Form 4: Agree Realty Corp Executive Receives Restricted Stock and Pays Taxes with Shares
SEC Form 4 Filing
Nicole Witteveen, Chief Operating Officer of Agree Realty Corp, received restricted common shares and used shares to cover tax obligations.
Summary
- On February 23, 2024, Nicole Witteveen, the Chief Operating Officer of Agree Realty Corp, received 3,912 restricted common shares from the Issuer's Compensation Committee.
- These shares vest in three equal installments of 1,304 shares on February 23, 2025, February 23, 2026, and February 23, 2027, contingent upon continued employment.
- Also on February 23, 2024, 615 common shares were withheld by Agree Realty Corp to cover tax obligations arising from the vesting of 1,253 common shares at a price of $57.51.
- Following these transactions, Witteveen directly owns 11,359 common shares of Agree Realty Corp.
Sentiment
Score: 6
Explanation: The sentiment is neutral. It reflects standard executive compensation practices and tax obligations, with no indication of positive or negative implications for the company's performance.
Positives
- The issuance of restricted stock aligns the executive's 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 and provide transparency into insider transactions, which are closely monitored by investors for insights into management's perspective on the company's value and future prospects.
Comparison to Industry Standards
- Restricted stock grants are a common form of executive compensation in the real estate industry, similar to practices at companies like Simon Property Group (SPG) and Realty Income (O).
- Vesting schedules of three years are also typical, aligning with industry norms for long-term incentive plans.
Stakeholder Impact
- Shareholders may view the restricted stock grant as an incentive for the COO to drive long-term value.
- Employees may see this as a positive sign of investment in leadership.
Key Dates
| Date | Description |
|---|---|
| 02/23/2024 | Date of restricted stock issuance and tax withholding. |
| 02/23/2025 | First vesting date for 1,304 restricted common shares. |
| 02/23/2026 | Second vesting date for 1,304 restricted common shares. |
| 02/23/2027 | Third vesting date for 1,304 restricted common shares. |
| 02/27/2024 | Date of Form 4 signature. |
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