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: Erlich Craig (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-23	Common Shares	A	6179	—	Acquired	50867	Direct
2025-02-23	Common Shares	A	5390	—	Acquired	56257	Direct
2025-02-23	Common Shares	F	3375	$72.83	Disposed	52882	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	100	Indirect
Common Shares	305	Indirect
Depositary Shares Series A	4898	Direct

Footnotes

F1: Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 2,060, 2,060 and 2,059 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. 1,797 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2025 while 1,797 and 1,796 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 7,566 common shares.