AGREE REALTY director granted 2,159 RSUs

AGREE REALTY CORP director Michael Hollman reported a compensation-related equity grant.

Rhea-AI Filing Summary

AGREE REALTY CORP director Michael Hollman reported a compensation-related equity grant. He acquired 2,159 common shares in the form of restricted stock units (RSUs) on May 14, 2026, reported at $0.00 per share, reflecting a grant or award rather than a market purchase.

The RSUs vest on May 14, 2027, and each RSU will convert into one common share at settlement. Hollman has elected to defer receipt of the shares until his departure from the Board of Directors. After this grant, his direct holdings total 10,337.247 common shares, including 292.293 shares accumulated through a dividend reinvestment plan since his prior ownership filing.

Insider Trade Summary

Grant/Award: 2,159 shares

Grant/Award 1 txn

Insider Hollman Michael

Role Director

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

Holdings After Transaction: Common Shares — 10,337.247 shares (Direct)

Footnotes (2)

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.
2. F2. Includes 292.293 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

Key Figures

RSU grant size: 2,159 shares Reported grant price: $0.00 per share Vest date: May 14, 2027 +2 more

5 metrics

RSU grant size 2,159 shares Restricted stock units granted on May 14, 2026

Reported grant price $0.00 per share Price per share for RSU grant

Vest date May 14, 2027 RSUs vesting date

Total shares after grant 10,337.247 shares Direct holdings following the transaction

Dividend reinvestment shares 292.293 shares Acquired via dividend reinvestment plan since last filing

Key Terms

restricted stock units (RSUs), dividend reinvestment plan, contingent right to receive one common share, Board of Directors

4 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.

dividend reinvestment plan financial

"Includes 292.293 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

contingent right to receive one common share 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) director Michael Hollman report?

Director Michael Hollman reported receiving a grant of 2,159 restricted stock units (RSUs) of AGREE REALTY CORP common shares. The grant is a compensation award, not an open-market purchase, and was reported at $0.00 per share as part of his equity-based director compensation.

When do Michael Hollman’s new AGREE REALTY CORP RSUs vest?

The 2,159 restricted stock units (RSUs) granted to director Michael Hollman vest on May 14, 2027. Upon vesting and settlement, each RSU will deliver one AGREE REALTY CORP common share, subject to his deferral election tied to Board of Directors service.

How many AGREE REALTY CORP shares does Michael Hollman hold after this Form 4?

Following the reported RSU grant, Michael Hollman holds 10,337.247 AGREE REALTY CORP common shares directly. This total includes shares previously owned plus 292.293 shares accumulated through a dividend reinvestment plan since his last beneficial ownership statement.

Did Michael Hollman buy or sell AGREE REALTY CORP shares on the open market?

The filing shows no open-market buying or selling by Michael Hollman. Instead, he received 2,159 restricted stock units (RSUs) as a grant at a reported price of $0.00 per share, reflecting stock-based compensation rather than a discretionary market transaction.

What is the deferral election disclosed for Michael Hollman’s AGREE REALTY CORP RSUs?

Hollman elected to defer receipt of common shares underlying his RSUs until he departs the Board of Directors. The RSUs still vest on May 14, 2027, but actual delivery of the shares occurs upon his Board departure, according to the disclosure.

What does the dividend reinvestment plan detail in Michael Hollman’s AGREE REALTY CORP filing?

The filing notes that Hollman’s holdings include 292.293 AGREE REALTY CORP shares acquired through a dividend reinvestment plan. These shares accumulated since his last ownership report, indicating dividends were automatically reinvested into additional common shares over that period.

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

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Accepted by SEC EDGAR 05/18/2026 - 04:18 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^*

Hollman Michael

(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)
			Code	V	Amount	(A) or (D)	Price
Common Shares	05/14/2026		A		2,159(1)	A	$0	10,337.247(2)	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 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.

2. Includes 292.293 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

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)