Michael E. Labelle - Feb 13, 2023 Form 4 Insider Report for BOSTON PROPERTIES INC (BXP)

Role
EVP and CFO
Signature
/s/ Kelli A. DiLuglio, as Attorney-in-Fact
Stock symbol
BXP
Transactions as of
Feb 13, 2023
Transactions value $
$899
Form type
4
Date filed
2/15/2023, 02:47 PM
Previous filing
Feb 9, 2023
Next filing
Jan 17, 2024

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 Award $899 +3.6K +1.97% $0.25* 186K Feb 13, 2023 Common Stock, par value $0.01 3.6K Direct F1, F2, F3
* 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, earned (i.e., for which the performance-based hurdles have been met) pursuant to the Issuer's 2020 Multi-Year Long-Term Incentive Program (the "Program").
F2 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 the Issuer's common stock. LTIP Units have no expiration date.
F3 The 3,596 LTIP Units earned pursuant to the Program vested 50% upon being earned and 50% will vest on February 3, 2024.