Modiv (MDV) Director Nolan Thomas H Jr Converts Shares in Merger

What Happened
Nolan Thomas H Jr, a director of Modiv Industrial, Inc. (MDV), reported dispositions on 2026-08-12 that resulted from Modiv's merger into Global Net Lease, Inc. He surrendered 30,116.577 shares of Modiv common stock (disposition to the issuer; price N/A) and 394 shares of Modiv 7.375% Series A preferred stock, the latter converted into cash at $25.22 per share for proceeds of $9,935. These were corporate transaction conversions tied to the merger—not open-market sales.

Key Details

• Transaction date: 2026-08-12.
• Common shares surrendered: 30,116.577 shares (disposition to issuer; no cash price listed).
• Preferred shares converted: 394 shares at $25.22 each, total ≈ $9,935.
• Merger conversion terms (footnotes): each Modiv common share converted into the right to receive 1.975 shares of GNL common stock; preferred shares converted into $25.215104 in cash per share. Cash paid for any fractional GNL shares.
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: report filed with period of report 2026-08-12; filing shows these merger-related dispositions (no indication in the filing of a late Form 4).

Context
These are merger-related dispositions (dispositions "to the issuer") under the Agreement and Plan of Merger—effectively a conversion of Modiv securities into GNL common shares and cash for preferred shares. This is different from an insider selling shares on the open market and does not necessarily signal the director’s market view; it reflects the corporate exchange mechanics of the REIT merger.