8-KLeadership ChangesExhibits & Filings

AVALONBAY COMMUNITIES INC 8-K Report, Executive Changes (Aug 8, 2016)

Filed August 8, 2016For Securities:AVB

Summary

AvalonBay Communities, Inc. (AVB) filed an 8-K on August 8, 2016, to announce a significant addition to its Board of Directors. The company appointed Susan Swanezy as a new director, effective September 13, 2016. Ms. Swanezy brings extensive experience in real estate investment management and capital raising, having held senior positions at Hodes Weill & Associates, Credit Suisse, and Deutsche Bank. This appointment signals AVB's commitment to strengthening its board with diverse and relevant expertise. The company also adjusted its board size to accommodate the new member. Ms. Swanezy will receive compensation in the form of restricted stock/units and cash, aligned with the company's existing non-employee director compensation structure. Her appointment is considered an independent director role, reflecting good corporate governance practices.

Key Highlights

  • 1Appointment of Susan Swanezy to the Board of Directors, effective September 13, 2016.
  • 2Ms. Swanezy has significant experience in global real estate investment management and capital raising.
  • 3The Board of Directors' size has been increased from ten to eleven directors.
  • 4Ms. Swanezy has been deemed an independent director by the Board.
  • 5Her compensation includes a pro rata grant of restricted stock/units valued at $88,328 and a cash payment of $15,192, with future compensation aligning with other non-employee directors.
  • 6The company anticipates entering into an Indemnification Agreement with Ms. Swanezy, standard for its directors.

Frequently Asked Questions

Susan Swanezy is a seasoned professional with extensive experience in global real estate investment management and capital raising, having previously held senior roles at firms like Hodes Weill & Associates, Credit Suisse, and Deutsche Bank. Her appointment is significant as it adds valuable expertise to AvalonBay's Board of Directors, particularly in areas critical to real estate investment and growth.

Ms. Swanezy will receive a pro rata grant of restricted stock or restricted stock units valued at $88,328, awarded on October 12, 2016, and vesting in installments through May 2017. She will also receive a pro rata cash payment of $15,192 on December 1, 2016. Following this initial period, her compensation will align with that of other non-employee directors, including quarterly payments of $17,500 in cash or restricted stock/units.

The appointment of Ms. Swanezy increases the size of AvalonBay's Board of Directors from ten to eleven members. The Board has determined that Ms. Swanezy qualifies as an independent director, which is a positive indicator for corporate governance and ensures a diverse range of perspectives at the board level.