Dreyer Kellie 4

What Happened

• Kellie Dreyer, Senior Vice President and CAO of Apartment Investment & Management Co. (AIV), was granted 7,862 shares on 2026-01-28 as part of a long-term incentive stock award (transaction code A). The award’s price is listed as N/A because it is a compensation grant tied to performance.
• To cover tax withholding on the award, 539 shares were surrendered (transaction code F) at a reported withholding value of $5.85 per share, totaling $3,153.

Key Details

• Transaction dates: 2026-01-28 (award grant and tax withholding).
• Award: 7,862 shares (price column not applicable for the grant).
• Tax withholding: 539 shares withheld at $5.85/share = $3,153. (Disposition code F)
• Shares owned after transaction: not disclosed in this filing.
• Footnote: The stock award was approved by the Compensation and Human Resources Committee as part of 2023 long-term incentive compensation. Receipt of the shares is subject to total shareholder return (TSR) performance versus specified indices; the shares vest 100% on February 1, 2026.
• Filing timeliness: Reported period 2026-01-28, filed 2026-01-29 (appears timely).

Context

• This was a compensation grant (not an open-market purchase); the 539-share disposal is a routine tax-withholding action to satisfy withholding obligations and is common when restricted/awarded shares are issued. Because the award is performance‑based and vests in the future (Feb 1, 2026) contingent on TSR criteria, it does not represent an immediate bullish or bearish trade by the insider.