Peter Coughenour - Feb 23, 2022 Form 4 Insider Report for AGREE REALTY CORP (ADC)

Role: CHIEF FINANCIAL OFFICER
Signature: /s/ Cheryl A. Hamilton, Attorney-in-Fact
Stock symbol: ADC
Transactions as of: Feb 23, 2022
Transactions value $: -$15,655
Form type: 4
Date filed: 2/25/2022, 03:06 PM
Previous filing: Aug 19, 2021
Next filing: Feb 27, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ADC	Common Shares	Tax liability	-$15.7K	-250	-11.12%	$62.62	2K	Feb 23, 2022	Direct	F1
transaction	ADC	Common Shares	Award	$0	+1.44K	+71.92%	$0.00	3.44K	Feb 23, 2022	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 511 common shares.
F2	All of these shares are restricted common shares that were granted to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 288, 288, 287, 287 and 287 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, 2023, February 23, 2024, February 23, 2025, February 23, 2026 and February 23, 2027, respectively.

Content

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 511 common shares.

All of these shares are restricted common shares that were granted to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 288, 288, 287, 287 and 287 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, 2023, February 23, 2024, February 23, 2025, February 23, 2026 and February 23, 2027, respectively.