Danielle M. Spehar - 23 Feb 2026 Form 4 Insider Report for AGREE REALTY CORP (ADC)

Role
GENERAL COUNSEL
Signature
/s/ Stephen Breslin, Attorney-in-Fact
Issuer symbol
ADC
Transactions as of
23 Feb 2026
Net transactions value
-$452,600
Form type
4
Filing time
25 Feb 2026, 16:20:03 UTC
Previous filing
25 Feb 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
Spehar Danielle M GENERAL COUNSEL 32301 WOODWARD AVENUE, ROYAL OAK /s/ Stephen Breslin, Attorney-in-Fact 25 Feb 2026 0001795831

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction ADC Common Shares Award $0 +4,539 +22% $0.000000 25,487 23 Feb 2026 Direct F1
transaction ADC Common Shares Award $0 +6,004 +24% $0.000000 31,491 23 Feb 2026 Direct F2
transaction ADC Common Shares Tax liability $452,600 -5,706 -18% $79.32 25,785 23 Feb 2026 Direct F3
* 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. 1,513 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.
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 12,903 common shares.

Remarks:

Exhibit 24, Power of Attorney, is attached.