR) also utilize equity-based compensation for their board members.
• The specific terms of the plan, such as the vesting schedule and settlement options, are typical for director compensation packages.

Stakeholder Impact

• Shareholders may view this as a positive sign, as it aligns the director's interests with the company's long-term performance.
• Employees are indirectly impacted as the company's overall governance and performance are influenced by the board's incentives.

Key Dates

Keywords

Phantom Stock Units, Director Compensation, BXP Inc., Stock Incentive Plan, Beneficial Ownership, Form 4, Tony West