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Exhibit – 10.6

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SUMMARY OF COMPENSATION FOR

THE BOARD OF DIRECTORS OF

AGREE REALTY CORPORATION

(Effective as of February 3, 2022)

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Annual Board Member Retainer:

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Non-Employee Director:$132,000

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Audit Committee Chair:$6,000 (in addition to non-employee retainer)

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Lead Independent Director: $6,000 (in addition to non-employee retainer)

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50% of the above amounts are payable in restricted stock awards with one year vesting. The remaining 50% of the above amounts are payable, at each director’s election, either quarterly in cash or in additional restricted stock awards with one year vesting.

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Other:

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Directors traveling from outside the Bloomfield Hills, Michigan area are reimbursed for all out-of-pocket expenses incurred in connection with attending meetings of the Board or any committees thereof.

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Directors who are employees or officers of the Company do not receive any compensation for serving on the Board or any committees thereof.