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

Reporting relationship: GENERAL COUNSEL
Issuer ticker: ADC
Reported as of: 23 Feb 2026
Net transaction value: -$452,600
SEC form: 4
Accepted by SEC: 25 Feb 2026, 16:20:03 UTC
Prior SEC filing: 25 Feb 2025
Source filing: View source filing
Reporting owner signature: /s/ Stephen Breslin, Attorney-in-Fact

Key filing fact

Danielle M. Spehar filed Form 4 for AGREE REALTY CORP (ADC) on 25 Feb 2026.

Key facts

This page summarizes Danielle M. Spehar's Form 4 filing for AGREE REALTY CORP (ADC).
3 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 25 Feb 2026, 16:20.

Change

Previous filing in this sequence was filed on 25 Feb 2025.
Current net transaction value: -$452,600.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001795831 Primary reporting owner

Spehar Danielle M

Relationship: GENERAL COUNSEL
Address: 32301 WOODWARD AVENUE, ROYAL OAK
Signature: /s/ Stephen Breslin, Attorney-in-Fact
Signature date: 25 Feb 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

ADC transaction

Common Shares

Award

Transaction value: $0
Shares: +4,539
Change %: +22%
Price: $0.000000
Shares after: 25,487
Date: 23 Feb 2026
Ownership: Direct
Footnotes: F1

ADC transaction

Common Shares

Award

Transaction value: $0
Shares: +6,004
Change %: +24%
Price: $0.000000
Shares after: 31,491
Date: 23 Feb 2026
Ownership: Direct
Footnotes: F2

ADC transaction

Common Shares

Tax liability

Transaction value: $452,600
Shares: -5,706
Change %: -18%
Price: $79.32
Shares after: 25,785
Date: 23 Feb 2026
Ownership: Direct
Footnotes: F3

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 3 footnotes

Footnote 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.

Footnote 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.

Footnote F3

Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 12,903 common shares.

SEC remarks

Exhibit 24, Power of Attorney, is attached.