Michael Labelle Executive Compensation Filing

This filing details a grant of 72,034 LTIP Units to Michael Labelle, EVP and CFO of BXP, Inc., on December 22, 2025. These units, representing limited partnership interests in Boston Properties Limited Partnership, are part of the Issuer's 2025 Outperformance Plan. The LTIP Units are subject to performance-based vesting tied to the company's common stock price appreciation over a four-year period, with performance tiers ranging from $90.00 to $118.00. Additionally, time-based vesting conditions require one-third to vest on the second anniversary of the grant date, with the remainder vesting over the subsequent two years, contingent upon continued service and achievement of performance conditions. Each LTIP Unit may be converted into a common OP Unit, which can then be redeemed for cash equivalent to the fair market value of BXP's common stock, or exchanged for one share of common stock at the Issuer's election. The reported transaction involved an acquisition of these units at a price of $0.25 per unit, resulting in a post-transaction ownership of 300,789 LTIP Units.