Good morning, and welcome to the Agree Realty Corporation Annual Meeting of Stockholders. I would now like to introduce the first presenter, Mr. Richard Agree.
Thank you. The meeting will please come to order. Good morning, ladies and gentlemen. My name is Richard Agree, Executive Chairman of the Board of Directors of Agree Realty Corporation. I will act as Chairman of the meeting and Simon Leopold, our Chief Financial Officer and Secretary of the company, will act as Secretary of the meeting.
Due to the ongoing COVID-nineteen pandemic and in order to predict the health and safety of our employees, stockholders and the greater community, our annual meeting this year is being conducted in a virtual only format. We have designed our virtual format to enhance rather than constrain stockholder access, participation and communication. During the live Q and A session, we will answer questions as they come in to the extent relevant to the business of the annual meeting and as time presents. First, I would like to introduce the other members of our Board of Directors, Karen Dearing, Mary Frankel, Mike Holman, Ferris Kalil, Greg Lomko, Ambassador John Ricolta, Jr, Jerry Rossi, William Reubenfair and Joey Agree, President and CEO of Agree Realty. In addition, I would like to introduce Michael Caron from the accounting firm of Grant Thornton LLP, which was appointed as our independent registered public accounting firm for 2021.
I would like to welcome all of you and express my thanks to each of you for taking the time to attend our annual meeting. March 8, 2021 was a record date fixed for the determination of stockholders entitled to vote. As of the record date, there were 63,000,000 573,009 shares of common stock outstanding.
Mr. Chairman, I have in my possession an affidavit from Broadridge Financial Solutions Inc. Showing that on March 26, 2021, the proxy statement, the 2020 annual report to the company's stockholders and the notice of Internet availability of proxy materials or the notice only were mailed to the record holders of our common stock as of March 8, 2021.
The Secretary will file the original affidavit with the records of the company. Voting at the annual meeting will be done electronically through the Broadridge virtual meeting platform. The results of the voting will be reported before the meeting is adjourned. If you have mailed or otherwise delivered a proxy, your shares will be voted in the manner in which you have specified in your proxy. It will not be necessary for you to vote electronically.
If there are any shareholders who wish to file proxies who have not already done so, they should do so at this time. If there are any shareholders who will be voting their shares in person and not by proxy, as they indicated at an earlier time, they should do so through the virtual meeting platform. If there are any persons who are acting as proxies for shareholders who have not filed their proxies, they should file their proxies through the virtual meeting platform provided by Broadridge. Will the secretary please report to the meeting the approximate number of shares which are present or represented at
the meeting. Mr. Chairman, the stockholders entitled to cast more than a majority of 63,573,009 votes, which may be cast at this meeting are present virtually or by proxy.
Since a quorum is present, we are now ready to proceed with the transaction of business. This annual meeting has been called for the purposes set forth in the notice of annual meeting of stockholders and the proxy statement. The first order of business is the election of 3 directors to serve a term of 3 years until the 2024 Annual Meeting of Stockholders, the election of 1 director to serve a term of 2 years until 2023 Annual Meeting of Stockholders and the election of 1 director to serve a term of 1 year until the 2022 Annual Meeting of Stockholders. Nominations are now in order. Each director will serve until his or her successor shall have been duly elected and qualified or as otherwise provided in the bylaws of the company.
In accordance with the recommendation of the Nominating and Governance Committee, the Board of Directors of the company has nominated Mr. Rich Hagerie, Ms. Dearing and Mr. Coleman to hold office for a term of 3 years until the 2024 Annual Meeting of Stockholders and until her or his successor shall have been duly elected and qualified or is otherwise provided in the bylaws of the company. Pursuant to the bylaws, the directors are required to be divided into 3 classes serving 3 year staggered terms.
In order to evenly distribute directors among the 3 classes, with the recommendation of the Nominating and Corporate Governance Committee, the Board of Directors has nominated Ambassador John Ricolto, Jr. To hold office for a term of 2 years until 2023 Annual Meeting of Stockholders and until a successor shall have been duly elected and qualified or is otherwise provided in the bylaws of the company. Furthermore, with the recommendation of nominating the Corporate Governance Committee, the Board of Directors has nominated Mr. Rossi to hold office for a term 1 year until the 2022 Annual Meeting of Stockholders and until his successor shall have been duly elected and qualified or is otherwise provided in the bylaws of the
company. Are there any comments with respect to the nominations for directors? The next order of business is a ratification of the appointment of Grant Thornton LLP as our independent registered public accounting firm for 2021. May I please have a motion?
In accordance with the vote of the audit committee, the Board recommends that the appointment of Grant Thornton LLP as our independent registered public accounting firm for 2021 be ratified.
Michael Cairns of Grant Thornton is present at this meeting and available to respond to appropriate questions of shareholders. Are there any questions for him or any comments with respect to such ratification? The next order of business is the approval by non binding vote of the compensation of the company's named executive officers. This resolution provides that stockholders approve on an advisory basis the compensation of the company's named executive officers as disclosed in the company's proxy statement pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the compensation discussion and analysis, the compensation tables and the other related disclosure. Are there any questions or comments on this proposal?
The next order of business is the approval of the amendment to our articles of incorporation, our charter, to increase the number of authorized shares of our common stock. The amendment would increase the number of shares of common stock that the company has authorized to issue from 90,000,000 shares of common stock to 180,000,000 shares of common stock, representing an increase of 90,000,000 shares of authorized common stock. May I please have a motion?
I move that the shareholders approve the amendment to our charter to increase the number of authorized shares of common stock.
I now declare the poll is open. For those stockholders attending the meeting virtually who wish to vote, you may vote now by clicking on the voting prompts on your screen, as everyone had the opportunity to vote for the proposals presented for vote. Since I hear no negative response, I declare the polls closed. We will now proceed with the results of voting on the proposals presented at the meeting. Will the secretary read the report of the results of votes taken at the meeting?
Our tally of the votes cast at the meeting indicates the following results. 1, with respect to the election of directors, the holders of at least 92% of shares voted for each of the nominees for director. 2, with respect to the ratification of the appointment of Grant Thornton LLP, at least 99% of shares voted for the ratification of the appointment of Grant Thornton LLP 3, with respect to the approval by non binding vote of executive compensation, at least 95% of shares voted for the approval of executive compensation. 4, with respect to the approval of the amendment to our charter to increase the number of authorized shares for our common stock, least 96% of shares voted for the approval of the amendment. The final tally of the votes cast at today's meeting will be filed in a Form 8 ks within 4 business days.
With respect to the election of directors, each of the 5 nominees is therefore elected as Director of the company. The directors shall take office immediately and serve until the end of their terms and until their successors shall have been duly elected and qualified or as otherwise provided by the bylaws of the company. Further, the appointment of Grant Thornton LLP as our independent registered public accounting firm for 2021 has been ratified. Further, that the shareholders have approved by nonbinding vote the executive compensation as disclosed in the company's proxy statement pursuant to disclosure rules of the SEC, including the compensation discussion and analysis, the compensation tables and other related disclosure. Further, the shareholders have approved the amendment to our charter to increase the number of authorized shares for our common stock.
I hereby direct the Secretary's report of the voting results, which contains the information just announced in the meeting, to be filed within minutes of this meeting. Before we adjourn, I want to thank Ferris Khalil for 27 years of fantastic service on our Board. Ferris has been on the Board since our IPO in 1994 and he has helped us dramatically grow from a $50,000,000 company to a company of almost $5,000,000,000 market cap. We will be fitting Ferris with a new set of golf clubs this spring as he takes over as Head Pro at Pine Lake Country Club. Ferris, thank you again for all your time and effort in helping us grow into this fantastic company.
To be no further business to come before the meeting, a motion to adjourn is hereby in order.
I move that the meeting be adjourned.
Those in favor signify by saying aye. Those signify by saying no. Aye. The motion is carried and our meeting is adjourned.
Thank you. The Agray Realty Corporation Annual Meeting of Stockholders has now come to an end. Thank you for attending. You may now disconnect.