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: Spehar Danielle M (General Counsel)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-02-23	Common Shares	F	420	$64.56	Disposed	4636	Direct
2021-02-23	Common Shares	A	2323	$0.00	Acquired	6959	Direct

Footnotes

F1: Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 879 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. 465, 465, 465, 464 and 464 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.