Agree Realty (NYSE: ADC) withholds 293 COO shares for tax bill

Rhea-AI Filing Summary

AGREE REALTY CORP (ADC) reported that its Chief Operating Officer, Nicole Witteveen, had 293 Common Shares withheld on August 19, 2026 to pay tax withholdings due upon the vesting of 673 Common Shares. After this tax-withholding disposition, she holds 23,274 Common Shares directly.

Insider Trade Summary

Net Seller: 293 shares

Net Sell 1 txn

Insider Witteveen Nicole

Role CHIEF OPERATING OFFICER

Type	Security	Shares	Price	Value
Tax Withholding	Common Shares F1	293	$74.39	$22K

Holdings After Transaction: Common Shares — 23,274 shares (Direct)

Footnotes (1)

1. F1. Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 673 common shares.

Key Figures

Shares withheld for tax withholdings: 293 Common Shares Vested shares triggering withholding: 673 Common Shares Share value used for tax-withholding transaction: $74.39 per share +2 more

5 metrics

Shares withheld for tax withholdings 293 Common Shares Withheld on August 19, 2026 as payment of tax withholdings due upon vesting

Vested shares triggering withholding 673 Common Shares Common shares that vested, per footnote F1

Share value used for tax-withholding transaction $74.39 per share Per-share value applied to the 293 withheld Common Shares

Shares held after transaction 23,274 Common Shares Direct holdings of Nicole Witteveen following the August 19, 2026 transaction

Exercise price or tax-liability shares in filing 293 shares Total shares reported under code F for payment of exercise price or tax liability

Key Terms

Payment of tax liability by delivering or withholding securities, withheld by the Issuer, vesting

3 terms

Payment of tax liability by delivering or withholding securities financial

"transaction code description is "Payment of tax liability by delivering or withholding securities""

withheld by the Issuer financial

"Represents common shares withheld by the Issuer as payment of tax withholdings"

vesting financial

"tax withholdings due upon vesting of 673 common shares"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

What insider transaction did ADC report for COO Nicole Witteveen?

ADC reported that COO Nicole Witteveen had 293 Common Shares withheld on August 19, 2026 as payment of tax withholdings upon the vesting of 673 Common Shares.

Did the ADC insider transaction involve an open-market sale of shares?

No. The transaction was coded F and described as payment of tax liability by delivering or withholding securities, meaning 293 Common Shares were withheld to cover tax withholdings on a vesting event.

How many AGREE REALTY CORP (ADC) shares does Nicole Witteveen hold after this transaction?

After the August 19, 2026 tax-withholding disposition, COO Nicole Witteveen holds 23,274 Common Shares of AGREE REALTY CORP directly.

What vesting event triggered the ADC tax-withholding transaction?

The footnote states that 673 Common Shares vested, and 293 Common Shares were withheld by AGREE REALTY CORP to pay the related tax withholdings.

At what price were the ADC shares valued for the tax-withholding transaction?

The 293 Common Shares withheld for tax withholdings were valued at $74.39 per share on August 19, 2026.

Was the ADC insider transaction under a Rule 10b5-1 trading plan?

No. The filing’s Rule 10b5-1 checkbox is unchecked, and the structured data indicates aff_10b5_one: false, so the tax-withholding transaction was not affirmed as pursuant to a 10b5-1 plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/21/2026 - 04:06 PM Accepted by SEC EDGAR 08/21/2026 - 04:05 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Witteveen Nicole

(Last) (First) (Middle)

32301 WOODWARD AVENUE

(Street)

ROYAL OAK MICHIGAN 48073

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
AGREE REALTY CORP [ ADC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF OPERATING OFFICER

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	08/19/2026		F		293(1)	D	$74.39	23,274	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents common shares withheld by the Issuer as payment of tax withholdings due upon vesting of 673 common shares.

Remarks:

	/s/ Stephen Breslin, Attorney-in-Fact	08/21/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)