AvalonBay (AVB) EVP Edward M. Schulman Receives Award, Converts Shares

What Happened

• Edward M. Schulman, EVP & General Counsel of AvalonBay Communities, had a deemed award of 12,770 shares (PSU-derived) and recorded dispositions of 36,177.795 shares (to the issuer) plus a derivative disposition of 6,983 shares, all reported on 2026-08-17. All transactions report $0 cash consideration on the Form 4.
• These entries reflect award conversion and share conversion/dispositions that occurred as part of AvalonBay’s merger into EQR (effective Aug 17, 2026). Under the merger each AVB share converted into 2.793 EQR shares (EQR later renamed Vivmark Residential). The filing shows non‑cash, structural transactions rather than open-market buys or sales.

Key Details

• Transaction date: 2026-08-17. Reported as: A (award/acquisition) of 12,770 shares @ $0.00; D (disposition to issuer) of 36,177.795 shares @ $0.00; D (derivative disposition) of 6,983 shares @ N/A.
• Total shares shown disposed/converted on the form: 43,160.795 shares. No cash proceeds reported.
• Footnotes: F1 explains the 12,770 shares are PSUs deemed earned and converted into rights to receive EQR (or ERP OP) equity subject to time-based vesting; F2–F5 explain the merger mechanics, exchange ratio (2.793), conversion of options, and corporate name change to Vivmark Residential.
• Shares owned following the transactions are not explicitly stated in the filing (the filing aggregates held interests per F4).
• Filing appears timely (period of report = filing date); no late-filing indication.

Context

• These were merger- and award-related, not open-market trades — they reflect conversion of existing AVB awards/stock into EQR/Vivmark securities and deemed PSU awards. Such transactions are corporate-transaction driven and do not necessarily signal insider buying or selling intent.
• For option/derivative holders: the Merger Agreement converted outstanding AVB options into options for EQR Common Shares with adjusted share counts and exercise prices (see F5).