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 RICHARD (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-23	Common Shares	A	7263	—	Acquired	421238	Direct
2025-02-23	Common Shares	F	3960	$72.83	Disposed	417278	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	135855	Indirect
Common Shares	85512	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. 2,421 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 common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 8,895 common shares.