Form 4: Broadstone Net Lease Director Hawkes Receives Equity Award

Director Laurie A. Hawkes of Broadstone Net Lease, Inc. reports the acquisition of 6,883 shares of restricted stock on May 3, 2024, as part of the company's non-employee director compensation policy.

Summary

• On May 3, 2024, Laurie A. Hawkes, a director of Broadstone Net Lease, Inc. (BNL), was granted an equity award.
• The award consists of 6,883 shares of restricted stock.
• These shares were granted pursuant to BNL's non-employee director compensation policy and the 2020 Omnibus Equity Incentive Plan.
• The restricted stock will vest on the earlier of May 3, 2025, or the date of BNL's next annual meeting of stockholders, provided the meeting is at least 50 weeks after the 2024 annual meeting.
• Following the transaction, Hawkes beneficially owns a total of 124,433 shares indirectly through a trust.

Sentiment

Score: 7

Explanation: The document reflects a standard corporate governance practice (director compensation) and doesn't contain any alarming or negative information. It's a neutral event with a slightly positive sentiment due to aligning director interests with shareholders.

Positives

• The equity award aligns the director's interests with those of the shareholders.
• The vesting schedule encourages long-term commitment to the company's success.

Future Outlook

The document does not contain specific forward-looking statements beyond the vesting schedule of the restricted stock.

Industry Context

This type of equity compensation is common for non-employee directors to align their interests with shareholders and incentivize long-term value creation.

Comparison to Industry Standards

• Equity compensation for directors is a standard practice in publicly traded REITs like Broadstone Net Lease.
• Comparable companies such as Realty Income (O) and National Retail Properties (NNN) also utilize stock awards as part of their director compensation packages.
• The size of the award (6,883 shares) would need to be compared to the overall compensation structure and market capitalization of BNL to determine if it is in line with industry norms.

Stakeholder Impact

• The equity award aligns the director's interests with those of the shareholders, potentially leading to better corporate governance and decision-making.

Key Dates