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

Role: CHIEF OPERATING OFFICER
Signature: /s/ Cheryl A. Hamilton, Attorney-in-Fact
Issuer symbol: ADC
Transactions as of: 23 Feb 2022
Transactions value $: -$5,260
Form type: 4
Filing time: 25 Feb 2022, 15:07:03 UTC
Previous filing: 05 Oct 2021
Next filing: 23 Aug 2022
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	-$5.26K	-84	-0.38%	$62.62	21.7K	23 Feb 2022	Direct	F1
transaction	ADC	Common Shares	Award	$0	+3.59K	+16.52%	$0.00	25.3K	23 Feb 2022	Direct	F2
holding	ADC	Common Shares						793	23 Feb 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.