Summary of Compensation for Board of Directors of Agree Realty Corporation (Effective February 3, 2023)
This document outlines the compensation structure for non-employee directors of Agree Realty Corporation, effective February 3, 2023. Non-employee directors receive an annual retainer of $180,000, with $110,000 paid in restricted stock awards that vest after one year. Additional payments are made to committee chairs and the Lead Independent Director. Directors can choose to receive the remaining compensation in cash or additional restricted stock. Directors traveling from outside Bloomfield Hills, Michigan, are reimbursed for travel expenses. Employees or officers serving as directors do not receive compensation for board service.
Exhibit – 10.6
SUMMARY OF COMPENSATION FOR
THE BOARD OF DIRECTORS OF
AGREE REALTY CORPORATION
(Effective as of February 3, 2023)
Annual Board Member Retainer:
Non-Employee Director:$180,000*
Audit Committee Chair:$15,000 (in addition to non-employee retainer)
Lead Independent Director: $15,000 (in addition to non-employee retainer)
Compensation Committee Chair:$7,500 (in addition to non-employee retainer)
Nominating & Governance Committee Chair:$7,500 (in addition to non-employee retainer)
*$110,000 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 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.
