Modiv (MDV) Director Connie Tirondola Disposes 15,174 Shares in Merger

What Happened
Connie Tirondola, a director of Modiv Industrial, Inc., recorded a disposition to the issuer of 15,174.479 shares on 2026-08-12. The filing shows the shares were disposed in connection with the merger described in the filing (no per-share price reported). Under the merger terms, each Modiv share converted into the right to receive 1.975 shares of Global Net Lease (GNL) common stock (with cash paid for any fractional shares), which implies these 15,174.479 Modiv shares would convert into roughly 29,970 GNL shares before any cash-in-lieu adjustment.

Key Details

• Transaction date: 2026-08-12; reported as a "Disposition to the issuer" (code D) — typical in merger conversions.
• Shares disposed: 15,174.479 Modiv Class C shares. No dollar value or per-share price is listed in the Form 4.
• Conversion: Per footnote, each Modiv share converted into 1.975 GNL shares; cash paid for fractional shares.
• Shares owned after transaction: Not specified in the provided filing.
• Filing timeliness: Reported with the same period date (2026-08-12); no late filing indicator noted.

Context
This was not an open-market sale but a merger-related conversion/disposition under the Merger Agreement between Modiv and GNL. Such dispositions reflect corporate transactions (conversion of securities into the acquiror’s stock and/or cash) rather than an insider choosing to sell into the market — they are generally administrative results of the merger terms, not a direct insider sentiment signal.