Form 4: Agree Realty Corp COO Nicole Witteveen Reports Stock Award and Tax Withholding

Nicole Witteveen, COO of Agree Realty Corp, reports the acquisition of 6,179 restricted common shares and the withholding of 1,193 shares for tax obligations.

Summary

• On February 23, 2025, Nicole Witteveen, the Chief Operating Officer of Agree Realty Corp, acquired 6,179 restricted common shares.
• These shares were issued by the Issuer's Compensation Committee of the Board of Directors.
• The shares will vest in three tranches: 2,060 on February 23, 2026, 2,060 on February 23, 2027, and 2,059 on February 23, 2028, contingent upon continued employment.
• Also on February 23, 2025, 1,193 common shares were withheld by Agree Realty Corp to cover tax obligations arising from the vesting of 2,557 common shares at a price of $72.83.
• Following these transactions, Witteveen directly owns 15,995 common shares.

Sentiment

Score: 6

Explanation: The document reflects standard executive compensation practices, indicating a neutral sentiment.

Positives

• The issuance of restricted common shares to the COO aligns her interests with the long-term performance of the company.
• The vesting schedule encourages continued service and commitment from the COO.

Industry Context

Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.

Comparison to Industry Standards

• Stock awards are a common form of executive compensation in the real estate industry, aligning management's interests with shareholder value.
• Vesting schedules are typical for restricted stock grants, encouraging long-term commitment from executives.

Stakeholder Impact

• Shareholders are informed about changes in insider ownership.
• The stock award incentivizes the COO to drive company performance.

Key Dates