Summary of Compensation for Board of Directors of Agree Realty Corporation (Effective February 21, 2024)
This document outlines the compensation structure for non-employee directors of Agree Realty Corporation, effective February 21, 2024. Non-employee directors receive an annual retainer of $185,000, with additional payments for committee chairs and the lead independent director. Part of the compensation is paid in restricted stock awards with a one-year vesting period, and the remainder can be taken as cash or additional stock awards. Directors are reimbursed for travel expenses if coming from outside Royal Oak, Michigan. Employees or officers serving as directors do not receive this compensation.
Exhibit 10.1
SUMMARY OF COMPENSATION FOR
THE BOARD OF DIRECTORS OF
AGREE REALTY CORPORATION
(Effective as of February 21, 2024)
Annual Board Member Retainer:
Non-Employee Director:$185,000*
Audit Committee Chair:$25,000 (in addition to non-employee retainer)
Lead Independent Director: $30,000 (in addition to non-employee retainer)
Compensation Committee Chair:$20,000 (in addition to non-employee retainer)
Nominating & Governance Committee Chair:$20,000 (in addition to non-employee retainer)
*$115,000 of the above amount is payable in restricted stock awards with one year vesting. The remaining amounts above are payable, at each director’s election, either quarterly in cash or in additional restricted stock awards with one year vesting.
Other:
Directors traveling from outside the Royal Oak, Michigan area are reimbursed for all out-of-pocket expenses incurred in connection with attending meetings of the Board or any committees thereof.
Directors who are employees or officers of the Company do not receive any compensation for serving on the Board or any committees thereof.
