Amendment to AvalonBay Communities, Inc. 1994 Stock Incentive Plan (September 2007)

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

AvalonBay Communities, Inc. amended its 1994 Stock Incentive Plan to increase the annual value of restricted stock granted to each Non-Employee Director from $100,000 to $125,000, effective with the 2008 Annual Meeting of Stockholders. The number of shares is determined by the closing price on the grant date, and the shares vest over five years, with 20% vesting each year. This amendment was approved by the Board of Directors and certified by the company's Secretary.

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EX-10.1 2 w42229exv10w1.htm EX-10.1 exv10w1  

Exhibit 10.1
AVALONBAY COMMUNITIES, INC.
Secretary’s Certificate
Amendment to
The AvalonBay Communities, Inc.
1994 Stock Incentive Plan
As Amended and Restated on December 8, 2004
On September 19, 2007, at a duly called and held meeting of the Board of Directors of AvalonBay Communities, Inc. (the “Company”) the Board adopted the following amendment to the AvalonBay Communities, Inc. 1994 Stock Incentive Plan, as amended and restated on December 8, 2004, and further amended through December 6, 2006 (the “Plan”):
     Paragraph 6(b)(i) of the Plan is amended to read as follows to give effect to an increase in the value of the number of shares granted to each Non-Employee Director annually (from $100,000 to $125,000):
     “Each Non-Employee Director who is serving as a Director of the Company on the fifth business day after each annual meeting of stockholders, beginning with the 2008 Annual Meting of Stockholders, shall automatically be granted on such day a number of shares of Restricted Stock equal to $125,000 based upon the closing price of shares of the Company’s Common Stock as reported by the New York Stock Exchange on such date (such number to be rounded to the nearest whole number). Except as otherwise provided in the award agreement, such shares of Restricted Stock shall vest twenty percent (20%) on the date of issuance and twenty percent (20%) on each of the first four anniversaries of the date of issuance.”
IN WITNESS WHEREOF, the undersigned has signed this certificate as of September 25, 2007.
     
 
  AVALONBAY COMMUNITIES, INC.
 
    
 
  /s/ Edward M. Schulman
 
   
 
  Name: Edward M. Schulman
 
  Title: Secretary