Joey Agree - Feb 23, 2023 Form 4 Insider Report for AGREE REALTY CORP (ADC)

Role: PRESIDENT & CEO, Director
Signature: /s/ Cheryl A. Hamilton, Attorney-in-Fact
Stock symbol: ADC
Transactions as of: Feb 23, 2023
Transactions value $: -$1,914,692
Form type: 4
Date filed: 2/27/2023, 03:06 PM
Previous filing: Mar 24, 2022
Next filing: May 15, 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	ADC	Common Shares	Tax liability	-$1.91M	-26.1K	-5.41%	$73.27	457K	Feb 23, 2023	Direct	F1
transaction	ADC	Common Shares	Award	$0	+24.6K	+5.38%	$0.00	481K	Feb 23, 2023	Direct	F2
transaction	ADC	Common Shares	Award	$0	+33K	+6.85%	$0.00	514K	Feb 23, 2023	Direct	F3
holding	ADC	Common Shares						50	Feb 23, 2023	By children

Showing 1 to 4 of 4 entries

* 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 59,904 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. 8,189, 8,189 and 8,189 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, 2024, February 23, 2025, and February 23, 2026, respectively.
F3	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. 10,990 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2023 while 10,990 and 10,990 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, 2024 and February 23, 2025, respectively.