Judlowe Michael 4

What Happened

• Michael Judlowe, a director of Agree Realty Corporation (ADC), was granted a total of 3,487 restricted stock units (RSUs) on May 14, 2026. The filing shows 1,328 RSUs priced at $75.28 each (total value $99,972) and 2,159 RSUs recorded at $0.00 in the transaction lines. This is an award/grant of compensation, not an open-market purchase or sale.

Key Details

• Transaction date: May 14, 2026; Form 4 filed May 18, 2026.
• Items reported: 1,328 RSUs @ $75.28 (value $99,972) and 2,159 RSUs @ $0.00.
• Vesting: RSUs vest on May 14, 2027 (per footnote).
• Deferral: Judlowe elected to defer receipt of the underlying common shares upon settlement until his departure from the Board (footnote).
• Compensation election: The RSUs were elected in lieu of a portion of the director’s cash fees under the board compensation plan.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Exhibit 24 (Power of Attorney) is attached to the filing.

Context

• RSUs are a form of equity compensation that convert to common shares upon vesting; because these units are deferred until Judlowe leaves the board, they do not result in immediate share ownership or a sale. Awards like this are routine director compensation and should not be interpreted as an open-market purchase or sale signal by the insider.