Craig Erlich - Feb 23, 2023 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, 2023
Transactions value $: -$31,653
Form type: 4
Date filed: 2/27/2023, 03:06 PM
Previous filing: Dec 30, 2022
Next filing: May 18, 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	-$31.7K	-432	-1.73%	$73.27	24.5K	Feb 23, 2023	Direct	F1
transaction	ADC	Common Shares	Award	$0	+6.14K	+25.06%	$0.00	30.7K	Feb 23, 2023	Direct	F2
holding	ADC	Common Shares						700	Feb 23, 2023	By children

Showing 1 to 3 of 3 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 893 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. 2,048, 2,047, and 2,047 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.