Danielle M. Spehar - Feb 23, 2022 Form 4 Insider Report for AGREE REALTY CORP (ADC)

Role: GENERAL COUNSEL
Signature: /s/ Cheryl A. Hamilton, Attorney-in-Fact
Stock symbol: ADC
Transactions as of: Feb 23, 2022
Transactions value $: -$41,204
Form type: 4
Date filed: 2/25/2022, 03:07 PM
Previous filing: Dec 9, 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	-$41.2K	-658	-9.58%	$62.62	6.21K	Feb 23, 2022	Direct	F1
transaction	ADC	Common Shares	Award	$0	+2.4K	+38.55%	$0.00	8.61K	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 1,344 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. 479, 479, 479, 479 and 479 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 1,344 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. 479, 479, 479, 479 and 479 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.