Apartment Investment: Dreyer converts stock awards

The award conversions reflect a change-in-control determination tied to asset sales under the stockholder-approved Plan of Sale and Liquidation.

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Form Type

Rhea-AI Filing Summary

Apartment Investment & Management Co. (AIV) reported Kellie Dreyer, Senior Vice President and CAO, converting a performance-based stock award granted in 2024 into a time-based restricted stock award covering 7,454 shares on September 29, 2026. A separate award granted in 2025 converted into a time-based restricted stock award covering 7,016 shares on the same date. The conversions followed a Change in Control determination under the award agreements in connection with asset sales pursuant to the stockholder-approved Plan of Sale and Liquidation; both awards were deemed earned at target performance.

Insider Trade Summary

Grant/Award: 14,470 shares

Grant/Award 2 txns

Insider Dreyer Kellie

Role Senior Vice President and CAO

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock ^F1	7,454	--	--
Grant/Award	Class A Common Stock ^F2	7,016	--	--

Holdings After Transaction: Class A Common Stock — 107,252 shares (Direct)

Footnotes (2)

F1. Represents the conversion of a performance-based stock award granted in 2024 into a time-based restricted stock award pursuant to the Apartment Investment and Management Company Second Amended and Restated 2015 Stock Award and Incentive Plan. In connection with asset sales pursuant to the stockholder-approved Plan of Sale and Liquidation, a Change in Control was determined to have occurred for purposes of the applicable award agreement, resulting in the award being deemed earned at the target level of performance and converting into a time-based restricted stock award in respect of the same number of shares of Issuer common stock.
F2. Represents the conversion of a performance-based stock award granted in 2025 into a time-based restricted stock award pursuant to the Apartment Investment and Management Company Second Amended and Restated 2015 Stock Award and Incentive Plan. In connection with asset sales pursuant to the stockholder-approved Plan of Sale and Liquidation, a Change in Control was determined to have occurred for purposes of the applicable award agreement, resulting in the award being deemed earned at the target level of performance and converting into a time-based restricted stock award in respect of the same number of shares of Issuer common stock.

Key Figures

Shares in 2024 award conversion: 7,454 shares Shares in 2025 award conversion: 7,016 shares Transaction date: September 29, 2026 +2 more

5 metrics

Shares in 2024 award conversion 7,454 shares Performance-based award converted to a time-based restricted stock award on September 29, 2026

Shares in 2025 award conversion 7,016 shares Performance-based award converted to a time-based restricted stock award on September 29, 2026

Transaction date September 29, 2026 Both award conversions

2024 award grant year 2024 Performance-based stock award

2025 award grant year 2025 Performance-based stock award

Key Terms

performance-based stock award, time-based restricted stock award, Change in Control, target level of performance, +1 more

5 terms

performance-based stock award financial

"conversion of a performance-based stock award granted in 2024"

time-based restricted stock award financial

"into a time-based restricted stock award"

Change in Control technical

"a Change in Control was determined to have occurred"

A "change in control" occurs when the ownership or management of a company shifts significantly, such as through a merger, acquisition, or sale of a large part of its assets. This change can impact how the company is run and may influence its future direction. For investors, it matters because it can affect the company's stability, strategy, and value, often signaling potential changes in investment risk or opportunity.

target level of performance financial

"deemed earned at the target level of performance"

Plan of Sale and Liquidation technical

"stockholder-approved Plan of Sale and Liquidation"

A plan of sale and liquidation is a formal outline describing how a company’s assets will be sold and how the proceeds will be distributed to creditors, investors and other claimants during winding-up or bankruptcy. It matters to investors because it determines who gets paid, how much they can expect to recover and the timing of payments — like a structured garage sale that decides what sells first and who receives the money.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How many shares were in Kellie Dreyer's 2024 AIV award conversion?

The 2024 performance-based stock award converted into a time-based restricted stock award covering 7,454 shares on September 29, 2026.

How many shares were in Kellie Dreyer's 2025 AIV award conversion?

The 2025 performance-based stock award converted into a time-based restricted stock award covering 7,016 shares on September 29, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/30/2026 - 08:00 PM Accepted by SEC EDGAR 09/30/2026 - 08:00 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Dreyer Kellie

(Last)

(First)

(Middle)

4582 S. ULSTER ST.

SUITE 1450

(Street)

DENVER

COLORADO

80237

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
APARTMENT INVESTMENT & MANAGEMENT CO [ AIV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Senior Vice President and CAO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/29/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock	09/29/2026		A⁽¹⁾		7,454	A	⁽¹⁾	100,236	D
Class A Common Stock	09/29/2026		A⁽²⁾		7,016	A	⁽²⁾	107,252	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents the conversion of a performance-based stock award granted in 2024 into a time-based restricted stock award pursuant to the Apartment Investment and Management Company Second Amended and Restated 2015 Stock Award and Incentive Plan. In connection with asset sales pursuant to the stockholder-approved Plan of Sale and Liquidation, a Change in Control was determined to have occurred for purposes of the applicable award agreement, resulting in the award being deemed earned at the target level of performance and converting into a time-based restricted stock award in respect of the same number of shares of Issuer common stock.

2. Represents the conversion of a performance-based stock award granted in 2025 into a time-based restricted stock award pursuant to the Apartment Investment and Management Company Second Amended and Restated 2015 Stock Award and Incentive Plan. In connection with asset sales pursuant to the stockholder-approved Plan of Sale and Liquidation, a Change in Control was determined to have occurred for purposes of the applicable award agreement, resulting in the award being deemed earned at the target level of performance and converting into a time-based restricted stock award in respect of the same number of shares of Issuer common stock.

	Jennifer Johnson as attorney-in-fact for Kellie Dreyer	09/30/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR