Case John 4

What Happened
John Case, a director of Mid-America Apartment Communities, Inc. (MAA), was granted 50 shares of phantom stock (a derivative award) on 2026-03-17. The award is reported at $128.07 per share, for a total reported value of $6,404. This was an award/acquisition (not an open-market purchase or sale).

Key Details

• Transaction date: 2026-03-17; Filing date: 2026-03-18 (timely filing).
• Instrument: Phantom stock (derivative award) — 50 shares @ $128.07; total value reported $6,404.
• Shares owned following transaction: Not reported in this filing.
• Footnote: Each phantom share equals the economic equivalent of one common share and is payable in two equal annual installments beginning within 90 days after the calendar year in which the director ceases service; payment may be in cash or common stock at the reporting person's election.
• No indication of a 10b5-1 plan, sale, gift, or tax-withholding event in this filing.

Context
Phantom stock awards are a form of deferred compensation that mirror the economic benefits of common shares but are paid out later (here, in two annual installments after termination of director service). Such awards are compensation-related and do not represent an immediate open-market purchase or sale signaling a direct trading decision.