[Form 4] AdaptHealth Corp. Insider Trading Activity

Rhea-AI Filing Summary

AdaptHealth Corp. (AHCO) – Form 4 insider activity

Director Theodore B. Lundberg reported two acquisitions of AdaptHealth common stock on 06/26/2025:

• 21,346 shares acquired
• 7,864 shares acquired

Both transactions are recorded at $0, indicating they were equity grants or similar non-cash awards rather than open-market purchases. Following the transactions, Lundberg’s direct beneficial ownership rose to 859,756 shares. No dispositions, derivative securities, or 10b5-1 plan designations were disclosed, and the filing lists a Power of Attorney (Exhibit 24) supporting the submission.

The Form 4 contains no additional financial metrics or narrative commentary.

Positive

• Director’s ownership increases by 29,210 shares, modestly enhancing alignment with shareholders.

Negative

• None.

Insights

Financial Analyst

TL;DR: Small, non-cash insider grant modestly increases director stake; limited immediate valuation impact.

The filing shows Lundberg receiving 29,210 shares at no cost, likely the vesting of director equity awards. Because the transaction involves no cash outlay or market purchase, it does not signal incremental insider buying pressure. The increase represents a modest percentage of his existing holdings and does not materially alter AdaptHealth’s ownership structure. From a valuation standpoint, dilution is immaterial given the small share count. Overall impact: neutral.

Corporate Governance Specialist

TL;DR: Routine director equity grant; aligns interests but not a governance red flag.

The report reflects standard board compensation practices—equity awards to promote alignment with shareholders. No related-party transactions or derivative positions are involved, and the filing is timely (four days after the grant). Governance risk remains unchanged. Impact assessment: not impactful.

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^*

Lundberg Theodore B.

(Last) (First) (Middle)

C/O ADAPTHEALTH CORP.

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	851,892	D
Common Stock	06/26/2025		A		7,864	A	$0	859,756	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 Theodore B. Lundberg	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

How many AdaptHealth (AHCO) shares did Theodore B. Lundberg acquire?

He acquired 29,210 common shares on 06/26/2025.

What is Lundberg's total AdaptHealth share ownership after the transactions?

The Form 4 lists 859,756 shares held directly.

Were any shares sold or disposed of in this Form 4 filing?

No. No dispositions were reported; only acquisitions are shown.

Did the transactions involve cash purchases?

No. The shares are recorded at $0, indicating non-cash equity grants.

Were derivative securities such as options included in the filing?

No derivative securities are listed in Table II.