Was the Agree Realty (ADC) CEO’s share purchase made under a trading plan?

The filing describes the transaction as an open-market purchase and provides a weighted average price range. It does not mention any Rule 10b5-1 trading plan, so the transaction is presented as a discretionary purchase rather than a pre-planned automatic trade.

Agree Realty (ADC) CEO adds 13,295 shares in $75 open-market buy

Filing Impact

(Very High)

Filing Sentiment

(Positive)

Form Type

Rhea-AI Filing Summary

Agree Realty Corp President and CEO Joey Agree reported a direct open-market purchase of 13,295 common shares on May 14, 2026 at a weighted average price of $75.41 per share. Following this transaction, he directly owns 675,105 common shares. The filing also notes 3,962 common shares held indirectly by his children, reflecting additional family-related ownership.

Insights

CEO makes a routine-sized open-market share purchase.

Joey Agree, President and CEO of Agree Realty Corp, executed an open-market purchase of 13,295 common shares at a weighted average price of $75.41. This is a straightforward buy transaction coded as an open-market purchase.

After the trade, his direct holdings rise to 675,105 common shares, with an additional 3,962 shares reported as held indirectly by his children. The filing shows no derivative exercises, tax withholdings, or sales, and does not reference any Rule 10b5-1 trading plan, indicating a discretionary purchase.

Insider Trade Summary

Net Buyer: 13,295 shares ($1,002,576)

Net Buy 2 txns

Insider Agree Joey

Role PRESIDENT & CEO

Bought 13,295 shs ($1.00M)

Type	Security	Shares	Price	Value
Purchase	Common Shares	13,295	$75.41	$1.00M
holding	Common Shares	--	--	--

Holdings After Transaction: Common Shares — 675,105 shares (Direct, null); Common Shares — 3,962 shares (Indirect, By children)

Footnotes (1)

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Key Figures

Shares purchased: 13,295 shares Purchase price (weighted avg): $75.41 per share Direct holdings after: 675,105 shares +1 more

4 metrics

Shares purchased 13,295 shares Open-market purchase on May 14, 2026

Purchase price (weighted avg) $75.41 per share Weighted average purchase price with trades $75.23–$75.50

Direct holdings after 675,105 shares Common shares directly owned after the transaction

Indirect holdings by children 3,962 shares Common shares reported as held by children

Key Terms

open-market purchase, weighted average price, indirect ownership, Form 4

4 terms

open-market purchase financial

"transaction_action: open-market purchase"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

weighted average price financial

"The reported price in Column 4 is a weighted average price."

Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.

indirect ownership financial

"direct_or_indirect: I, nature_of_ownership: By children"

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

05/18/2026 - 07:00 AM

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^*

Agree Joey

(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
X	Officer (give title below)	Other (specify below)
	PRESIDENT & CEO

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		P		13,295	A	$75.41⁽¹⁾	675,105	D
Common Shares								3,962	I	By children

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. The reported price in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $75.23 to $75.50. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the staff of the Securities & Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in the footnote.

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 did Agree Realty (ADC) CEO Joey Agree report in this Form 4?

Joey Agree reported buying common shares of Agree Realty in the open market. He acquired 13,295 shares on May 14, 2026 at a weighted average price of $75.41, increasing his direct ownership to 675,105 shares after the transaction.

How many Agree Realty (ADC) shares did the CEO buy and at what price?

The CEO bought 13,295 common shares of Agree Realty. The reported weighted average purchase price was $75.41 per share, with individual trades executed between $75.23 and $75.50, according to the footnote describing the pricing range.

What is Joey Agree’s total direct ownership in Agree Realty (ADC) after the transaction?

After the May 14, 2026 open-market purchase, Joey Agree directly owns 675,105 common shares of Agree Realty. This figure reflects his direct holdings only and excludes the separate indirect holdings reported as being held by his children.

Are there any indirect Agree Realty (ADC) holdings associated with Joey Agree?

Yes. The Form 4 reports 3,962 Agree Realty common shares held indirectly "by children." These are shown separately from Joey Agree’s 675,105 directly held shares, indicating additional family-related ownership disclosed in the filing’s ownership table.