AGREE REALTY CORP — Director's Dealing 2018

Feb 27, 2018

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2018-02-23

Reporting Person: AGREE RICHARD (Director, Executive Chairman of Board)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2018-02-23	Common Shares	A	9146	$0.00	Acquired	417966	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	39600	Indirect
Common Shares	53596	Indirect

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. 1,850, 1,849, 1,849, 1,849 and 1,849 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, 2019, February 23, 2020, February 23, 2021, February 23, 2022 and February 23, 2023, respectively.

F2: These shares are owned by irrevocable trusts for his children.