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Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
Richard Agree | | | | | | | | | | | | ||
Joel Agree | | | | | | | | | | * | | | |
Laith Hermiz | | | | | |||||||||
| | | | | * | | | ||||||
Craig Erlich | | | | | | | | | | * | | | |
Simon Leopold(6) | | | | | 17,529 | | | | | | * | | |
Clayton Thelen(7) | | | | | 8,390 | | | | | | * | | |
Danielle Spehar | | | | | 6,959 | | | | | | * | | |
Karen Dearing | | | | | 79 | | | | | | * | | |
Merrie S. Frankel | | | | | | | | | | * | | | |
Michael Hollman | | | | | 346 | | | | | | * | | |
Farris G. Kalil | | | | | | | | | | * | | | |
Gregory Lehmkuhl | | | | | | | | | | * | | | |
John Rakolta, Jr. | | | | | | | | | | * | | | |
Jerome Rossi | | | | | | | | | | * | | | |
William S. Rubenfaer | | | | | | | | | | * | | | |
All directors and executive officers as a group (14 persons, excluding former officer) | | | | | | | | | | | | ||
Name of Beneficial Owner | | | Amount and Nature of Beneficial Ownership(1) | | | Percent of Class(2) | | ||||||
BlackRock, Inc. | | | | | | | | | | | | ||
The Vanguard Group | | | | | 8,261,768(4) | | | | | | 13.0% | | |
Cohen & Steers, Inc. | | | | | |||||||||
| | | | | | |
Name | | | Age | | | Title | | | Term Ending | |
Joel Agree(1) | | | 40 | | | Chief Executive Officer and Director | | | 2019 | |
Craig Erlich(1) | | | 51 | | | Independent Director | | | 2019 | |
Gregory Lehmkuhl(1) | | | 46 | | | Independent Director | | | 2019 | |
William S. Rubenfaer(2) | | | 74 | | | Independent Director | | | 2019 | |
Merrie Frankel | | | 64 | | | Independent Director | | | 2020 | |
Farris G. Kalil | | | 80 | | | Independent Director | | | 2020 | |
Richard Agree | | | 75 | | | Executive Chairman of the Board and Director | | | 2021 | |
John Rakolta, Jr. | | | 71 | | | Independent Director | | | 2021 | |
Jerome Rossi | | | 75 | | | Independent Director | | | 2021 | |
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 | | Audit | | Compensation | | Nominating and Governance | | Executive | | | Audit | | Compensation | | Nominating and Governance | | Executive | | ||||||||
Richard Agree | | | | | | | | Chair | | | | | | | | | Chair | | ||||||||
Joel Agree | | | | | | | | ✓ | | | | | | | | | ✓ | | ||||||||
Craig Erlich | | | | ✓ | | | | | | |||||||||||||||||
Karen Dearing | | ✓ | | | | | | | | |||||||||||||||||
Merrie S. Frankel | | ✓ | | | | Chair | | | | | | | | | Chair | | | | ||||||||
Michael Hollman | | | | | | ✓ | | | | |||||||||||||||||
Farris G. Kalil | | Chair | | ✓ | | | | | | | Chair | | ✓ | | | | | | ||||||||
Gregory Lehmkuhl | | | | | | ✓ | | | | | | | ✓ | | ✓ | | | | ||||||||
John Rakolta, Jr. | | | | ✓ | | ✓ | | | | | | | | | | | | | ||||||||
Jerome Rossi | | | | ✓ | | ✓ | | ✓ | | | | | ✓ | | ✓ | | ✓ | | ||||||||
William S. Rubenfaer | | ✓ | | Chair | | | | ✓ | | | ✓ | | Chair | | | | ✓ | | ||||||||
Meetings | | 4 | | 1 | | 2 | | 1 | | |||||||||||||||||
Number of Meetings in 2020 | | 5 | | 2 | | 2 | | 0 | |
Name | | | Fees Earned or Paid in Cash(1) | | | Stock Awards | | | Total | | |||||||||
Craig Erlich | | | | $ | 17,935 | | | | | $ | — | | | | | $ | 17,935 | | |
Merrie S. Frankel | | | | | 40,000 | | | | | | — | | | | | | 40,000 | | |
Farris G. Kalil | | | | | 46,000 | | | | | | — | | | | | | 46,000 | | |
Gregory Lehmkuhl | | | | | 17,935 | | | | | | — | | | | | | 17,935 | | |
John Rakolta, Jr. | | | | | 40,000 | | | | | | — | | | | | | 40,000 | | |
Jerome Rossi | | | | | 40,000 | | | | | | — | | | | | | 40,000 | | |
William S. Rubenfaer | | | | | 40,000 | | | | | | — | | | | | | 40,000 | | |
Leon Schurgin | | | | | 37,065 | | | | | | — | | | | | | 37,065 | | |
Name | | | Fees Earned or Paid in Cash(1) | | |||
Karen Dearing(2) | | | | $ | 5,096 | | |
Craig Erlich(3) | | | | | 41,589 | | |
Merrie S. Frankel | | | | | 60,000 | | |
Michael Hollman(4) | | | | | 22,356 | | |
Farris G. Kalil | | | | | 66,000 | | |
Gregory Lehmkuhl | | | | | 60,510 | | |
Simon Leopold | | | | | 60,000 | | |
Jerome Rossi | | | | | 60,000 | | |
William S. Rubenfaer | | | | | 60,000 | | |
Name | | | Age | | | Title | |
Richard Agree | | | | | Executive Chairman of the Board and Director | | |
Joel Agree | | | | | President, Chief Executive Officer and Director | | |
| | | | Executive Vice President, Chief Financial Officer and Secretary | | ||
| | | | Chief Operating Officer | | ||
Laith Hermiz | | | 50 | | | Executive Vice President, Real Estate | |
Danielle Spehar | | | 53 | | | General Counsel | |
David A. Wolff | | | 51 | | | 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. | | | | |
| | | | Lexington Realty Trust | | | | | | Terreno Realty Corporation | | | | |
| Monmouth Real Estate Investment Corporation | |
| | Company versus Peer Group Mean | | | Company versus Peer Group Mean | | ||||||||||||||||||||||||||||||||||||||||||||
| | Base Salary | | Cash Incentive Award | | Long-Term Incentive Grant Date Fair Value | | Total Direct Compensation | | | Base Salary | | Cash Incentive Award | | Long-Term Incentive Grant Date Fair Value | | Total Direct Compensation | | ||||||||||||||||||||||||||||||||
Chief Executive Officer | | | | -5% | | | | | 25% | | | | | 99% | | | | | 63% | | | | | | 6% | | | | | 67% | | | | | 27% | | | | | 31% | | | ||||||||
Chief Financial Officer | | | | -33% | | | | | -48% | | | | | -64% | | | | | -51% | | | | | | -28% | | | | | -21% | | | | | N/A | | | | | N/A | | | ||||||||
Chief Operating Officer | | | | -19% | | | | | -42% | | | | | -28% | | | | | -29% | | | | | | -32% | | | | | -46% | | | | | -52% | | | | | -45% | | | ||||||||
General Counsel | | | | -22% | | | | | -51% | | | | | -34% | | | | | -34% | | |
| | | 2020 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | |||||||||||||||||||||
Position | | | Threshold | | | Target | | | Maximum | | | 2020 Actual | | ||||||||||||
Chief Executive Officer | | | | | 62.5% | | | | | | 125.0% | | | | | | 187.5% | | | | | | 185.9% | | |
Chief Financial Officer | | | | | 33.0% | | | | | | 66.0% | | | | | | 100.0% | | | | | | 89.1% | | |
Chief Operating Officer | | | | | 25.0% | | | | | | 50.0% | | | | | | 75.0% | | | | | | 64.2% | | |
General Counsel | | | | | 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% | | |
| | | 2018 Annual Cash Incentive Bonus Opportunity (as % of Base Salary) | | |||||||||||||||||||||
Position | | | Threshold | | | Target | | | Maximum | | | 2018 Actual | | ||||||||||||
Chief Executive Officer | | | | | 50% | | | | | | 100% | | | | | | 150% | | | | | | 140% | | |
Chief Operating Officer | | | | | 20% | | | | | | 40% | | | | | | 60% | | | | | | 52% | | |
Chief Financial Officer | | | | | 20% | | | | | | 40% | | | | | | 60% | | | | | | 60% | | |
Cash Award Summary | | | Threshold | | | Target | | | Maximum | | | 2020 Actual | | | Award % of Target | | |||||||||||||||
Chief Executive Officer | | | | $ | 170,280 | | | | | $ | 340,561 | | | | | $ | 510,841 | | | | | $ | 498,038 | | | | | | 146% | | |
Chief Financial Officer | | | | | 36,267 | | | | | | 72,534 | | | | | | 109,900 | | | | | | 108,081 | | | | | | 150% | | |
Chief Operating Officer | | | | | 27,563 | | | | | | 55,125 | | | | | | 82,688 | | | | | | 72,196 | | | | | | 131% | | |
General Counsel(1) | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
| Performance Level | | | 3-Year Relative TSR Positioning | | | % of Target Award Funded | | |||
| Below Threshold | | | Below | | | | ||||
| Threshold | | | | | | |||||
| Target | | | | | | |||||
| Maximum | | | | | |
| | | Threshold | | | Target | | | Maximum | | | 2018 Actual | | | Award % of Target | | |||||||||||||||
Cash Award Summary | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Executive Officer | | | | $ | 109,375 | | | | | $ | 218,750 | | | | | $ | 328,125 | | | | | $ | 268,542 | | | | | | 123% | | |
Chief Operating Officer | | | | | 21,000 | | | | | | 42,000 | | | | | | 63,000 | | | | | | 46,640 | | | | | | 111% | | |
Chief Financial Officer | | | | | 17,500 | | | | | | 35,000 | | | | | | 52,500 | | | | | | 51,750 | | | | | | 148% | | |
Equity Award Summary | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Chief Executive Officer | | | | | 418,906 | | | | | | 837,813 | | | | | | 1,256,719 | | | | | | 1,106,551 | | | | | | 132% | | |
Chief Operating Officer | | | | | 52,500 | | | | | | 105,000 | | | | | | 157,500 | | | | | | 133,575 | | | | | | 127% | | |
Chief Financial Officer | | | | | 26,250 | | | | | | 52,500 | | | | | | 78,750 | | | | | | 75,008 | | | | | | 143% | | |
Name and Principal Position | | | Year | | | Salary ($) | | | Bonus ($) | | | Stock Awards ($)(1) | | | Non-Equity Incentive Plan Compensation ($) | | | All Other Compensation ($)(2) | | | Total ($) | | |||||||||||||||||||||
Richard Agree Executive Chairman | | | | | 2018 | | | | | $ | 149,967(3) | | | | | $ | — | | | | | $ | 286,475 | | | | | $ | — | | | | | $ | 32,684 | | | | | $ | 469,126 | | |
| | | 2017 | | | | | | 150,015(3) | | | | | | — | | | | | | 286,523 | | | | | | — | | | | | | 35,493 | | | | | | 472,031 | | | ||
| | | 2016 | | | | | | 149,993(3) | | | | | | — | | | | | | 286,518 | | | | | | — | | | | | | 28,498 | | | | | | 465,009 | | | ||
Joel Agree President and Chief Executive Officer | | | | | 2018 | | | | | $ | 609,712 | | | | | $ | — | | | | | $ | 3,362,974 | | | | | $ | 877,000 | | | | | $ | 33,079 | | | | | $ | 4,882,765 | | |
| | | 2017 | | | | | $ | 525,168 | | | | | | 61,390 | | | | | | 2,636,987 | | | | | | 688,610 | | | | | | 32,019 | | | | | | 3,944,174 | | | ||
| | | 2016 | | | | | | 414,064 | | | | | | 750,000 | | | | | | 2,499,992 | | | | | | — | | | | | | 32,574 | | | | | | 3,696,630 | | | ||
Laith Hermiz Chief Operating Officer Executive Vice President | | | | | 2018 | | | | | $ | 296,942 | | | | | $ | — | | | | | $ | 386,606 | | | | | $ | 155,000 | | | | | $ | 26,686 | | | | | $ | 865,234 | | |
| | | 2017 | | | | | | 283,000 | | | | | | — | | | | | | 336,497 | | | | | | 134,600 | | | | | | 24,295 | | | | | | 778,392 | | | ||
| | | 2016 | | | | | | 269,259 | | | | | | 85,202 | | | | | | 260,652 | | | | | | — | | | | | | 24,112 | | | | | | 639,225 | | | ||
Clayton Thelen Chief Financial Officer, Secretary(4) | | | | | 2018 | | | | | $ | 250,000 | | | | | $ | — | | | | | $ | 224,032 | | | | | $ | 149,250 | | | | | $ | 23,978 | | | | | $ | 647,260 | | |
| | | 2017 | | | | | | 9,615 | | | | | $ | 209,981(5) | | | | | | — | | | | | | — | | | | | | 11,309 | | | | | | 230,905 | | |
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 | | |
| | | | | | | | | 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 | | | | | | | | | | | | | | |||||||||||||||||||||
Joel Agree | | | | | 2/10/2020 | | | | | | 486,515 | | | | | | 973,091 | | | | | | 1,459,546 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joel Agree | | | | | 2/23/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,979 | | | | | | 1,749,968 | | |
Joel Agree | | | | | 2/23/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,990 | | | | | | 21,980 | | | | | | 32,970 | | | | | | — | | | | | | 1,981,841 | | |
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 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Craig Erlich | | | | | 8/19/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,541 | | | | | | 299,978 | | |
Danielle Spehar | | | | | 2/10/2020 | | | | | | 50,000 | | | | | | 100,000 | | | | | | 150,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Danielle Spehar | | | | | 2/23/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,512 | | | | | | 200,005 | | |
| | | | | | | | | | | | | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards ($) | | | Estimated Future Payouts Under Equity Incentive Plan Awards ($)(2) | | | All Other Stock Awards; Number of Shares of Stock or Units (#)(3) | | | Grant Date Fair Value of Stock and Option Awards ($)(4) | | ||||||||||||||||||||||||||||||||||||
Name | | | Grant Date | | | Approval Date(1) | | | Threshold | | | Target | | | Maximum | | | Threshold | | | Target | | | Maximum | | ||||||||||||||||||||||||||||||||||||
Richard Agree | | | | | 2/8/2018 | | | | | | 2/7/2019 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | 6,003 | | | | | $ | 286,523 | | |
| | | 2/8/2018 | | | | | | 2/7/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,143 | | | | | | 150,015 | | | ||
Joel Agree | | | | | 2/8/2018 | | | | | | 2/7/2019 | | | | | | 275,000 | | | | | | 550,000 | | | | | | 825,000 | | | | | | 1,053,250 | | | | | | 2,106,500 | | | | | | 3,159,750 | | | | | | — | | | | | | — | | |
Laith Hermiz | | | | | 2/8/2018 | | | | | | 2/7/2019 | | | | | | 57,000 | | | | | | 114,000 | | | | | | 171,000 | | | | | | 142,500 | | | | | | 285,000 | | | | | | 427,500 | | | | | | — | | | | | | — | | |
Clayton Thelen | | | | | 2/8/2018 | | | | | | 2/7/2019 | | | | | | 50,000 | | | | | | 100,000 | | | | | | 150,000 | | | | | | 75,000 | | | | | | 150,000 | | | | | | 225,000 | | | | | | — | | | | | | — | | |
| | 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) | | ||||||||||||||||||||||||||||||||
Richard Agree | | | | 30,540 | | | | | 1,805,525 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Joel Agree | | | | 120,487 | | | | | 7,123,191 | | | | | 27,624 | | | | | 1,633,131 | | | | | | 88,180 | | | | | 5,871,024 | | | | | 89,025 | | | | | 5,927,285 | | | ||||||||
Clayton Thelen(3) | | | | 7,154 | | | | | 476,313 | | | | | 3,433 | | | | | 228,569 | | | |||||||||||||||||||||||||||||
Laith Hermiz | | | | 15,324 | | | | | 905,955 | | | | | 3,525 | | | | | 208,398 | | | | | | 10,105 | | | | | 672,791 | | | | | 10,116 | | | | | 673,523 | | | ||||||||
Clay Thelen | | | | 4,063 | | | | | 240,205 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Craig Erlich | | | | 4,541 | | | | | 302,340 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||
Danielle Spehar | | | | 4,045 | | | | | 269,316 | | | | | — | | | | | — | | |
| | | 2019 | | | 2020 | | | 2021 | | | 2022 | | | 2023 | | |||||||||||||||
Richard Agree | | | | | 10,565 | | | | | | 8,563 | | | | | | 5,959 | | | | | | 3,624 | | | | | | 1,829 | | |
Joel Agree | | | | | 41,750 | | | | | | 33,024 | | | | | | 33,589 | | | | | | 25,016 | | | | | | 14,732 | | |
Laith Hermiz | | | | | 5,570 | | | | | | 3,887 | | | | | | 4,560 | | | | | | 2,952 | | | | | | 1,880 | | |
Clayton Thelen | | | | | — | | | | | | — | | | | | | — | | | | | | 4,063 | | | | | | — | | |
| | | 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) | | ||||||||||||||||
Richard Agree | | | | 12,736 | | | | | 621,817 | | | |||||||||||||||
Joel Agree | | | | 44,225 | | | | | 2,155,132 | | | | | | 38,146 | | | | | 2,992,241 | | | ||||
Clayton Thelen | | | | 341 | | | | | 27,150 | | | |||||||||||||||
Laith Hermiz | | | | 5,466 | | | | | 266,104 | | | | | | 4,476 | | | | | 353,764 | | | ||||
Clayton Thelen | | | | — | | | | | — | | | |||||||||||||||
Craig Erlich | | | | — | | | | | — | | | |||||||||||||||
Danielle Spehar | | | | 598 | | | | | 44,338 | | |
Named Executive Officer | | Base Salary | | Bonus | | Early Vesting of Stock Awards(1) | | Other(2) | | Total | | | Base Salary | | Bonus | | Early Vesting of Stock Awards(1) | | Other(2) | | Total | | ||||||||||||||||||||||||||||||||||||||||
Richard Agree(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Joel Agree(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | 1,805,525 | | | | $ | — | | | | $ | 1,805,525 | | | | | $ | 145,833 | | | | $ | 973,031 | | | | $ | 5,871,024 | | | | $ | 15,340 | | | | $ | 7,005,229 | | | ||||||||||
Change in Control | | | | 450,000 | | | | | 859,516 | | | | | 1,805,525 | | | | | 8,534 | | | | | 3,123,575 | | | | | | 2,625,000 | | | | | 14,855,133 | | | | | 5,871,024 | | | | | 15,340 | | | | | 23,366,498 | | | ||||||||||
Other (except for cause) | | | | 300,000 | | | | | 573,011 | | | | | 1,805,525 | | | | | 8,534 | | | | | 2,687,069 | | | | | | 1,750,000 | | | | | 9,254,735 | | | | | 5,871,024 | | | | | 15,340 | | | | | 16,891,100 | | | ||||||||||
Joel Agree(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Clayton Thelen(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | 792,333 | | | | $ | 7,123,191 | | | | $ | — | | | | $ | 7,915,525 | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||
Change in Control | | | | 1,875,000 | | | | | 11,669,286 | | | | | 7,123,191 | | | | | 7,415 | | | | | 20,674,893 | | | | | | 314,000 | | | | | 711,969 | | | | | 476,313 | | | | | — | | | | | 1,502,282 | | | ||||||||||
Other (except for cause) | | | | 1,250,000 | | | | | 8,043,653 | | | | | 7,123,191 | | | | | 7,415 | | | | | 16,424,242 | | | | | | 314,000 | | | | | — | | | | | 166,459 | | | | | — | | | | | 480,459 | | | ||||||||||
Laith Hermiz | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||
Change in Control | | | | — | | | | | — | | | | | 905,955 | | | | | — | | | | | 905,955 | | | | | | — | | | | | — | | | | | 672,791 | | | | | — | | | | | 672,791 | | | ||||||||||
Other (except for cause) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||
Clayton Thelen(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Craig Erlich(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
Death or Disability | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | | $ | — | | | ||||||||||
Change in Control | | | | 500,000 | | | | | 150,000 | | | | | 240,205 | | | | | — | | | | | 890,205 | | | | | | 900,000 | | | | | 656,250 | | | | | 302,340 | | | | | — | | | | | 1,858,590 | | | ||||||||||
Other (except for cause) | | | | 250,000 | | | | | — | | | | | 51,595 | | | | | — | | | | | 301,595 | | | | | | 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) | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| | 2018 | | 2017 | | | 2020 | | 2019 | | ||||||||||||||||
Audit Fees | | | $ | 610,130 | | | | $ | 478,473 | | | | | $ | 923,968 | | | | $ | 592,750 | | | ||||
Audit-Related Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Tax Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Other Fees | | | | — | | | | | — | | | |||||||||||||||
All Other Fees | | | | — | | | | | — | | | |||||||||||||||
| | | $ | 610,130 | | | | $ | 478,473 | | | | | $ | 923,968 | | | | $ | 592,750 | | | ||||
|
Authorized | | | Issued and Outstanding | | | Available for Issuance | | | Reserved for Future Issuance(1) | | | Reserved for Issuance upon Conversion of Limited Partnership Units | | | Reserved for Issuance under Forward Equity Agreement | | | Unissued, Unreserved Shares of Common Stock | | ||||||||||||||||||
45,000,000 | | | | | 37,576,724 | | | | | | 7,423,276 | | | | | | 7,047,873 | | | | | | 637,959 | | | | | | 5,250,000 | | | | | | 375,403 | | |
| 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 | |
| Attest: | | | Agree Realty Corporation | |
| By: Chief Financial Officer and Secretary | | | By: Joel N. Agree President |