To be Held on May 5, 2022 NOTICE IS HEREBY GIVEN that the 2022 annual meeting of stockholders (the “2022 Annual Meeting”) of AGREE REALTY CORPORATION, a Maryland corporation, will be held virtually at 10:00 a.m. Eastern Time on May 5, 2022, for the following purposes: • To elect three directors to serve until the annual meeting of stockholders in 2025, and to elect one director to serve until the annual meeting of stockholders in 2023; • To ratify the appointment of Grant Thornton LLP as our independent registered public accounting firm for 2022; and • To approve, by non-binding vote, executive compensation. In addition, stockholders will consider and vote on such other business as may properly come before the meeting or any adjournment or postponement thereof. Stockholders of record at the close of business on March 11, 2022 will be entitled to notice of and to vote at the 2022 Annual Meeting or at any adjournment or postponement thereof. Stockholders are cordially invited to attend the meeting virtually via the internet. To attend the Annual Meeting, visit www.virtualshareholdermeeting.com/ADC2022 and enter the 16-digit control number included on your notice or proxy card (if you received a printed copy of the proxy materials). Stockholders may vote and submit questions while attending the 2022 Annual Meeting virtually via the internet. Pursuant to rules promulgated by the Securities and Exchange Commission, we are providing access to our proxy materials over the internet. On or about March 25, 2022, we expect to mail our stockholders either (i) the Notice of Internet Availability of Proxy Materials (the “Notice”) only or (ii) a copy of this Notice of Annual Meeting, the proxy statement, the accompanying proxy card, and our annual report (if a stockholder previously requested paper delivery of proxy materials), each in connection with the solicitation of proxies by our board of directors for use at the 2022 Annual Meeting and any adjournments or postponements thereof. The Notice contains instructions related to this process, including how to access our Notice of Annual Meeting, proxy statement and annual report over the internet, how to authorize your proxy to vote online and how to request a paper copy of the Notice of Annual Meeting, proxy statement and annual report. It is important that your shares be voted. You may authorize your proxy to vote your shares over the internet as described in the Notice. Alternatively, if you received a paper copy of the proxy card by mail, please complete, date, sign and promptly return the proxy card in the self-addressed stamped envelope provided. You also may vote by telephone as described in your proxy card. If you attend the 2022 Annual Meeting, you may revoke your proxy in accordance with procedures set forth in the proxy statement and vote electronically via the internet. By Order of the Board of Directors Peter Coughenour Chief Financial Officer and Secretary March 23, 2022 Bloomfield Hills, Michigan |
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Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
Richard Agree | | | | | | | | | | * | | | |
Joel Agree | | | | | | | | | | * | | | |
| | | | | | | | | * | | | ||
Craig Erlich | | | | | | | | | | * | | | |
Simon Leopold | | | | | |||||||||
7,461 | | | | | | * | | | |||||
Danielle Spehar | | | | | | | | | | * | | | |
Clayton Thelen | | | | | 3,305(7) | | | | | | * | | |
Nicole Witteveen | | | | | 7,545 | | | | | | * | | |
Karen Dearing | | | | | | | | | | * | | | |
Merrie S. Frankel | | | | | | | | | | * | | | |
Michael Hollman | | | | | | | | | | * | | | |
| | | | | | | | | * | | | ||
Gregory Lehmkuhl | | | | | | | | | | * | | | |
John Rakolta, | | | | | | | | | | * | | | |
Jerome Rossi | | | | | |||||||||
| | | | | * | | | ||||||
All directors and executive officers as a group (14 persons, excluding former | | | | | | | | | | | |
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
BlackRock, | | | | | | | | | | | | ||
The Vanguard Group | | | | | | | | | | | | ||
| | | | | | | | | | | |||
Principal Real Estate Investors, LLC | | | | | 3,759,175(6) | | | | | | 5.3% | | |
Name | | | Age | | | Title | | | Term Ending | |
Richard Agree(1) | | | 77 | | | Executive Chairman of the Board and Director | | | 2021 | |
Karen Dearing(1) | | | 56 | | | Independent Director | | | 2021 | |
Michael Hollman(1) | | | 40 | | | Independent Director | | | 2021 | |
Farris G. Kalil(2) | | | 82 | | | Independent Director | | | 2021 | |
John Rakolta, Jr.(3) | | | 73 | | | Independent Director | | | 2021 | |
Jerome Rossi(4) | | | 77 | | | Independent Director | | | 2021 | |
Joel Agree | | | 42 | | | Chief Executive Officer and Director | | | 2022 | |
Gregory Lehmkuhl | | | 48 | | | Independent Director | | | 2022 | |
Merrie Frankel | | | 66 | | | Independent Director | | | 2023 | |
William S. Rubenfaer | | | 76 | | | Independent Director | | | 2023 | |
Name | | | Age | | | Title | | | Term Ending | |
Joel Agree(1) | | | 43 | | | Chief Executive Officer and Director | | | 2022 | |
Michael Judlowe(1) | | | 56 | | | Independent Director | | | 2022 | |
Gregory Lehmkuhl(1) | | | 49 | | | Independent Director | | | 2022 | |
Jerome Rossi(2) | | | 78 | | | Independent Director | | | 2022 | |
Merrie Frankel | | | 67 | | | Independent Director | | | 2023 | |
John Rakolta, Jr. | | | 74 | | | Independent Director | | | 2023 | |
Richard Agree | | | 78 | | | Executive Chairman of the Board and Director | | | 2024 | |
Karen Dearing | | | 57 | | | Independent Director | | | 2024 | |
Michael Hollman | | | 41 | | | Independent Director | | | 2024 | |
Name | | Audit | | Compensation | | Nominating and Governance | | Executive | | | Audit | | Compensation | | Nominating and Governance | | Executive | | ||||||||||||||||||||
Richard Agree | | | | | | | | Chair | | | | | | | | | | | | | | | | | | | | Chair | | | ||||||||
Joel Agree | | | | | | | | ✓ | | | | | | | | | | | | | | | | | | | | ✓ | | | ||||||||
Karen Dearing | | ✓ | | | | | | | | | | | Chair | | | | | | | | | | | | | | | | | | ||||||||
Merrie S. Frankel | | | | | | Chair | | | | | | | ✓ | | | | | | | | | | Chair | | | | | | | | ||||||||
Michael Hollman | | | | | | ✓ | | | | | | | ✓ | | | | | | | | | | ✓ | | | | | | | | ||||||||
Farris G. Kalil | | Chair | | ✓ | | | | | | |||||||||||||||||||||||||||||
Michael Judlowe | | | | | | | | | ✓ | | | | | | | | | | ✓ | | | |||||||||||||||||
Gregory Lehmkuhl | | | | ✓ | | ✓ | | | | | | | | | | | | Chair | | | | | ✓ | | | | | | | | ||||||||
John Rakolta, Jr. | | | | | | | | | | | | | | | | | | | | | | | | | | | | ✓ | | | ||||||||
Jerome Rossi | | | | ✓ | | ✓ | | ✓ | | | | | | | | | | ✓ | | | | | ✓ | | | | | | | | ||||||||
William S. Rubenfaer | | ✓ | | Chair | | | | ✓ | | |||||||||||||||||||||||||||||
Number of Meetings in 2020 | | 5 | | 2 | | 2 | | 0 | | |||||||||||||||||||||||||||||
Number of Meetings in 2021 | | | | 4 | | | | | 2 | | | | | 2 | | | | | 1 | | |
Name | | Fees Earned or Paid in Cash(1) | | |||||||||||
Name Fees | | Earned or Paid in Cash(1) | | |||||||||||
Karen Dearing | | | $ | 5,096 | | | | | $ | 123,846 | | | ||
Craig Erlich(3) | | | | 41,589 | | | ||||||||
Merrie S. Frankel | | | | 60,000 | | | | | | 120,000 | | | ||
Michael Hollman(4) | | | | 22,356 | | | ||||||||
Farris G. Kalil | | | | 66,000 | | | ||||||||
Michael Hollman | | | | 120,000 | | | ||||||||
Farris G. Kalil(2) | | | | 45,234 | | | ||||||||
Michael Judlowe(3) | | | | 36,822 | | | ||||||||
Gregory Lehmkuhl | | | | 60,510 | | | | | | 126,000 | | | ||
Simon Leopold | | | | 60,000 | | | | | | 17,096 | | | ||
John Rakolta Jr | | | | 102,904 | | | ||||||||
Jerome Rossi | | | | 60,000 | | | | | | 120,000 | | | ||
William S. Rubenfaer | | | | 60,000 | | | | | | 120,000 | | |
Name | | | Age | | | Title | |
Richard Agree | | | | | Executive Chairman of the Board and Director | | |
Joel Agree | | | | | President, Chief Executive Officer and Director | | |
| | | | | |||
Craig Erlich | | | | | Chief Operating Officer | | |
| | | | General Counsel | | ||
Nicole Witteveen | | | 32 | | | Executive Vice President | |
| |||||||
David A. Wolff | | | | | Chief Accounting Officer | |
| Acadia Realty Trust | | | Retail Opportunity Investments Corporation | | |||||||||
| American Assets Trust, Inc. | | | Rexford Industrial Realty, Inc. | | |||||||||
| EastGroup Properties, Inc. | | | RPT Realty | | |||||||||
| Four Corners Property Trust, Inc. | | | Seritage Growth Properties | | |||||||||
| Kite Realty Group Trust | | | Spirit Realty Capital, Inc. | | |||||||||
| | | Terreno Realty Corporation | | ||||||||||
| Monmouth Real Estate Investment Corporation | |
| | | Company versus Peer Group Mean | | |||||||||||||||||||||
| | | Base Salary | | | Cash Incentive Award | | | Long-Term Incentive Grant Date Fair Value | | | Total Direct Compensation | | ||||||||||||
Chief Executive Officer(1) | | | | | 6% | | | | | | 67% | | | | | | 27% | | | | | | 31% | | |
Chief Financial Officer(2) | | | | | -28% | | | | | | -21% | | | | | | N/A | | | | | | N/A | | |
Chief Operating Officer | | | | | -32% | | | | | | -46% | | | | | | -52% | | | | | | -45% | | |
General Counsel | | | | | -22% | | | | | | -51% | | | | | | -34% | | | | | | -34% | | |
| | | Company versus Peer Group Mean | | |||||||||||||||||||||
| | | Base Salary | | | Cash Incentive Award | | | Long-Term Incentive Grant Date Fair Value | | | Total Direct Compensation | | ||||||||||||
Chief Executive Officer | | | | | 17% | | | | | | 225% | | | | | | 0% | | | | | | 39% | | |
Chief Operating Officer | | | | | -9% | | | | | | 34% | | | | | | -57% | | | | | | -26% | | |
General Counsel | | | | | -13% | | | | | | -44% | | | | | | -48% | | | | | | -36% | | |
| | 2020 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | | 2021 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | ||||||||||||||||||||||||||||||||||||||||||||
Position | | Threshold | | Target | | Maximum | | 2020 Actual | | | Threshold | | Target | | Maximum | | 2021 Actual | | ||||||||||||||||||||||||||||||||
Chief Executive Officer | | | | 62.5% | | | | | 125.0% | | | | | 187.5% | | | | | 185.9% | | | | | | 75.0% | | | | | 150.0% | | | | | 350.0% | | | | | 336.8% | | | ||||||||
Chief Financial Officer | | | | 33.0% | | | | | 66.0% | | | | | 100.0% | | | | | 89.1% | | | |||||||||||||||||||||||||||||
Chief Operating Officer | | | | 25.0% | | | | | 50.0% | | | | | 75.0% | | | | | 64.2% | | | | | | 50.0% | | | | | 75.0% | | | | | 150.0% | | | | | 144.3% | | | ||||||||
General Counsel | | | | 16.7% | | | | | 33.3% | | | | | 50.0% | | | | | 50.0% | | | | | | 16.7% | | | | | 33.3% | | | | | 50.0% | | | | | 50.0% | | |
| | | Threshold | | | Target | | | Maximum | | | 2020 Actual | | ||||||||||||
AFFO Growth | | | | | 4.0% | | | | | | 6.0% | | | | | | 8.0% | | | | | | 6.0% | | |
Cash Award Summary | | | Threshold | | | Target | | | Maximum | | | 2020 Actual | | | Award % of Target | | |||||||||||||||
Chief Executive Officer | | | | $ | 243,258 | | | | | $ | 486,515 | | | | | $ | 729,773 | | | | | $ | 729,773 | | | | | | 150% | | |
Chief Financial Officer | | | | | 51,810 | | | | | | 103,620 | | | | | | 155,430 | | | | | | 155,430 | | | | | | 150% | | |
Chief Operating Officer | | | | | 39,375 | | | | | | 78,750 | | | | | | 118,125 | | | | | | 118,125 | | | | | | 150% | | |
General Counsel | | | | | 25,000 | | | | | | 50,000 | | | | | | 75,000 | | | | | | 75,000 | | | | | | 150% | | |
| | | Threshold | | | Target | | | Maximum | | | 2021 Actual | | ||||||||||||
AFFO Growth | | | | | 5.0% | | | | | | 7.0% | | | | | | 9.0% | | | | | | 9.7% | | |
Cash Award Summary | | | Threshold | | | Target | | | Maximum | | | 2021 Actual | | | Award % of Target | | |||||||||||||||
Chief Executive Officer | | | | $ | 328,125 | | | | | $ | 656,250 | | | | | $ | 1,531,250 | | | | | $ | 1,531,250 | | | | | | 233% | | |
Chief Operating Officer | | | | $ | 100,000 | | | | | $ | 150,000 | | | | | $ | 300,000 | | | | | $ | 300,000 | | | | | | 200% | | |
General Counsel | | | | $ | 27,500 | | | | | $ | 55,000 | | | | | $ | 82,500 | | | | | $ | 82,500 | | | | | | 150% | | |
Cash Award Summary | | Threshold | | Target | | Maximum | | 2020 Actual | | Award % of Target | | | Threshold | | Target | | Maximum | | 2021 Actual | | Award % of Target | | ||||||||||||||||||||||||||||||||||||||||
Chief Executive Officer | | | $ | 170,280 | | | | $ | 340,561 | | | | $ | 510,841 | | | | $ | 498,038 | | | | | 146% | | | | | $ | 229,688 | | | | $ | 459,375 | | | | $ | 1,071,875 | | | | $ | 956,740 | | | | | 208% | | | ||||||||||
Chief Financial Officer | | | | 36,267 | | | | | 72,534 | | | | | 109,900 | | | | | 108,081 | | | | | 150% | | | ||||||||||||||||||||||||||||||||||||
Chief Operating Officer | | | | 27,563 | | | | | 55,125 | | | | | 82,688 | | | | | 72,196 | | | | | 131% | | | | | $ | 80,000 | | | | $ | 120,000 | | | | $ | 240,000 | | | | $ | 217,369 | | | | | 181% | | | ||||||||||
General Counsel(1) | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | | | | N/A | | |
| Performance Level | | | 3-Year Relative TSR Positioning | | | % of Target Award Funded | |
| Below Threshold | | | Below 25th Percentile | | | 0% | |
| Threshold | | | 25th Percentile | | | 50% | |
| Target | | | 50th Percentile | | | 100% | |
| Maximum | | | 75th Percentile | | | 150% | |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | | |||||||||||||||||||||
Joel Agree | | | | | 2020 | | | | | $ | 792,788 | | | | | $ | 1,500,000 | | | | | $ | 3,500,056 | | | | | $ | 1,446,744 | | | | | $ | 46,025 | | | | | $ | 7,285,613 | | |
President and Chief | | | | | 2019 | | | | | | 664,615 | | | | | | — | | | | | | 3,500,016 | | | | | | 1,195,000 | | | | | | 45,793 | | | | | | 5,405,424 | | |
Executive Officer | | | | | 2018 | | | | | | 609,712 | | | | | | — | | | | | | 3,362,974 | | | | | | 877,000 | | | | | | 45,579 | | | | | | 4,895,265 | | |
Clayton Thelen | | | | | 2020 | | | | | $ | 319,942 | | | | | $ | — | | | | | $ | — | | | | | $ | 279,774 | | | | | $ | 31,185 | | | | | $ | 630,901 | | |
Chief Financial Officer, Secretary(5) | | | | | 2019 | | | | | | 277,731 | | | | | | — | | | | | | 275,007 | | | | | | 211,969 | | | | | | 29,909 | | | | | | 794,616 | | |
| | | | | 2018 | | | | | | 250,000 | | | | | | — | | | | | | 224,032 | | | | | | 149,250 | | | | | | 31,778 | | | | | | 655,060 | | |
Laith Hermiz | | | | | 2020 | | | | | $ | 327,115 | | | | | $ | — | | | | | $ | 350,044 | | | | | $ | 202,133 | | | | | $ | 40,087 | | | | | $ | 919,379 | | |
Chief Operating Officer, | | | | | 2019 | | | | | | 311,885 | | | | | | — | | | | | | 300,008 | | | | | | 158,708 | | | | | | 39,346 | | | | | | 809,947 | | |
Executive Vice President(6) | | | | | 2018 | | | | | | 296,942 | | | | | | — | | | | | | 386,606 | | | | | | 155,000 | | | | | | 39,186 | | | | | | 877,734 | | |
Craig Erlich | | | | | 2020 | | | | | $ | 125,912 | | | | | $ | 299,978 | | | | | $ | 112,464 | | | | | $ | 112,432 | | | | | $ | 11,563 | | | | | $ | 661,629 | | |
Chief Investment Officer(7) | | | | | | | | | |||||||||||||||||||||||||||||||||||
Danielle Spehar | | | | | 2020 | | | | | $ | 300,961 | | | | | $ | | | | | $ | 299,946 | | | | | $ | 150,000 | | | | | $ | 32,946 | | | | | $ | 783,853 | | | |
General Counsel(8) | | | | | 2019 | | | | | | 238,279 | | | | | | — | | | | | | 200,005 | | | | | | 120,000 | | | | | | 27,355 | | | | | | 585,639 | | |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($)(1) | | | Stock Awards ($)(2) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | All Other Compensation ($)(4) | | | Total ($) | | |||||||||||||||||||||
Joel Agree | | | | | 2021 | | | | | | 875,000 | | | | | | — | | | | | | 3,499,957 | | | | | | 2,947,365 | | | | | | 50,180 | | | | | | 7,372,502 | | |
President and Chief Executive Officer | | | | | 2020 | | | | | | 792,788 | | | | | | 1,500,000 | | | | | | 3,500,056 | | | | | | 1,446,744 | | | | | | 46,025 | | | | | | 7,285,613 | | |
| | | | | 2019 | | | | | | 664,615 | | | | | | — | | | | | | 3,500,016 | | | | | | 1,195,000 | | | | | | 45,793 | | | | | | 5,405,424 | | |
Peter Coughenour(5) | | | | | 2021 | | | | | | 163,365 | | | | | | — | | | | | | 89,985 | | | | | | 90,000 | | | | | | 9,457 | | | | | | 352,807 | | |
Chief Financial Officer, Secretary | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Craig Erlich(6) | | | | | 2021 | | | | | | 392,308 | | | | | | — | | | | | | 449,987 | | | | | | 577,369 | | | | | | 41,630 | | | | | | 1,461,294 | | |
Chief Operating Officer | | | | | 2020 | | | | | | 125,912 | | | | | | 299,978 | | | | | | 112,464 | | | | | | 112,432 | | | | | | 11,563 | | | | | | 661,629 | | |
Simon Leopold(7) | | | | | 2021 | | | | | | 206,827 | | | | | | 1,299,980 | | | | | | — | | | | | | — | | | | | | 241,163 | | | | | | 1,747,970 | | |
Former Chief Financial Officer, Secretary | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Danielle Spehar(8) | | | | | 2021 | | | | | | 324,808 | | | | | | — | | | | | | 299,950 | | | | | | 165,000 | | | | | | 36,213 | | | | | | 825,970 | | |
General Counsel | | | | | 2020 | | | | | | 300,961 | | | | | | — | | | | | | 299,946 | | | | | | 150,000 | | | | | | 32,946 | | | | | | 783,853 | | |
| | | | | 2019 | | | | | | 238,279 | | | | | | — | | | | | | 200,005 | | | | | | 120,000 | | | | | | 27,355 | | | | | | 585,639 | | |
Clayton Thelen(9) | | | | | 2021 | | | | | | 48,211 | | | | | | — | | | | | | — | | | | | | — | | | | | | 319,369 | | | | | | 367,580 | | |
Former Chief Financial Officer, Secretary | | | | | 2020 | | | | | | 319,942 | | | | | | — | | | | | | — | | | | | | 279,774 | | | | | | 31,185 | | | | | | 630,901 | | |
| | | | | 2019 | | | | | | 277,731 | | | | | | — | | | | | | 275,007 | | | | | | 211,969 | | | | | | 29,909 | | | | | | 794,616 | | |
Nicole Witteveen(10) | | | | | 2021 | | | | | | 161,699 | | | | | | 250,013 | | | | | | 149,975 | | | | | | 100,000 | | | | | | 10,047 | | | | | | 671,734 | | |
Executive Vice President, People & | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Culture and Chief of Staff | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards ($) | | Estimated Future Payouts Under Equity Incentive Plan Awards (#) | | All Other Stock Awards; Number of Shares of Stock or Units (#)(1) | | Grant Date Fair Value of Stock and Option Awards ($)(2) | | | | Grant Date | | | Estimated Future Payouts Under Non- Equity Incentive Plan Awards ($) | | Estimated Future Payouts Under Equity Incentive Plan Awards (#) | | | All Other Stock Awards; Number of Shares of Stock or Units (#)(1) | | Grant Date Fair Value of Stock and Option Awards ($)(2) | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Name | | Grant Date | | Threshold | | Target | | Maximum | | Threshold | | Target | | Maximum | | | | | | | | | | | | | Threshold | | Target | | Maximum | | Threshold | | Target | | Maximum | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joel Agree | | | | 2/10/2020 | | | | | 486,515 | | | | | 973,091 | | | | | 1,459,546 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/4/2021 | | | | | 656,250 | | | | | 1,312,500 | | | | | 3,062,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | |||||||||||||||||||||||
Joel Agree | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 21,979 | | | | | 1,749,968 | | | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 27,107 | | | | | 1,750,028 | | | | |||||||||||||||||||||||
Joel Agree | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | 10,990 | | | | | 21,980 | | | | | 32,970 | | | | | — | | | | | 1,981,841 | | | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | 13,554 | | | | | 27,107 | | | | | 40,661 | | | | | — | | | | | 1,719,052 | | | | |||||||||||||||||||||||
Clayton Thelen(3) | | | | 2/10/2020 | | | | | 103,620 | | | | | 207,240 | | | | | 314,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clayton Thelen(3) | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,727 | | | | | 137,504 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Clayton Thelen(3) | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | 864 | | | | | 1,727 | | | | | 2,591 | | | | | — | | | | | 155,716 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laith Hermiz | | | | 2/10/2020 | | | | | 78,750 | | | | | 157,500 | | | | | 236,250 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laith Hermiz | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 1,884 | | | | | 150,004 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Laith Hermiz | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | 942 | | | | | 1,884 | | | | | 2,826 | | | | | — | | | | | 169,872 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich(4) | | | | 8/19/2020 | | | | | 48,185 | | | | | 80,308 | | | | | 112,432 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Peter Coughenour | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 697 | | | | | 44,998 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich | | | | 8/19/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 4,541 | | | | | 299,978 | | | | | | 2/4/2021 | | | | | 200,000 | | | | | 300,000 | | | | | 600,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | |||||||||||||||||||||||
Craig Erlich | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 871 | | | | | 56,232 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Craig Erlich | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | 436 | | | | | 871 | | | | | 1,307 | | | | | — | | | | | 55,236 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Simon Leopold(3) | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 10,068 | | | | | 649,990 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Simon Leopold(3) | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | 5,034 | | | | | 10,068 | | | | | 15,102 | | | | | — | | | | | 638,485 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Danielle Spehar | | | | 2/10/2020 | | | | | 50,000 | | | | | 100,000 | | | | | 150,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2/4/2021 | | | | | 55,000 | | | | | 110,000 | | | | | 165,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | |||||||||||||||||||||||
Danielle Spehar | | | | 2/23/2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,512 | | | | | 200,005 | | | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 2,323 | | | | | 149,973 | | | | |||||||||||||||||||||||
Danielle Spehar | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | 1,162 | | | | | 2,323 | | | | | 3,485 | | | | | — | | | | | 147,318 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 2/23/2021 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 929 | | | | | 59,976 | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nicole Witteveen | | | | 8/17/2021 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 3,369 | | | | | 250,013 | | | |
| | Stock Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||
Name | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | ||||||||||||||||||||||||||||||||
Joel Agree | | | | 88,180 | | | | | 5,871,024 | | | | | 89,025 | | | | | 5,927,285 | | | | | | 109,013 | | | | | 7,779,168 | | | | | 76,233 | | | | | 5,439,987 | | | ||||||||
Clayton Thelen(3) | | | | 7,154 | | | | | 476,313 | | | | | 3,433 | | | | | 228,569 | | | |||||||||||||||||||||||||||||
Laith Hermiz | | | | 10,105 | | | | | 672,791 | | | | | 10,116 | | | | | 673,523 | | | |||||||||||||||||||||||||||||
Peter Coughenour | | | | 1,640 | | | | | 117,030 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Craig Erlich | | | | 4,541 | | | | | 302,340 | | | | | — | | | | | — | | | | | | 4,504 | | | | | 321,405 | | | | | 871 | | | | | 62,155 | | | ||||||||
Danielle Spehar | | | | 4,045 | | | | | 269,316 | | | | | — | | | | | — | | | | | | 5,269 | | | | | 375,996 | | | | | 2,323 | | | | | 165,769 | | | ||||||||
Nicole Witteveen | | | | 5,025 | | | | | 358,584 | | | | | — | | | | | — | | |
| | | 2022 | | | 2023 | | | 2024 | | | 2025 | | | 2026 | | |||||||||||||||
Joel Agree | | | | | 53,610 | | | | | | 50,653 | | | | | | 40,349 | | | | | | 26,178 | | | | | | 14,456 | | |
Peter Coughenour | | | | | 511 | | | | | | 429 | | | | | | 325 | | | | | | 234 | | | | | | 141 | | |
Craig Erlich | | | | | 1,372 | | | | | | 1,372 | | | | | | 1,373 | | | | | | 1,083 | | | | | | 175 | | |
Danielle Spehar | | | | | 2,118 | | | | | | 2,118 | | | | | | 1,925 | | | | | | 967 | | | | | | 464 | | |
Nicole Witteveen | | | | | 1,077 | | | | | | 1,077 | | | | | | 1,077 | | | | | | 936 | | | | | | 858 | | |
| | | 2021 | | | 2022 | | | 2023 | | | 2024 | | | 2025 | | |||||||||||||||
Joel Agree | | | | | 47,711 | | | | | | 47,675 | | | | | | 44,717 | | | | | | 25,381 | | | | | | 11,721 | | |
Clayton Thelen(3) | | | | | 686 | | | | | | 5,318 | | | | | | 1,831 | | | | | | 1,831 | | | | | | 921 | | |
Laith Hermiz | | | | | 6,113 | | | | | | 5,487 | | | | | | 5,042 | | | | | | 2,575 | | | | | | 1,004 | | |
Craig Erlich | | | | | 908 | | | | | | 908 | | | | | | 908 | | | | | | 908 | | | | | | 909 | | |
Danielle Spehar | | | | | 1,100 | | | | | | 879 | | | | | | 878 | | | | | | 685 | | | | | | 503 | | |
| | Stock Awards | | | Stock Awards | | ||||||||||||||||||||
Name | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(1) | | ||||||||||||||||
Joel Agree | | | | 38,146 | | | | | 2,992,241 | | | | | | 47,711 | | | | | 3,080,222 | | | ||||
Clayton Thelen | | | | 341 | | | | | 27,150 | | | |||||||||||||||
Laith Hermiz | | | | 4,476 | | | | | 353,764 | | | |||||||||||||||
Peter Coughenour | | | | 373 | | | | | 24,081 | | | |||||||||||||||
Craig Erlich | | | | — | | | | | — | | | | | | 909 | | | | | 67,457 | | | ||||
Danielle Spehar | | | | 598 | | | | | 44,338 | | | | | | 1,099 | | | | | 72,249 | | | ||||
Nicole Witteveen | | | | 217 | | | | | 15,405 | | | |||||||||||||||
Simon Leopold | | | | — | | | | | — | | | |||||||||||||||
Clayton Thelen | | | | 3,124 | | | | | 198,662 | | |
Named Executive Officer | | | Base Salary | | | Bonus | | | Early Vesting of Stock Awards(1) | | | Other(2) | | | Total | | |||||||||||||||
Joel Agree(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | 145,833 | | | | | $ | 973,031 | | | | | $ | 5,871,024 | | | | | $ | 15,340 | | | | | $ | 7,005,229 | | |
Change in Control | | | | | 2,625,000 | | | | | | 14,855,133 | | | | | | 5,871,024 | | | | | | 15,340 | | | | | | 23,366,498 | | |
Other (except for cause) | | | | | 1,750,000 | | | | | | 9,254,735 | | | | | | 5,871,024 | | | | | | 15,340 | | | | | | 16,891,100 | | |
Clayton Thelen(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control | | | | | 314,000 | | | | | | 711,969 | | | | | | 476,313 | | | | | | — | | | | | | 1,502,282 | | |
Other (except for cause) | | | | | 314,000 | | | | | | — | | | | | | 166,459 | | | | | | — | | | | | | 480,459 | | |
Laith Hermiz(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control | | | | | — | | | | | | — | | | | | | 672,791 | | | | | | — | | | | | | 672,791 | | |
Other (except for cause) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Craig Erlich(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control | | | | | 900,000 | | | | | | 656,250 | | | | | | 302,340 | | | | | | — | | | | | | 1,858,590 | | |
Other (except for cause) | | | | | 221,507 | | | | | | 80,308 | | | | | | 302,340 | | | | | | 13,407 | | | | | | 617,562 | | |
Danielle Spehar(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control | | | | | — | | | | | | — | | | | | | 269,316 | | | | | | — | | | | | | 269,316 | | |
Other (except for cause) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Named Executive Officer | | | Base Salary | | | Bonus | | | Early Vesting of Stock Awards(1) | | | Other(2) | | | Total | | |||||||||||||||
Joel Agree(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | 145,833 | | | | | $ | 1,312,500 | | | | | $ | 7,779,168 | | | | | $ | 23,621 | | | | | $ | 9,261,122 | | |
Change in Control | | | | | 2,625,000 | | | | | | 17,401,950 | | | | | | 13,109,474 | | | | | | 23,621 | | | | | | 33,160,045 | | |
Other (except for cause) | | | | | 1,750,000 | | | | | | 10,726,300 | | | | | | 13,109,474 | | | | | | 23,621 | | | | | | 25,609,395 | | |
Peter Coughenour(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control | | | | | 700,000 | | | | | | 700,000 | | | | | | 117,030 | | | | | | — | | | | | | 1,517,030 | | |
Other (except for cause) | | | | | 350,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | 350,000 | | |
Craig Erlich(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control | | | | | 1,040,000 | | | | | | 600,000 | | | | | | 383,560 | | | | | | — | | | | | | 2,023,560 | | |
Other (except for cause) | | | | | 265,808 | | | | | | 300,000 | | | | | | 383,560 | | | | | | — | | | | | | 949,368 | | |
Danielle Spehar(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control | | | | | — | | | | | | — | | | | | | 541,765 | | | | | | — | | | | | | 541,765 | | |
Other (except for cause) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nicole Witteveen(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control | | | | | — | | | | | | — | | | | | | 358,584 | | | | | | — | | | | | | 358,584 | | |
Other (except for cause) | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | 2020 | | 2019 | | | 2021 | | 2020 | | ||||||||||||||||
Audit Fees | | | $ | 923,968 | | | | $ | 592,750 | | | | | $ | 875,875 | | | | $ | 923,968 | | | ||||
Audit-Related Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
All Other Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
| | | $ | 923,968 | | | | $ | 592,750 | | | | | $ | 875,875 | | | | $ | 923,968 | | | ||||
| | | | | | | | | | | |
| Authorized | | | Issued and Outstanding | | | Available for Issuance | | | Reserved for Future Issuance(1) | | | Unissued, Unreserved Shares of Common Stock | |
| 90,000,000 | | | 63,573,009 | | | 26,426,991 | | | 23,432,644 | | | 2,994,347 | |