Terry Considine - 01 Feb 2023 Form 4 Insider Report for APARTMENT INVESTMENT & MANAGEMENT CO (AIV)

Footnote F1

Taking into account the transactions reported on this form, Mr. Considine has an overall equity stake in the company of 9,348,842 shares, partnership units, and options, the details of which are more fully described in footnotes 9, 10, 11, and 12 below.

Footnote F2

Pursuant to the Amended and Restated Agreement of Limited Partnership of Aimco OP L.P. (the "Partnership Agreement"), a holder of LTIP Units has the right to convert all or a portion of such holder's vested LTIP Units into Partnership Common Units (as such term is defined in the Partnership Agreement). Pursuant to the Partnership Agreement, holders of PartnershipCommon Units have the right to require Aimco OP L.P. to redeem such holder's Partnership Common Units, which redemption may be for Class A Common Stock of Apartment Investment and Management Company or a cash amount equal to the value of such shares of Class A Common Stock pursuant to the formula set forth in the Partnership Agreement. The form of currency upon redemption is determined in the sole discretion of Aimco OP L.P.

Footnote F3

Equity Award approved by Compensation and Human Resources Committee in connection with a portion of 2020 long-term incentive compensation, price column not applicable. Receipt of the LTIP Units was subject to satisfaction of total shareholder return criteria over the period compared to specified indices.

Footnote F4

The LTIP Units vest 50% on February 1, 2023, and 50% on January 28, 2024.

Footnote F5

The LTIP Units do not expire.

Footnote F6

Equity Award approved by Compensation and Human Resources Committee in connection with 2022 short-term incentive compensation, price column not applicable.

Footnote F7

The LTIP units vested 100% on February 1, 2023.

Footnote F8

Award for director compensation; price column not applicable.

Footnote F9

The reporting person holds 184,745 shares of Class A Common Stock directly. The reporting person holds 1,690,099 shares of Class A Common Stock indirectly, of which 34,724 shares are held by the reporting person's spouse and 1,655,375 shares are held by a retirement plan for which the reporting person is the trustee and the reporting person's spouse is the sole participant in the plan. The reporting person disclaims beneficial ownership of the 1,690,099 shares held indirectly except to the extent of his pecuniary interest therein.

Footnote F10

In addition, the reporting person holds 2,439,557 common partnership units and equivalents in Aimco OP L.P. ("OP Units"). The 2,439,557 OP Units include 510,452 OP Units held directly by the reporting person, 179,735 OP Units held by an entity in which the reporting person has sole voting and investment power, 1,591,672 OP Units held by Titahotwo Limited PartnershipRLLLP ("Titahotwo"), a registered limited liability limited partnership for which the reporting person serves as the general partner and holds a 0.5% ownership interest, and 157,698 OP Units held by the reporting person's spouse, for which the reporting person disclaims beneficial ownership except to the extent of his pecuniary interest therein. Including the transactions reported on this form, the reporting person holds 114,768 LTIP Units and 2,424,201 LTIP II Units.

Footnote F11

In addition, as part of his overall equity stake, the reporting person holds 1,744,915 unvested OP Units, the vesting of which are subject to certain performance criteria. Upon conclusion of the performance period and depending on the results thereof, the reporting person may vest in all, some, or none of the performance-based OP Units.

Footnote F12

In addition, as part of his overall equity stake, the reporting person holds 750,557 stock options, which are vested and exercisable.