AGREE REALTY CORP — Director's Dealing 2025

Feb 25, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2025-02-23

Reporting Person: Agree Joey (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-23	Common Shares	A	26775	—	Acquired	615769	Direct
2025-02-23	Common Shares	A	41919	—	Acquired	657688	Direct
2025-02-23	Common Shares	F	28736	$72.83	Disposed	628952	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	2192	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. 8,925 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, 2026, February 23, 2027, and February 23, 2028, 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. 13,973 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2025 while 13,973 and 13,973 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, 2026 and February 23, 2027, respectively.

F3: Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 65,852 common shares.