ADC · Annual Report (Form 10-K) · Filed February 10, 2026

Agree Realty Corp — 10-K exhibit

adc20251231-exhibit102.htm

Agree Realty Corp on Boardroom Alpha

Document

Exhibit 10.2

SUMMARY OF COMPENSATION FOR

THE BOARD OF DIRECTORS OF

AGREE REALTY CORPORATION

(Effective as of December 12, 2025)

Annual Board Member Retainer:

Non-Employee Director: $210,000*

Audit Committee Chair: $25,000 (in addition to non-employee retainer)

Lead Independent Director: $30,000 (in addition to non-employee retainer)

Compensation Committee Chair: $20,000 (in addition to non-employee retainer)

Nominating & Governance Committee Chair: $20,000 (in addition to non-employee retainer)

*$130,000 of the above amount is payable in restricted stock awards with one year vesting. The remaining amounts above are payable, at each director’s election, either quarterly in cash or in additional restricted stock awards with one year vesting.

Other:

Directors traveling from outside the Royal Oak, Michigan area are reimbursed for all out-of-pocket expenses incurred in connection with attending meetings of the Board or any committees thereof.

Directors who are employees or officers of the Company do not receive any compensation for serving on the Board or any committees thereof.

Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by Boardroom Alpha that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.

Full disclaimer