Robert E. Pester - 07 Feb 2023 Form 4 Insider Report for BOSTON PROPERTIES INC (BXP)

Role: Executive Vice President
Signature: /s/ Kelli A. DiLuglio, as Attorney-in-Fact
Issuer symbol: BXP
Transactions as of: 07 Feb 2023
Net transactions value: +$1,986
Form type: 4
Filing time: 09 Feb 2023, 13:47:53 UTC
Previous filing: 07 Feb 2023
Next filing: 15 Feb 2023
SEC: View on sec.gov

Key filing fact

Robert E. Pester filed Form 4 for BOSTON PROPERTIES INC (BXP) on 09 Feb 2023.

Key facts

This page summarizes Robert E. Pester's Form 4 filing for BOSTON PROPERTIES INC (BXP).
1 reported transaction and 1 derivative row are listed below.
Filing timestamp: 09 Feb 2023, 13:47.

Change

Previous filing in this sequence was filed on 07 Feb 2023.
Current net transaction value: +$1,986.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

See Original Filing

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

BXP transaction Derivative

LTIP Units

Award

Transaction value: $1,986
Shares: +7,946
Change %: +9.9%
Price: $0.2500^*
Shares after: 88,565
Date: 07 Feb 2023
Ownership: Direct
Underlying class: Common Stock, par value $0.01
Underlying amount: 7,946
Exercise price
Footnotes: F1, F2

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

Explanation of Responses:

Id	Content
F1	Represents units of limited partnership interest in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, granted pursuant to the Issuer's 2023 Multi-Year Long-Term Incentive Program (the "2023 Program"). 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 unit of limited partnership interest in BPLP ("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
F2	The 7,946 LTIP Units may be earned based on the achievement of certain performance criteria based on the Issuer's total shareholder return over a three-year performance period ending on February 6, 2026. Any LTIP Units earned pursuant to the 2023 Program will vest in full on February 6, 2026, with each earned LTIP Unit and Common OP Unit acquired upon conversion of such LTIP Unit subject to an additional post-vesting holding period pursuant to which such LTIP Unit and Common OP Unit generally may not be transferred, and the redemption right associated with the Common OP Unit may not be exercised, until one year after the vesting date.

Content

Represents units of limited partnership interest in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the general partner, granted pursuant to the Issuer's 2023 Multi-Year Long-Term Incentive Program (the "2023 Program"). 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 unit of limited partnership interest in BPLP ("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

The 7,946 LTIP Units may be earned based on the achievement of certain performance criteria based on the Issuer's total shareholder return over a three-year performance period ending on February 6, 2026. Any LTIP Units earned pursuant to the 2023 Program will vest in full on February 6, 2026, with each earned LTIP Unit and Common OP Unit acquired upon conversion of such LTIP Unit subject to an additional post-vesting holding period pursuant to which such LTIP Unit and Common OP Unit generally may not be transferred, and the redemption right associated with the Common OP Unit may not be exercised, until one year after the vesting date.