UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously disclosed, James L. Nelson, a member of the board of directors of Global Net Lease, Inc. (the “Company”) and the Company’s President and Co-Chief Executive Officer, notified the Company that he will resign from his position as President and Co-Chief Executive Officer, effective March 31, 2024, at which time Edward M. Weil, Jr., the Company’s other Co-Chief Executive Officer, will continue as the Company’s sole Chief Executive Officer. In connection with Mr. Nelson’s resignation, on March 8, 2024, the Company entered into a separation agreement with Mr. Nelson (the “Separation Agreement”) pursuant to which, among other things, (i) Mr. Nelson will resign from all roles, positions and titles with the Company effective March 31, 2024, and at that time, Mr. Nelson’s 16,687 unvested restricted shares of the Company’s common stock will accelerate and fully vest, (ii) the Company will pay Mr. Nelson his base salary through April 12, 2024, (iii) the Company will maintain directors and officers insurance coverage for Mr. Nelson through March 31, 2030 and (iv) Mr. Nelson agrees to vote all of his shares of the Company in the same manner as recommended by the board of directors of the Company for a three-year period beginning on March 31, 2024. The foregoing is only a summary, does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement filed as Exhibit 10.1, and is incorporated herein by reference.
Mr. Nelson’s resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. As previously disclosed, Mr. Nelson notified the Company that he will also resign as director of the Company, effective March 31, 2024.
Item 9.01 Financial Statements and Exhibits.
| (d) Exhibits. | ||
| 10.1 | Separation Agreement, dated March 8, 2024, by and between Global Net Lease, Inc. and James L. Nelson | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. | |
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: March 11, 2024 | By: | /s/ Edward M. Weil, Jr. |
| Name: Edward M. Weil, Jr. | ||
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Title: Co-Chief Executive Officer (Co-Principal Executive Officer) | ||