AGREE REALTY CORP — Director's Dealing 2017

Feb 27, 2017

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2017-02-23

Reporting Person: Agree Joey (Director, President & CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2017-02-23	Common Shares	A	51419	$0.00	Acquired	356369	Direct
2017-02-23	Common Shares	F	3961	$48.62	Disposed	352408	Direct

Footnotes

F1: All of these shares are restricted common shares that were granted to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 10,284, 10,284, 10,284, 10,284 and 10,283 of these shares shall become vested and nonforfeitable, subject to the reporting person's continued service as an employee of the Issuer, on February 23, 2018, February 23, 2019, February 23, 2020, February 23, 2021 and February 23, 2022, respectively.

F2: Represents Common Shares sold to the issuer as payment of tax withholding due upon vesting of 8,573 Common Shares.