Form 4: Director Judlowe Acquires AGREE REALTY CORP Shares

Michael Judlowe, a Director at AGREE REALTY CORP, reported the acquisition of 2,159 common shares and a grant of 1,328 restricted stock units (RSUs) on May 14, 2026.

Summary

• Director Michael Judlowe acquired 2,159 common shares of AGREE REALTY CORP on May 14, 2026.
• Additionally, Judlowe received a grant of 1,328 restricted stock units (RSUs) on the same date, which vest on May 14, 2027.
• These RSUs represent a contingent right to receive one common share each.
• Judlowe has elected to defer the receipt of shares from these RSUs until his departure from the Board of Directors.
• The RSUs were received as part of the compensation plan for Board members, where a portion of the annual fee was elected to be received in RSUs instead of cash.
• Following these transactions, Judlowe beneficially owns 13,989 common shares directly and an additional 100 shares indirectly through his wife.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this filing as neutral, as it primarily details routine insider transactions and compensation arrangements rather than significant strategic shifts or financial performance indicators.

Positives

• Director acquisition of company stock can signal confidence in the company's future prospects.
• The grant of RSUs indicates a long-term incentive for the director, aligning their interests with shareholders.
• The deferral election for RSU settlement until departure from the Board suggests a commitment to continued service.

Risks

• The deferral of RSU settlement until departure from the Board could introduce a potential conflict of interest if the director's departure is influenced by factors other than performance.
• The indirect ownership of 100 shares through his wife represents a small portion of his total holdings, but could be subject to separate reporting requirements.

Future Outlook

The filing does not contain forward-looking statements or guidance. The primary information relates to past transactions and current beneficial ownership.

Industry Context

StockSavvy.ai notes that insider transactions, such as this Form 4 filing by a director of AGREE REALTY CORP, are common in the Real Estate Investment Trust (REIT) sector. Such filings provide transparency into executive compensation and potential insider confidence, which investors often monitor.

Stakeholder Impact

• Shareholders: The acquisition of shares and RSU grant by a director can be viewed positively as it aligns director interests with shareholder value. The deferral mechanism may also indicate a commitment to long-term stewardship.
• Employees: No direct impact on employees is indicated in this filing.
• Creditors: No direct impact on creditors is indicated in this filing.
• Suppliers: No direct impact on suppliers is indicated in this filing.
• Customers: No direct impact on customers is indicated in this filing.

Next Steps

• The reporting person will receive common shares upon departure from the Board of Directors, subject to the terms of the RSU grant.
• The reporting person is subject to ongoing reporting requirements under Section 16 of the Securities Exchange Act of 1934.

Key Dates

Keywords

AGREE REALTY CORP, ADC, Form 4, Insider Trading, Director, Restricted Stock Units, RSU, Stock Acquisition, Beneficial Ownership, SEC Filing