Frankel Merrie S. 4

What Happened
Merrie S. Frankel, a director of Agree Realty Corp (ADC), was granted 432 shares of restricted stock that fully vested as of the grant date. The Form 4 reports the acquisition as 432 shares at an acquisition price of $0, with the filing dated 2026-05-18 covering the 2026-05-14 transaction. This was an award/vesting event (not an open‑market purchase or sale).

Key Details

• Transaction date: 2026-05-14 (reported on Form 4 filed 2026-05-18)
• Transaction type/code: Award/Grant (A) — 432 shares acquired at $0.00 (reported value $0)
• Footnote: F1 indicates the restricted stock grant fully vested as of the date of grant.
• Shares owned after transaction: not specified in the provided filing.
• Timeliness: Filing appears timely (filed within the SEC’s two-business-day window).
• Remarks: Exhibit 24 (Power of Attorney) is attached to the filing.

Context
Restricted stock awards that vest are typically part of compensation or director pay and do not, by themselves, signal buying or selling intent in the market. The reported acquisition price of $0 reflects issuance/vesting rather than a cash purchase; market value is not provided in the filing.