[Form 4] Agree Realty Corporation Insider Trading Activity

Rhea-AI Filing Summary

Agree Realty Corp (ADC) insider transaction: Craig Erlich, listed as Chief Growth Officer and director, reported transactions dated 08/19/2025. The filing shows a disposal of 396 common shares at $73.48 each (transaction code F) and a disposal of 4,898 depositary shares, Series A. After these transactions, Erlich beneficially owned 52,486 common shares directly, 100 shares indirectly through his wife and 305 shares indirectly through his children. The form explains the 396 common shares were withheld by the issuer to satisfy tax withholdings on the vesting of 908 common shares. The filing is signed by an attorney-in-fact on 08/21/2025.

Insights

Financial Analyst

TL;DR Insider sold a small bloc of shares for tax withholding; retains a meaningful direct stake of 52,486 shares.

The reported disposal of 396 common shares at $73.48 appears to be a tax-withholding event tied to the vesting of 908 shares, per the explanation. This type of transaction commonly reflects routine compensation-related withholding rather than a voluntary market sale. Erlich still holds 52,486 common shares directly, plus modest indirect holdings, which maintains alignment with shareholders. No earnings, debt or operational items are disclosed in this Form 4.

Corporate Governance Expert

TL;DR The filing documents routine tax-related share withholding and shows ongoing insider ownership.

The form identifies Erlich as an officer and director and records withholdings to satisfy tax obligations on vested equity. The presence of indirect holdings by family members is disclosed, and the signature by an attorney-in-fact is included. From a governance perspective, the disclosure is complete for the reported transactions and indicates continued insider ownership, which supports alignment with long-term shareholders. There is no indication of unusual or unexplained dispositions in this filing.

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

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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^*

Erlich Craig

(Last) (First) (Middle)

32301 WOODWARD AVENUE

(Street)

ROYAL OAK MI 48073

(City) (State) (Zip)

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 GROWTH OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
08/19/2025

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

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

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

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	08/19/2025		F		396(1)	D	$73.48	52,486	D
Common Shares								100	I	By wife
Common Shares								305	I	By children
Depositary Shares Series A								4,898	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 908 common shares.

	/s/ Donald J. Kunz, Attorney-in-Fact	08/21/2025
	** 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).
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