AvalonBay (AVB) EVP Alaine Susan Walsh Receives Award, Surrenders Shares

What Happened

• Alaine Susan Walsh, Executive Vice President of AvalonBay Communities, was deemed to receive 3,590 shares (award A) on Aug 17, 2026 and recorded two dispositions to the issuer (D) that together surrendered 15,463 shares (13,019 shares + 2,444 derivative units). The Form 4 lists $0.00 per share for the reported transactions because they occurred in connection with AvalonBay’s merger into EQR (renamed Vivmark Residential) and the conversion/settlement mechanics of awards and stock consideration rather than open-market trades.

Key Details

• Transaction date: 2026-08-17 (all reported transactions)
• Reported prices/values on Form 4: $0.00 for the 3,590 award shares and the 13,019-share disposition; the 2,444-item is a derivative disposition with value marked N/A
• Exchange Ratio (merger detail): each AVB share converted into the right to receive 2.793 EQR (Vivmark) shares (per filing footnote)
• Footnotes of note:
  • F1: 3,590 represents deemed acquisition from performance-based RSUs/PSUs converted into rights to receive EQR shares or ERP OP interests, subject to prior time-based vesting
  • F2–F3/F5: transactions arise from the Aug 17, 2026 merger of AVB into Merger Sub and conversion rules for stock, PSUs and options (EQR renamed Vivmark)
  • F4: totals include AVB common stock, restricted shares and PSUs deemed earned as of the merger effective time
• Shares owned after transaction: not specified in the filing
• Timeliness: filing date (2026-08-17) matches the report date — appears timely

Context

• These were merger-related corporate actions, not open-market buys or sales: the award is a deemed PSU conversion and the dispositions to the issuer reflect surrender/settlement mechanics (e.g., conversion, withholding or similar issuer-side adjustments) tied to the merger. Derivative items reflect converted awards/options per the merger terms rather than a standalone option exercise or cashless sale.