Agree Realty Appoints New CFO, Olson Transitions

TL;DR

New CFO at Agree Realty starting June 3rd, current CFO stays on as advisor until year-end.

AI Summary

Agree Realty Corporation announced on May 23, 2024, the appointment of Steven D. Valenti as Chief Financial Officer, effective June 3, 2024. Valenti will succeed current CFO, Jeffrey S. Olson, who will transition to a Senior Advisor role until his retirement on December 31, 2024. Valenti's employment agreement includes an annual base salary of $425,000 and potential for a discretionary annual bonus.

Why It Matters

This leadership change in a key financial role could impact investor confidence and the company's financial strategy moving forward.

Risk Assessment

Risk Level: low — The filing details a planned leadership transition with a clear succession plan and continued involvement of the outgoing CFO, indicating a low level of immediate risk.

Key Numbers

• $425,000 — New CFO Base Salary (Annual base salary for Steven D. Valenti)

Key Players & Entities

• Agree Realty Corporation (company) — Registrant
• Steven D. Valenti (person) — Appointed Chief Financial Officer
• Jeffrey S. Olson (person) — Outgoing Chief Financial Officer
• $425,000 (dollar_amount) — Steven D. Valenti's annual base salary
• June 3, 2024 (date) — Effective date for new CFO
• December 31, 2024 (date) — Retirement date for current CFO

FAQ

Key Financial Figures

• $0.0001 — Cumulative Redeemable Preferred Stock, $0.0001 par value ADCPrA New York Stock Excha

Filing Documents

• tm2415310d1_8k.htm (8-K) — 41KB
• tm2415310d1_ex10-1.htm (EX-10.1) — 202KB
• 0001104659-24-064707.txt ( ) — 496KB
• adc-20240523.xsd (EX-101.SCH) — 3KB
• adc-20240523_def.xml (EX-101.DEF) — 26KB
• adc-20240523_lab.xml (EX-101.LAB) — 36KB
• adc-20240523_pre.xml (EX-101.PRE) — 25KB
• tm2415310d1_8k_htm.xml (XML) — 5KB

07. Submission of Matters to a Vote of Security Holders

Item 5.07. Submission of Matters to a Vote of Security Holders. On May 23, 2024, the Company held its Annual Meeting. The matters on which the stockholders voted were: 1)To elect four directors to serve until the annual meeting of stockholders in 2027; and 2)To ratify the appointment of Grant Thornton LLP as the Company's independent registered public accounting firm for 2024; and 3)To approve, by non-binding vote, executive compensation; and 4)To approve the 2024 Plan. The four nominees were elected, the appointment of the independent registered public accounting firm was ratified, the executive compensation was approved by non-binding vote, and the 2024 Plan was approved. The results of the voting were as follows: Election of Directors : Director Votes For Votes Withheld Broker Non-Votes Richard Agree 75,800,486 8,097,592 5,454,882 Karen Dearing 82,478,323 1,419,755 5,454,882 Linglong He 83,210,400 687,678 5,454,882 Michael Hollman 81,522,413 2,375,665 5,454,882 Ratification of Appointment of Independent Registered Public Accounting Firm: Votes For Votes Against Abstentions 88,220,062 1,078,799 54,099 Approval, by Non-Binding Vote, of Executive Compensation: Votes For Votes Against Abstentions Broker Non-Votes 78,056,339 5,701,138 140,601 5,454,882 Approval of the 2024 Plan: Votes For Votes Against Abstentions Broker Non-Votes 80,097,271 3,708,193 92,614 5,454,882

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit Description 10.1 Agree Realty Corporation 2024 Omnibus Incentive Plan. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AGREE REALTY CORPORATION By: /s/ Peter Coughenour Name: Peter Coughenour Title: Chief Financial Officer and Secretary Date: May 23, 2024

View Full Filing

View this 8-K filing on SEC EDGAR