Form 4: Agree Realty Corp Executive Stephen Breslin Receives Restricted Common Shares
SEC Form 4 Filing
Stephen Breslin, Chief Accounting Officer of Agree Realty Corp, acquired 3,912 restricted common shares on February 23, 2024, as part of a compensation package.
Summary
- On February 23, 2024, Stephen Breslin, the Chief Accounting Officer of Agree Realty Corp, acquired 3,912 restricted common shares.
- These shares were issued by the Issuer's Compensation Committee of the Board of Directors.
- The acquisition was reported on a Form 4 filing with the SEC on February 27, 2024.
- 1,304 of these shares will vest annually on February 23, 2025, February 23, 2026, and February 23, 2027, contingent upon Breslin's continued employment with the Issuer.
- Following the transaction, Breslin directly owns 9,991 common shares.
Sentiment
Score: 7
Explanation: The sentiment is neutral to slightly positive. It reflects standard executive compensation practices and aligns management interests with shareholders.
Positives
- The issuance of restricted stock aligns the executive's interests with the long-term performance of the company.
- The vesting schedule incentivizes continued service and commitment from the Chief Accounting Officer.
Future Outlook
The vesting schedule suggests a commitment to retain the Chief Accounting Officer for at least three years.
Industry Context
Granting restricted stock is a common practice in the real estate industry to incentivize and retain key executives.
Comparison to Industry Standards
- Comparing the vesting schedule and amount of restricted stock to similar REITs (Real Estate Investment Trusts) like Simon Property Group or Public Storage would provide context on whether this compensation is standard.
- Reviewing executive compensation packages in the REIT sector can help determine if the vesting schedule and share amounts are competitive.
Stakeholder Impact
- Shareholders may view this as a positive sign, indicating the company's commitment to retaining key personnel.
- Employees may see this as a positive signal regarding the company's investment in its leadership.
Key Dates
| Date | Description |
|---|---|
| 02/23/2024 | Date of transaction: Stephen Breslin acquired 3,912 restricted common shares. |
| 02/23/2025 | First vesting date: 1,304 shares vest, contingent upon continued employment. |
| 02/23/2026 | Second vesting date: 1,304 shares vest, contingent upon continued employment. |
| 02/23/2027 | Third vesting date: 1,304 shares vest, contingent upon continued employment. |
| 02/27/2024 | Date of Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.