Agree Realty Corp 8-K, filed Aug 17, 2020
Agree Realty Corp (ADC)
About this 8-K
Agree Realty Corp filed this 8-K on August 17, 2020, reporting on events of August 14, 2020.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
______________
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported):
August 17, 2020 (
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Agree Realty Corporation (the “Company”) today announced the appointment of Craig Erlich as Chief Investment Officer, effective August 19, 2020. In conjunction with his appointment as Chief Investment Officer, Mr. Erlich resigned as a Director, effective as of August 17, 2020.
On August 14, 2020, Michael Hollman was appointed to fill the vacancy created by the resignation of Mr. Erlich, which appointment is effective August 17, 2020. Mr. Hollman will stand for election at the Company’s 2021 Annual Meeting of Stockholders.
The Board has determined that Mr. Hollman meets all applicable requirements to serve on the Board, including those set forth in the Company’s Corporate Governance Guidelines, the listing standards of the New York Stock Exchange and the rules and regulations of the Securities and Exchange Commission (“SEC”).
Mr. Hollman currently serves as Senior Vice President and Treasurer at Hilton, Inc. (NYSE: HLT) (“Hilton”), a position he has held since 2020. In this role, he oversees the Corporate Finance, Corporate Strategy and Global Treasury teams, and is responsible for a wide variety of activities and initiatives, including public market offerings, capital allocation, cash management, business development and Mergers & Acquisitions. Prior to becoming Treasurer, Mr. Hollman served as Vice President of Mergers & Acquisitions and Capital Markets from 2017 to 2020.
Before joining Hilton, Mr. Hollman worked in investment banking, specializing in the real estate and lodging sectors. He most recently served as a Director of the Real Estate and Lodging Investment Banking Group at Citigroup from 2013 to 2017, and previously held similar roles at UBS Investment Bank from 2009 to 2013. Prior to banking, Mr. Hollman was a management consultant at Kurt Salmon Associates, now a part of Accenture Strategy, from 2004 to 2007, where he was responsible for the development and execution of strategic initiatives and supply chain-related projects for consumer product and retail companies. He received a B.S. in Industrial Engineering from the Georgia Institute of Technology with honors and an M.B.A. from Columbia Business School.
In connection with his appointment to the Board, Mr. Hollman will be compensated in accordance with the Company’s non-employee director compensation program.
| Item 9.01. | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit | Description |
| 99.1 | Press release, dated August 17, 2020, reporting the officer and director appointment. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AGREE REALTY CORPORATION | ||
| By: | /s/ Clayton R. Thelen | |
| Name: Clayton R. Thelen | ||
| Title: Chief Financial Officer and Secretary | ||
Date: August 17, 2020
Exhibit 99.1
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70 E. Long Lake Rd. Bloomfield Hills, MI 48304 www.agreerealty.com |
FOR IMMEDIATE RELEASE
Agree Realty Announces Appointment of Craig Erlich as Chief Investment Officer
MIKE HOLLMAN JOINS BOARD OF DIRECTORS
Bloomfield Hills, MI, August 17, 2020 -- Agree Realty Corporation (NYSE: ADC) (the “Company”) today announced the appointment of Craig Erlich as Chief Investment Officer, effective August 19, 2020. Mr. Erlich had served on the Company’s Board of Directors (“the Board”) as Lead Independent Director. Mr. Erlich has resigned from the Board in conjunction with his appointment as Chief Investment Officer.
Simultaneous with Mr. Erlich’s resignation from the Board, the Company is pleased to announce the appointment of Mike Hollman to its Board. Mr. Hollman currently serves as Senior Vice President and Treasurer at Hilton, Inc. (NYSE: HLT) (“Hilton”). In this role, Mr. Hollman oversees the Corporate Finance, Corporate Strategy and Global Treasury teams. Prior to Hilton, Mr. Hollman held multiple roles in investment banking and management consulting. The Board has determined that Mr. Hollman is independent in accordance with the New York Stock Exchange listing standards and the Company’s Corporate Governance Guidelines.
“After his innumerous contributions as a Director, I am extremely pleased to have Craig join our growing Company,” said Joey Agree, President and Chief Executive Officer. “Craig’s extensive global operational, sales and business development expertise will make him a critical addition to our leadership team as we continue to scale and develop talent. I am equally excited to announce that Mike Hollman has joined our Board. Mike has broad experience in finance, capital markets, investment banking and real estate. I look forward to his unique perspectives and future contributions as our Company continues to evolve.”
“It’s been an honor to serve on the Board,” said Craig Erlich, Incoming Chief Investment Officer. “After seeing years of progress the Company has made from the vantage of a Director, I am now truly excited to join the front lines and help lead this group of elite professionals realize our full potential.”
About Agree Realty Corporation
Agree Realty Corporation is a publicly traded real estate investment trust primarily engaged in the acquisition and development of properties net leased to industry-leading retail tenants. As of June 30, 2020, the Company owned and operated a portfolio of 936 properties, located in 46 states and containing approximately 18.4 million square feet of gross leasable area. The Company’s common stock is listed on the New York Stock Exchange under the symbol “ADC”. For additional information, please visit www.agreerealty.com.
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Contact:
Clay Thelen
Chief Financial Officer
Agree Realty Corporation
(248) 737-4190