Agree Realty (ADC) officer makes 500-share stock gift filing

Rhea-AI Filing Summary

Agree Realty Corp’s Chief Growth Officer, Craig Erlich, reported a charitable-type transfer of stock. He made a bona fide gift of 500 Common Shares on May 6, 2026 at a stated price of $0.00 per share, meaning no sale proceeds were received.

After this gift, he directly holds 59,388 Common Shares and 4,898 Depositary Shares Series A. An additional 100 Common Shares are reported as indirectly owned through his wife. The filing records these positions but shows no open‑market buying or selling activity.

Insider Trade Summary

500 shares gifted

Mixed 3 txns

Insider Erlich Craig

Role CHIEF GROWTH OFFICER

Type	Security	Shares	Price	Value
Gift	Common Shares	500	$0.00	--
holding	Common Shares	--	--	--
holding	Depositary Shares Series A	--	--	--

Holdings After Transaction: Common Shares — 59,388 shares (Direct, null); Common Shares — 100 shares (Indirect, By wife); Depositary Shares Series A — 4,898 shares (Direct, null)

Footnotes (1)

Key Figures

Gifted shares: 500 Common Shares Price per gifted share: $0.00 per share Direct common shares after transaction: 59,388 Common Shares +3 more

6 metrics

Gifted shares 500 Common Shares Bona fide gift on May 6, 2026

Price per gifted share $0.00 per share Stated transaction price for gifted shares

Direct common shares after transaction 59,388 Common Shares Direct holdings following the gift

Depositary Shares Series A 4,898 shares Direct holdings as of May 6, 2026

Indirect common shares 100 Common Shares Held indirectly through wife

Gift transactions 1 bona fide gift Gift count in transaction summary

Key Terms

Depositary Shares Series A, bona fide gift, indirect ownership

3 terms

Depositary Shares Series A financial

"security_title: "Depositary Shares Series A""

bona fide gift financial

"transaction_code_description: "Bona fide gift""

A bona fide gift is a genuine, voluntary transfer of money, property, or benefits from one party to another made without expectation of repayment, services, or hidden conditions. Investors care because such gifts can affect company disclosures, related‑party transaction rules, tax treatment, and perceived conflicts of interest; think of it like someone giving you a present with no strings attached — but on a corporate scale, auditors and regulators need to verify it really is unconditional.

indirect ownership financial

"direct_or_indirect: "I" and nature_of_ownership: "By wife""

Form 4 Insider Transactions: What Each Field Means →

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^*

Erlich Craig

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/06/2026

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	05/06/2026		G		500	D	$0	59,388	D
Common Shares								100	I	By wife
Depositary Shares Series A								4,898	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:

Remarks:

	/s/ Stephen Breslin, Attorney-in-Fact	05/08/2026
	** 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)

FAQ

What insider transaction did ADC’s Craig Erlich report on this Form 4?

Craig Erlich reported a bona fide gift of 500 Common Shares. The transfer occurred on May 6, 2026 at a price of $0.00 per share, indicating no sale proceeds and classifying the move as a non-market, charitable-style disposition rather than a traditional stock sale.

How many Agree Realty (ADC) shares does Craig Erlich hold after the reported gift?

After the gift, Craig Erlich directly owns 59,388 Common Shares and 4,898 Depositary Shares Series A. The Form 4 also reports 100 Common Shares as indirectly owned through his wife, providing a snapshot of his overall reported equity position in Agree Realty Corp.

Was the ADC insider transaction a market sale or purchase of shares?

The transaction was not a market sale or purchase; it was a bona fide gift of 500 Common Shares. The stated price was $0.00 per share, so no cash changed hands, and no open-market trading activity was reported in connection with this specific Form 4 filing.

What types of Agree Realty (ADC) securities are shown in Craig Erlich’s holdings?

Craig Erlich’s holdings include Common Shares and Depositary Shares Series A. Following the reported gift, he directly holds 59,388 Common Shares, 4,898 Depositary Shares Series A, plus an additional 100 Common Shares reported as indirectly owned through his wife, according to the Form 4.

How large was the gifted ADC position compared with Craig Erlich’s remaining holdings?

The gift involved 500 Common Shares, while 59,388 Common Shares remain directly held afterward. The filing also lists 4,898 Depositary Shares Series A and 100 indirectly owned Common Shares, indicating that most of his reported equity stake in Agree Realty Corp remained in place following the gift.