SEC Contract Filing

Filing Date: 2018-02-22

Document Content:
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<TYPE>EX-10.4
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<FILENAME>a18-6612_1ex10d4.htm
<DESCRIPTION>EX-10.4
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.4<a name="Exhibit10_4_093445"></a></font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AMENDED AND RESTATED RULES AND PROCEDURES<br> FOR<br> DIRECTORS&#146; DEFERRED COMPENSATION PROGRAM</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">These amended and restated rules&nbsp;and procedures have been adopted on January&nbsp;31, 2018 by the Compensation Committee (the &#147;Committee&#148;) of the Board of Directors of AvalonBay Communities,&nbsp;Inc. (the &#147;Company&#148;) to govern the deferral by a Non-Employee Director pursuant to Section&nbsp;7(b)&nbsp;of the AvalonBay Communities,&nbsp;Inc. 1994 Stock Option Plan (the 1994 Plan) and Section&nbsp;8(b)&nbsp;of the AvalonBay Communities,&nbsp;Inc. Second Amended and Restated Equity Incentive Plan (the 2009 Plan), each as may heretofore have been, or hereafter may be, amended (collectively, the &#147;Plan&#148;).&#160; All capitalized terms used herein shall have the same meaning as used in the 2009 Plan unless otherwise specifically provided herein.</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1<b>.</b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Election to Defer</u>.&#160; A Non-Employee Director may elect in advance to receive all or a portion of the cash compensation or Restricted Stock Award otherwise due him in the form of a Deferred Stock Award/Restricted Stock Unit (referred to herein as a &#147;Deferred Stock Award&#148;).&#160; To make such an election, the Non-Employee Director must execute and deliver to the Company an election form specifying the percentage of his cash compensation he wishes to defer and whether or not he wishes to receive his Restricted Stock Award in the form of a Deferred Stock Award.&#160; Except with respect to a newly elected or appointed Non-Employee Director, any election under this paragraph shall apply only to cash fees that are earned with respect to services to be performed beginning on or after the start of the next calendar year after such receipt and to stock awards to be granted after the start of the next calendar year.&#160; A newly elected or appointed Non-Employee Director, may, no later than his or her start date as a Non-Employee Director, file a deferral election which shall apply only to cash fees that are earned with respect to services to be performed subsequent to the election and to stock awards to be granted subsequent to the election.&#160; An election shall remain in effect from year to year, until a new election becomes effective with respect to cash fees payable, and a stock award to be granted, in the next calendar year.&#160; A Non-Employee Director may revoke or modify his deferral election with respect to cash fees that are payable, and a stock award to be granted, in the calendar year beginning after receipt by the Company of his written revocation (for clarification, this means that in the absence of a revocation or modification, an election will remain in effect for subsequent calendar years)..</font></p>
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<p style="margin:0in 0in .0001pt .25in;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Deferred Account</u>.&#160; On the day following the day cash fees would otherwise have been paid to a Non-Employee Director but for his or her deferral election, the Non-Employee Director&#146;s deferred account (&#147;Account&#148;) shall be credited with a number of whole and fractional stock units determined by dividing his aggregate deferred cash fees by the Fair Market Value of a share of Stock as of the day such cash payment would otherwise have been made.&#160; If a Non-Employee Director has elected to receive his Restricted Stock Award in the form of a Deferred Stock Award, at such time as would have otherwise been provided for issuance of Restricted Stock, his Account shall also be credited with a number of stock units equal to the number of shares that otherwise would have been issued pursuant to a Restricted Stock Award.&#160; Except as otherwise provided in the award agreement or by vote of the Board of Directors, the stock units credited in lieu of a Restricted Stock Award shall:</font></p>
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<p style="margin:0in 0in .0001pt 1.0in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)&nbsp;vest on the same dates as such Restricted Stock Award would have vested, namely (as of January&nbsp;31, 2018)in four installments on the following dates: September&nbsp;1, December&nbsp;1, March&nbsp;1, and the day prior to the anniversary of the prior year&#146;s Annual Meeting (or, if earlier, the day prior to the Annual Meeting), and</font></p>
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