AGREE REALTY CORP — Director's Dealing 2026

Feb 25, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: AGREE REALTY CORP (ADC)
CIK: 0000917251
Period of Report: 2026-02-23

Reporting Person: Erlich Craig (CHIEF GROWTH OFFICER)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-23	Common Shares	A	5673	—	Acquired	58519	Direct
2026-02-23	Common Shares	A	10005	—	Acquired	68524	Direct
2026-02-23	Common Shares	F	8636	$79.32	Disposed	59888	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	100	Indirect
Depositary Shares Series A	4898	Direct

Footnotes

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.