Modiv Industrial (MDV) CAO Sara Grisham Exercises Derivative, Transfers 40K

What Happened

• Sara R. Grisham, Chief Accounting Officer of Modiv Industrial, exercised/conversion of a derivative (transaction code M) for 40,000 shares and immediately disposed/transferred those 40,000 shares to the issuer (transaction code D) on August 12, 2026. The reported exercise/acquisition and disposition price is $0.00, so no cash proceeds were reported on the Form 4.

Key Details

• Transaction date: 2026-08-12.
• Actions reported: M (exercise/conversion of derivative) — 40,000 shares acquired at $0.00; D (disposition to issuer) — 40,000 shares disposed at $0.00.
• Reported dollar value: $0.00 (no cash changed hands in these entries).
• Shares owned after transaction: Not specified in this Form 4.
• Filing timeliness: Form filed on 2026-08-12 (same day as the reported transactions); no late-filing indication in the report.
• Relevant footnotes: Transactions occurred as part of a merger (see merger agreement dated May 3, 2026). Prior Modiv partnership units converted into new partnership units of Global Net Lease, Inc. (GNL) operating partnership with a conversion ratio (1.975 GNL OP Units per Class C Unit) and cash in lieu of fractional units.

Context

• This was not an open-market purchase or sale for cash; it reflects a derivative/partnership-unit conversion and an intra-corporate transfer connected to the merger between Modiv and GNL. Code M indicates an exercise or conversion of a derivative; code D indicates disposition to the issuer. Such transactions are often administrative steps in corporate reorganizations and don't necessarily signal a personal buy/sell decision by the insider.