Fennell Kevin 4

What Happened Kevin Fennell, EVP, CFO & Treasurer of Broadstone Net Lease (BNL), was issued 55,778 shares on 2026-03-12 following the completion of a three‑year performance period. Of those shares, 28,475 were surrendered/withheld by the issuer to cover tax obligations at a reported price of $18.97 per share, generating a withholding value of $540,171. The award was granted pursuant to performance-based awards originally granted on February 28, 2023.

Key Details

• Transaction dates: Award and withholding both reported for 2026-03-12; Form 4 filed 2026-03-16 (timely filing within 2 business days).
• Award received: 55,778 shares (code A) at $0.00 (granted as compensation).
• Tax withholding/disposal: 28,475 shares (code F) withheld/surrendered at $18.97 — total value $540,171.
• Net new shares retained from the award (55,778 − 28,475): 27,303 shares (implied).
• Holdings note: Filing footnote states holdings include 133,950 unvested restricted shares; the total beneficial ownership figure is not provided in the summary data here.
• Footnotes: F1 = shares issued upon achievement of performance goals for the three‑year period ending 2/28/2026; F3 = shares withheld by issuer to cover tax obligations; F2 = reference to 133,950 unvested restricted shares included in holdings.

Context This was primarily a performance-based award being settled (an acquisition of shares), with a routine tax-withholding disposition rather than an open-market sale. Tax withholding by the company (code F) is common when equity awards vest and does not necessarily indicate a change in the insider's view of the company.