Eric G. Kevorkian - May 19, 2023 Form 4 Insider Report for BOSTON PROPERTIES INC (BXP)

Signature
/s/ Kelli A. DiLuglio, Attorney-in-Fact
Stock symbol
BXP
Transactions as of
May 19, 2023
Transactions value $
$0
Form type
4
Date filed
5/23/2023, 01:50 PM
Previous filing
Feb 15, 2023
Next filing
Sep 12, 2023

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 $0 -62.1 -0.63% $0.00 9.8K May 19, 2023 Common Stock, par value $0.01 62.1 Direct F1, F2
transaction BXP Common OP Units Conversion of derivative security $0 +62.1 +1.31% $0.00 4.82K May 19, 2023 Common Stock, par value $0.01 62.1 Direct F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents LTIP Units in Boston Properties Limited Partnership ("BPLP"), of which the Issuer is the sole 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 unit of limited partnership interest ("Common OP Unit") in BPLP. 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.
F2 For the benefit of the reporting person's former spouse pursuant to a qualified domestic relations order (the "QDRO"), the reporting person converted 62.09 LTIP Units into Common OP Units in accordance with the BPLP partnership agreement.
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 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 the Issuer's Common Stock. Common OP Units have no expiration date.
F4 The reporting person disclaims beneficial ownership of 62.09 Common OP Units, and the filing of this statement shall not be deemed an admission that the reporting person is the beneficial owner of such Common OP Units for purposes of Section 16 of the Securities Act of 1934, as amended, or for any other purpose. Such Common OP Units are held for the benefit of the reporting person's former spouse pursuant to the QDRO.