What are Michael Judlowe’s Agree Realty (ADC) share holdings after these transactions?

After the reported RSU-related share acquisitions, Judlowe held 15,317 Agree Realty common shares directly. The filing also notes an additional 100 common shares held indirectly through his wife, reflecting a small indirect ownership position separate from his direct holdings.

Board member at Agree Realty (NYSE: ADC) takes RSU grants, defers shares

Q: How many Agree Realty (ADC) shares did Michael Judlowe acquire and at what price?

Judlowe acquired 1,328 Agree Realty common shares at $75.28 per share and 2,159 common shares at a stated price of $0.00 . Both entries are coded as grants or awards, reflecting compensation rather than discretionary stock purchases on the open market.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Agree Realty Corp director Michael Judlowe reported equity-based compensation in the form of common shares. On May 14, 2026, he acquired 1,328 common shares at $75.28 per share and 2,159 common shares at a stated price of $0.00, both classified as grants or awards rather than open-market purchases.

Footnotes explain these are restricted stock units (RSUs) that vest on May 14, 2027, with each RSU delivering one common share. Judlowe elected to defer receipt of the shares until his departure from the Board and to receive a portion of his annual Board fee in RSUs instead of cash. After these grants, he held 15,317 common shares directly and 100 common shares indirectly through his wife.

Insider Trade Summary

3 transactions reported

Mixed 3 txns

Insider Judlowe Michael

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 — 13,989 shares (Direct, null); Common Shares — 100 shares (Indirect, by wife)

Footnotes (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. 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.

Key Figures

RSU grant at stated price: 2,159 common shares at $0.00 RSU grant at $75.28: 1,328 common shares at $75.28 Direct holdings after grants: 15,317 common shares +2 more

5 metrics

RSU grant at stated price 2,159 common shares at $0.00 Grant/award acquisition on May 14, 2026

RSU grant at $75.28 1,328 common shares at $75.28 Grant/award acquisition on May 14, 2026

Direct holdings after grants 15,317 common shares Total direct ownership following transactions

Indirect holdings by wife 100 common shares Indirect ownership through spouse

RSU vesting date May 14, 2027 Date when RSUs vest into common shares

Key Terms

restricted stock units (RSUs), contingent right, compensation plan, Board of Directors, +1 more

5 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.

contingent right financial

"Each RSU represents a contingent right to receive one common share."

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."

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.

annual fee in RSUs financial

"the Board member elected to receive a portion of their annual fee in RSUs in lieu of cash."

Form 4 Insider Transactions: What Each Field Means →

05/18/2026 - 04:17 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^*

Judlowe 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)
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	13,989	D
Common Shares	05/14/2026		A		1,328⁽¹⁾⁽²⁾	A	$75.28	15,317	D
Common Shares								100	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 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. 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-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) director Michael Judlowe report in this Form 4?

Michael Judlowe reported acquiring equity-based compensation in Agree Realty common shares. He received grants totaling 3,487 shares classified as awards, not open-market purchases, and disclosed updated direct and indirect ownership positions following these transactions.

How many Agree Realty (ADC) shares did Michael Judlowe acquire and at what price?

Judlowe acquired 1,328 Agree Realty common shares at $75.28 per share and 2,159 common shares at a stated price of $0.00. Both entries are coded as grants or awards, reflecting compensation rather than discretionary stock purchases on the open market.

What are the key terms of Michael Judlowe’s RSU awards from Agree Realty (ADC)?

The filing describes restricted stock units (RSUs) that vest on May 14, 2027. Each RSU represents a contingent right to receive one Agree Realty common share, with the director electing to defer receipt of those shares until his departure from the Board of Directors.

How does Agree Realty (ADC) compensate its Board members according to this filing?

Under Agree Realty’s Board compensation plan, members may elect to receive part of their annual fee in RSUs instead of cash. This Form 4 shows Michael Judlowe using that feature, increasing his equity-based compensation via additional RSU grants tied to common shares.

Do Michael Judlowe’s Agree Realty (ADC) transactions involve open-market buying or selling?

The transactions are coded as grants or awards, not open-market trades. They represent equity-based compensation, including RSUs in lieu of cash fees, rather than Judlowe independently buying or selling Agree Realty shares in the market during the reported period.