Danielle M. Spehar - 23 Feb 2025 Form 4 Insider Report for AGREE REALTY CORP (ADC)

Role
GENERAL COUNSEL
Signature
/s/ Cheryl A. Hamilton, Attorney-in-Fact
Issuer symbol
ADC
Transactions as of
23 Feb 2025
Net transactions value
-$197,151
Form type
4
Filing time
25 Feb 2025, 16:15:15 UTC
Previous filing
27 Feb 2024
Next filing
25 Feb 2026
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ADC Common Shares Award $0 +3,707 +23% $0.000000 20,062 23 Feb 2025 Direct F1
transaction ADC Common Shares Award $0 +3,593 +18% $0.000000 23,655 23 Feb 2025 Direct F2
transaction ADC Common Shares Tax liability $197,151 -2,707 -11% $72.83 20,948 23 Feb 2025 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. 1,236, 1,236 and 1,235 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. 1,198 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2025 while 1,198 and 1,197 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 6,025 common shares.