Global Net Lease (NYSE:GNL) Enters into New Employment Agreement with CEO, Edward M. Weil, Jr.

Global Net Lease, Inc. (NYSE:GNL) recently announced that on November 21, 2024, it entered into an employment agreement with its Chief Executive Officer and President, Edward M. Weil, Jr. The agreement, effective from January 1, 2025, replaces Mr. Weil’s existing employment agreement dated May 23, 2023, in its entirety.

The new Employment Agreement between Global Net Lease and Mr. Weil will remain in full force until January 1, 2029, with automatic renewal for additional one-year periods unless termination notice is provided at least 120 days before expiration. As per the terms, Mr. Weil will continue to serve as the company’s CEO and President, with provisions for certain compensations and benefits.

Under the agreement, Mr. Weil will receive an annual base salary of $1,000,000, subject to upward adjustments based on annual reviews. Additionally, he will be eligible for a performance-based Annual Bonus opportunity ranging from 50% to 200% of his annual base salary, determined based on achieved performance targets.

Moreover, Mr. Weil will receive annual equity-based awards with a target grant date fair value of $5,500,000, with vesting conditions. He will also be granted a one-time sign-on bonus of $333,333. The agreement includes provisions for employee benefits, indemnification rights, and expense reimbursement for business-related costs.

As part of the agreement, the Board of Global Net Lease approved a one-time award of time-based restricted stock units (RSUs) with a grant date fair value of $1,375,000. These RSUs will vest over a three-year period contingent on Mr. Weil’s continuous employment with the company.

In the event of certain terminations, Mr. Weil may be entitled to severance pay and benefits, including payment of accrued but unpaid annual base salary, healthcare benefits, and accelerated vesting of equity-based awards under different circumstances detailed in the agreement.

Additionally, the Employment Agreement contains customary covenants such as non-competition, non-solicitation, confidentiality, and intellectual property rights provisions for a year following employment termination.

This summary of the Employment Agreement is brief, and interested parties are encouraged to refer to the full text filed as Exhibit 10.1 with the Current Report on Form 8-K by Global Net Lease.

Alongside this agreement, Global Net Lease submitted the mandatory Cover Page Interactive Data File as Exhibit 104 to the SEC filing.

The company’s Chief Financial Officer, Treasurer, and Secretary, Christopher J. Masterson, signed the report on behalf of Global Net Lease on November 22, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Global Net Lease’s 8K filing here.

About Global Net Lease

Global Net Lease, Inc (NYSE: GNL) is a publicly traded real estate investment trust listed on the NYSE. The firm focused on acquiring a diversified global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe.