Form 4: Broadstone Net Lease SVP Receives New Stock Award

Broadstone Net Lease's SVP of Acquisitions, William D. Garner, received a new restricted stock award and had shares withheld for tax obligations.

Summary

• William D. Garner, SVP of Acquisitions at Broadstone Net Lease, Inc. (BNL), engaged in two transactions on March 2, 2026.
• 4,478 shares of common stock were disposed of at a price of $19.39 per share to cover tax obligations related to the vesting of previously awarded shares.
• Garner was awarded 9,312 shares of restricted stock under the company's 2020 Omnibus Equity and Incentive Plan.
• These newly awarded restricted shares will vest ratably over four years, starting from the first anniversary of February 28, 2026.
• Following these transactions, Garner beneficially owns 84,842 shares of common stock, which includes 62,103 shares of unvested restricted stock.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a slightly positive, routine event. The new restricted stock award indicates continued executive incentive alignment, while tax withholding is a standard part of equity compensation.

Positives

• The award of 9,312 shares of restricted stock to a key executive aligns management's interests with long-term shareholder value.
• The new restricted stock award demonstrates continued commitment to the company's 2020 Omnibus Equity and Incentive Plan.

Negatives

• 4,478 shares were withheld to cover tax obligations, which is a standard practice for vested equity awards and not indicative of negative performance.

Future Outlook

The newly awarded 9,312 restricted shares will vest ratably over four years, with the first vesting anniversary occurring on or about February 28, 2027, and subsequent vestings on the second, third, and fourth anniversaries of February 28, 2026.

Industry Context

StockSavvy.ai notes that the grant of restricted stock and the withholding of shares for tax purposes are common practices in executive compensation packages across the real estate investment trust (REIT) sector and broader public markets. These mechanisms are designed to align executive incentives with long-term company performance and shareholder interests.

Corporate Governance

Stakeholder Impact

• Shareholders: The new restricted stock award aligns the interests of a key executive with long-term shareholder value.
• Employees: Demonstrates the company's ongoing use of its equity incentive plan for executive compensation.

Next Steps

• First anniversary of February 28, 2026, for the initial vesting of the 9,312 restricted shares.
• Subsequent annual vesting events on the second, third, and fourth anniversaries of February 28, 2026.

Key Dates

Recommendation

This Form 4 filing details routine executive compensation, specifically a restricted stock grant and shares withheld for tax purposes. Such transactions are standard and do not typically provide new material information that would alter the fundamental investment thesis for Broadstone Net Lease. Therefore, a "hold" recommendation is appropriate as these events do not warrant a change in investment strategy.

Keywords

Broadstone Net Lease, BNL, Form 4, executive compensation, restricted stock, stock award, insider transaction, tax withholding, corporate governance, equity incentive plan