Director Merrie Frankel (ADC) receives 432-share restricted stock grant in Agree Realty

Rhea-AI Filing Summary

Frankel Merrie S. reported acquisition or exercise transactions in this Form 4 filing.

AGREE REALTY CORP director Merrie S. Frankel received a grant of 432 common shares as restricted stock that fully vested on the grant date. The grant was reported at a price of $0.00 per share, indicating equity compensation rather than a market purchase. Following this award, she directly holds 11,099 common shares. The filing also reports a direct holding of 400 Depositary Series A shares, shown as a position entry rather than a new transaction.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Frankel Merrie S.

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Shares	432	$0.00	--
holding	Depositary Series A	--	--	--

Holdings After Transaction: Common Shares — 11,099 shares (Direct, null); Depositary Series A — 400 shares (Direct, null)

Footnotes (1)

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Key Figures

Restricted stock grant: 432 shares Grant price per share: $0.00 per share Common shares after grant: 11,099 shares +1 more

4 metrics

Restricted stock grant 432 shares Common shares granted as fully vested restricted stock

Grant price per share $0.00 per share Equity compensation, not an open-market purchase

Common shares after grant 11,099 shares Direct common share holdings following the transaction

Depositary Series A holding 400 shares Direct holding reported as of transaction date

Key Terms

restricted stock, grant, award, or other acquisition, Depositary Series A

3 terms

restricted stock financial

"Represents a grant of restricted stock that fully vested as of the date of grant"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Depositary Series A financial

"security_title: Depositary Series A"

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

X

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^*

Frankel Merrie S.

(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		432(1)	A	$0	11,099	D
Depositary Series A								400	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 that fully vested as of the date of grant.

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)

FAQ

What did ADC director Merrie S. Frankel report in this Form 4?

Merrie S. Frankel reported receiving a grant of 432 common shares as restricted stock that fully vested on the grant date. The shares were awarded at $0.00 per share as equity compensation, not through an open-market purchase.

How many AGREE REALTY (ADC) common shares does Merrie S. Frankel hold after this grant?

After the restricted stock grant, Merrie S. Frankel directly holds 11,099 common shares of AGREE REALTY CORP. This total includes the newly granted 432 shares that fully vested as of the grant date, according to the Form 4 filing.

Was the ADC Form 4 transaction a market buy or sell of shares?

The filing shows a compensation-related grant, not a market buy or sell. Code A indicates a grant or award acquisition of 432 common shares at $0.00 per share, described as restricted stock that fully vested upon grant, rather than an open-market trade.

What does the footnote about the ADC restricted stock grant say?

The footnote explains that the 432-share award represents a grant of restricted stock that fully vested as of the date of grant. This clarifies the shares were immediately vested equity compensation for director Merrie S. Frankel, rather than unvested or performance-based stock.

What are the Depositary Series A shares reported in the ADC Form 4?

The Form 4 lists a holding of 400 Depositary Series A shares as a direct ownership position. This entry is categorized as a holding, with 400 shares shown following the report date, and does not reflect a new buy or sell transaction.