Agree Realty director buys shares, receives RSUs

Agree Realty Corp director Greg Lehmkuhl increased his stake through a mix of open‑market buying and equity compensation.

Rhea-AI Filing Summary

Agree Realty Corp director Greg Lehmkuhl increased his stake through a mix of open‑market buying and equity compensation. He purchased 750 common shares in the open market at $75.09 per share. On the same date he also received 4,318 restricted stock units (RSUs) as board compensation, which vest on May 14, 2027, with settlement in common shares deferred until his departure from the Board. Footnotes note that this holding includes 1,713.104 shares acquired through the company’s dividend reinvestment plan since his last ownership filing.

Insider Trade Summary

Net Buyer: 750 shares

Net Buy 3 txns

Insider Lehmkuhl Greg

Role Director

Bought 750 shs ($56K)

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	2,159	$0.00	$0.00
Grant/Award	Common Shares	2,159	$75.28	$163K
Purchase	Common Shares	750	$75.09	$56K

Holdings After Transaction: Common Shares — 34,464.748 shares (Direct)

Footnotes (3)

1. F1. 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. F2. Includes 1,713.104 shares acquired under a dividend reinvestment plan since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person.
3. F3. 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

Open-market purchase: 750 shares at $75.09 RSU grants: 4,318 RSUs Dividend reinvestment plan shares: 1,713.104 shares +1 more

4 metrics

Open-market purchase 750 shares at $75.09 Common shares bought on May 14, 2026

RSU grants 4,318 RSUs Board compensation awards vesting May 14, 2027

Dividend reinvestment plan shares 1,713.104 shares Acquired since last ownership statement

RSU vesting date May 14, 2027 Vesting date for reported RSU awards

Key Terms

restricted stock units (RSUs), dividend reinvestment plan, Statement of Changes in Beneficial Ownership, grant, award, or other acquisition, +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.

dividend reinvestment plan financial

"Includes 1,713.104 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.

Statement of Changes in Beneficial Ownership regulatory

"since the last Statement of Changes in Beneficial Ownership filed by the Reporting Person."

grant, award, or other acquisition financial

"transaction_code_description": "Grant, award, or other acquisition""

contingent right financial

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

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Agree Realty (ADC) director Greg Lehmkuhl report in this Form 4?

Greg Lehmkuhl reported both an open-market purchase and new equity awards. He bought 750 Agree Realty common shares and received 4,318 restricted stock units as board compensation, all recorded as direct ownership on the same transaction date.

How many Agree Realty (ADC) shares did Greg Lehmkuhl buy and at what price?

He bought 750 common shares of Agree Realty in an open-market transaction. The reported purchase price was $75.09 per share, indicating a relatively modest direct cash investment alongside his existing board-related equity holdings.

What RSU awards did Greg Lehmkuhl receive from Agree Realty (ADC)?

He received grants totaling 4,318 restricted stock units. Each RSU represents a contingent right to one common share, vesting on May 14, 2027, as part of Agree Realty’s board compensation structure elected in lieu of a portion of his cash fees.

When do Greg Lehmkuhl’s Agree Realty (ADC) RSUs vest and settle?

The RSUs vest on May 14, 2027. Although they vest on that date, Lehmkuhl voluntarily elected to defer receipt of the common shares underlying these RSUs until he departs from Agree Realty’s Board of Directors.

How were some of Greg Lehmkuhl’s Agree Realty (ADC) RSUs funded?

Under Agree Realty’s board compensation plan, Lehmkuhl elected to receive part of his annual director fee in RSUs instead of cash. This election converts a portion of his cash compensation directly into equity-based awards in the company.

What does the Form 4 say about Agree Realty (ADC) dividend reinvestment for Greg Lehmkuhl?

The filing states that his reported holdings include 1,713.104 shares acquired through a dividend reinvestment plan. These shares accumulated since his last Statement of Changes in Beneficial Ownership filed with the SEC.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/18/2026 - 07:00 AM Learn about SEC filing dates

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^*

Lehmkuhl Greg

(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)
			Code	V	Amount	(A) or (D)	Price
Common Shares	05/14/2026		A		2,159(1)	A	$0	31,555.748(2)	D
Common Shares	05/14/2026		A		2,159(1)(3)	A	$75.28	33,714.748	D
Common Shares	05/14/2026		P		750	A	$75.09	34,464.748	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:

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 1,713.104 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:

	/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)