Form 8-K - Current report
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported):
December 20, 2023
Global Net Lease, Inc.
(Exact Name of Registrant as Specified in Charter)
Maryland |
|
001-37390 |
|
45-2771978 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(I.R.S. Employer
Identification No.) |
650 Fifth Avenue, 30th Floor |
New York, New York 10019 |
(Address, including zip code, of Principal Executive Offices) |
Registrant’s telephone number,
including area code: (212) 415-6500
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
¨ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
¨ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to section 12(b) of the Act:
Title of each class |
|
Trading
Symbols |
|
Name of each
exchange on which
registered |
Common
Stock, $0.01 par value per share |
|
GNL |
|
New York Stock Exchange |
7.25%
Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share |
|
GNL PR A |
|
New York Stock Exchange |
6.875%
Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share |
|
GNL PR B |
|
New York Stock Exchange |
7.50% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share |
|
GNL PR D |
|
New York Stock Exchange |
7.375% Series E Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share |
|
GNL PR E |
|
New York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02. Departure of Directors or Certain
Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Employment Agreement of Christopher J. Masterson
On December 20, 2023,
Global Net Lease, Inc., a Maryland corporation (the “Company”) entered into an Employment Agreement with Christopher J. Masterson,
its Chief Financial Officer (the “Employment Agreement”), setting forth the terms upon which Mr. Masterson will continue to
serve as the Company’s Chief Financial Officer.
Under the Employment Agreement,
Mr. Masterson’s base salary is $425,000, and he will be eligible for an annual bonus, equity and/or equity-based awards under the
Company’s 2021 Omnibus Incentive Compensation Plan or any successor plan, and employee benefits available to similarly-situated
employees of the Company. Upon certain terminations of Mr. Masterson’s employment, in addition to payment of any accrued but unpaid
base salary and other accrued amounts, Mr. Masterson (or his estate) will be entitled to the following, subject to execution of an effective
release of claims: (i) if the termination is by reason of death or disability, payment of any accrued but unpaid annual bonus for any
previously completed fiscal year (the “Accrued Bonus”); a prorated annual bonus for the year in which such termination occurs
measured at target if the termination occurs during the first quarter of the applicable fiscal year and measured based on actual performance
through the date of termination if the termination occurs after the first quarter of the applicable fiscal year (the “Pro-Rata Bonus”);
accelerated vesting of all then-outstanding time-based equity or equity-based awards; and accelerated vesting of all then-outstanding
performance-based equity or equity-based awards based on performance through the end of the applicable performance period(s) and prorated
for the period of partial employment (the “Performance-Based Vesting”); and (ii) if the termination is by the Company without
“cause” (as defined in the Employment Agreement) or by Mr. Masterson for “good reason” (as defined in the Employment
Agreement), payment of the Accrued Bonus; the Pro-Rata Bonus; accelerated vesting of the then-outstanding time-based equity or equity-based
awards that would have vested upon the next vesting date that follows such termination; the Performance-Based Vesting; and cash severance
equal to one times the sum of annual base salary and average annual bonus for the two years immediately preceding the date of termination,
paid in substantially equal installments over the 12-month period immediately following the date of termination. However, if Mr. Masterson’s
termination by the Company is without cause or is by Mr. Masterson for good reason during the “change in control period” (as defined
in the Employment Agreement and generally spanning the 60 or 180-day period prior to and the 12 or 24-month period following a “change
in control” (as defined in the Employment Agreement)), Mr. Masterson’s termination benefits will be enhanced such that he
will be entitled to full vesting of his then-outstanding time-based equity or equity-based awards; vesting of performance-based equity
or equity-based awards will be based on performance through the change in control and will not be prorated based on the period of partial
employment; and Mr. Masterson’s cash severance will equal 1.5 times the sum of annual base salary and average annual bonus for the
two years immediately preceding the date of termination. The Employment Agreement also contains customary confidentiality, cooperation
and non-disparagement covenants and 12-month post-termination non-competition and non-solicitation covenants.
The foregoing description does not purport to be
complete and is qualified in its entirety by reference to the full text of the Employment Agreement, a copy of which will be filed with
the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023.
SIGNATURES
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
GLOBAL NET LEASE, INC. |
|
|
|
Date: December 22, 2023 |
By: |
/s/ James L. Nelson |
|
|
Name: James L. Nelson |
|
|
Title: Co-Chief Executive Officer and President |
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Entity File Number |
001-37390
|
Entity Registrant Name |
Global Net Lease, Inc.
|
Entity Central Index Key |
0001526113
|
Entity Tax Identification Number |
45-2771978
|
Entity Incorporation, State or Country Code |
MD
|
Entity Address, Address Line One |
650 Fifth Avenue
|
Entity Address, Address Line Two |
30th Floor
|
Entity Address, City or Town |
New York
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Entity Address, State or Province |
NY
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Entity Address, Postal Zip Code |
10019
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Common Stock [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
Common
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|
Trading Symbol |
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Security Exchange Name |
NYSE
|
Series A Preferred Stock [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
7.25%
Series A Cumulative Redeemable Preferred Stock, $0.01 par value per share
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Trading Symbol |
GNL PR A
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Security Exchange Name |
NYSE
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Series B Preferred Stock [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
6.875%
Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
|
Trading Symbol |
GNL PR B
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Security Exchange Name |
NYSE
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Series D Preferred Stock [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
7.50% Series D Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
|
Trading Symbol |
GNL PR D
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Security Exchange Name |
NYSE
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Series E Preferred Stock [Member] |
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Document Information [Line Items] |
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Title of 12(b) Security |
7.375% Series E Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share
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Trading Symbol |
GNL PR E
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Security Exchange Name |
NYSE
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