Danielle M. Spehar - Feb 23, 2024 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, 2024
Transactions value $
-$88,278
Form type
4
Date filed
2/27/2024, 04:06 PM
Previous filing
Feb 27, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ADC Common Shares Award $0 +4.7K +41.07% $0.00 16.1K Feb 23, 2024 Direct F1
transaction ADC Common Shares Award $0 +1.76K +10.94% $0.00 17.9K Feb 23, 2024 Direct F2
transaction ADC Common Shares Tax liability -$88.3K -1.54K -8.58% $57.51 16.4K Feb 23, 2024 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 1,565 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, 2025, February 23, 2026, and February 23, 2027, respectively.
F2 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. 588 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2024 while 588 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, 2025 and February 23, 2026, respectively.
F3 Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 3,305 common shares.