Pacini Raymond J

SEC source: 0001140361-26-032532 · form4.xml · derivative · entry 4

Pacini Raymond J · CIK 0001331313 · Executive Vice President

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 0

Underlying: COMMON STOCK, CLASS C · 65,000 shares

Expires not disclosed

F4 · derivative.exercise_price: At the OpCo Merger Effective Time, each outstanding Class C Unit converted into the right to receive 1.975 units of limited partnership interest in the GNL Operating Partnership designated as OP Units (as defined in the agreement of limited partnership of GNL Operating Partnership, "GNL OP Units"), plus the right to receive cash in lieu of any fractional GNL OP Units, if any, without interest.

F4 · derivative.exercise_date: At the OpCo Merger Effective Time, each outstanding Class C Unit converted into the right to receive 1.975 units of limited partnership interest in the GNL Operating Partnership designated as OP Units (as defined in the agreement of limited partnership of GNL Operating Partnership, "GNL OP Units"), plus the right to receive cash in lieu of any fractional GNL OP Units, if any, without interest.

F4 · derivative.expiration_date: At the OpCo Merger Effective Time, each outstanding Class C Unit converted into the right to receive 1.975 units of limited partnership interest in the GNL Operating Partnership designated as OP Units (as defined in the agreement of limited partnership of GNL Operating Partnership, "GNL OP Units"), plus the right to receive cash in lieu of any fractional GNL OP Units, if any, without interest.

F5 · ownership.nature: Represents securities held by a revocable trust of which the reporting person is the trustee and which was established for the benefit of the reporting person's immediate family members.

SEC source: 0001140361-26-032532 · form4.xml · derivative · entry 3

Pacini Raymond J · CIK 0001331313 · Executive Vice President

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 65,000

Underlying: COMMON STOCK, CLASS C · 65,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Immediately prior to the effective time of the OpCo Merger (the "OpCo Merger Effective Time"), each outstanding unit of Class X limited partnership interest (the "Class X Units") in the Modiv Operating Partnership immediately vested in full and converted into one unit of Class C limited partnership interest (the "Class C Units") in the Modiv Operating Partnership.

F3 · shares: Immediately prior to the effective time of the OpCo Merger (the "OpCo Merger Effective Time"), each outstanding unit of Class X limited partnership interest (the "Class X Units") in the Modiv Operating Partnership immediately vested in full and converted into one unit of Class C limited partnership interest (the "Class C Units") in the Modiv Operating Partnership.

F3 · derivative.exercise_date: Immediately prior to the effective time of the OpCo Merger (the "OpCo Merger Effective Time"), each outstanding unit of Class X limited partnership interest (the "Class X Units") in the Modiv Operating Partnership immediately vested in full and converted into one unit of Class C limited partnership interest (the "Class C Units") in the Modiv Operating Partnership.

F3 · derivative.expiration_date: Immediately prior to the effective time of the OpCo Merger (the "OpCo Merger Effective Time"), each outstanding unit of Class X limited partnership interest (the "Class X Units") in the Modiv Operating Partnership immediately vested in full and converted into one unit of Class C limited partnership interest (the "Class C Units") in the Modiv Operating Partnership.

F5 · ownership.nature: Represents securities held by a revocable trust of which the reporting person is the trustee and which was established for the benefit of the reporting person's immediate family members.

SEC source: 0001140361-26-032532 · form4.xml · derivative · entry 2

Pacini Raymond J · CIK 0001331313 · Executive Vice President

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 0

Underlying: COMMON STOCK, CLASS C · 65,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · derivative.exercise_price: Immediately prior to the effective time of the OpCo Merger (the "OpCo Merger Effective Time"), each outstanding unit of Class X limited partnership interest (the "Class X Units") in the Modiv Operating Partnership immediately vested in full and converted into one unit of Class C limited partnership interest (the "Class C Units") in the Modiv Operating Partnership.

F3 · shares: Immediately prior to the effective time of the OpCo Merger (the "OpCo Merger Effective Time"), each outstanding unit of Class X limited partnership interest (the "Class X Units") in the Modiv Operating Partnership immediately vested in full and converted into one unit of Class C limited partnership interest (the "Class C Units") in the Modiv Operating Partnership.

F3 · derivative.exercise_date: Immediately prior to the effective time of the OpCo Merger (the "OpCo Merger Effective Time"), each outstanding unit of Class X limited partnership interest (the "Class X Units") in the Modiv Operating Partnership immediately vested in full and converted into one unit of Class C limited partnership interest (the "Class C Units") in the Modiv Operating Partnership.

F3 · derivative.expiration_date: Immediately prior to the effective time of the OpCo Merger (the "OpCo Merger Effective Time"), each outstanding unit of Class X limited partnership interest (the "Class X Units") in the Modiv Operating Partnership immediately vested in full and converted into one unit of Class C limited partnership interest (the "Class C Units") in the Modiv Operating Partnership.

F5 · ownership.nature: Represents securities held by a revocable trust of which the reporting person is the trustee and which was established for the benefit of the reporting person's immediate family members.

SEC source: 0001140361-26-032532 · form4.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · Executive Vice President

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

F1 · shares: Pursuant to the terms of an Agreement and Plan of Merger, dated as of May 3, 2026 (the "Merger Agreement"), by and among Modiv Industrial, Inc. ("Modiv"), Modiv Operating Partnership, LP (the "Modiv Operating Partnership"), Global Net Lease, Inc. ("GNL"), GNL Motion Merger Sub, LLC ("REIT Merger Sub"), Global Net Lease Operating Partnership, L.P. (the "GNL Operating Partnership") and GNL Motion OpCo Merger Sub, LLC ("OpCo Merger Sub"), Modiv merged with and into REIT Merger Sub, with REIT Merger Sub continuing as the surviving entity and a wholly owned subsidiary of GNL (the "REIT Merger"), and OpCo Merger Sub merged with and into the Modiv Operating Partnership, with the Modiv Operating Partnership continuing as the surviving entity and a wholly owned subsidiary of GNL Operating Partnership (the "OpCo Merger").

F2 · price: At the effective time of the REIT Merger, each issued and outstanding share of Modiv's Class C common stock, $0.001 par value per share (the "Modiv Common Stock"), was converted into the right to receive 1.975 shares of GNL's common stock, par value $0.01 per share (the "GNL Common Stock"), without interest, plus the right to receive cash in lieu of any fractional shares of GNL Common Stock, if any, without interest.

SEC source: 0001062993-25-001774 · form4.xml · derivative · entry 3

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Indirect · By trust

Disclosed balance after: 65,000

Underlying: COMMON STOCK, CLASS C · 65,000 shares

Expires not disclosed

F1 · derivative.exercise_price: Represents Class X units of limited partnership interest ("Class X Units") of Modiv Operating Partnership, LP ("Modiv OP"), the operating partnership of Modiv Industrial, Inc. (the "Company"), and of which the Company is the general partner. Class X Units vest according to the terms of the award agreement pursuant to which the Class X Units were granted to the reporting person. Under the limited partnership agreement of Modiv OP, upon vesting, such Class X Units automatically convert into units of Class C limited partnership interests of Modiv OP ("Class C Units"), provided that the value of Modiv OP has appreciated such that the capital account of the holder of Class X Units is equal to the capital account balance attributable to a Class C Unit on a per unit basis.

F2 · derivative.exercise_price: After such Class C Units have been outstanding for at least one year (inclusive of any holding period for any Class X Units converted into Class C Units), the holder may require Modiv OP to exchange all or a portion of such holder's Class C Units for cash or, at the option of the Company, shares of the Company's Class C Common Stock, $0.001 par value per share (the "Class C Common Stock"), on a one-for-one basis. Class X Units have no expiration date.

F4 · shares: Represents a gift of 65,000 Class X Units by the reporting person to a revocable trust for which the reporting person is the trustee and which was established for the benefit of the reporting person's immediate family members.

F1 · derivative.exercise_date: Represents Class X units of limited partnership interest ("Class X Units") of Modiv Operating Partnership, LP ("Modiv OP"), the operating partnership of Modiv Industrial, Inc. (the "Company"), and of which the Company is the general partner. Class X Units vest according to the terms of the award agreement pursuant to which the Class X Units were granted to the reporting person. Under the limited partnership agreement of Modiv OP, upon vesting, such Class X Units automatically convert into units of Class C limited partnership interests of Modiv OP ("Class C Units"), provided that the value of Modiv OP has appreciated such that the capital account of the holder of Class X Units is equal to the capital account balance attributable to a Class C Unit on a per unit basis.

F2 · derivative.exercise_date: After such Class C Units have been outstanding for at least one year (inclusive of any holding period for any Class X Units converted into Class C Units), the holder may require Modiv OP to exchange all or a portion of such holder's Class C Units for cash or, at the option of the Company, shares of the Company's Class C Common Stock, $0.001 par value per share (the "Class C Common Stock"), on a one-for-one basis. Class X Units have no expiration date.

F1 · derivative.expiration_date: Represents Class X units of limited partnership interest ("Class X Units") of Modiv Operating Partnership, LP ("Modiv OP"), the operating partnership of Modiv Industrial, Inc. (the "Company"), and of which the Company is the general partner. Class X Units vest according to the terms of the award agreement pursuant to which the Class X Units were granted to the reporting person. Under the limited partnership agreement of Modiv OP, upon vesting, such Class X Units automatically convert into units of Class C limited partnership interests of Modiv OP ("Class C Units"), provided that the value of Modiv OP has appreciated such that the capital account of the holder of Class X Units is equal to the capital account balance attributable to a Class C Unit on a per unit basis.

F2 · derivative.expiration_date: After such Class C Units have been outstanding for at least one year (inclusive of any holding period for any Class X Units converted into Class C Units), the holder may require Modiv OP to exchange all or a portion of such holder's Class C Units for cash or, at the option of the Company, shares of the Company's Class C Common Stock, $0.001 par value per share (the "Class C Common Stock"), on a one-for-one basis. Class X Units have no expiration date.

F5 · ownership.nature: Represents securities held by a revocable trust of which the reporting person is the trustee and which was established for the benefit of the reporting person's immediate family members.

SEC source: 0001062993-25-001774 · form4.xml · derivative · entry 2

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: COMMON STOCK, CLASS C · 65,000 shares

Expires not disclosed

F1 · derivative.exercise_price: Represents Class X units of limited partnership interest ("Class X Units") of Modiv Operating Partnership, LP ("Modiv OP"), the operating partnership of Modiv Industrial, Inc. (the "Company"), and of which the Company is the general partner. Class X Units vest according to the terms of the award agreement pursuant to which the Class X Units were granted to the reporting person. Under the limited partnership agreement of Modiv OP, upon vesting, such Class X Units automatically convert into units of Class C limited partnership interests of Modiv OP ("Class C Units"), provided that the value of Modiv OP has appreciated such that the capital account of the holder of Class X Units is equal to the capital account balance attributable to a Class C Unit on a per unit basis.

F2 · derivative.exercise_price: After such Class C Units have been outstanding for at least one year (inclusive of any holding period for any Class X Units converted into Class C Units), the holder may require Modiv OP to exchange all or a portion of such holder's Class C Units for cash or, at the option of the Company, shares of the Company's Class C Common Stock, $0.001 par value per share (the "Class C Common Stock"), on a one-for-one basis. Class X Units have no expiration date.

F4 · shares: Represents a gift of 65,000 Class X Units by the reporting person to a revocable trust for which the reporting person is the trustee and which was established for the benefit of the reporting person's immediate family members.

F1 · derivative.exercise_date: Represents Class X units of limited partnership interest ("Class X Units") of Modiv Operating Partnership, LP ("Modiv OP"), the operating partnership of Modiv Industrial, Inc. (the "Company"), and of which the Company is the general partner. Class X Units vest according to the terms of the award agreement pursuant to which the Class X Units were granted to the reporting person. Under the limited partnership agreement of Modiv OP, upon vesting, such Class X Units automatically convert into units of Class C limited partnership interests of Modiv OP ("Class C Units"), provided that the value of Modiv OP has appreciated such that the capital account of the holder of Class X Units is equal to the capital account balance attributable to a Class C Unit on a per unit basis.

F2 · derivative.exercise_date: After such Class C Units have been outstanding for at least one year (inclusive of any holding period for any Class X Units converted into Class C Units), the holder may require Modiv OP to exchange all or a portion of such holder's Class C Units for cash or, at the option of the Company, shares of the Company's Class C Common Stock, $0.001 par value per share (the "Class C Common Stock"), on a one-for-one basis. Class X Units have no expiration date.

F1 · derivative.expiration_date: Represents Class X units of limited partnership interest ("Class X Units") of Modiv Operating Partnership, LP ("Modiv OP"), the operating partnership of Modiv Industrial, Inc. (the "Company"), and of which the Company is the general partner. Class X Units vest according to the terms of the award agreement pursuant to which the Class X Units were granted to the reporting person. Under the limited partnership agreement of Modiv OP, upon vesting, such Class X Units automatically convert into units of Class C limited partnership interests of Modiv OP ("Class C Units"), provided that the value of Modiv OP has appreciated such that the capital account of the holder of Class X Units is equal to the capital account balance attributable to a Class C Unit on a per unit basis.

F2 · derivative.expiration_date: After such Class C Units have been outstanding for at least one year (inclusive of any holding period for any Class X Units converted into Class C Units), the holder may require Modiv OP to exchange all or a portion of such holder's Class C Units for cash or, at the option of the Company, shares of the Company's Class C Common Stock, $0.001 par value per share (the "Class C Common Stock"), on a one-for-one basis. Class X Units have no expiration date.

SEC source: 0001062993-25-001774 · form4.xml · derivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 65,000

Underlying: COMMON STOCK, CLASS C · 65,000 shares

Expires not disclosed

F1 · derivative.exercise_price: Represents Class X units of limited partnership interest ("Class X Units") of Modiv Operating Partnership, LP ("Modiv OP"), the operating partnership of Modiv Industrial, Inc. (the "Company"), and of which the Company is the general partner. Class X Units vest according to the terms of the award agreement pursuant to which the Class X Units were granted to the reporting person. Under the limited partnership agreement of Modiv OP, upon vesting, such Class X Units automatically convert into units of Class C limited partnership interests of Modiv OP ("Class C Units"), provided that the value of Modiv OP has appreciated such that the capital account of the holder of Class X Units is equal to the capital account balance attributable to a Class C Unit on a per unit basis.

F2 · derivative.exercise_price: After such Class C Units have been outstanding for at least one year (inclusive of any holding period for any Class X Units converted into Class C Units), the holder may require Modiv OP to exchange all or a portion of such holder's Class C Units for cash or, at the option of the Company, shares of the Company's Class C Common Stock, $0.001 par value per share (the "Class C Common Stock"), on a one-for-one basis. Class X Units have no expiration date.

F3 · shares: Represents a grant of unvested Class X Units, all of which vest on February 3, 2027, subject to the reporting person's continued service on such date and subject to acceleration upon certain events.

F1 · derivative.exercise_date: Represents Class X units of limited partnership interest ("Class X Units") of Modiv Operating Partnership, LP ("Modiv OP"), the operating partnership of Modiv Industrial, Inc. (the "Company"), and of which the Company is the general partner. Class X Units vest according to the terms of the award agreement pursuant to which the Class X Units were granted to the reporting person. Under the limited partnership agreement of Modiv OP, upon vesting, such Class X Units automatically convert into units of Class C limited partnership interests of Modiv OP ("Class C Units"), provided that the value of Modiv OP has appreciated such that the capital account of the holder of Class X Units is equal to the capital account balance attributable to a Class C Unit on a per unit basis.

F2 · derivative.exercise_date: After such Class C Units have been outstanding for at least one year (inclusive of any holding period for any Class X Units converted into Class C Units), the holder may require Modiv OP to exchange all or a portion of such holder's Class C Units for cash or, at the option of the Company, shares of the Company's Class C Common Stock, $0.001 par value per share (the "Class C Common Stock"), on a one-for-one basis. Class X Units have no expiration date.

F1 · derivative.expiration_date: Represents Class X units of limited partnership interest ("Class X Units") of Modiv Operating Partnership, LP ("Modiv OP"), the operating partnership of Modiv Industrial, Inc. (the "Company"), and of which the Company is the general partner. Class X Units vest according to the terms of the award agreement pursuant to which the Class X Units were granted to the reporting person. Under the limited partnership agreement of Modiv OP, upon vesting, such Class X Units automatically convert into units of Class C limited partnership interests of Modiv OP ("Class C Units"), provided that the value of Modiv OP has appreciated such that the capital account of the holder of Class X Units is equal to the capital account balance attributable to a Class C Unit on a per unit basis.

F2 · derivative.expiration_date: After such Class C Units have been outstanding for at least one year (inclusive of any holding period for any Class X Units converted into Class C Units), the holder may require Modiv OP to exchange all or a portion of such holder's Class C Units for cash or, at the option of the Company, shares of the Company's Class C Common Stock, $0.001 par value per share (the "Class C Common Stock"), on a one-for-one basis. Class X Units have no expiration date.

SEC source: 0001645873-24-000061 · wk-form4_1711994240.xml · derivative · entry 6

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: COMMON STOCK, CLASS C · 110,047.5 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · derivative.exercise_price: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F1 · price: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · price: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F1 · derivative.exercise_date: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · derivative.exercise_date: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F1 · derivative.expiration_date: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · derivative.expiration_date: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

SEC source: 0001645873-24-000061 · wk-form4_1711994240.xml · derivative · entry 5

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 110,047.5

Underlying: COMMON STOCK, CLASS C · 83,332.5 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · price: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · derivative.exercise_date: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · derivative.expiration_date: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

SEC source: 0001645873-24-000061 · wk-form4_1711994240.xml · derivative · entry 4

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 26,715

Underlying: COMMON STOCK, CLASS C · 26,715 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F1 · price: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F1 · derivative.exercise_date: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F1 · derivative.expiration_date: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

SEC source: 0001645873-24-000061 · wk-form4_1711994240.xml · derivative · entry 3

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: COMMON STOCK, CLASS C · 83,332.5 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · derivative.exercise_price: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · price: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · derivative.exercise_date: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · derivative.expiration_date: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

SEC source: 0001645873-24-000061 · wk-form4_1711994240.xml · derivative · entry 2

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: COMMON STOCK, CLASS C · 26,715 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F1 · price: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F1 · derivative.exercise_date: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F1 · derivative.expiration_date: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

SEC source: 0001645873-24-000061 · wk-form4_1711994240.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 115,580.5

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: There is no expiration date in connection with the 16,029 Class P OP Units ("Class P OP Units") of Modiv Operating Partnership, LP (the "Partnership") issued to the reporting person; however, the Class P OP Units automatically and mandatorily converted into Class C OP Units of the Partnership ("Class C OP Units") on March 28, 2024 on a 1.66667:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

F2 · price: There is no expiration date in connection with the 33,333 Class R OP Units ("Class R OP Units") of the Partnership, issued to the reporting person; however, the Class R OP Units automatically and mandatorily converted into Class C OP Units on March 28, 2024 on a 2.5:1 basis. The Class C OP Units are redeemable for cash or, at the issuer's option, exchangeable for shares of the issuer's Class C Common Stock on a 1:1 basis, and have no expiration.

SEC source: 0001645873-23-000236 · wk-form4_1702947553.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 5,533

SEC source: 0001645873-23-000058 · wf-form4_167907814173449.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,833

SEC source: 0001645873-22-000232 · wf-form4_166181559793734.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 4,333

SEC source: 0001645873-22-000163 · wf-form4_165531199992970.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 3,333

SEC source: 0001645873-22-000147 · wf-form4_165335434969942.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 2,333

SEC source: 0001645873-22-000058 · wf-form4_164859028330712.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,333

SEC source: 0001645873-21-000028 · wf-form4_161178699313611.xml · derivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 100,000

Underlying: Class R OP Units · 100,000 shares

Expires not disclosed

F1 · kind: A total of 100,000 Class R OP units were issued to the reporting person for his equity incentive compensation for the three-year period ending December 31, 2023. The Class R OP Units will be adjusted to 33,333 units on February 1, 2021 to reflect the issuer's 1:3 reverse stock split. The Class R OP Units vest on March 31, 2024, or upon the occurrence of certain events pursuant to the Third Amended and Restated Limited Partnership Agreement. The Class R OP Units are convertible into Class C OP Units on March 31, 2024 at a conversion ratio of 1:1 which may increase to a conversion ratio of 1:2.5 if the performance milestone set forth in the Third Amended and Restated Limited Partnership Agreement is achieved.

F3 · price: There is no market for Class R OP Units. Accordingly, the price per derivative security is not applicable.

F2 · derivative.expiration_date: There is no expiration date in connection with the Class R OP Units issued to the reporting person.

SEC source: 0001645873-20-000041 · wf-form4_158223672640408.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,000

SEC source: 0001645873-20-000012 · wf-form4_157807829320340.xml · derivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 80,145

Underlying: Class P OP Units · 80,145 shares

Expires not disclosed

F1 · kind: On December 31, 2019, the issuer and RW Holdings NNN REIT Operating Partnership, L.P. ("NNN OP") completed the acquisition of the business of its former advisor, BrixInvest, LLC ("BrixInvest") with BrixInvest's wholly owned subsidiary Daisho OP Holdings, LLC ("Daisho") ("Self-Management Transaction"). 16,029 Class P OP Units were issued to the reporting person: 16,580 Class P OP Units in the Self-Management Transaction; and 9,449 Class P OP Units in his 2019 bonus and 2020 equity incentive compensation. Class P OP Units may be converted into Class C OP Units after March 31, 2024 or upon the occurrence of certain events pursuant to the second amended and restated limited partnership agreement of NNN OP and the reporting person's restricted units award agreement. After the expiration of such date or upon the occurrence of such events, the Class P OP Units are generally convertible into Class C OP Units at a conversion ratio of 5 Class C OP Units for each 1 Class P OP Unit.

F3 · price: There is no market for Class P OP Units. Accordingly, the price per derivative security is not applicable.

F2 · derivative.expiration_date: There is no expiration date in connection with the Class P OP Units issued to the reporting person.

SEC source: 0001645873-20-000014 · wf-form4a_157808697775892.xml · derivative · entry 1

Pacini Raymond J · CIK 0001331313 · CFO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 80,145

Underlying: Class P OP Units · 80,145 shares

Expires not disclosed

F1 · kind: On December 31, 2019, the issuer and RW Holdings NNN REIT Operating Partnership, L.P. ("NNN OP") completed the acquisition of the business of its former advisor, BrixInvest, LLC ("BrixInvest") with BrixInvest's wholly owned subsidiary Daisho OP Holdings, LLC ("Daisho") ("Self-Management Transaction"). 16,029 Class P OP Units were issued to the reporting person: 6,580 Class P OP Units in the Self-Management Transaction; and 9,449 Class P OP Units in his 2019 bonus and 2020 equity incentive compensation. Class P OP Units may be converted into Class C OP Units after March 31, 2024 or upon the occurrence of certain events pursuant to the second amended and restated limited partnership agreement of NNN OP and the reporting person's restricted units award agreement. After the expiration of such date or upon the occurrence of such events, the Class P OP Units are generally convertible into Class C OP Units at a conversion ratio of 5 Class C OP Units for each 1 Class P OP Unit.

F3 · price: There is no market for Class P OP Units. Accordingly, the price per derivative security is not applicable.

F2 · derivative.expiration_date: There is no expiration date in connection with the Class P OP Units issued to the reporting person.

SEC source: 0001331313-19-000001 · primary_doc.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 28,590

F1 · balance_after: Includes 1,914 shares allocated to the Reporting Person under the 2014 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2019, which shares will vest on January 31, 2020.

SEC source: 0001205303-18-000005 · primary_doc.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 26,676

F1 · balance_after: Includes 1,573 shares allocated to the Report Person under the 2014 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2018, which shares will vest on January 31, 2019.

SEC source: 0001331313-17-000001 · primary_doc.xml · nonDerivative · entry 1

Pacini Raymond J · CIK 0001331313 · Director

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,103

F1 · balance_after: Includes 1,449 shares allocated to the Reporting Person under the 2014 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2017, which shares will vest on January 31, 2018.