AGREE REALTY CORP — Director's Dealing 2021

Feb 25, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2021-02-23

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-23	Common Shares	F	20782	$64.56	Disposed	367738	Direct
2021-02-23	Common Shares	A	27107	$0.00	Acquired	394845	Direct
2021-02-23	Common Shares	A	41436	$0.00	Acquired	436281	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	50	Indirect

Footnotes

F1: Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 47,711 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. 5,422, 5,422, 5,421, 5,421 and 5,421 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, 2022, February 23, 2023, February 23, 2024, February 23, 2025 and February 23, 2026, respectively.

F3: Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors upon vesting of the performance shares. 13,812 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2021 while 13,812 and 13,812 of the restricted shares issued shall become vested and nonforfeitable, subject to the reporting person's continued service as an employee of the Issuer, on February 23, 2022 and February 23, 2023, respectively.