secwatch.observer — SEC 8-K summary
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Issuer:     AGREE REALTY CORP (ADC)
CIK:        0000917251
Form:       8-K
Filed at:   2023-09-28T23:59:59+00:00
Accession:  0001104659-23-104740
Event type: leadership
Sentiment:  neutral
Materiality: 0.30
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Agree Realty enters new employment agreement with CEO Joel Agree, no fixed term
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- New employment agreement with CEO Joel Agree has no fixed expiration date, supersedes prior agreement expiring Sept 30, 2023.
- Upon non-cause termination, Mr. Agree receives 200% base salary plus 200% of average annual bonus (3-year) and full equity vesting.
- Upon change-in-control termination, severance increases to 300% base salary plus 300% of average annual bonus and full equity vesting.
- Death or disability triggers prorated target bonus, equity vesting, and two months salary (death only) plus health benefits.
- Non-compete and non-solicitation provisions apply for one year after termination for cause or voluntary resignation without good reason.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/917251/000110465923104740/0001104659-23-104740-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/917251/000110465923104740/tm2327163d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-104740

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