AGREE REALTY CORP — Director's Dealing 2020

Feb 25, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2020-02-23

Reporting Person: Thelen Clayton R. (CFO & Secretary)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-02-23	Common Shares	F	116	$79.62	Disposed	6663	Direct
2020-02-23	Common Shares	A	3454	$0.00	Acquired	10117	Direct

Footnotes

F1: Represents Common Shares withheld by the Issuer as payment of tax withholdings due upon vesting of 341 Common Shares.

F2: 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. 691, 691, 691, 691 and 690 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, 2021, February 23, 2022, February 23, 2023, February 23, 2024 and February 23, 2025, respectively.