Form 4: AGREE REALTY GC Spehar Reports Share Activity

Agree Realty's General Counsel, Danielle Spehar, reported the acquisition of restricted common shares and a disposition for tax withholding on February 23, 2026.

Summary

• Danielle M. Spehar, General Counsel of Agree Realty Corp (ADC), reported changes in beneficial ownership of common shares.
• On February 23, 2026, Spehar acquired 4,539 restricted common shares, issued by the Issuer's Compensation Committee.
• These 4,539 shares will vest in three equal annual installments of 1,513 shares on February 23, 2027, February 23, 2028, and February 23, 2029, subject to continued service.
• Spehar also acquired 6,004 restricted common shares on February 23, 2026, which vested immediately upon the vesting of performance units granted on February 23, 2023, under the 2020 Omnibus Incentive Plan.
• A disposition of 5,706 common shares occurred on February 23, 2026, at a price of $79.32 per share, representing shares withheld by the Issuer for tax withholdings due upon the vesting of 12,903 common shares.
• Following these transactions, Spehar beneficially owns 25,785 direct common shares.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive event. While there's a disposition for taxes, the underlying acquisition of restricted shares indicates ongoing executive compensation and alignment with shareholder value, which is generally a positive signal.

Positives

• The acquisition of 4,539 restricted common shares and 6,004 immediately vested restricted common shares demonstrates continued equity compensation and alignment of management's interests with shareholders.

Negatives

• The disposition of 5,706 common shares for tax withholding reduces the direct beneficial ownership, though this is a standard practice for equity compensation.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that insider transaction filings like Form 4 provide transparency into executive compensation and equity ownership changes, which can be a signal of management's alignment with shareholder interests. These routine compensation-related transactions are common across industries for publicly traded companies.

Corporate Governance

Stakeholder Impact

• Shareholders: The filing provides transparency into executive compensation and ownership, reinforcing management's alignment with shareholder interests through equity holdings.
• Employees: The vesting schedule for restricted shares highlights the company's long-term incentive plans for key personnel.

Next Steps

• 1,513 restricted common shares are scheduled to vest on February 23, 2027.
• An additional 1,513 restricted common shares are scheduled to vest on February 23, 2028.
• A final tranche of 1,513 restricted common shares is scheduled to vest on February 23, 2029.

Key Dates

Recommendation

This Form 4 filing details routine insider transactions related to executive compensation and tax withholding. While the acquisition of restricted shares is a positive indicator of management alignment, these transactions are not typically significant enough on their own to warrant a change in investment recommendation. The core business fundamentals and broader market conditions remain the primary drivers for investment decisions.

Keywords

Agree Realty Corp, ADC, Danielle Spehar, Form 4, Insider Transaction, Restricted Stock, Equity Compensation, General Counsel, Beneficial Ownership