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: Spehar Danielle M (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-23	Common Shares	A	3707	—	Acquired	20062	Direct
2025-02-23	Common Shares	A	3593	—	Acquired	23655	Direct
2025-02-23	Common Shares	F	2707	$72.83	Disposed	20948	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. 1,236, 1,236 and 1,235 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. 1,198 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2025 while 1,198 and 1,197 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 6,025 common shares.