Lehmkuhl Greg 4

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.