[Form 4] AdaptHealth Corp. Insider Trading Activity

Rhea-AI Filing Summary

ACCO Brands Corporation (ACCO) filed a Form 4 reporting insider activity by Senior Vice-President & Chief Information Officer Paul P. Daniel on 18 June 2025.

The executive acquired 1,332.4 Restricted Stock Units (RSUs) through dividend-equivalent accruals across three existing awards under the company’s Incentive Plan:

• 451.3 RSUs linked to an award vesting on 14 Mar 2026; cumulative units in that award now 21,092.7.
• 420.6 RSUs linked to an award vesting on 12 Mar 2027; cumulative units now 19,655.3.
• 460.5 RSUs linked to an award vesting on 11 Mar 2028; cumulative units now 21,518.2.

No shares were sold; the acquisition price is recorded as $0 because RSUs are granted, not purchased. Ownership remains direct (D). Each RSU converts 1-for-1 into common stock upon the stated vesting dates, contingent on continued employment and subject to plan acceleration provisions.

The filing represents routine incentive-plan activity and does not disclose any open-market transactions, amendments, or other material corporate events.

Positive

• Insider increased equity exposure via 1,332.4 newly acquired RSUs, signalling continued alignment with shareholder interests.
• No shares were sold, eliminating concerns about insider profit-taking.

Negative

• Transactions are routine and non-cash; they provide limited insight into insider sentiment or company performance.
• Immaterial size relative to ACCO’s share count, implying negligible market impact.

Insights

Financial Analyst

TL;DR: Routine RSU dividend equivalents; minor increase in insider holdings, no cash outlay, limited market impact.

The Form 4 shows Mr. Daniel acquired 1,332.4 RSUs at zero cost via dividend-equivalent provisions. Such grants modestly lift his economic exposure but are non-cash, non-market transactions common in equity incentive plans. No open-market buying or selling suggests neutral signalling—there is no fresh capital commitment nor reduction of exposure. The amounts are immaterial relative to ACCO’s ~96 million shares outstanding, so price impact should be negligible. Overall, this is administratively routine and does not alter the investment thesis.

Corporate Governance Specialist

TL;DR: Dividend-equivalent RSUs maintain executive-share alignment; governance implications neutral.

The RSU accruals flow directly from ACCO’s shareholder-approved Incentive Plan and preserve alignment between management and investors by keeping awards dividend-neutral. Because the grants vest over 2026-2028 and are employment-contingent, they reinforce retention objectives without immediate dilution or cash cost. No 10b5-1 plan was indicated, and the filing was timely, evidencing proper compliance. From a governance lens, this is standard practice with no red flags.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Connors Terence J

(Last) (First) (Middle)

C/O ADAPTHEALTH LLC

555 EAST NORTH LANE, SUITE 5075

(Street)

CONSHOHOCKEN PA 19428

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
AdaptHealth Corp. [ AHCO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
06/26/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/26/2025		A		21,346	A	$0	76,263	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

Exhibit 24 - Power of Attorney

	/s/ Richard Rew, as attorney-in-fact for Terence Connors	06/30/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did ACCO insider Paul P. Daniel report on the latest Form 4?

He acquired a total of 1,332.4 Restricted Stock Units on 18 Jun 2025; no shares were sold.

How many RSUs were added to each award held by the ACCO SVP & CIO?

451.3 units for the 2026 award, 420.6 units for the 2027 award, and 460.5 units for the 2028 award.

When will the newly acquired ACCO RSUs vest?

On 14 Mar 2026, 12 Mar 2027, and 11 Mar 2028, respectively, subject to continued employment.

Did the filing disclose any open-market purchases or sales of ACCO stock?

No. All reported transactions were RSU grants at a price of $0.

How is ownership structured after the transactions?

All RSUs are held directly by Mr. Daniel, with cumulative positions of ~21k units per award.