Agree Realty Corporation Implements Changes in Bylaws

Agree Realty Corporation, a Maryland corporation, filed a Form 8-K with the Securities and Exchange Commission on December 12, 2024, revealing amendments to its bylaws enacted by the Board of Directors on December 6, 2024.

The primary modifications to the Bylaws include the implementation of proxy access, allowing a stockholder or group of up to 20 stockholders owning 3% or more of the company’s common stock continuously for at least three years to nominate director nominees for inclusion in the proxy materials for the annual meeting. The number of nominees cannot exceed two directors or 20% of the total directors up for election, subject to stated requirements.

Additionally, the amended Bylaws now grant the company’s stockholders the power to amend the Bylaws, a privilege previously held only by the Board, by a majority vote. It also mandates that an incumbent director offer to resign post an uncontested election where they did not secure the majority vote among cast votes, aligning with the company’s Corporate Governance Guidelines.

The revised Bylaws also encompass other ministerial, clarifying, and conforming adjustments for improved governance and operational efficacy. This summary is not exhaustive, and for a complete understanding of the changes, reference to the complete text of the Bylaws as amended, available as Exhibit 3.1 in the Form 8-K filing, is recommended.

Alongside the amended Bylaws, Agree Realty Corporation submitted Exhibits including the Amended and Restated Bylaws dated December 6, 2024, and a Cover Page Interactive Data File.

The Form 8-K filing did not indicate any further changes or developments within the organization.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Agree Realty’s 8K filing here.

About Agree Realty

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.