Craig Erlich - Feb 23, 2025 Form 4 Insider Report for AGREE REALTY CORP (ADC)

Signature
/s/ Cheryl A. Hamilton, Attorney-in-Fact
Stock symbol
ADC
Transactions as of
Feb 23, 2025
Transactions value $
-$245,801
Form type
4
Date filed
2/25/2025, 04:15 PM
Previous filing
Aug 21, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ADC Common Shares Award $0 +6.18K +13.83% $0.00 50.9K Feb 23, 2025 Direct F1
transaction ADC Common Shares Award $0 +5.39K +10.6% $0.00 56.3K Feb 23, 2025 Direct F2
transaction ADC Common Shares Tax liability -$246K -3.38K -6% $72.83 52.9K Feb 23, 2025 Direct F3
holding ADC Common Shares 100 Feb 23, 2025 By wife
holding ADC Common Shares 305 Feb 23, 2025 By children
holding ADC Depositary Shares Series A 4.9K Feb 23, 2025 Direct
* 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. 2,060, 2,060 and 2,059 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, 2026, February 23, 2027, and February 23, 2028, 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. 1,797 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2025 while 1,797 and 1,796 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, 2026 and February 23, 2027, respectively.
F3 Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 7,566 common shares.