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Agree Realty (NYSE: ADC) director Linglong He granted new RSUs and shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Agree Realty Corp director Linglong He reported two equity awards of Common Shares. On May 14, 2026, He acquired 1,328 shares at an award value of $75.28 per share and 2,159 restricted stock units as part of board compensation rather than cash fees.

The RSUs vest on May 14, 2027, with each unit converting into one common share, and He has elected to defer receiving the related shares until departing the Board. The filing also notes additional shares accumulated through a dividend reinvestment plan since the prior ownership report.

Positive

  • None.

Negative

  • None.
Insider He Linglong
Role null
Type Security Shares Price Value
Grant/Award Common Shares 2,159 $0.00 --
Grant/Award Common Shares 1,328 $75.28 $100K
Holdings After Transaction: Common Shares — 8,340.141 shares (Direct, null)
Footnotes (1)
  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. Includes 292.430 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 RSUs in lieu of cash.
Share award 1,328 Common Shares Grant on May 14, 2026 as equity compensation
Award value per share $75.28 per share Value assigned to 1,328-share grant on May 14, 2026
RSU grant size 2,159 restricted stock units Grant on May 14, 2026 under board compensation plan
RSU vesting date May 14, 2027 Vesting date for 2,159 RSUs granted to Linglong He
Dividend reinvestment shares 292.430 shares Shares acquired via dividend reinvestment plan since last report
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."
dividend reinvestment plan financial
"Includes 292.430 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.
compensation plan financial
"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 RSUs"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED 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*
He Linglong
(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)
XDirector10% 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)
XForm 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)
CodeVAmount(A) or (D)Price
Common Shares05/14/2026A2,159(1)A$08,340.141(2)D
Common Shares05/14/2026A1,328(1)(3)A$75.289,668.141D
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)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount 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 292.430 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 RSUs in lieu of cash.
Remarks:
Exhibit 24, Power of Attorney, is attached.
/s/ Stephen Breslin, Attorney-in-Fact05/18/2026
** Signature of Reporting PersonDate
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 transaction did Agree Realty (ADC) director Linglong He report?

Director Linglong He reported receiving equity-based compensation, not buying shares on the open market. On May 14, 2026, He acquired 1,328 Common Shares and 2,159 restricted stock units as part of Agree Realty’s board compensation arrangements.

How many Agree Realty (ADC) shares and RSUs did Linglong He receive?

Linglong He received 1,328 Common Shares and 2,159 restricted stock units. The shares reflect an award valued at $75.28 per share, while the RSUs are granted at no cash cost under the company’s director compensation plan in lieu of some cash fees.

When do Linglong He’s Agree Realty (ADC) RSUs vest and convert to shares?

The restricted stock units granted to Linglong He vest on May 14, 2027. Each RSU represents a contingent right to receive one common share, with actual receipt of the shares deferred until He’s departure from the Board of Directors under the elected deferral arrangement.

Were Linglong He’s recent Agree Realty (ADC) transactions open-market purchases?

No, the reported transactions are compensation-related grants, not open-market purchases. Both awards are coded as acquisitions under a grant or award and are tied to board fees and restricted stock units, rather than discretionary buying of Agree Realty shares in the market.

What does the dividend reinvestment plan disclosure mean for Agree Realty (ADC) director holdings?

The filing states Linglong He’s holdings include 292.430 shares acquired through a dividend reinvestment plan. This indicates some cash dividends on existing holdings were automatically reinvested into additional Agree Realty shares since the last beneficial ownership report.