What is the significance of the Rule 10b5-1 plan in Aubrey Clay’s MAA share sale?

The 145-share sale at $124.73 occurred under a pre-arranged Rule 10b5-1 trading plan. Such plans schedule trades in advance, making the timing more routine, and the filing notes proceeds were used primarily to meet additional tax obligations from prior restricted stock vestings.

Were Aubrey Clay’s MAA stock transactions mainly compensation-related?

Yes. The Form 4 shows a 3,643-share grant with no purchase price and 237 shares withheld for taxes, both tied to restricted stock compensation. The subsequent 145-share sale under a 10b5-1 plan was also described as meeting additional tax obligations from earlier restricted stock vestings.

MAA CFO logs stock grant and small share sale

Mid America Apartment Communities EVP and CFO Aubrey Clay reported routine equity compensation activity and a small stock sale.

Filing Impact

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Filing Sentiment

(Negative)How Sentiment works

Sentiment and the balance of points

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Form Type

Rhea-AI Filing Summary

Mid America Apartment Communities EVP and CFO Aubrey Clay reported routine equity compensation activity and a small stock sale. On April 1, 2026, Clay received a grant of 3,643 shares of common stock, with 237 shares withheld to satisfy tax obligations tied to vested restricted stock.

On April 6, 2026, Clay sold 145 shares of common stock at $124.73 per share in an open-market transaction under a pre-arranged Rule 10b5-1 trading plan, primarily to meet additional tax obligations related to prior restricted stock vestings. Following these transactions, Clay directly holds 13,679 shares of MAA common stock.

Insider Trade Summary 10b5-1

Net Seller: 145 shares

Net Sell 3 txns

Insider Holder Aubrey Clay

Role EVP, CFO

Sold 145 shs ($18K)

Type	Security	Shares	Price	Value
Sale	Common Stock	145	$124.73	$18K
Grant/Award	Common Stock	3,643	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	237	$122.55	$29K

Holdings After Transaction: Common Stock — 13,679 shares (Direct)

Footnotes (2)

F1. Disposals are being withheld to cover taxes related to vesting pursuant to shares earned and issued under a prior year restricted stock plan.
F2. Open market sale pursuant to a 10b5-1 plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Shares were sold to meet additional tax obligations related to vestings of shares of restricted stock previously earned under a prior year restricted stock plan.

Key Figures

Stock grant: 3,643 shares Tax withholding shares: 237 shares Sale size: 145 shares +3 more

6 metrics

Stock grant 3,643 shares Common stock grant on April 1, 2026

Tax withholding shares 237 shares Withheld to cover taxes on restricted stock vesting

Sale size 145 shares Open-market sale on April 6, 2026

Sale price $124.73 per share Price for 145 common shares sold

Tax-withholding reference price $122.55 per share Price used for 237 shares withheld for taxes

Post-transaction holdings 13,679 shares Common shares directly owned after transactions

Key Terms

Rule 10b5-1, restricted stock, tax-withholding disposition, open-market sale

4 terms

Rule 10b5-1 regulatory

"Open market sale pursuant to a 10b5-1 plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act"

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

restricted stock financial

"related to vestings of shares of restricted stock previously earned under a prior year restricted stock plan"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

tax-withholding disposition financial

"Payment of exercise price or tax liability by delivering securities"

A tax-withholding disposition is an event or transaction—such as selling or transferring securities, exercising options, or receiving compensation—that triggers a requirement to hold back part of the payment and remit it to tax authorities. It matters to investors because it reduces the cash they receive immediately and can change the timing and amount of taxable income, like a cashier taking a portion of your sale proceeds to pay taxes before you get the rest.

open-market sale financial

"Open market sale pursuant to a 10b5-1 plan adopted by the Reporting Person"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

FAQ

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

What insider transactions did MAA EVP and CFO Aubrey Clay report?

Aubrey Clay reported a stock grant, tax withholding, and a small sale. He received 3,643 MAA common shares, had 237 shares withheld for taxes, and sold 145 shares at $124.73 under a Rule 10b5-1 trading plan tied to restricted stock vesting taxes.

How many MAA shares does CFO Aubrey Clay hold after these Form 4 transactions?

After the reported transactions, Aubrey Clay directly holds 13,679 shares of MAA common stock. This reflects the net result of receiving 3,643 shares, 237 shares withheld to cover taxes, and a separate open-market sale of 145 shares executed under a Rule 10b5-1 plan.

Why were some of Aubrey Clay’s MAA shares disposed of in this Form 4 filing?

The filing shows 237 shares disposed of to cover tax liabilities from vesting restricted stock. Footnotes explain these shares were withheld as payment of taxes related to previously earned restricted stock awards granted under a prior year restricted stock plan.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 04/06/2026 - 04:16 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^*

Holder Aubrey Clay

(Last)

(First)

(Middle)

6815 POPLAR AVE

SUITE 500

(Street)

GERMANTOWN

TENNESSEE

38138

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MID AMERICA APARTMENT COMMUNITIES INC. [ MAA ]

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

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, CFO

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

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)
Common Stock	04/01/2026		A		3,643	A	$0	14,061	D
Common Stock	04/01/2026		F⁽¹⁾		237	D	$122.55	13,824	D
Common Stock	04/06/2026		S⁽²⁾		145	D	$124.73	13,679	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. Disposals are being withheld to cover taxes related to vesting pursuant to shares earned and issued under a prior year restricted stock plan.

2. Open market sale pursuant to a 10b5-1 plan adopted by the Reporting Person in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. Shares were sold to meet additional tax obligations related to vestings of shares of restricted stock previously earned under a prior year restricted stock plan.

	/s/ Kellye Clouse	04/06/2026
	** 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