MODIV Director Kimberly J. Smith Disposes 18,368 Shares

What Happened Kimberly J. Smith, a director of Modiv Industrial, Inc. (MDV), reported a disposition to the issuer of 18,367.896 shares on August 12, 2026. The Form 4 lists the transaction as a "D" (disposition to the issuer); no per-share price or total value was reported. The filing notes this action occurred in connection with Modiv’s merger into a Global Net Lease, Inc. (GNL) transaction.

This disposition appears to be merger-related (shares converted/surrendered under the merger agreement) rather than an open-market sale, so it should not be read as a routine insider sell signal. The Form 4 was filed and dated the same day (2026-08-12).

Key Details

• Transaction date: 2026-08-12; transaction code: D (Disposition to issuer)
• Shares disposed: 18,367.896 MDV shares; price: N/A (no cash value reported on Form 4)
• Shares owned after transaction: not disclosed in the filing
• Footnotes:
  • F1: Transaction occurred under the Agreement and Plan of Merger among Modiv, its operating partnership and GNL (effective merger described).
  • F2: At the merger effective time, each Modiv share converted into the right to receive 1.975 shares of GNL common stock, plus cash in lieu of any fractional shares.
• Filing timeliness: Reported and filed on 2026-08-12 (same-day filing)

Context

• Applying the conversion ratio in F2, the 18,367.896 Modiv shares correspond to approximately 36,276.6 GNL shares (18,367.896 × 1.975); fractional-share cash payments may apply.
• "Disposition to the issuer" in this context reflects merger consideration and conversion/surrender mechanics, not a public market sale by the insider.