Modiv Industrial (MDV) director reports share conversion in Global Net Lease merger

Rhea-AI Filing Summary

Modiv Industrial, Inc. director Connie Tirondola reported a disposition to the issuer of 15,174.479 shares of Class C common stock on August 12, 2026. This occurred in connection with a merger in which each Modiv Class C share was converted into the right to receive 1.975 shares of Global Net Lease, Inc. common stock plus cash for any fractional GNL shares. Following the transaction, Tirondola reported 0 shares of Modiv common stock held directly.

Insider Trade Summary

Net Seller: 15,174.479 shares

Net Sell 1 txn

Insider Tirondola Connie

Role Director

Type	Security	Shares	Price	Value
Disposition	COMMON STOCK, CLASS C F1, F2	15,174.479	--	--

Holdings After Transaction: COMMON STOCK, CLASS C — 0 shares (Direct)

Footnotes (2)

1. F1. Pursuant to the terms of an Agreement and Plan of Merger, dated as of May 3, 2026 (the "Merger Agreement"), by and among Modiv Industrial, Inc. ("Modiv"), Modiv Operating Partnership, LP (the "Modiv Operating Partnership"), Global Net Lease, Inc. ("GNL"), GNL Motion Merger Sub, LLC ("REIT Merger Sub"), Global Net Lease Operating Partnership, L.P. (the "GNL Operating Partnership") and GNL Motion OpCo Merger Sub, LLC ("OpCo Merger Sub"), Modiv merged with and into REIT Merger Sub, with REIT Merger Sub continuing as the surviving entity and a wholly owned subsidiary of GNL (the "REIT Merger"), and OpCo Merger Sub merged with and into the Modiv Operating Partnership, with the Modiv Operating Partnership continuing as the surviving entity and a wholly owned subsidiary of GNL Operating Partnership (the "OpCo Merger").
2. F2. At the effective time of the REIT Merger, each issued and outstanding share of Modiv's Class C common stock, $0.001 par value per share (the "Modiv Common Stock"), was converted into the right to receive 1.975 shares of GNL's common stock, par value $0.01 per share (the "GNL Common Stock"), without interest, plus the right to receive cash in lieu of any fractional shares of GNL Common Stock, if any, without interest.

Key Figures

Shares disposed: 15,174.4790 shares Holdings after transaction: 0.0000 shares Share exchange ratio: 1.975 shares +2 more

5 metrics

Shares disposed 15,174.4790 shares Class C common stock disposed to issuer on August 12, 2026

Holdings after transaction 0.0000 shares Directly held Modiv Class C common stock following the merger-related disposition

Share exchange ratio 1.975 shares GNL common shares received per share of Modiv Class C common stock in the merger

Modiv Common Stock par value $0.001 per share Par value of Modiv’s Class C common stock before conversion

GNL Common Stock par value $0.01 per share Par value of Global Net Lease common stock received in exchange

Key Terms

Agreement and Plan of Merger, REIT Merger, OpCo Merger, cash in lieu of any fractional shares

4 terms

Agreement and Plan of Merger regulatory

"Pursuant to the terms of an Agreement and Plan of Merger, dated as of May 3, 2026"

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

REIT Merger financial

"Modiv merged with and into REIT Merger Sub, with REIT Merger Sub continuing as the surviving entity"

OpCo Merger financial

"OpCo Merger Sub merged with and into the Modiv Operating Partnership, with the Modiv Operating Partnership continuing"

cash in lieu of any fractional shares financial

"plus the right to receive cash in lieu of any fractional shares of GNL Common Stock, if any"

FAQ

What did Modiv Industrial (MDV) director Connie Tirondola report in this Form 4?

Connie Tirondola reported a disposition to the issuer of 15,174.479 shares of Modiv Industrial Class C common stock on August 12, 2026, in connection with Modiv’s merger into an affiliate of Global Net Lease.

How many MDV shares did Connie Tirondola hold after the reported transaction?

After the transaction, Connie Tirondola reported holding 0 shares of Modiv Industrial Class C common stock directly, reflecting the conversion of these shares as part of the merger with Global Net Lease affiliates.

What consideration did MDV Class C shareholders receive in the Modiv–GNL merger?

Each issued and outstanding share of Modiv Industrial’s Class C common stock was converted into the right to receive 1.975 shares of Global Net Lease common stock plus cash in lieu of any fractional GNL shares, both without interest.

What corporate transactions are described involving Modiv Industrial (MDV) and Global Net Lease?

The filing describes a Merger Agreement under which Modiv merged with GNL Motion Merger Sub, LLC in a “REIT Merger” and Modiv’s operating partnership merged with a GNL affiliate in an “OpCo Merger,” making both surviving entities wholly owned by Global Net Lease affiliates.

Was the MDV Form 4 transaction a market sale or a corporate disposition?

The Form 4 reports a disposition to the issuer (transaction code D), not an open-market sale. The shares were converted as part of the merger structure, rather than being sold on the market for a stated per-share price.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 08/12/2026 - 04:59 PM Accepted by SEC EDGAR 08/12/2026 - 04:59 PM Learn about SEC filing dates

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
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hours per response:			0.5

X

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^*

Tirondola Connie

(Last) (First) (Middle)

1500 NORTH GRANT STREET, #5609

(Street)

DENVER COLORADO 80203

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MODIV INDUSTRIAL, INC. [ MDV ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/12/2026

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

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

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

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, CLASS C	08/12/2026		D		15,174.479(1)	D	(2)	0	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:

1. Pursuant to the terms of an Agreement and Plan of Merger, dated as of May 3, 2026 (the "Merger Agreement"), by and among Modiv Industrial, Inc. ("Modiv"), Modiv Operating Partnership, LP (the "Modiv Operating Partnership"), Global Net Lease, Inc. ("GNL"), GNL Motion Merger Sub, LLC ("REIT Merger Sub"), Global Net Lease Operating Partnership, L.P. (the "GNL Operating Partnership") and GNL Motion OpCo Merger Sub, LLC ("OpCo Merger Sub"), Modiv merged with and into REIT Merger Sub, with REIT Merger Sub continuing as the surviving entity and a wholly owned subsidiary of GNL (the "REIT Merger"), and OpCo Merger Sub merged with and into the Modiv Operating Partnership, with the Modiv Operating Partnership continuing as the surviving entity and a wholly owned subsidiary of GNL Operating Partnership (the "OpCo Merger").

2. At the effective time of the REIT Merger, each issued and outstanding share of Modiv's Class C common stock, $0.001 par value per share (the "Modiv Common Stock"), was converted into the right to receive 1.975 shares of GNL's common stock, par value $0.01 per share (the "GNL Common Stock"), without interest, plus the right to receive cash in lieu of any fractional shares of GNL Common Stock, if any, without interest.

	/s/ John Raney, by Power of Attorney for Connie Tirondola	08/12/2026
	** 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.
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* Form 4: SEC 1474 (03-26)