MDV (Modiv) CEO Aaron Halfacre Converts/Surrenders Shares in Merger

What Happened

• Aaron Halfacre, CEO, President and a director of Modiv Industrial, reported transactions on Aug 12, 2026 in connection with Modiv’s merger into Global Net Lease (GNL). The Form 4 shows conversion/exercise-type derivative transactions of 546,542.5 shares at $0.00 (reported both as acquired and disposed under code M) and two dispositions to the issuer: 137,830.243 shares (price N/A) and 1,000,000 shares at $0.00 (derivative). In total, the filing shows 1,137,830.243 shares disposed to the issuer. The $0.00 and N/A prices reflect non‑cash conversion/exchange mechanics tied to the merger rather than open‑market sales.

Key Details

• Transaction date: 2026-08-12 (all reported transactions).
• Reported items: exercise/conversion of 546,542.5 derivative shares (code M, $0.00); dispositions to the issuer of 137,830.243 shares (N/A) and 1,000,000 shares ($0.00).
• Shares owned after the reported transactions: not stated on the information provided here (check the full Form 4 for ownership totals).
• Footnotes: Transactions arose from the Agreement and Plan of Merger dated May 3, 2026 — each Modiv Class C share converted into the right to receive 1.975 GNL shares (cash in lieu for fractional shares); Modiv operating partnership units converted into GNL OP Units on the same 1.975 ratio. One entry represents securities held in a revocable trust for the reporting person’s immediate family (F5).
• Filing timeliness: no late‑filing flag indicated in the provided data.

Context

• These were merger-related conversions/exchanges (non-cash) rather than open‑market purchases or voluntary sale transactions. The Form 4 shows derivative conversion/exercise mechanics and issuer surrenders/cash‑in‑lieu treatments common in corporate mergers. These entries do not, by themselves, indicate a standard buy or sell decision by the insider unrelated to the Merger.