RAKOLTA JOHN JR 4

What Happened

• John Rakolta Jr., a director of Agree Realty Corporation (ADC), acquired two sets of shares on May 14, 2026: 1,328 restricted common shares reported at $75.28 each (total reported value $99,972) and 2,159 shares reported at $0.00. Both transactions are coded as "A" (award/grant/acquisition) on the Form 4 filing. These were not open‑market purchases or sales but represent compensation and dividend reinvestment activity.

Key Details

• Transaction dates and prices:
  • 2026-05-14: 1,328 restricted shares @ $75.28 each — reported value $99,972 (Footnote F1: vests May 14, 2027).
  • 2026-05-14: 2,159 shares @ $0.00 — reported as acquired; Footnote F2 notes this includes 1,920.183 shares acquired under a dividend reinvestment plan since the last statement.
• Reason/plan: Footnote F3 indicates the director elected to receive part of his annual board fee in restricted common stock instead of cash.
• Shares owned after transaction: not specified in the provided summary of the filing.
• Filing timeliness: Form filed May 18, 2026 for the May 14, 2026 transactions — the filing is reported and not indicated as late.

Context

• These entries are awards and dividend reinvestment plan acquisitions (compensation and DRIP activity), common for directors and not the same as open‑market purchases that might signal new personal conviction. The 1,328 shares are restricted and subject to a one‑year vesting schedule (vests May 14, 2027).