<SEC-DOCUMENT>0001104659-23-049320.txt : 20230425
<SEC-HEADER>0001104659-23-049320.hdr.sgml : 20230425
<ACCEPTANCE-DATETIME>20230425083013
ACCESSION NUMBER:		0001104659-23-049320
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20230425
DATE AS OF CHANGE:		20230425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AGREE REALTY CORP
		CENTRAL INDEX KEY:			0000917251
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				383148187
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12928
		FILM NUMBER:		23841865

	BUSINESS ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		8107374190

	MAIL ADDRESS:	
		STREET 1:		70 E. LONG LAKE ROAD
		CITY:			BLOOMFIELD HILLS
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
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<TYPE>DEFA14A
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, DC 20549&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>SCHEDULE 14A</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>(Rule&nbsp;14a-101)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>INFORMATION REQUIRED IN PROXY
STATEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>SCHEDULE 14A INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Proxy Statement Pursuant to
Section&nbsp;14(a)&nbsp;of the</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #231f20"><B>Securities Exchange Act of 1934</B></P>

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    <TD STYLE="padding-right: 0.95pt; font-size: 10pt">&nbsp;</TD></TR>
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    <TD STYLE="padding-right: 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Filed by a party other than the registrant </FONT><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></FONT></TD></TR>
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    <TD STYLE="padding-right: 0.95pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Check the appropriate box:</FONT></TD></TR>
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    <TD STYLE="width: 95%; padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preliminary proxy statement</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Proxy Statement</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt"><FONT STYLE="font-family: Wingdings; font-size: 10pt"><FONT STYLE="font-family: Wingdings">&#120;</FONT></FONT></TD>
    <TD STYLE="padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitive Additional Materials</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Soliciting Material Under &sect;240.14a-12</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.95pt; padding-left: 0.95pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"><B>Agree Realty Corporation</B></FONT></TD></TR>
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    <TD STYLE="padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt; text-align: center">(Name of registrant as specified in its charter)</TD></TR>
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    <TD COLSPAN="2" STYLE="padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
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    <TD STYLE="width: 95%; padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No fee required.</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.95pt; padding-bottom: 8pt; padding-left: 0.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee paid previously with preliminary materials.</FONT></TD></TR>
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    <TD STYLE="padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fee computed on table in exhibit required by Item 25(b) per Exchange Act rules 14a6(i)(1) and 0-11</FONT></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Dear Fellow Stockholders:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This letter responds to a
proxy paper published by Glass Lewis on April&nbsp;19, 2023 in connection with the annual stockholder meeting (the &ldquo;Annual Meeting&rdquo;)
of Agree Realty Corporation (NYSE: ADC) (the &ldquo;Company&rdquo;), scheduled for May&nbsp;11, 2023. In the paper, Glass Lewis recommended
a &ldquo;WITHHOLD&rdquo; vote for Merrie S. Frankel, the chair of our Nominating&nbsp;&amp; Governance Committee, because our Board of Directors (the &ldquo;Board&rdquo;) is not at least 30% gender diverse.&nbsp;This supplement provides additional information about our board refreshment track record and our commitment to board diversity.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On behalf of the Board,&nbsp;I encourage you to review this supplement, as well as the detailed information provided in our
2023 proxy statement (the &ldquo;Proxy Statement&rdquo;) before you cast your vote at the Annual Meeting.&nbsp;<B><U>We urge you to vote
FOR the re-election of Ms.&nbsp;Frankel to the Board.</U></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Merrie S. Frankel has been
a director of the Company since 2016 and has served as Chair of our Nominating&nbsp;&amp; Governance Committee since 2018. During Ms.&nbsp;Frankel&rsquo;s
tenure, her leadership has been critical to our ongoing efforts to diversify our Board. Notably, the following achievements, amongst others,
have been made:</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The Company&rsquo;s Board has increased from all male representation in 2016 to currently 22% female at
present.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Six new Directors (two thirds of the Board) have been elected or appointed to the Board since 2016, including
two female Directors and one Director of racial minority.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">The median tenure of our independent Directors has been reduced from 11 years in 2016 to three years in
2023.</TD></TR></TABLE>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Both of the Company&rsquo;s female directors have significant responsibilities, chairing the Audit Committee
and Nominating&nbsp;&amp; Governance Committee, respectively.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><B>Our Board remains committed
to sound corporate governance practices including maintaining a diverse and well-rounded Board with unique perspectives and applicable
experiences. Our Board of Directors, has been and will remain, committed to adding highly-qualified Directors and continuously refreshing
our Board as appropriate. The Board is committed to adding a female candidate of distinction, such as current Directors Ms.&nbsp;Frankel
and Mrs.&nbsp;Dearing, within the next two years.</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We do not believe that withholding
votes from Ms.&nbsp;Frankel, a distinguished and valued Director, at the upcoming Annual Meeting is appropriate considering her strong
commitment, as the Chair of the Board&rsquo;s Nominating&nbsp;&amp; Governance Committee, to a highly qualified and diverse Board. <B>We
urge you to cast your vote FOR the election of Merrie S. Frankel to our Board.</B></P>

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    <TD STYLE="width: 50%; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Very truly yours,</FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">/s/ JOEY AGREE</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Joey Agree</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">President and Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">April&nbsp;25, 2023</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
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