Summary of Compensation for Board of Directors of Agree Realty Corporation (Effective February 3, 2022)
This document outlines the compensation structure for non-employee directors of Agree Realty Corporation, effective February 3, 2022. Non-employee directors receive an annual retainer of $132,000, with additional payments for the Audit Committee Chair and Lead Independent Director roles. Half of the compensation is paid in restricted stock awards with a one-year vesting period, while the other half can be taken in cash or additional restricted stock. Directors are reimbursed for travel expenses, but directors who are also company employees or officers do not receive board compensation.
Exhibit – 10.6
SUMMARY OF COMPENSATION FOR
THE BOARD OF DIRECTORS OF
AGREE REALTY CORPORATION
(Effective as of February 3, 2022)
Annual Board Member Retainer:
Non-Employee Director:$132,000
Audit Committee Chair:$6,000 (in addition to non-employee retainer)
Lead Independent Director: $6,000 (in addition to non-employee retainer)
50% of the above amounts are payable in restricted stock awards with one year vesting. The remaining 50% of the above amounts 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 Bloomfield Hills, 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.
