AGREE REALTY CORP — Director's Dealing 2024

Feb 27, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2024-02-23

Reporting Person: Agree Joey (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-02-23	Common Shares	A	31299	—	Acquired	592702	Direct
2024-02-23	Common Shares	A	20585	—	Acquired	613287	Direct
2024-02-23	Common Shares	F	24293	$57.51	Disposed	588994	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	1228	Indirect

Footnotes

F1: Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 10,433 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, 2025, February 23, 2026, and February 23, 2027, respectively.

F2: 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. 6,862 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2024 while 6,862 and 6,861 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, 2025 and February 23, 2026, respectively.

F3: Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 55,616 common shares.