Lehmkuhl Greg 4
4 · AGREE REALTY CORP · Filed May 18, 2026
Research Summary
AI-generated summary of this filing
Agree Realty (ADC) Director Greg Lehmkuhl Receives RSUs, Buys Shares
What Happened Greg Lehmkuhl, a director of Agree Realty Corporation (ADC), received a grant of 2,159 restricted stock units (RSUs) valued at $75.28 each (total value $162,530) and also purchased 750 shares in the open market at $75.09 each (total cost $56,318) on May 14, 2026. The Form 4 reports the RSU award and the separate open‑market purchase. The RSUs represent a contingent right to one share each and are part of his director compensation.
Key Details
- Transaction date: May 14, 2026; Form 4 filed May 18, 2026 (timely — within two business days).
- RSU grant: 2,159 RSUs reported (valued at $75.28 each) — total reported value $162,530. Footnote: RSUs vest May 14, 2027 and Lehmkuhl elected to defer receipt of shares until he leaves the Board.
- Open‑market buy: 750 shares purchased at $75.09 each, total $56,318.
- Additional note: Footnote indicates 1,713.104 shares were acquired under a dividend reinvestment plan since his last filing.
- Director comp: RSUs were elected in lieu of cash under the Board compensation plan.
- Shares owned after the transactions: not specified in the summary filing provided.
Context
- RSUs are a grant (not an immediate share delivery); these will convert to shares only upon vesting/settlement per the filing and elective deferral.
- The open‑market purchase is a straightforward buy (a direct acquisition), which retail investors often view as a more informative sign than routine awards because it reflects a personal purchase of stock.
- No sales, options exercises, gifts, or late filing indicators appear in this report.
Insider Transaction Report
Form 4
Lehmkuhl Greg
Director
Transactions
- Award
Common Shares
[F1][F2]2026-05-14+2,159→ 31,555.748 total - Award
Common Shares
[F1][F3]2026-05-14$75.28/sh+2,159$162,530→ 33,714.748 total - Purchase
Common Shares
2026-05-14$75.09/sh+750$56,318→ 34,464.748 total
Footnotes (3)
- [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.
- [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.
- [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.
Signature
/s/ Stephen Breslin, Attorney-in-Fact|2026-05-18