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: AGREE RICHARD (Director, EXECUTIVE CHAIRMAN OF BOARD)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-23	Common Shares	A	8069	—	Acquired	426777	Direct
2026-02-23	Common Shares	F	4577	$79.32	Disposed	422200	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Shares	85512	Indirect
Common Shares	155855	Indirect

Footnotes

F1: Represents the issuance of restricted common shares to the reporting person by the Issuer's Compensation Committee of the Board of Directors. 2,690, 2,690, and 2,689 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: Includes a reclassification of 4,000 shares from indirect ownership through a family trust to direct ownership. No change in beneficial ownership.

F3: Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 10,219 common shares.