Spehar Danielle M 4
4 · AGREE REALTY CORP · Filed Feb 25, 2026
Insider Transaction Report
Form 4
Spehar Danielle M
GENERAL COUNSEL
Transactions
- Award
Common Shares
[F1]2026-02-23+4,539→ 25,487 total - Award
Common Shares
[F2]2026-02-23+6,004→ 31,491 total - Tax Payment
Common Shares
[F3]2026-02-23$79.32/sh−5,706$452,600→ 25,785 total
Footnotes (3)
- [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.
Signature
/s/ Stephen Breslin, Attorney-in-Fact|2026-02-25