What role did AGREE REALTY CORP’s dividend reinvestment plan play in Rakolta’s ADC share holdings?

His reported holdings include 1,920.183 AGREE REALTY CORP shares acquired through a dividend reinvestment plan. This plan automatically reinvests cash dividends into additional common shares, gradually increasing his ownership without separate open-market purchase transactions disclosed in the Form 4 filing.

AGREE REALTY (NYSE: ADC) director receives equity awards and tops 572K shares

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

AGREE REALTY CORP director John Rakolta Jr reported equity-based compensation in the form of company stock. On May 14, 2026, he received two awards of common shares, classified as grant or award acquisitions rather than open-market purchases or sales.

One award was 1,328 common shares at $75.28 per share, and another was 2,159 restricted common shares at $0.00 per share. The restricted stock vests on May 14, 2027, and reflects his election under the Board compensation plan to receive a portion of his annual fee in restricted common stock instead of cash. Following these awards, he held 572,466.2800 common shares directly, plus 146 common shares indirectly held by his wife, including 1,920.183 shares accumulated through a dividend reinvestment plan since his prior ownership report.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider RAKOLTA JOHN JR

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	2,159	$0.00	--
Grant/Award	Common Shares	1,328	$75.28	$100K
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 572,466.28 shares (Direct, null); Common Shares — 146 shares (Indirect, By wife)

Footnotes (1)

Represents a grant of restricted common stock that vests May 14, 2027. Includes 1,920.183 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person. Under Agree Realty Corporation's compensation plan for its Board of Directors, the Board member elected to receive a portion of their annual fee in restricted common stock in lieu of cash.

Key Figures

Awarded shares at $75.28: 1,328 shares at $75.28/share Restricted stock grant: 2,159 shares at $0.00/share Direct holdings after awards: 572,466.2800 shares +3 more

6 metrics

Awarded shares at $75.28 1,328 shares at $75.28/share Grant/award acquisition on May 14, 2026

Restricted stock grant 2,159 shares at $0.00/share Restricted common stock granted May 14, 2026

Direct holdings after awards 572,466.2800 shares Common shares held directly following transactions

Indirect holdings by wife 146 shares Common shares held indirectly through spouse

Dividend reinvestment shares 1,920.183 shares Shares acquired via dividend reinvestment since prior report

Vesting date for restricted stock May 14, 2027 Vesting date of restricted common stock grant

Key Terms

restricted common stock, dividend reinvestment plan, compensation plan, annual fee

4 terms

restricted common stock financial

"Represents a grant of restricted common stock that vests May 14, 2027."

Restricted common stock is company shares that carry limits on selling or transferring for a set period or until certain conditions are met, like time-based vesting or regulatory clearance. Think of them as shares in a locked box that gradually open; they can become freely tradable later but initially reduce the number of shares available on the market. Investors watch restricted stock because its eventual release can change a company’s share supply, affect stock price, and influence control and dilution.

dividend reinvestment plan financial

"Includes 1,920.183 shares acquired under a dividend reinvestment plan since the last Statement..."

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.

compensation plan financial

"Under Agree Realty Corporation's compensation plan for its Board of Directors, the Board member elected..."

annual fee financial

"the Board member elected to receive a portion of their annual fee in restricted common stock..."

Form 4 Insider Transactions: What Each Field Means →

05/18/2026 - 04:16 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^*

RAKOLTA JOHN JR

(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	572,466.28⁽²⁾	D
Common Shares	05/14/2026		A		1,328⁽³⁾	A	$75.28	573,794.28	D
Common Shares								146	I	By wife

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 common stock that vests May 14, 2027.

2. Includes 1,920.183 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.

3. Under Agree Realty Corporation's compensation plan for its Board of Directors, the Board member elected to receive a portion of their annual fee in restricted common stock in lieu of cash.

Remarks:

	/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

FAQ

What insider transactions did ADC director John Rakolta Jr report on May 14, 2026?

He reported two stock awards in AGREE REALTY CORP common shares. One award granted 1,328 shares at $75.28 per share and another granted 2,159 restricted shares at $0.00, both classified as grant or award acquisitions rather than market purchases or sales.

How many AGREE REALTY CORP (ADC) shares does John Rakolta Jr hold after these Form 4 awards?

After the reported awards, he held 572,466.2800 AGREE REALTY CORP common shares directly. He also reported 146 additional common shares held indirectly by his wife, giving investors a clearer view of his total disclosed ownership stake in the company’s stock.

What is the vesting schedule for John Rakolta Jr’s restricted ADC stock grant?

The restricted common stock grant reported by John Rakolta Jr vests on May 14, 2027. Until vesting, the shares are subject to restrictions, but they represent equity compensation tied to his role on AGREE REALTY CORP’s Board of Directors and long-term alignment with shareholders.

Why did AGREE REALTY CORP grant restricted stock to director John Rakolta Jr instead of cash?

Under AGREE REALTY CORP’s Board compensation plan, the director elected to receive a portion of his annual fee in restricted common stock. This election replaces part of his cash compensation with equity, aligning his compensation more directly with the company’s share performance over time.