Craig Erlich - 23 Feb 2026 Form 4 Insider Report for AGREE REALTY CORP (ADC)

Role
CHIEF GROWTH OFFICER
Signature
/s/ Stephen Breslin, Attorney-in-Fact
Issuer symbol
ADC
Transactions as of
23 Feb 2026
Net transactions value
-$685,008
Form type
4
Filing time
25 Feb 2026, 16:18:22 UTC
Previous filing
06 Oct 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Erlich Craig CHIEF GROWTH OFFICER 32301 WOODWARD AVENUE, ROYAL OAK /s/ Stephen Breslin, Attorney-in-Fact 25 Feb 2026 0001747962

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ADC Common Shares Award $0 +5,673 +11% $0.000000 58,519 23 Feb 2026 Direct F1
transaction ADC Common Shares Award $0 +10,005 +17% $0.000000 68,524 23 Feb 2026 Direct F2
transaction ADC Common Shares Tax liability $685,008 -8,636 -13% $79.32 59,888 23 Feb 2026 Direct F3
holding ADC Common Shares 100 23 Feb 2026 By wife
holding ADC Depositary Shares Series A 4,898 23 Feb 2026 Direct
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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.
F2 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.
F3 Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 19,630 common shares.