Joey Agree - Feb 23, 2023 Form 4 Insider Report for AGREE REALTY CORP (ADC)

Role
PRESIDENT & CEO, Director
Signature
/s/ Cheryl A. Hamilton, Attorney-in-Fact
Stock symbol
ADC
Transactions as of
Feb 23, 2023
Transactions value $
-$1,914,692
Form type
4
Date filed
2/27/2023, 03:06 PM
Previous filing
Mar 24, 2022
Next filing
May 15, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ADC Common Shares Tax liability -$1.91M -26.1K -5.41% $73.27 457K Feb 23, 2023 Direct F1
transaction ADC Common Shares Award $0 +24.6K +5.38% $0.00 481K Feb 23, 2023 Direct F2
transaction ADC Common Shares Award $0 +33K +6.85% $0.00 514K Feb 23, 2023 Direct F3
holding ADC Common Shares 50 Feb 23, 2023 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 59,904 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. 8,189, 8,189 and 8,189 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.
F3 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. 10,990 of the restricted shares issued upon vesting of the performance shares vested immediately on February 23, 2023 while 10,990 and 10,990 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, 2024 and February 23, 2025, respectively.