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

Role: CHIEF OPERATING OFFICER
Signature: /s/ Cheryl A. Hamilton, Attorney-in-Fact
Stock symbol: ADC
Transactions as of: Feb 23, 2022
Transactions value $: -$5,260
Form type: 4
Date filed: 2/25/2022, 03:07 PM
Previous filing: Oct 5, 2021
Next filing: Aug 23, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ADC	Common Shares	Tax liability	-$5.26K	-84	-0.38%	$62.62	21.7K	Feb 23, 2022	Direct	F1
transaction	ADC	Common Shares	Award	$0	+3.59K	+16.52%	$0.00	25.3K	Feb 23, 2022	Direct	F2
holding	ADC	Common Shares						793	Feb 23, 2022	By children

* 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 174 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. 719, 719, 719, 718 and 718 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 174 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. 719, 719, 719, 718 and 718 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.