SEC Contract Filing

Filing Date: 2020-10-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2033173d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 6pt">&nbsp;</FONT></P>

<P STYLE="text-align: right; margin-top: 0; margin-bottom: 0"><B>Exhibit 10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B>EMPLOYMENT
AGREEMENT</B></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This <B>EMPLOYMENT
AGREEMENT</B> (this &#8220;<B>Agreement</B>&#8221;) is made effective as of the 1st day of October, 2020, by and between <B>AGREE
REALTY CORPORATION</B>, a Maryland corporation (the &#8220;<B>Company</B>&#8221;), and <B>JOEL AGREE</B> (the &#8220;<B>Executive</B>&#8221;).</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase">WITNESSETH:</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Company and the Executive entered into an Amended Employment Agreement dated January 1, 2013 (the &#8220;<B>Amended Agreement</B>&#8221;),
pursuant to which the Executive agreed to serve as the Company&#8217;s President and Chief Executive Officer, which Amended Agreement
was amended July 1, 2014;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, this
Agreement sets forth the terms and conditions of the Executive&#8217;s employment with the Company;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Executive is expected to continue to make certain contributions to the financial strength of the Company; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>WHEREAS</B>, the
Company desires to continue to employ the Executive as its President and Chief Executive Officer and to assure itself of his continued
services and contributions and the Executive is willing to continue his employment as President and Chief Executive Officer on
the terms and conditions set forth in this Agreement;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>NOW, THEREFORE</B>,
in consideration of the mutual covenants hereinafter contained, the parties hereto hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">1.<FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B>Employment; Term</B>.&nbsp;&nbsp;The Company hereby employs the Executive and the Executive agrees to serve the Company
as the Company&#8217;s President and Chief Executive Officer. The &#8220;<B>Employment Period</B>&#8221; under this Agreement shall
be the period commencing on October 1, 2020 (the <B>Effective Date</B>&#8221;) and ending on September 30, 2023; <U>provided</U>
that, upon expiration of the Employment Period, the Employment Period will automatically be extended for successive two (2)-year
periods unless either party gives written notice of nonrenewal to the other at least sixty (60) days prior to the expiration of
the Employment Period or any subsequent renewal period. The Executive shall also serve as a director on the Board of Directors
of the Company (the &#8220;<B>Board</B>&#8221;) if elected or appointed as a director and as Chairman of the Board to the extent
requested by the Board.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.45in">2.<FONT STYLE="font-family: Times New Roman, Times, Ser