Agree Realty director granted 2,159 RSUs

Dearing Karen reported acquisition or exercise transactions in this Form 4 filing.

(Neutral)

Form Type

Rhea-AI Filing Summary

Dearing Karen reported acquisition or exercise transactions in this Form 4 filing.

Agree Realty Corp director Karen Dearing received a grant of 2,159 restricted stock units (RSUs) on May 14, 2026. The award was granted at no cash cost and is a form of equity compensation, not an open-market share purchase or sale.

The RSUs vest on May 14, 2027, with each unit representing a contingent right to receive one common share. Dearing elected to defer receipt of the common shares until her departure from the Board of Directors, and her direct holdings after this grant total 15,616 common shares.

Insider Trade Summary

Grant/Award: 2,159 shares

Grant/Award 1 txn

Insider Dearing Karen

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	2,159	$0.00	$0.00

Holdings After Transaction: Common Shares — 15,616 shares (Direct)

Footnotes (1)

F1. Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Key Figures

RSU grant size: 2,159 RSUs RSU vesting date: May 14, 2027 Post-grant holdings: 15,616 common shares +1 more

4 metrics

RSU grant size 2,159 RSUs Awarded to director Karen Dearing on May 14, 2026

RSU vesting date May 14, 2027 Vesting date for the 2,159 RSUs

Post-grant holdings 15,616 common shares Direct holdings after the reported transaction

Grant price per share $0.0000 per share Stated price for the RSU grant

Key Terms

restricted stock units (RSUs), contingent right, Board of Directors

3 terms

restricted stock units (RSUs) financial

"Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027."

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

contingent right financial

"Each RSU represents a contingent right to receive one common share."

Board of Directors financial

"until the Reporting Person's departure from the Board of Directors."

The Board of Directors is a group of people chosen by a company's owners to help make big decisions and oversee how the company is run. They act like a team of advisors or managers, making sure the company stays on track and meets its goals. Their choices can influence the company's success and how it grows.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did AGREE REALTY CORP (ADC) report for Karen Dearing?

AGREE REALTY CORP reported that director Karen Dearing received 2,159 restricted stock units as an equity grant. The grant is compensation-related, involves no cash payment, and does not represent an open-market share purchase or sale.

How many shares does Karen Dearing hold in AGREE REALTY CORP (ADC) after this Form 4?

After the RSU grant, Karen Dearing holds 15,616 common shares directly. This total includes the effect of the 2,159 restricted stock units awarded on May 14, 2026, as reported in the insider filing.

When do Karen Dearing’s RSUs in AGREE REALTY CORP (ADC) vest?

Karen Dearing’s 2,159 restricted stock units vest on May 14, 2027. At vesting, each RSU will entitle her to receive one common share, subject to her deferral election until she departs the Board of Directors.

Did Karen Dearing pay cash for the AGREE REALTY CORP (ADC) RSU grant?

No, the RSU grant to Karen Dearing was awarded at a stated price of $0.0000 per share. This indicates the award is stock-based compensation, not a cash-funded share purchase in the open market.

What deferral election did Karen Dearing make for her AGREE REALTY CORP (ADC) RSUs?

Karen Dearing voluntarily elected to defer receipt of the common shares issuable upon RSU settlement until she leaves the Board. This means vested units convert to shares only upon her departure, rather than immediately at vesting.

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

Form 4 Insider Transactions: What Each Field Means →

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Accepted by SEC EDGAR 05/18/2026 - 04:19 PM

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^*

Dearing Karen

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/14/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares	05/14/2026		A		2,159⁽¹⁾	A	$0	15,616	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. Represents a grant of restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one common share. The Reporting Person voluntarily elected to defer receipt of the common shares issuable upon settlement of the RSUs until the Reporting Person's departure from the Board of Directors.

Remarks:

Exhibit 24, Power of Attorney, is attached.

	/s/ Stephen Breslin, Attorney-in-Fact	05/18/2026
	** 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)

Source: View Original Filing on SEC EDGAR

Agree Realty director granted 2,159 RSUs

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