BXP Director Matthew J. Lustig Receives 439.86 Phantom Stock Units in Lieu of Cash Compensation

This Form 4 filing reports that Matthew J. Lustig, a non-employee director of BXP, Inc., received 439.86 phantom stock units on June 30, 2026, in lieu of director cash compensation fees. The units were awarded under BXP's 2021 Stock Incentive Plan and convert to common stock on a 1-for-1 basis. The transaction price was $66.31 per share, bringing Lustig's total holdings to 21,515.66 phantom stock units following the award. The filing notes that 249.38 of these units were received as dividend equivalent rights credited on April 30, 2026. Phantom stock units are settled in BXP common stock following the director's retirement from the board, with options for deferred payout and potential conversion to cash-based measurement funds after board service ends.