AvalonBay (AVB) COO Sean J. Breslin Receives Award, Surrenders Shares

What Happened

• Sean J. Breslin, Chief Operating Officer of AvalonBay Communities, Inc. (AVB), had three related transactions reported on 2026-08-17 tied to AVB's merger with Equity Residential (EQR, now Vivmark Residential).
  • He was deemed to acquire 27,735 shares (award via performance-based restricted stock units) at $0.00 (footnote F1).
  • He disposed/surrendered 106,920.22 shares to the issuer at $0.00 (likely for tax withholding or settlement).
  • He also disposed of 17,458 derivative shares (listed as N/A price), totaling about 124,378 shares surrendered.
• These actions were part of the Merger effective August 17, 2026 (footnotes F2–F3). No open-market sale proceeds are reported — amounts show $0 or N/A, indicating awards/conversions and issuer surrenders rather than cash sales.

Key Details

• Transaction date: 2026-08-17. Report filed the same day (no late filing indicated).
• Prices: Awarded shares reported at $0.00; dispositions reported at $0.00 or N/A (not an open-market sale).
• Total surrendered: ~124,378.22 shares (106,920.22 + 17,458).
• Award detail: 27,735 PSUs deemed earned and converted into restricted shares of EQR or partnership interests in ERP OP, subject to original time-based vesting (F1).
• Merger conversion: Each AVB share was converted into 2.793 EQR shares at the Effective Time; EQR subsequently renamed Vivmark Residential (F2–F3).
• Shares owned after transaction: Not specified numerically in the summary; F4 notes the total includes AVB common stock, restricted shares, PSUs deemed earned, and ESPP shares.
• Options: Outstanding AVB options were converted into options on EQR shares per the exchange ratio and adjusted strike price (F5).

Context

• This filing reflects merger-related equity conversions and routine issuer surrenders (commonly for tax withholding), not an open-market insider sale or purchase. The award (PSU conversion) increases vested/convertible holding subject to continued vesting rules; the surrendered shares reduced the reporting person's holdings as part of settlement.
• For retail investors: such merger-driven conversions and tax withholdings are administrative and do not necessarily signal CEO/COO market sentiment.