ADC · Agree Realty Corp

Includes 2,003.480 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

Represents a grant of restricted stock that fully vested as of the date of grant.

Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Under Agree Realty Corporation's compensation plan for its Board of Directors, the Board member elected to receive a portion of their annual fee in RSUs in lieu of cash.

The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $75.23 to $75.50. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in the footnote.

Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Under Agree Realty Corporation's compensation plan for its Board of Directors, the Board member elected to receive a portion of their annual fee in restricted common stock in lieu of cash.

Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Under Agree Realty Corporation's compensation plan for its Board of Directors, the Board member elected to receive a portion of their annual fee in RSUs in lieu of cash.

Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Includes 1,713.104 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Represents a grant of restricted common stock that vests May 14, 2027.

Includes 1,920.183 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Under Agree Realty Corporation's compensation plan for its Board of Directors, the Board member elected to receive a portion of their annual fee in RSUs in lieu of cash.

Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Includes 292.293 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Includes 292.430 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

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 units that were granted on February 23, 2023, under the Issuer's 2020 Omnibus Incentive Plan. These restricted common shares vested immediately on February 23, 2026.

Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 2,690, 2,690, and 2,689 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, 2027, February 23, 2028, and February 23, 2029, respectively.

Includes a reclassification of 4,000 shares from indirect ownership through a family trust to direct ownership. No change in beneficial ownership.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 99,418 common shares.

Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 2,837, 2,837, and 2,836 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, 2027, February 23, 2028, and February 23, 2029, respectively.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 7,041 common shares.

Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 1,891 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, 2027, February 23, 2028, and February 23, 2029, respectively.

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 units that were granted on February 23, 2023, under the Issuer's 2020 Omnibus Incentive Plan. These restricted common shares vested immediately on February 23, 2026.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 10,219 common shares.

Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 8,195, 8,195, and 8,194 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, 2027, February 23, 2028, and February 23, 2029, respectively.

Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 841, 840, and 840 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, 2027, February 23, 2028, and February 23, 2029, respectively.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 3,175 common shares.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 19,630 common shares.

Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 1,513 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, 2027, February 23, 2028, and February 23, 2029, respectively.

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 units that were granted on February 23, 2023, under the Issuer's 2020 Omnibus Incentive Plan. These restricted common shares vested immediately on February 23, 2026.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 9,918 common shares.

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 units that were granted on February 23, 2023, under the Issuer's 2020 Omnibus Incentive Plan. These restricted common shares vested immediately on February 23, 2026.

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 units that were granted on February 23, 2023, under the Issuer's 2020 Omnibus Incentive Plan. These restricted common shares vested immediately on February 23, 2026.

Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 2,837, 2,837, and 2,836 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, 2027, February 23, 2028, and February 23, 2029, respectively.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 12,903 common shares.

The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $70.40 to $70.82. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in the footnote.

The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $72.03 to $72.32. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in the footnote.

Includes 5,454.303 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 602 common shares.

The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $70.30 to $70.50. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in the footnote.

Includes 7,313.980 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $70.45 to $70.75. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in the footnote.

Includes 309.701 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by Reporting Person.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 674 common shares.

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 908 common shares.