Form 4: Agree Realty Corp Executive Danielle Spehar Reports Changes in Beneficial Ownership
SEC Form 4 Filing
Danielle Spehar, General Counsel of Agree Realty Corp, reports acquisition and disposal of common shares related to restricted stock and tax withholdings.
Summary
- On February 23, 2024, Danielle Spehar, General Counsel of Agree Realty Corp, reported changes in beneficial ownership of the company's common shares.
- Spehar acquired 4,695 restricted common shares and 1,764 restricted common shares upon vesting of performance shares, both at a price of $0.
- The vesting of the 4,695 shares is subject to continued employment, with 1,565 shares vesting annually on February 23, 2025, 2026, and 2027.
- Of the 1,764 restricted shares issued upon vesting of performance shares, 588 vested immediately on February 23, 2024, with the remaining 588 shares vesting on February 23, 2025 and 2026.
- The report also indicates the disposal of 1,535 common shares at $57.51, withheld by the issuer for tax obligations related to the vesting of 3,305 common shares.
- Following these transactions, Spehar directly owns 16,355 common shares of Agree Realty Corp.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. The acquisition of shares suggests confidence, while the disposal for tax purposes is a routine event.
Positives
- The acquisition of restricted common shares and performance shares indicates confidence in the company's future performance.
Negatives
- The disposal of shares to cover tax withholdings, while a normal occurrence, slightly reduces the executive's holdings.
Future Outlook
The vesting schedule of the restricted common shares indicates a multi-year commitment from the executive to the company.
Industry Context
Form 4 filings are standard practice and provide transparency into the trading activities of company insiders, which can be an indicator of management's sentiment towards the company's prospects.
Stakeholder Impact
- The transactions provide transparency to shareholders regarding executive compensation and ownership.
Key Dates
| Date | Description |
|---|---|
| 02/23/2024 | Date of earliest transaction: acquisition and disposal of shares. |
| 02/23/2025 | Vesting date for 1,565 restricted common shares and 588 restricted shares issued upon vesting of performance shares. |
| 02/23/2026 | Vesting date for 1,565 restricted common shares and 588 restricted shares issued upon vesting of performance shares. |
| 02/23/2027 | Vesting date for 1,565 restricted common shares. |
| 02/27/2024 | Date of signature on the Form 4 filing. |
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