Frank D. Burt - Jun 9, 2021 Form 4 Insider Report for BOSTON PROPERTIES INC (BXP)

Role: SVP, CLO and Secretary
Signature: /s/ Kelli A. DiLuglio, as Attorney-in-Fact
Stock symbol: BXP
Transactions as of: Jun 9, 2021
Transactions value $: -$246,360
Form type: 4
Date filed: 6/10/2021, 03:48 PM
Next filing: Nov 15, 2021

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	BXP	Common Stock, par value $0.01	Conversion of derivative security		+2K			2K	Jun 9, 2021	Direct	F1
transaction	BXP	Common Stock, par value $0.01	Gift	$0	-2K	-100%	$0.00^*	0	Jun 9, 2021	Direct
transaction	BXP	Common Stock, par value $0.01	Gift	$0	+2K		$0.00	2K	Jun 9, 2021	By The Burt Family Trust - 1993
transaction	BXP	Common Stock, par value $0.01	Sale	-$246K	-2K	-100%	$122.93	0	Jun 10, 2021	By The Burt Family Trust - 1993

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	BXP	LTIP Units	Conversion of derivative security	-$500	-2K	-15.24%	$0.25^*	11.1K	Jun 9, 2021	Common Stock, par value $0.01	2K		Direct	F1, F2
transaction	BXP	Common OP Units	Conversion of derivative security		+2K			2K	Jun 9, 2021	Common Stock, par value $0.01	2K		Direct	F1, F3
transaction	BXP	Common OP Units	Conversion of derivative security		-2K	-100%		0	Jun 9, 2021	Common Stock, par value $0.01	2K		Direct	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	2,000 of the Reporting Person's units of limited partnership interest ("LTIP Units") in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the sole general partner, were converted into common units of limited partnership interest ("Common OP Units") in BPLP by the Reporting Person and the Common OP Units were redeemed for an equal number of shares of the Issuer's common stock in accordance with BPLP's Partnership Agreement.
F2	Represents LTIP Units in BPLP, of which the Issuer is the general partner, issued as long term incentive compensation pursuant to the Issuer's equity based incentive programs. Conditioned upon minimum allocations to the capital accounts of the LTIP Units for federal income tax purposes, each LTIP Unit may be converted, at the election of BPLP or the holder, into a Common OP Unit. Each Common OP Unit acquired upon conversion of an LTIP Unit may be presented for redemption, at the election of the holder, for cash equal to the then fair market value of a share of the Issuer's common stock, except that the Issuer may, at its election, acquire each Common OP Unit so presented for one share of common stock. LTIP Units have no expiration date.
F3	Represents Common OP Units in BPLP. Each Common OP Unit may be presented for redemption, at the election of the holder, for cash equal to the fair market value of a share of the Issuer's common stock, except that the Issuer may, at its election, acquire each Common OP Unit so presented for redemption for one share of common stock. Common OP Units have no expiration date.