8-KLeadership ChangesExhibits & Filings

AVALONBAY COMMUNITIES INC 8-K Report, Executive Changes (Sep 11, 2007)

Filed September 11, 2007For Securities:AVB

Summary

AvalonBay Communities, Inc. (AVB) filed an 8-K on September 11, 2007, to announce a key change in its Board of Directors. Effective September 18, 2007, the Board has appointed Mr. Peter S. Rummell as an independent director. This appointment will increase the size of the Board from nine to ten members. Mr. Rummell's appointment is accompanied by a stock award of 564 shares of Common Stock under a restricted stock agreement, with 20% vesting immediately and the remainder vesting over four years. He will also receive standard director compensation and enter into an indemnification agreement. Investors should note that Mr. Rummell has not yet been assigned to any board committees.

Key Highlights

  • 1Appointment of Peter S. Rummell as an independent director to the Board of Directors, effective September 18, 2007.
  • 2Increase in the size of the Board of Directors from nine to ten members.
  • 3Mr. Rummell will receive a stock award of 564 shares of Common Stock, with a portion vesting immediately and the remainder vesting over four years.
  • 4Mr. Rummell will receive standard cash compensation for directors.
  • 5Mr. Rummell will enter into a standard indemnification agreement with the Company.
  • 6Mr. Rummell has not been appointed to any Board committees at the time of this filing.

Frequently Asked Questions

Peter S. Rummell has been appointed as an independent director to the Board of Directors of AvalonBay Communities, Inc. The filing does not provide specific details on his background or the strategic reasons for his appointment beyond being an independent director. Investors may refer to the press release (Exhibit 99.1) for further information.

Mr. Rummell's appointment increases the size of the Board of Directors from nine to ten members. He is designated as an independent director.

Mr. Rummell will receive a stock award of 564 shares of Common Stock, with 20% vesting immediately and the remaining 80% vesting over the next four years in equal annual installments. He will also receive the same cash compensation as other directors of the Company after his effective appointment date.

At the time of this filing, Mr. Rummell has not been appointed to any Board committees.