| | | | By Order of the Board of Directors | |
| | | |
Clayton R. Thelen
Chief Financial Officer and Secretary |
|
|
March 23, 2020
Bloomfield Hills, Michigan |
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| |
Name of Beneficial Owner
|
| |
Amount and Nature of
Beneficial Ownership(1) |
| |
Percent of
Class(2) |
| ||||||
Richard Agree
|
| | | | 546,994(3) | | | | | | 1.2% | | |
Joel Agree
|
| | | | 395,257(4) | | | | | | * | | |
Laith Hermiz
|
| | | | 30,534 | | | | | | * | | |
Clayton Thelen
|
| | | | 10,117 | | | | | | * | | |
Danielle Spehar
|
| | | | 5,117 | | | | | | * | | |
Craig Erlich
|
| | | | 14,969(5) | | | | | | * | | |
Merrie S. Frankel
|
| | | | 1,810 | | | | | | * | | |
Farris G. Kalil
|
| | | | 8,000 | | | | | | * | | |
Gregory Lehmkuhl
|
| | | | 6,353 | | | | | | * | | |
Simon Leopold
|
| | | | 1,762 | | | | | | * | | |
Jerome Rossi
|
| | | | 2,171 | | | | | | * | | |
William S. Rubenfaer
|
| | | | 23,923 | | | | | | * | | |
All directors and executive officers as a group (12 persons)
|
| | | | 1,047,007(6) | | | | | | 2.3% | | |
Name of Beneficial Owner
|
| |
Amount and Nature of
Beneficial Ownership(1) |
| |
Percent of
Class(2) |
| ||||||
BlackRock, Inc.
|
| | | | 7,334,453(3) | | | | | | 16.1% | | |
The Vanguard Group
|
| | | | 6,405,317(4) | | | | | | 14.1% | | |
Invesco Ltd.
|
| | | | 3,085,831(5) | | | | | | 6.8% | | |
Name
|
| |
Age
|
| |
Title
|
| |
Term Ending
|
|
Merrie Frankel(1) | | |
65
|
| | Independent Director | | |
2020
|
|
Farris G. Kalil(2) | | |
81
|
| | Independent Director | | |
2020
|
|
Simon Leopold(1) | | |
52
|
| | Independent Director | | |
2020
|
|
William S. Rubenfaer(1) | | |
75
|
| | Independent Director | | |
2020
|
|
Richard Agree | | |
76
|
| | Executive Chairman of the Board and Director | | |
2021
|
|
Jerome Rossi | | |
76
|
| | Independent Director | | |
2021
|
|
Joel Agree | | |
41
|
| | Chief Executive Officer and Director | | |
2022
|
|
Craig Erlich | | |
52
|
| | Independent Director | | |
2022
|
|
Gregory Lehmkuhl | | |
47
|
| | Independent Director | | |
2022
|
|
Name
|
| |
Audit
|
| |
Compensation
|
| |
Nominating and
Governance |
| |
Executive
|
|
Richard Agree
|
| | | | | | | | | | |
Chair
|
|
Joel Agree
|
| | | | | | | | | | |
✓
|
|
Craig Erlich
|
| | | | |
✓
|
| |
✓
|
| | | |
Merrie S. Frankel
|
| |
✓
|
| | | | |
Chair
|
| | | |
Farris G. Kalil
|
| |
Chair
|
| |
✓
|
| | | | | | |
Gregory Lehmkuhl
|
| | | | |
✓
|
| |
✓
|
| | | |
Simon Leopold
|
| |
✓
|
| | | | | | | | | |
Jerome Rossi
|
| | | | |
✓
|
| |
✓
|
| |
✓
|
|
William S. Rubenfaer
|
| |
✓
|
| |
Chair
|
| | | | |
✓
|
|
Meetings
|
| |
4
|
| |
2
|
| |
2
|
| |
1
|
|
Name
|
| |
Fees Earned or
Paid in Cash(1) |
| |||
Craig Erlich
|
| | | $ | 51,956 | | |
Merrie S. Frankel
|
| | | | 50,000 | | |
Farris G. Kalil
|
| | | | 56,000 | | |
Gregory Lehmkuhl
|
| | | | 50,000 | | |
Simon Leopold
|
| | | | 20,833 | | |
John Rakolta, Jr.(2)
|
| | | | 36,300 | | |
Jerome Rossi
|
| | | | 50,000 | | |
William S. Rubenfaer
|
| | | | 50,000 | | |
Name
|
| |
Age
|
| |
Title
|
|
Richard Agree | | |
76
|
| | Executive Chairman of the Board and Director | |
Joel Agree | | |
41
|
| | President, Chief Executive Officer and Director | |
Clayton R. Thelen | | |
35
|
| | Chief Financial Officer and Secretary | |
Laith M. Hermiz | | |
49
|
| | Chief Operating Officer and Executive Vice President | |
Danielle Spehar | | |
52
|
| | General Counsel | |
David A. Wolff | | |
50
|
| | Chief Accounting Officer | |
|
Cedar Realty Trust
|
| |
Monmouth Real Estate Investment Corporation
|
|
|
Chatham Lodging Trust
|
| |
RPT Realty
|
|
|
Chesapeake Lodging Trust
|
| |
Rexford Industrial Realty, Inc.
|
|
|
Four Corners Property Trust, Inc.
|
| |
Summit Hotel Properties
|
|
|
Getty Realty Corporation
|
| |
Terreno Realty Corporation
|
|
|
Lexington Realty Trust
|
| |
Urstadt Biddle Properties, Inc.
|
|
| | |
Company versus Peer Group Mean
|
| |||||||||||||||||||||
| | |
Base Salary
|
| |
Cash Incentive
Award |
| |
Long-Term
Incentive Grant Date Fair Value |
| |
Total Direct
Compensation |
| ||||||||||||
Chief Executive Officer
|
| | | | 1% | | | | | | 68% | | | | | | 47% | | | | | | 42% | | |
Chief Financial Officer
|
| | | | -24% | | | | | | -33% | | | | | | -53% | | | | | | -40% | | |
Chief Operating Officer
|
| | | | -17% | | | | | | -48% | | | | | | -54% | | | | | | -42% | | |
General Counsel
|
| | | | -32% | | | | | | -59% | | | | | | -66% | | | | | | -54% | | |
| | |
2019 Annual Cash Incentive Bonus Opportunity
(as % of Base Salary) |
| |||||||||||||||||||||
Position
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
2019 Actual
|
| ||||||||||||
Chief Executive Officer
|
| | | | 62.5% | | | | | | 125% | | | | | | 187.5% | | | | | | 134% | | |
Chief Operating Officer
|
| | | | 25% | | | | | | 50% | | | | | | 75% | | | | | | 50% | | |
Chief Financial Officer
|
| | | | 25% | | | | | | 50% | | | | | | 75% | | | | | | 74% | | |
| | |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
2019 Actual
|
| ||||||||||||
AFFO Growth
|
| | | | 3.0% | | | | | | 4.5% | | | | | | 6.0% | | | | | | 6.6% | | |
Cash Award Summary
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
2019 Actual
|
| |
Award %
of Target |
| |||||||||||||||
Chief Executive Officer
|
| | | $ | 210,937 | | | | | $ | 421,875 | | | | | $ | 632,813 | | | | | $ | 632,813 | | | | | | 150% | | |
Chief Operating Officer
|
| | | | 39,375 | | | | | | 78,750 | | | | | | 118,125 | | | | | | 118,125 | | | | | | 150% | | |
Chief Financial Officer
|
| | | | 35,625 | | | | | | 71,250 | | | | | | 106,875 | | | | | | 106,875 | | | | | | 150% | | |
Cash Award Summary
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
2019 Actual
|
| |
Award %
of Target |
| |||||||||||||||
Chief Executive Officer
|
| | | $ | 147,656 | | | | | $ | 295,313 | | | | | $ | 442,969 | | | | | $ | 372,657 | | | | | | 126% | | |
Chief Operating Officer
|
| | | | 27,563 | | | | | | 55,125 | | | | | | 82,688 | | | | | | 28,771 | | | | | | 52% | | |
Chief Financial Officer
|
| | | | 24,938 | | | | | | 49,875 | | | | | | 74,813 | | | | | | 73,032 | | | | | | 146% | | |
|
Performance Level
|
| |
3-Year Relative
TSR Positioning |
| |
% of Target
Award Funded |
|
|
Below Threshold
|
| |
Below 25th Percentile
|
| |
0%
|
|
|
Threshold
|
| |
25th Percentile
|
| |
50%
|
|
|
Target
|
| |
50th Percentile
|
| |
100%
|
|
|
Maximum
|
| |
75th Percentile
|
| |
150%
|
|
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($)(2) |
| |
All Other
Compensation ($)(3) |
| |
Total
($) |
| |||||||||||||||||||||
Richard Agree
Executive Chairman |
| | | | 2019 | | | | | $ | 150,004(4) | | | | | $ | — | | | | | $ | 286,473 | | | | | $ | — | | | | | $ | 34,545 | | | | | $ | 471,022 | | |
| | | 2018 | | | | | | 149,967(4) | | | | | | — | | | | | | 286,475 | | | | | | — | | | | | | 32,684 | | | | | | 469,126 | | | ||
| | | 2017 | | | | | | 150,015(4) | | | | | | — | | | | | | 286,523 | | | | | | — | | | | | | 35,493 | | | | | | 472,031 | | | ||
Joel Agree
President and Chief Executive Officer |
| | | | 2019 | | | | | $ | 664,615 | | | | | $ | — | | | | | $ | 3,500,016 | | | | | $ | 1,195,000 | | | | | $ | 45,793 | | | | | $ | 5,405,424 | | |
| | | 2018 | | | | | | 609,712 | | | | | | — | | | | | | 3,362,974 | | | | | | 877,000 | | | | | | 45,579 | | | | | | 4,895,265 | | | ||
| | | 2017 | | | | | | 525,168 | | | | | | 61,390 | | | | | | 2,636,987 | | | | | | 688,610 | | | | | | 32,019 | | | | | | 3,944,174 | | | ||
Laith Hermiz
Chief Operating Officer, Executive Vice President |
| | | | 2019 | | | | | $ | 311,885 | | | | | $ | — | | | | | $ | 300,008 | | | | | $ | 158,708 | | | | | $ | 39,346 | | | | | $ | 809,947 | | |
| | | 2018 | | | | | | 296,942 | | | | | | — | | | | | | 386,606 | | | | | | 155,000 | | | | | | 39,186 | | | | | | 877,734 | | | ||
| | | 2017 | | | | | | 283,000 | | | | | | — | | | | | | 336,497 | | | | | | 134,600 | | | | | | 36,795 | | | | | | 790,892 | | | ||
Clayton Thelen
Chief Financial Officer, Secretary(5) |
| | | | 2019 | | | | | $ | 277,731 | | | | | $ | — | | | | | $ | 275,007 | | | | | $ | 211,969 | | | | | $ | 29,909 | | | | | $ | 794,616 | | |
| | | 2018 | | | | | | 250,000 | | | | | | — | | | | | | 224,032 | | | | | | 149,250 | | | | | | 31,778 | | | | | | 655,060 | | | ||
| | | 2017 | | | | | | 9,615 | | | | | | 209,981(6) | | | | | | — | | | | | | — | | | | | | 11,309 | | | | | | 230,905 | | | ||
Danielle Spehar
General Counsel(7) |
| | | | 2019 | | | | | $ | 238,279 | | | | | $ | — | | | | | $ | 200,005 | | | | | $ | 120,000 | | | | | $ | 27,355 | | | | | $ | 585,639 | | |
| | | | | | | | |
Estimated Possible Payouts Under
Non-Equity Incentive Plan Awards ($) |
| |
Estimated Future Payouts Under
Equity Incentive Plan Awards (#) |
| |
All Other
Stock Awards; Number of Shares of Stock or Units (#)(1) |
| |
Grant Date
Fair Value of Stock and Option Awards ($)(2) |
| ||||||||||||||||||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |
Threshold
|
| |
Target
|
| |
Maximum
|
| |||||||||||||||||||||||||||||||||
Richard Agree
|
| | | | 2/23/2019 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,363 | | | | | $ | 286,475 | | |
Richard Agree
|
| | | | 2/23/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,284 | | | | | | 149,967 | | |
Joel Agree
|
| | | | 2/7/2019 | | | | | | 421,875 | | | | | | 843,750 | | | | | | 1,265,625 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Joel Agree
|
| | | | 2/23/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,609 | | | | | | 1,681,487 | | |
Joel Agree
|
| | | | 2/23/2019 | | | | | | | | | | | | | | | | | | | | | | | | 12,805 | | | | | | 25,609 | | | | | | 38,414 | | | | | | | | | | | | 1,714,780 | | |
Laith Hermiz
|
| | | | 2/7/2019 | | | | | | 78,750 | | | | | | 157,500 | | | | | | 236,250 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Laith Hermiz
|
| | | | 2/23/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,944 | | | | | | 193,303 | | |
Laith Hermiz
|
| | | | 2/23/2019 | | | | | | | | | | | | | | | | | | | | | | | | 1,472 | | | | | | 2,944 | | | | | | 4,416 | | | | | | — | | | | | | 197,130 | | |
Clayton Thelen
|
| | | | 2/7/2019 | | | | | | 71,250 | | | | | | 142,500 | | | | | | 213,750 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Clayton Thelen
|
| | | | 2/23/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,706 | | | | | | 112,016 | | |
Clayton Thelen
|
| | | | 2/23/2019 | | | | | | | | | | | | | | | | | | | | | | | | 853 | | | | | | 1,706 | | | | | | 2,559 | | | | | | | | | | | | 114,234 | | |
Danielle Spehar
|
| | | | 2/23/2019 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 914 | | | | | | 60,013 | | |
| | |
Stock Awards
|
| |||||||||||||||||||||
Name
|
| |
Number of
Shares or Units of Stock That Have Not Vested (#)(1) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested ($)(2) |
| |
Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(1) |
| |
Equity Incentive
Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) |
| ||||||||||||
Richard Agree
|
| | | | 26,626 | | | | | | 1,868,346 | | | | | | — | | | | | | — | | |
Joel Agree
|
| | | | 104,346 | | | | | | 7,321,959 | | | | | | 53,233 | | | | | | 3,735,360 | | |
Laith Hermiz
|
| | | | 12,697 | | | | | | 890,948 | | | | | | 6,469 | | | | | | 453,930 | | |
Clayton Thelen
|
| | | | 5,769 | | | | | | 404,811 | | | | | | 1,706 | | | | | | 119,710 | | |
Danielle Spehar
|
| | | | 2,131 | | | | | | 149,532 | | | | | | — | | | | | | — | | |
| | |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
| |||||||||||||||
Richard Agree
|
| | | | 9,894 | | | | | | 7,290 | | | | | | 4,953 | | | | | | 3,158 | | | | | | 1,331 | | |
Joel Agree
|
| | | | 38,146 | | | | | | 38,711 | | | | | | 38,674 | | | | | | 28,390 | | | | | | 13,658 | | |
Laith Hermiz
|
| | | | 4,475 | | | | | | 5,148 | | | | | | 4,523 | | | | | | 3,450 | | | | | | 1,570 | | |
Clayton Thelen
|
| | | | 341 | | | | | | 910 | | | | | | 4,973 | | | | | | 909 | | | | | | 342 | | |
Danielle Spehar
|
| | | | 598 | | | | | | 598 | | | | | | 377 | | | | | | 376 | | | | | | 182 | | |
| | |
Stock Awards
|
| |||||||||
Name
|
| |
Number of Shares
Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(1) |
| ||||||
Richard Agree
|
| | | | 10,565 | | | | | | 673,550 | | |
Joel Agree
|
| | | | 41,750 | | | | | | 2,664,147 | | |
Laith Hermiz
|
| | | | 5,570 | | | | | | 359,317 | | |
Clayton Thelen
|
| | | | — | | | | | | — | | |
Danielle Spehar
|
| | | | 415 | | | | | | 28,777 | | |
Named Executive Officer
|
| |
Base Salary
|
| |
Bonus
|
| |
Early Vesting of
Stock Awards(1) |
| |
Other(2)
|
| |
Total
|
| |||||||||||||||
Richard Agree(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | — | | | | | $ | — | | | | | $ | 1,868,346 | | | | | $ | — | | | | | $ | 1,868,346 | | |
Change in Control
|
| | | | 450,000 | | | | | | 859,498 | | | | | | 1,868,346 | | | | | | 9,978 | | | | | | 3,187,823 | | |
Other (except for cause)
|
| | | | 300,000 | | | | | | 572,999 | | | | | | 1,868,346 | | | | | | 9,978 | | | | | | 2,751,323 | | |
Joel Agree(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | — | | | | | $ | 940,667 | | | | | $ | 7,321,959 | | | | | $ | — | | | | | $ | 8,262,625 | | |
Change in Control
|
| | | | 2,025,000 | | | | | | 13,262,628 | | | | | | 7,321,959 | | | | | | 7,380 | | | | | | 22,616,967 | | |
Other (except for cause)
|
| | | | 1,350,000 | | | | | | 9,155,307 | | | | | | 7,321,959 | | | | | | 7,380 | | | | | | 17,834,646 | | |
Laith Hermiz(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control
|
| | | | — | | | | | | — | | | | | | 890,948 | | | | | | — | | | | | | 890,948 | | |
Other (except for cause)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Clayton Thelen(6) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control
|
| | | | 285,000 | | | | | | 514,250 | | | | | | 404,811 | | | | | | — | | | | | | 1,204,061 | | |
Other (except for cause)
|
| | | | 285,000 | | | | | | — | | | | | | 118,258 | | | | | | — | | | | | | 403,258 | | |
Danielle Spehar(5) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Death or Disability
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Change in Control
|
| | | | — | | | | | | — | | | | | | 149,532 | | | | | | — | | | | | | 149,532 | | |
Other (except for cause)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
2019
|
| |
2018
|
| ||||||
Audit Fees
|
| | | $ | 592,750 | | | | | $ | 610,130 | | |
Audit-Related Fees
|
| | | | — | | | | | | — | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
| | | | $ | 592,750 | | | | | $ | 610,130 | | |