<SEC-DOCUMENT>0001104659-20-045244.txt : 20200409
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ACCESSION NUMBER:		0001104659-20-045244
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		18
CONFORMED PERIOD OF REPORT:	20200409
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Regulation FD Disclosure
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200409
DATE AS OF CHANGE:		20200409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Global Net Lease, Inc.
		CENTRAL INDEX KEY:			0001526113
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				452771978
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-37390
		FILM NUMBER:		20785479

	BUSINESS ADDRESS:	
		STREET 1:		630 FIFTH AVE
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-415-6500

	MAIL ADDRESS:	
		STREET 1:		630 FIFTH AVE
		STREET 2:		30TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Trust, Inc.
		DATE OF NAME CHANGE:	20120810

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Daily Net Asset Value Trust, Inc.
		DATE OF NAME CHANGE:	20111014

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	American Realty Capital Global Trust, Inc.
		DATE OF NAME CHANGE:	20110719
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WASHINGTON, D.C. 20549</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; color: rgb(35, 31, 32); margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 4in; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: rgb(35, 31, 32)">Emerging growth company <span style="font-family: Wingdings"><span id="xdx_909_edei--EntityEmergingGrowthCompany_c20200408__20200409_z4hJ7ueexll8"><ix:nonNumeric contextRef="From2020-04-08to2020-04-09" format="ixt:booleanfalse" name="dei:EntityEmergingGrowthCompany">&#168;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; color: rgb(35, 31, 32); margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&#160;&#160;
<span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0"></p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b></b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0"></p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Item 1.01 Entry Into a Material Definitive
Agreement.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 9, 2020,
the Board of Directors (the &#8220;Board) of Global Net Lease, Inc. (the &#8220;Company&#8221;) authorized a dividend of one preferred
share purchase right (a &#8220;Right&#8221;), payable on April 20, 2020, for each share of the Company&#8217;s common stock, par
value $0.01 per share ( &#8220;Common Stock&#8221;), outstanding on the close of business on April 20, 2020 to the stockholders
of record on that date. In connection with the distribution of the Rights, the Company has entered into a Rights Agreement (the
&#8220;Rights Agreement&#8221;), dated as of April 9, 2020, with American Stock Transfer and Trust, LLC, as rights agent. Each
Right entitles the registered holder to purchase from the Company one one-thousandth of a share of Series C Preferred Stock, par
value $0.01 per share (the &#8220;Series C Preferred Stock&#8221;), of the Company at a price of $50.00 per one one-thousandth
of a share of Series C Preferred Stock represented by a Right (the &#8220;Purchase Price&#8221;), subject to adjustment.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Rights are in all
respects subject to and governed by the provisions of the Rights Agreement. The following description of the Rights Agreement does
not purport to be complete and is qualified in its entirety by reference to the full text of the Rights Agreement, which is attached
hereto as Exhibit 4.1 and incorporated herein by reference. A copy of the Rights Agreement is available free of charge from the
Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Distribution Date</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Initially, the Rights
will be attached to all shares of Common Stock, and no separate certificates representing the Rights (&#8220;Right Certificates&#8221;)
will be issued. Until the Distribution Date (as defined below), the Rights will be inseparable from the shares of Common Stock,
and Company will issue one Right with each new Share of Common Stock so that all shares of Common Stock will have Rights attached.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Distribution
Date, the Rights would separate and begin trading separately from the shares of Common Stock. As soon as practicable after the
Distribution Date, unless the Rights are recorded in book-entry or another uncertificated form, the Company will prepare and cause
the Right Certificates to be delivered to each record holder of shares of Common Stock as of the Distribution Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The &#8220;Distribution
Date&#8221; generally means the earlier of:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the close of business on the 10th business day after the date a majority of the Board becomes aware
(pursuant to a public announcement or otherwise) that a person or entity has become an Acquiring Person (as defined below); and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the close of business on the 10th business day (or a later day as may be designated by the Board
before any person or entity has become an Acquiring Person) after the date of the commencement of a tender or exchange offer by
the person or entity which would, if consummated, result in the person or entity becoming an Acquiring Person.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, on the
Distribution Date, proper provision will be made by the Company to provide each holder (other than the Company) of limited partnership
units of the Company&#8217;s operating partnership, Global Net Lease Operating Partnership, L.P. (the &#8220;OP&#8221;), designated
as &#8220;OP Units&#8221; (&#8220;OP Units&#8221;) with the number of Rights that would have been issued to the holder as if the
holder had redeemed all of its OP Units for an equal number of shares of Common Stock pursuant to the terms and conditions of the
agreement of limited partnership of the OP immediately prior to the Distribution Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Exercisability</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Rights will not
be exercisable until the Distribution Date. After the Distribution Date, each Right will be exercisable to purchase one one-thousandth
of a share of Series C Preferred Stock for the Purchase Price. This portion of a share of Series C Preferred Stock will give the
holder approximately the same dividend, voting and liquidation rights as a holder one share of Common Stock. Prior to exercising
their Rights, holders of Rights, in that capacity have no rights as a stockholder of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Acquiring Person</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">An &#8220;Acquiring
Person&#8221; generally means any person or entity that or which, together with its affiliates and associates, is or becomes the
Beneficial Owner (as described below) of 4.9% or more of the shares of Common Stock then outstanding, but does not include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">the Company or any of its subsidiaries;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">any employee benefit plan of the Company or any of its subsidiaries or the Company&#8217;s advisor,
Global Net Lease Advisors, LLC (the &#8220;Advisor&#8221;);</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">any entity or trustee holding Common Stock for or pursuant to the terms of any plan or for the
purpose of funding any plan or other benefits for employees of the Company or of any of its subsidiaries or the Advisor;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">any passive investor, which generally means any person or entity Beneficially Owning shares of
Common Stock without a plan or an intent to seek control of or influence the Company;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">any person or entity that the Board has permitted to Beneficially Own a specified percentage of
4.9% or more of the Common Stock but only for so long as the person or entity does not acquire, without the prior approval
of the Board, Beneficial Ownership of any additional Common Stock above the specified percentage; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">any person or entity that would otherwise be deemed an Acquiring Person as of the date of the adoption
of the Rights Agreement, but only for so long as the person or entity does not acquire, without the prior approval of the Board,
Beneficial Ownership of any additional Common Stock.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Rights Agreement
also provides that the Board may exempt any person or entity from being an Acquiring Person prior to the person or entity becoming
an Acquiring Person, subject to the Board&#8217;s right to revoke the exemption.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities &#8220;Beneficial
Owned&#8221; by a person or entity, together with its affiliates and associates, include:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">any securities beneficially owned, directly or indirectly, within the meaning of Rule 13d-3 of
the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;);</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">except under limited circumstances, securities with respect which the person or entity, or any
of its affiliates or associates, has the right to acquire or vote pursuant to any agreement, arrangement or understanding;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">any securities which are Beneficially Owned, directly or indirectly, by any other person or entity
with which the person or entity, or any of its affiliates or associates, has any agreement, arrangement or understanding, whether
or not in writing, for the purpose of acquiring, holding, voting or disposing of any voting securities of the Company, and which
the person or entity, or any of its affiliates or associates, is acting in concert with towards a common goal relating to (i) acquiring,
holding, voting or disposing of voting securities of the Company or (ii) changing or influencing the control of the Company; and</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">any securities which are the subject of, or the reference securities for, or that underlie, any
derivative securities (as defined under Rule 16a-1 under the Exchange Act) that increase in value as the value of the underlying
equity increases.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Consequences of Any Person or Entity
Becoming an Acquiring Person</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Flip In.</i> If any person or entity becomes an Acquiring Person (other than pursuant to a Permitted
Offer or a transaction described below under &#8220;&#8212;Flip Over&#8221;), each Right will entitle the holder thereof (other
than an Acquiring Person, its affiliates and associates) to purchase at the Purchase Price a number of shares of Common Stock having
a market value of twice the Purchase Price. However, these Rights will not be exercisable until the Rights are no longer redeemable
by the Company as described below under &#8220;&#8212;Redemption&#8221; and are subject to the Company&#8217;s right to exchange
described below under &#8220;&#8212;Exchange.&#8221; Depending on the level of the market price of Common Stock as compared to
the Purchase Price at the time of exercise, the exercise of these Rights can be more or less dilutive to an Acquiring Person than
an exchange.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">A &#8220;Permitted
Offer&#8221; is a tender or exchange offer for all outstanding shares of Common Stock at a price and on terms which a majority
of the Board has previously determined are fair to the Company&#8217;s stockholders and not inadequate and otherwise in the best
interests of the Company.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: 0in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Exchange</i>. If any person or entity becomes an Acquiring Person (but before (i) the completion
of a transaction described below under &#8220;&#8212;Flip Over,&#8221; or (ii) subject to Maryland law, any Acquiring Person has
become the Beneficial Owner of a majority the outstanding shares of Common Stock), the Company, upon the authorization and direction
of the Board, may exchange the Rights (other than Rights Beneficially Owned by an Acquiring Person, its affiliates and associates),
in whole or in part, for shares of Common Stock on a one-for-one basis.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify"><i>Flip Over.</i> If, after the date a majority of the Board becomes aware (pursuant to a public
announcement or otherwise) that a person or entity has become an Acquiring Person, (i) the Company completes a merger or other
business combination in which the Company is not the surviving entity or in which the Company is the surviving entity and its Common
Stock is exchanged for other securities or assets, or (ii) 50% or more of the Company's assets or Earning Power (as defined in
the Rights Agreement) is sold or transferred, each Right will entitle the holder thereof (other than an Acquiring Person, its affiliates
and associates) to purchase at the Purchase Price a number of shares of common stock of the acquiring company having a market value
of twice the Purchase Price.</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Expiration</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Rights will expire
on April 8, 2021, unless earlier exercised, exchanged, amended or redeemed.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Redemption</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At any time before
the earlier of (i) the 10th business day following the date a majority of the Board becomes aware (pursuant to a public announcement
or otherwise) that a person or entity has become an Acquiring Person, or (ii) the expiration of the Rights by their terms, the
Company, upon the authorization and direction of the Board, may redeem the Rights in whole, but not in part, at a price of $0.0001
per Right. If Continuing Directors no longer comprise a majority of the Board, then, for a period of 180 days, the Rights cannot
be redeemed unless there are Continuing Directors and a majority of the Continuing Directors concur with the Board&#8217;s decision
to redeem the Rights. Immediately upon the action of the Board ordering redemption of the Rights (with, if required, the concurrence
of a majority of the Continuing Directors), or at a later time as the Board may establish for the effectiveness of the redemption,
the Rights will terminate and the only right of the holders of Rights will be to receive the redemption price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The &#8220;Continuing
Directors&#8221; include any current member of the Board and any person subsequently elected to the Board upon recommendation or
approval of a majority of those directors (or directors recommended or approved by them), and exclude an Acquiring Person, its
affiliates and associates, or any of their respective representatives or nominees.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Amendment</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the Rights
may be amended by the Board without the consent of the holders of the Rights, except that from and after such time as any Person
becomes an Acquiring Person no such amendment may adversely affect the interests of the holders of the Rights (other than the Acquiring
Person and its affiliates and associates).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Adjustment</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Price
payable, and the number of shares of Series C Preferred Stock or other securities or property issuable, upon exercise of the Rights
is subject to adjustment in connection with various events from time to time to prevent dilution, including:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">if the Company declares a dividend on Series C Preferred Stock payable in shares of Series C Preferred
Stock or effects a subdivision, combination or reclassification of the shares of Series C Preferred Stock;</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">if the holders of Series C Preferred Stock are granted rights, options or warrants to subscribe
for or purchase shares of Series C Preferred Stock (or shares having the same rights, privileges and preferences as the shares
of Series C Preferred Stock) or convertible securities at a price less than the then current per share market price of the Series
C Preferred Stock; or</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Symbol">&#183;</span></td><td style="text-align: justify">upon the distribution to all holders of the Series C Preferred Stock of evidences of indebtedness
or assets (excluding regular quarterly cash dividends or dividends payable in shares of Series C Preferred Stock) or subscription
rights or warrants (other than those referred to above).</td></tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With certain exceptions,
no adjustment in the Purchase Price payable upon exercise of the Rights will be required until cumulative adjustments amount to
at least 1% of the Purchase Price.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of outstanding
Rights and the number of shares of Series C Preferred Stock issuable upon exercise of each Right are also subject to adjustment
in the event of a stock split of Common Stock or a stock dividend on the Common Stock payable in shares of Common Stock or subdivisions,
consolidations or combinations of the shares of Common Stock occurring, in any such case, prior to the Distribution Date.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Preferred Stock</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each one-thousandth
of a share of Series C Preferred Stock will entitle the holder thereof to the same dividends and liquidation rights as if the holder
held one Share of Common Stock and will be treated the same as a share of Common Stock in the event of a merger, consolidation
or other share exchange.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Anti-Takeover Effects</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Rights may have
certain anti-takeover effects. In general terms and subject to certain exceptions, the Rights Agreement works by imposing a significant
penalty upon any person or group (including a group of persons that are acting in concert with each other) that acquires 4.9%
or more of the outstanding shares of Common Stock without the approval of the Board. The Rights, however, should not interfere
with any merger or other business combination approved by the Board.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Item 3.03 Material Modifications to Rights
of Security Holders.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information set
forth in Items 1.01 and 5.03 is incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Item 5.03 Amendments to Articles of Incorporation
or Bylaws; Change in Fiscal Year.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><i>Articles Supplementary</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection
with the adoption of the Rights Agreement, the Company will file Articles Supplementary for Series C Preferred Stock with
the State Department of Assessments and Taxation of Maryland. See the description set forth under Item 1.01 for a more
complete description of the rights and preferences of the Series C Preferred Stock.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of the Articles
Supplementary for Series C Preferred Stock is attached as Exhibit 3.1 to this Current Report on Form 8-K and is incorporated herein
by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><i>Amendment to Bylaws</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 9,
2020, the Board approved and adopted an amendment to the exclusive forum provision in the Company&#8217;s bylaws. Prior to the
amendment, unless the Company consented in writing, the Circuit Court for Baltimore City, Maryland, or, if that court did not have
jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, was the sole and exclusive forum
for (a) any derivative action or proceeding brought on the Company&#8217;s behalf, (b) any action asserting a claim of breach of
a duty owed by a director, officer or other employee of the Company to the Company or to the Company&#8217;s stockholders, (c)
any action asserting a claim pursuant to any provision of the Maryland General Corporation Law (the &#8220;MGCL&#8221;), or (d)
any action asserting a claim governed by the internal affairs doctrine. Pursuant to the amendment, clause (a) of the preceding
sentence was amended to exclude actions arising under the federal securities laws, and clauses (b) and (c) of the sentence were
amended to cover any Internal Corporate Claim (as defined in the MGCL).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The amendment also
provides that, unless the Company consents in writing, none of the foregoing actions, claims or proceedings may be brought in any
court sitting outside the State of Maryland and the federal district courts are, to the fullest extent permitted by law, the sole
and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as
amended (the &#8220;Securities Act&#8221;).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following description
of the amendment to the Company&#8217;s bylaws does not purport to be complete and is qualified in its entirety by reference to
the full text of the amendment, which is attached hereto as Exhibit 3.2 and incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in"><b>Item 7.01. Regulation
FD Disclosure.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 9, 2020,
the Company issued a press release announcing the adoption of the Rights Agreement and related matters. A copy of the press release
is attached as Exhibit 99.1 to this Current Report on Form 8-K. The press release shall not be deemed &#8220;filed&#8221; for
any purpose, including for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that Section.
The information in Item 7.01, including Exhibit 99.1, shall not be deemed incorporated by reference into any filing under the
Exchange Act or the Securities Act, regardless of any general incorporation language in such filing.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Item 9.01 Financial Statements and Exhibits.</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) Exhibits.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="padding: 0; width: 10%; text-align: justify; text-indent: 0"><a href="tm2015449d1_ex3-1.htm" style="-sec-extract: exhibit">Exhibit 3.1</a></td>
    <td style="padding: 0; width: 90%; text-align: justify; text-indent: 0"><a href="tm2015449d1_ex3-1.htm" style="-sec-extract: exhibit">Articles
Supplementary for Series C Preferred Stock.</a></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: justify; text-indent: 0"><a href="tm2015449d1_ex3-2.htm" style="-sec-extract: exhibit">Exhibit 3.2</a></td>
    <td style="padding: 0; text-align: justify; text-indent: 0"><a href="tm2015449d1_ex3-2.htm" style="-sec-extract: exhibit">Amendment to Amended and Restated Bylaws of Global Net Lease, Inc.</a></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="padding: 0; text-align: justify; text-indent: 0"><a href="tm2015449d1_ex4-1.htm" style="-sec-extract: exhibit">Rights
Agreement, dated April 9, 2020, between Global Net Lease, Inc. and American Stock Transfer and Trust, LLC, as Rights Agent.</a></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
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    <td style="padding: 0; text-align: justify; text-indent: 0"><a href="tm2015449d1_ex99-1.htm" style="-sec-extract: exhibit">Press Release dated April 9, 2020.</a></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-align: justify; text-indent: 0">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-align: justify; text-indent: 0">Exhibit 104</td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>


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<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SIGNATURES</p>

<p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0">&#160;</td>
    <td colspan="2" style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif"><b>GLOBAL NET LEASE, INC.</b></span></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0; width: 50%">&#160;</td>
    <td style="padding: 0; text-indent: 0; width: 5%">&#160;</td>
    <td style="padding: 0; text-indent: 0; width: 45%">&#160;</td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">Date: &#160;April 9, 2020</span></td>
    <td style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">By: </span></td>
    <td style="border-bottom: Black 1pt solid; padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">/s/ James L. Nelson</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">Name: &#160;James L. Nelson</span></td></tr>
<tr style="vertical-align: top">
    <td style="padding: 0; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-indent: 0">&#160;</td>
    <td style="padding: 0; text-indent: 0"><span style="font: 10pt Times New Roman, Times, Serif">Title:&#160;&#160;<i>Chief Executive Officer and President</i></span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.3pt 0pt 0"></p>

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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0; text-align: right"><I>Execution Version</I></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>GLOBAL NET LEASE, INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLES SUPPLEMENTARY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FOR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SERIES C PREFERRED STOCK</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Pursuant to Sections 2-105, 2-201(c) and
2-208 of<BR>
the Maryland General Corporation Law)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Global Net Lease, Inc.,
a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), hereby certifies to the State Department of Assessments and Taxation
of Maryland that:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FIRST: Under a power
contained in Section 5.1 of the charter of the Company (the &ldquo;<B>Charter</B>&rdquo;), the Board of Directors of the Company
(the &ldquo;<B>Board</B>&rdquo;), by duly adopted resolutions, reclassified and designated one hundred thousand (100,000)
authorized but unissued shares of preferred stock, par value $0.01 per share, of the Company as shares of Series C Preferred Stock,
par value $0.01 per share, with the following preferences, conversion and other rights, voting powers, restrictions, limitations
as to dividends and other distributions, qualifications and terms and conditions of redemption, which, upon any restatement of
the Charter, shall become part of Article V of the Charter, with any necessary or appropriate renumbering or relettering of the
sections or subsections hereof. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them
in the Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <U>Number
of Shares and Designation</U>. A series of preferred stock of the Company designated as &ldquo;Series C Preferred Stock&rdquo;
is hereby established, and the number shares constituting such series shall be one hundred thousand (100,000). Such number
of shares may be increased or decreased by resolution of the Board of Directors and by the filing of Articles Supplementary in
accordance with the Maryland General Corporation Law and the acceptance for record thereof by the State Department of Assessments
and Taxation of Maryland; <I>provided</I>, that no decrease shall reduce the number of shares of Series C Preferred Stock to a
number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding
options, rights or warrants or upon the conversion of any outstanding securities issued by the Company convertible into Series
C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2. <U>Dividends and other Distributions</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;Subject to the
rights of the holders of any shares of any class or series of preferred stock (or any other stock of the Company) ranking senior
to or on a parity with the shares of Series C Preferred Stock with respect to dividends, the holders of shares of Series C Preferred
Stock, in preference to the holders of shares of any class or series of stock of the Company ranking junior to the Series C Preferred
Stock in respect thereof, shall be entitled to receive, when, as and if authorized by the Board of Directors and declared by the
Company out of funds legally available therefor, quarterly dividends payable in cash on the fifteenth day of the month following
the month in which quarter ended January, April, July and October in each year (each such date a &ldquo;<B>Quarterly Dividend Payment
Date</B>&rdquo;), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a
share of Series C Preferred Stock, in an amount (if any) per share (rounded to the nearest cent), subject to the provision for
adjustment hereinafter set forth, equal to 1,000 multiplied by the aggregate per share amount of all cash dividends, and 1,000
multiplied by the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend
payable in shares of Common Stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;), of the Company or a subdivision
of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately
preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance
of any share or fraction of a share of Series C Preferred Stock. In the event the Company shall at any time declare or pay any
dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the
outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into
a greater or lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series C
Preferred Stock were entitled immediately prior to such event under the preceding sentence shall be adjusted by multiplying such
amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and
the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&nbsp;The Company
shall declare a dividend or other distribution on the Series C Preferred Stock as provided in paragraph (A) of this Section 2 immediately
after it declares a dividend or other distribution on the Common Stock (other than a dividend payable in shares of Common Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(C)&nbsp;Dividends due
pursuant to paragraph (A) of this Section 2 shall begin to accrue and be cumulative on outstanding shares of Series C Preferred
Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such
shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall
begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a
date after the record date for the determination of holders of shares of Series C Preferred Stock entitled to receive a quarterly
dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be
cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the
shares of Series C Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on
such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors
may fix a record date for the determination of holders of shares of Series C Preferred Stock entitled to receive payment of a dividend
or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(D) In determining whether
a dividend or other distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition
of shares or otherwise, is permitted under the Maryland General Corporation Law, amounts that would be needed, if the Company were
to be dissolved at the time of the dividend or other distribution, to satisfy the preferential right upon dissolution of holders
of the Series C Preferred Stock shall not be added to the Company&rsquo;s total liabilities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. <U>Voting
Rights</U>. The holders of shares of Series C Preferred Stock shall have the following voting rights:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;Subject to the
provision for adjustment hereinafter set forth, each share of Series C Preferred Stock shall entitle the holder thereof to 1,000
votes on all matters submitted to a vote of the holders of shares of Common Stock. In the event the Company shall at any time declare
or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation
of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock)
into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders
of shares of Series C Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number
by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&nbsp;Except as otherwise
provided herein, in the terms of any other class or series of preferred stock or any similar stock or by law, the holders of shares
of Series C Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Company having general
voting rights shall vote together as one class on all matters submitted to a vote of stockholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(C)&nbsp;Except as set
forth herein, or as otherwise required by law, holders of Series C Preferred Stock shall have no special voting rights and their
consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein)
for taking any corporate action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. <U>Certain
Restrictions</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;Whenever one
or more quarterly dividends or other dividends or distributions payable on the Series C Preferred Stock as provided in Section
2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not authorized or declared,
on shares of Series C Preferred Stock outstanding shall have been paid in full, the Company shall not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;declare or
pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series C Preferred Stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;declare or
pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series C Preferred Stock, except dividends paid ratably on the Series C Preferred Stock and
all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all
such shares are then entitled; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;except pursuant
to provisions of the Charter or Bylaws of the Company providing for limitations or restrictions on ownership of securities of the
Company which are, expressly or by implication, included to protect the status of the Corporation as a real estate investment trust
under the Internal Revenue Code, redeem or purchase or otherwise acquire for consideration any shares of stock of the Company ranking
junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series C Preferred Stock, provided that the
Company may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock
of the Company ranking junior (as to dividends and upon dissolution, liquidation or winding up) to the Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&nbsp;The Company
shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of the Company
unless the Company could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in
such manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. <U>Reacquired
Shares</U>. All shares of Series C Preferred Stock purchased or otherwise acquired by the Company in any manner whatsoever shall
constitute authorized but unissued shares of preferred stock, without designation as to class or series, and may thereafter be
classified, reclassified or issued as any series or class of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <U>Liquidation,
Dissolution or Winding Up</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;Upon any liquidation,
dissolution or winding up of the Company, voluntary or otherwise, no distribution shall be made to the holders of shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series C Preferred Stock unless,
prior thereto, the holders of shares of Series C Preferred Stock shall have received an amount per share (the &ldquo;<B>Series
C Liquidation Preference</B>&rdquo;), subject to the provision for adjustment hereinafter set forth, equal to 1,000 multiplied
by the aggregate amount to be distributed per share to holders of shares of Common Stock plus an amount equal to any accrued and
unpaid dividends. In the event the Company shall at any time declare or pay any dividend on the Common Stock payable in shares
of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock,
then in each such case the aggregate amount to which holders of shares of Series C Preferred Stock were entitled immediately prior
to such event under the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is
the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares
of Common Stock that were outstanding immediately prior to such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&nbsp;If there are
not sufficient assets available to permit payment in full of the Series C Liquidation Preference and the liquidation preferences
of all other classes and series of stock of the Company, if any, that rank on a parity with the Series C Preferred Stock in respect
thereof, then the assets available for such distribution shall be distributed ratably to the holders of the Series C Preferred
Stock and the holders of such parity shares in proportion to their respective liquidation preferences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(C)&nbsp;Neither the
merger or consolidation of the Company into or with another entity nor the merger or consolidation of any other entity into or
with the Company shall be deemed to be a liquidation, dissolution or winding up of the Company within the meaning of this Section
6.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. <U>Consolidation,
Merger, Etc.</U> If the Company shall enter into any consolidation, merger, combination or other transaction in which the shares
of Common Stock are exchanged for or changed into other stock or securities, cash or any other property, then in any such case
each share of Series C Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share, subject
to the provision for adjustment hereinafter set forth, equal to 1,000 multiplied by the aggregate amount of stock, securities,
cash or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed
or exchanged. In the event the Company shall at any time declare or pay any dividend on the Common Stock payable in shares of Common
Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or
otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then
in each such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series C Preferred
Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding
immediately prior to such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. <U>Amendment</U>.
At any time that any shares of Series C Preferred Stock are outstanding, the Charter shall not be amended in any manner, including
in a merger, consolidation or otherwise, which would materially and adversely alter, change or repeal the preferences, conversion
and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications or terms and
conditions of redemption of the Series C Preferred Stock without the affirmative vote of the holders of at least two-thirds of
the outstanding shares of Series C Preferred Stock, voting separately as a single class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. <U>Rank</U>.
The Series C Preferred Stock shall rank, with respect to the payment of dividends and upon liquidation, dissolution and winding
up, junior to the Company&rsquo;s preferred stock designated as 7.25% Series A Cumulative Redeemable Preferred Stock, par value
$0.01 per share, the Company&rsquo;s preferred stock designated as 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock,
par value $0.01 per share, and all other classes or series of preferred stock, unless the terms of any such other class or series
shall provide otherwise, and shall rank senior to the Common Stock as to such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10. <U>Ownership
Restrictions</U>. The Series C Preferred Stock shall be subject to the restrictions and limitations set forth in Section 5.7 of
the Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. <U>Permissible
Distributions</U>. In determining whether a distribution (other than upon liquidation, dissolution or winding up), whether by dividend,
or upon redemption or other acquisition of shares or otherwise, is permitted under Maryland law, amounts that would be needed,
if the Company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders
of shares of any class or series of stock whose preferential rights upon dissolution are superior or prior to those receiving the
distribution shall not be added to the Company&rsquo;s total liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECOND: The Series
C Preferred Stock has been classified and designated by the Board under the authority contained in the Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIRD: These Articles
Supplementary have been approved by the Board in the manner and by the vote required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOURTH: The undersigned
acknowledges these Articles Supplementary to be the corporate act of the Company and, as to all matters or facts required to be
verified under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and
facts are true in all material respects and that this statement is made under the penalties for perjury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE FOLLOWS]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the
Company has caused these Articles Supplementary to be executed under seal in its name and on its behalf by its Chief Executive
Officer and President and attested to by its Chief Financial Officer, Treasurer and Secretary on this 9<SUP>th</SUP> day of April,
2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">ATTEST:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 10pt">GLOBAL NET LEASE, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ Christopher J. Masterson</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">/s/ James L. Nelson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Christopher J. Masterson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">James L. Nelson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Financial Officer, Treasurer and Secretary</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Chief Executive Officer and President</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.2
<SEQUENCE>3
<FILENAME>tm2015449d1_ex3-2.htm
<DESCRIPTION>EXHIBIT 3.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 3.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>GLOBAL NET LEASE, INC.</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDMENT NO. 1 TO </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED BYLAWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Amended and Restated Bylaws (the &ldquo;Bylaws&rdquo;)
of Global Net Lease, Inc., a Maryland corporation, are hereby amended as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>ARTICLES XIV and XVI are deleted in their entirety and ARTICLE XIV is replaced with the following:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE XIV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXCLUSIVE FORUM FOR CERTAIN LITIGATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the Corporation consents in writing
to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction,
the United States District Court for the District of Maryland, Northern Division, shall be the sole and exclusive forum for (a)
any derivative action or proceeding brought on behalf of the Corporation, other than actions arising under federal securities laws,
(b) any Internal Corporate Claim, as such term is defined in the MGCL, or any successor provision thereof, including, without limitation,
(i) any action asserting a claim of breach of any duty owed by any director or officer or other employee of the Corporation to
the Corporation or to the stockholders of the Corporation or (ii) any action asserting a claim against the Corporation or any director
or officer or other employee of the Corporation arising pursuant to any provision of the MGCL, the Charter or these Bylaws, or
(c) any other action asserting a claim against the Corporation or any director or officer or other employee of the Corporation
that is governed by the internal affairs doctrine.&nbsp; None of the foregoing actions, claims or proceedings may be brought in
any court sitting outside the State of Maryland unless the Corporation consents in writing to such court.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless the Corporation consents in writing
to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent
permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under
the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Except as set forth herein, the Bylaws shall remain in full force and effect.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="margin: 0"></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>4
<FILENAME>tm2015449d1_ex4-1.htm
<DESCRIPTION>EXHIBIT 4.1
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 4.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="border-bottom: Black 1pt solid; margin: 0">&nbsp;</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBAL NET LEASE, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMERICAN STOCK TRANSFER AND TRUST COMPANY,
LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Rights Agent)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rights Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated as of April 9, 2020</P>

<P STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; width: 5%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; width: 85%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definitions</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; width: 10%; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Appointment of Rights Agent</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issue of Right Certificates.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form of Right Certificates</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Countersignature and Registration</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Transfer, Split-Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercise of Rights; Purchase Price; Expiration Date of Rights.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cancellation and Destruction of Right Certificates</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Status and Availability of Preferred Shares.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Preferred Shares Record Date</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adjustment of Purchase Price, Number of Shares or Number of Rights.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certificate of Adjustment</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Consolidation, Merger, Sale or Transfer of Assets or Earning Power.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">14.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fractional
Rights and Fractional Shares.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights of Action</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">16.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Agreement
of Right Holders</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">17.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Right
Holder Not Deemed a Stockholder</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">18.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Concerning
the Rights Agent</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">19.&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Merger
or Consolidation or Change of Name of Rights Agent</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20.</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Duties
of Rights Agent</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">21.&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change
of Rights Agent</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">31</TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">22.&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance
of New Right Certificates</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Redemption.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">25.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notice of Certain Events.</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">26.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Notices</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">27.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Supplements
and Amendments</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">28.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">29.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benefits
of This Agreement</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">30.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">31.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0; width: 85%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0; width: 10%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">32.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">33.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Descriptive Headings</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">34.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Administration</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">35.&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Force
Majeure</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">36.&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REIT Status</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT A - Form of Articles Supplementary</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT B - Form of Right Certificate</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B-1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 0; padding-right: 0; padding-left: 0">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EXHIBIT C - Summary of Rights to Purchase Preferred Shares</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 0; padding-right: 0; padding-left: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C-1</FONT></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RIGHTS AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Rights Agreement
(this &ldquo;<B>Agreement</B>&rdquo;), dated as of April 9, 2020, is made between Global Net Lease, Inc., a Maryland corporation
(the &ldquo;<B>Company</B>&rdquo;), and American Stock Transfer and Trust Company, LLC, a New York limited liability company (the
 &ldquo;<B>Rights Agent</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Board of Directors
of the Company has (a) adopted resolutions classifying and designating 100,000 shares of preferred stock, par value $0.01 per
share, of the Company as shares of &ldquo;Series C Preferred Stock,&rdquo; (b) authorized and declared a dividend of one preferred
share purchase right (a &ldquo;<B>Right</B>&rdquo;) for and on each share of Common Stock (as defined below) of the Company outstanding
on the Close of Business (as defined below) on April 20, 2020 (the &ldquo;<B>Record Date</B>&rdquo;) and (c) authorized
the issuance of one Right (subject to adjustment) with respect to (A) each additional share of Common Stock issued by the Company
between the Record Date and the earliest of (i) the Close of Business on the Distribution Date, (ii) the Close of Business on the
Redemption Date or (iii) the Close of Business on the Final Expiration Date (as all are defined below), and (B) additional shares
of Common Stock that shall become outstanding after the Distribution Date as provided in Section 22 of this Agreement, each Right
initially representing the right to purchase one one-thousandth (subject to adjustment) of a Preferred Share (as defined below),
subject to adjustment, upon the terms and subject to the conditions below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, in consideration
of the premises and the mutual agreements herein set forth, the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>1.</B></TD><TD STYLE="text-align: justify"><B>Definitions. </B> For purposes of this Agreement, the following terms have the meanings indicated:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&ldquo;<B>Acquiring
Person</B>&rdquo; means any Person (other than an Exempt Person or a Passive Investor) who or which, together with all
Affiliates and Associates of the Person, is or becomes the Beneficial Owner of 4.9% or more of the shares of Common Stock
then outstanding, but shall not include (i) the Company, (ii) any Subsidiary of the Company, (iii) any employee benefit plan
of the Company or any Subsidiary of the Company or the Company&rsquo;s advisor, Global Net Lease Advisors, LLC (the
 &ldquo;<B>Advisor</B>&rdquo;), (iv) any entity or trustee holding (or acting in a fiduciary capacity in respect of) shares of
Common Stock for or pursuant to the terms of any employee benefit plan or for the purpose of funding any plan or funding
other employee benefits for employees of the Company, any Subsidiary of the Company or the Advisor, (v) any Person who has
been permitted by the Board of Directors, or a committee thereof, to Beneficially Own 4.9% or more of the shares of Common
Stock then outstanding by means of a written waiver or agreement, <I>provided</I>, that (x) the Person does not Beneficially
Own shares of Common Stock above the permitted percentage and complies in all material respects with the terms and the
conditions of the waiver or agreement, and (y) the waiver or agreement remains in full force and effect, and (vi) any Person
who or which, upon the execution of this Agreement, is a Beneficial Owner of 4.9% or more of the shares of Common Stock then
outstanding, other than a Person who or which is not an Affiliate or Associate of the Beneficial Owner upon the execution of
this Agreement and who or which subsequently becomes an Affiliate or Associate of the Beneficial Owner without the prior
written approval of the Board of Directors (a &ldquo;<B>Grandfathered Stockholder</B>&rdquo;); <I>provided</I>, <I>however</I>,
that if a Grandfathered Stockholder becomes, after execution of this Agremeent, the Beneficial Owner of any additional shares of Common
Stock (in the case of any Person in clause (v), any additional shares of Common Stock above the percentage permitted by the
Board of Directors, or a committee thereof) (other than shares of Common Stock acquired solely as a result of corporate
action of the Company not caused, directly or indirectly, by the Person) at any time such that the Grandfathered Stockholder
is or thereby becomes the Beneficial Owner of 4.9% or more of the shares of Common Stock then outstanding (or any other
percentage as would otherwise result in the Person becoming an Acquiring Person), then the Grandfathered Stockholder shall be
deemed an Acquiring Person; <I>provided, further</I>, that upon the first decrease of a Grandfathered Stockholder&rsquo;s
Beneficial Ownership below 4.9%, the Grandfathered Stockholder shall no longer be considered a Grandfathered
Stockholder and this clause (vi) shall have no further force or effect with respect to the Grandfathered Stockholder; and <I>provided</I>, <I>further</I>,
that for the purposes of calculating an Acquiring Person&rsquo;s Beneficial Ownership percentage, shares of Common Stock that
the Acquiring Person, its Affiliate(s) or Associate(s) acquire(s) or attempt(s) to acquire in violation of Section 5.7 of the
Charter, even if transferred to a trust, shall be included in the numerator for purposes of the calculation and deemed as
Beneficially Owned by the Acquiring Person or its Affiliate(s) or Associate(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing, no Person shall become an Acquiring Person as the result of the Company acquiring shares of Common Stock by repurchase,
tender or otherwise which, by reducing the number of shares outstanding, increases the proportionate number of shares of Common
Stock Beneficially Owned by the Person to 4.9% or more of the then outstanding shares of Common Stock (or any other percentage
as would otherwise result in the Person becoming an Acquiring Person); <I>provided</I>, <I>however</I>, that if a Person would,
but for the provisions of this paragraph, become an Acquiring Person by reason of an acquisition of shares of Common Stock by the
Company and shall, after the share acquisition by the Company, become the Beneficial Owner of any additional shares of Common Stock
at any time such that the Person is or thereby becomes the Beneficial Owner of 4.9% or more of the shares of Common Stock
then outstanding (or any other percentage as would otherwise result in the Person becoming an Acquiring Person) (other than shares
of Common Stock acquired solely as a result of corporate action of the Company not caused, directly or indirectly, by the Person),
then the Person shall be deemed to be an Acquiring Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the
foregoing paragraphs of this Section 1.1, if the Board of Directors, or a committee thereof, determines that a Person who would
otherwise be an Acquiring Person, has become an Acquiring Person inadvertently (including, without limitation, because (A) the
Person establishes that it was unaware that it Beneficially Owned that number of shares of Common Stock that would otherwise cause
the Person to be an &ldquo;<B>Acquiring Person</B>&rdquo; or (B) the Person establishes that it was aware of the extent of its
Beneficial Ownership of shares of Common Stock but had no actual knowledge of the consequences of its Beneficial Ownership under
this Agreement) and without any intention of obtaining, changing or influencing control of the Company, and the Person divests
as promptly as practicable, as determined by the Board of Directors, or a committee thereof, a sufficient number of shares of Common
Stock so that the Person would no longer be an Acquiring Person, then the Person shall not be deemed to have become an Acquiring
Person for any purpose of this Agreement. Notwithstanding the foregoing, if a bona fide swaps or derivatives dealer who would otherwise
be an &ldquo;Acquiring Person&rdquo; has become an Acquiring Person as a result of its actions in the ordinary course of its business
that the Board of Directors, or a committee thereof, determines, in its sole discretion, were taken without the intent or effect
of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or
influence the management or policies of the Company, then, and unless and until the Board of Directors shall otherwise determine,
the Person shall not be deemed to be an &ldquo;Acquiring Person&rdquo; for any purpose of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Person shall be deemed to be &ldquo;<B>Acting in Concert</B>&rdquo; with another Person if the Person acts (whether or
not pursuant to an express agreement, arrangement or understanding) in concert or in parallel with another Person, or towards a
common goal with another Person, relating to (i) acquiring, holding, voting or disposing of voting securities of the Company or
(ii) changing or influencing the control of the Company or in connection with or as a participant in any transaction having that
purpose or effect, where (x) each Person knows of the other Person&rsquo;s conduct or intent and (y) at least one additional factor
supports a determination by the Board of Directors that the Persons intended to act in concert or in parallel, including, without
limitation, exchanging information, attending meetings, conducting discussions, or making or soliciting invitations to act in concert
or in parallel. A Person who is Acting in Concert with another Person shall also be deemed to be Acting in Concert with any third
Person who is also Acting in Concert with the other Person. Notwithstanding the foregoing, no Person shall be deemed to be Acting
in Concert with another Person solely as a result of (i) making or receiving a solicitation of, or granting or receiving, revocable
proxies or consents given in response to a public proxy or consent solicitation made pursuant to, and in accordance with, Section
14(a) of the Exchange Act by means of a proxy or solicitation statement filed on Schedule 14A, or (ii) soliciting or being solicited
for, or tendering or receiving tenders of securities in a public tender or exchange offer made pursuant to, and in accordance with,
Section 14(d) of the Exchange Act by means of a tender offer statement filed on Schedule TO.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Adjustment Shares</B>&rdquo; shall have the meaning set forth in Section 11.1.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Affiliate</B>&rdquo; shall mean a Person that directly, or indirectly through one or more intermediaries, controls,
or is controlled by, or is under common control with, the Person specified.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Associate</B>&rdquo; shall mean, when used to indicate a relationship with any Person, (i) any corporation or
organization (other than the registrant or a majority-owned subsidiary of the Person) of which the Person is an officer or partner
or is, directly or indirectly, the beneficial owner of 4.9% or more of any class of equity securities,
(ii) any trust or other estate in which the Person has a substantial beneficial interest or as to which the Person serves as trustee
or in a similar fiduciary capacity, and (iii) any relative or spouse of the Person, or any relative of the spouse, who has the
same home as the Person or who is a director or officer of the Person or any of its parents or subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>A Person shall be deemed the &ldquo;<B>Beneficial Owner</B>&rdquo; of, shall be deemed to have <B>&ldquo;beneficial ownership&rdquo;</B>
of and shall be deemed to &ldquo;<B>beneficially own</B>&rdquo; any securities:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>which the Person or any of the Person&rsquo;s Affiliates or Associates beneficially owns, directly or indirectly, within
the meaning of Rule 13d-3 of the General Rules and Regulations under the Exchange Act as in effect on the date of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>which the Person or any of the Person&rsquo;s Affiliates or Associates has (i) the right or the obligation to acquire (whether
the right is exercisable, or the obligation is required to be performed, immediately or only after the passage of time or upon
the satisfaction of conditions) pursuant to any agreement, arrangement or understanding (other than customary agreements with and
between underwriters and selling group members with respect to a bona fide public offering of securities), written or otherwise,
or upon the exercise of conversion rights, exchange rights, rights (other than the Rights), warrants or options, or otherwise;
<I>provided</I>, <I>however</I>, that a Person shall not be deemed to be the Beneficial Owner of, or to beneficially own, (w) securities
tendered pursuant to a tender or exchange offer made pursuant to, and in accordance with, the applicable rules and regulations
promulgated under the Exchange Act by or on behalf of the Person or any of the Person&rsquo;s Affiliates or Associates until the
tendered securities are accepted for purchase or exchange, (x) securities which the Person has a right to acquire upon the exercise
of Rights at any time prior to the time that any Person becomes an Acquiring Person, (y) securities issuable upon the exercise
of Rights from and after the time that any other Person becomes an Acquiring Person if the Rights were acquired by the first Person
or any of the first Person&rsquo;s Affiliates or Associates prior to the Distribution Date or pursuant to Section 3.1 or Section
22 hereof (&ldquo;<B>Original Rights</B>&rdquo;) or pursuant to Section 11.9 or Section 11.14 with respect to an adjustment to
Original Rights, or (z) securities which the Person or any of the Person&rsquo;s Affiliates or Associates may acquire, does or
do acquire or may be deemed to have the right to acquire, pursuant to any merger or other acquisition agreement between the Company
and the Person (or one or more of the Person&rsquo;s Affiliates or Associates) if the acquisition agreement has been approved by
the Board of Directors prior to the Person&rsquo;s becoming an Acquiring Person; or (ii) the right to vote pursuant to any agreement,
arrangement or understanding; <I>provided</I>, <I>however</I>, that a Person shall not be deemed the Beneficial Owner of, or to
beneficially own, any security if the agreement, arrangement or understanding to vote the security (A) arises solely from a revocable
proxy or consent given to the Person in response to a public proxy or consent solicitation made pursuant to, and in accordance
with, the applicable rules and regulations promulgated under the Exchange Act and (B) is not also then reportable on Schedule 13D
under the Exchange Act (or any comparable or successor report);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>which are beneficially owned, directly or indirectly, by any other Person (or any Affiliate or Associate of the other Person)
with which the first Person or any of the first Person&rsquo;s Affiliates or Associates or any other Person (or any Affiliate or
Associate of the other Person) with whom the first Person (or any Affiliates or Associates of the first Person) is Acting in Concert,
has any agreement, arrangement or understanding, whether or not in writing, for the purpose of acquiring, holding, voting (except
pursuant to a revocable proxy as described in clause (ii) of Section 1.6.2) or disposing of any voting securities of the Company;
and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">1.6.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>which are the subject of, or the reference securities for, or that underlie, any Derivative Interest of the Person or any
of the Person&rsquo;s Affiliates or Associates, with the number of shares of Common Stock deemed Beneficially Owned being the notional
or other number of shares of Common Stock specified in the documents evidencing the Derivative Interest as being subject to be
acquired upon the exercise or settlement of the Derivative Interest or as the basis upon which the value or settlement amount of
the Derivative Interest is to be calculated in whole or in part or, if the number of shares of Common Stock is not specified in
the applicable documents, or as determined by the Board of Directors; <I>provided</I>, that a Unitholder shall not be deemed the
Beneficial Owner of, or to beneficially own, securities which may be issued to the Unitholder upon redemption of the Unitholder&rsquo;s
Partnership Units pursuant to the terms and conditions of the Operating Partnership Agreement, unless the Unitholder actually receives
the securities in exchange therefor;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding anything in this definition
of Beneficial Owner to the contrary, the phrase &ldquo;<B>then outstanding</B>,&rdquo; when used with reference to a Person&rsquo;s
beneficial ownership of securities of the Company, means the number of securities then issued and outstanding together with the
number of securities not then actually issued and outstanding which the Person would be deemed to beneficially own hereunder, but
the number of securities not outstanding that the Person is otherwise deemed to beneficially own for purposes of this Agreement
shall not be included for the purpose of computing the percentage of the outstanding securities beneficially owned by any other
Person (unless the other Person is also deemed to beneficially own for purposes of this Agreement the securities not outstanding).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Board of Directors</B>&rdquo; means the members of the Company&rsquo;s board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Book Entry</B>&rdquo; shall mean an uncertificated share of Common Stock registered in book entry form by notation
in accounts reflecting the ownership of the shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Business Day</B>&rdquo; means any day other than a Saturday, a Sunday or a day on which banking institutions in
the state of New York are authorized or obligated by law or executive order to close.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Bylaws</B>&rdquo; means the Company&rsquo;s Amended and Restated Bylaws, dated as of June 2, 2015, as amended
or restated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Cash Consideration</B>&rdquo; means the &ldquo;Cash Amount&rdquo; as defined in the Operating Partnership Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Charter</B>&rdquo; means the charter of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Close of Business</B>&rdquo; means 5:00 p.m., New York time, on any given date; <I>provided</I>, <I>however</I>,
that if the applicable date is not a Business Day, it means 5:00 p.m., New York time, on the next succeeding Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Common Stock</B>&rdquo; means common stock, par value $0.01 per share, of the Company. &ldquo;<B>Common Stock</B>&rdquo;
when used with reference to any Person other than the Company shall mean the capital stock (or equity interest) with the greatest
voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons which ultimately
control such first-mentioned Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.15<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Common Stock Equivalents</B>&rdquo; has the meaning set forth in Section 11.1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.16<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Company</B>&rdquo; has the meaning set forth in the introductory paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.17<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Continuing Director</B>&rdquo; means any member of the Board of Directors (while the Person is a member of the
Board of Directors) who is not an Acquiring Person, or an Affiliate or Associate of an Acquiring Person, or a representative or
nominee of an Acquiring Person or of any Affiliate or Associate of an Acquiring Person, and who either (i) was a member of the
Board of Directors immediately prior to the date of this Agreement or (ii) on or subsequent to the date of this Agreement became
a member of the Board and whose nomination for election or election to the Board of Directors is recommended or approved by a majority
of the Continuing Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.18<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Conversion Factor</B>&rdquo; has the meaning ascribed to it in the Operating Partnership Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.19<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>&ldquo;Current Per Share Market Price</B>&rdquo; has the meaning set forth in Sections 11.4.1 and 11.4.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.20<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Current Value</B>&rdquo; has the meaning set forth in Section 11.1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.21<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Derivative Interest</B>&rdquo; shall mean any derivative securities (as defined under Rule 16a-1 under the Exchange
Act) that increase in value as the value of the underlying equity increases, including, but not limited to, a long convertible
security, a long call option and a short put option position, in each case, regardless of whether (x) the interest conveys any
voting rights in the underlying security, (y) the interest is required to be, or is capable of being, settled through delivery
of the underlying security or (z) transactions hedge the economic effect of the interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.22<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Distribution Date</B>&rdquo; has the meaning set forth in Section 3.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.23<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Earning Power</B>&rdquo; has the meaning set forth in Section 13.4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.24<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Equivalent Preferred Shares</B>&rdquo; has the meaning set forth in Section 11.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.25<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Exchange Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.26<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Exchange Property</B>&rdquo; has the meaning set forth in Section 24.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.27<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Exchange Ratio</B>&rdquo; has the meaning set forth in Section 24.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.28<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Exchange Recipients</B>&rdquo; has the meaning set forth in Section 24.6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.29<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Exempt Person</B>&rdquo; shall mean any Person that the Board of Directors, or a committee thereof, determines
is exempt from this Agreement; <I>provided </I>that no Person shall qualify as an Exempt Person unless the determination is made,
prior to the time any Person becomes an Acquiring Person; <I>provided further </I>that any Person will cease to be an Exempt Person
if the Board of Directors, or a committee thereof, makes a contrary determination with respect to the Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.30<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Expiration Date</B>&rdquo; has the meaning set forth in Section 7.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.31<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>&ldquo;<B>Final
Expiration Date</B>&rdquo; means the date upon which the Rights expire, which is April 8, 2021 unless the Rights are
previously redeemed, exchanged or terminated. The Rights Agent will not be deemed to have any knowledge of the Final
Expiration Date unless and until it has been notified that the Final Expiration Date has occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.32<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Independent Directors</B>&rdquo; shall mean members of the Board who are not officers of the Company or any of
its Subsidiaries and who are not Acquiring Persons or representatives, nominees, Affiliates or Associates of Acquiring Persons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.33<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Operating Partnership</B>&rdquo; means Global Net Lease Operating Partnership, L.P., a Delaware limited partnership.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.34<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Operating Partnership Agreement</B>&rdquo; means the Second Amended and Restated Agreement of Limited Partnership
of the Operating Partnership, dated as of June 2, 2015, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.35<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>MGCL</B>&rdquo; means the Maryland General Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.36<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>NASDAQ</B>&rdquo; means The NASDAQ Stock Market LLC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.37<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>NYSE</B>&rdquo; means the New York Stock Exchange, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.38<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Ownership Statements</B>&rdquo; means, with respect to any Book Entry share of Common Stock, current ownership
statements issued to the record holders thereof in lieu of a certificate representing the shares of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.39<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Partnership Unit</B>&rdquo; has the meaning set forth in Section 3.4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.40<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Partnership Unit Redemption Rights</B>&rdquo; means the rights that a Unitholder has to require the Operating
Partnership to redeem from time to time part or all of the Unitholder&rsquo;s Partnership Units for the consideration set forth
in the Operating Partnership Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.41<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Passive Investor</B>&rdquo; shall mean a Person who (i) is the Beneficial Owner of shares of Common Stock and
either (a) has a Schedule 13G on file with the Securities and Exchange Commission pursuant to the requirements of Rule 13d-1(b)
or (c) under the Exchange Act with respect to its holdings (and does not subsequently convert such filing to a Schedule 13D) or
(b) has a Schedule 13D on file with the Securities and Exchange Commission and either has stated in its filing that it has no plan
or proposal that relates to or would result in any of the actions or events set forth in Item 4 of Schedule 13D or otherwise has
no intent to seek control of the Company or has certified to the Company that it has no such plan, proposal or intent (other than
by voting the shares of the Common Stock over which such Person has voting power), (ii) acquires Beneficial Ownership of shares
of Common Stock pursuant to trading activities undertaken in the ordinary course of the Person&rsquo;s business and not with the
purpose or the effect, either alone or Acting in Concert with any Person, of exercising the power to direct or cause the direction
of the management and policies of the Company or of otherwise changing or influencing the control of the Company, nor in connection
with or as a participant in any transaction having such purpose or effect, including any transaction subject to Rule 13d-3(b) of
the Exchange Act, and (iii) in the case of clause (i)(b) only, does not amend either its Schedule 13D on file or its certification
to the Company in a manner inconsistent with its representation that it has no plan or proposal that relates to or would result
in any of the actions or events set forth in Item 4 of Schedule 13D or otherwise has no intent to seek control of the Company (other
than by voting the shares of Common Stock over which such Person has voting power). For the avoidance of any doubt, in the event
a Person ceases to be a Passive Investor, the Person will be an &ldquo;<B>Acquiring Person</B>&rdquo; if the Person, together with
its Affiliates and Associates, Beneficial Ownership exceeds the threshold set forth in Section 1.1 above regardless of whether
the Person acquired shares of Common Stock while the Person was a Passive Investor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.42<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Permitted Offer</B>&rdquo; shall mean a tender or exchange offer that is for all outstanding shares of Common
Stock at a price and on terms determined, prior to the purchase of shares under such tender or exchange offer, by at least a majority
of the Board of Directors, to be (i) fair to the Company&rsquo;s stockholders and not inadequate (taking into account all factors
that such Board of Directors deems relevant, including, without limitation, prices which could reasonably be achieved if the Company
or its assets were sold on an orderly basis designed to realize maximum value) and (ii) otherwise in the best interests of the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.43<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Person</B>&rdquo; means any individual, firm, corporation, partnership, limited partnership, limited liability
partnership, business trust, limited liability company, unincorporated association or other entity, and shall include any successor
(by merger or otherwise) of the applicable entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.44<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Preferred Shares</B>&rdquo; means shares of Series C Preferred Stock, par value $0.01 per share, of the Company
having the rights and preferences set forth in the form of Articles Supplementary set forth as <B>Exhibit A</B> hereto, as the
same may be amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.45<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Preferred Stock</B>&rdquo; means Series C Preferred Stock, par value $0.01 per share, of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.46<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Purchase Price</B>&rdquo; has the meaning set forth in Section 7.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.47<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Record Date</B>&rdquo; has the meaning set forth in the second introductory paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.48<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Redemption Date</B>&rdquo; has the meaning set forth in Section 23.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.49<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Redemption Price</B>&rdquo; has the meaning set forth in Section 23.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.50<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Right</B>&rdquo; has the meaning set forth in the second introductory paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.51<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Right Certificate</B>&rdquo; means a certificate representing a Right in substantially the form of <B>Exhibit
B</B> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.52<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Rights Agent</B>&rdquo; has the meaning set forth in the introductory paragraph of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.53<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Section 11.1.2 Event</B>&rdquo; has the meaning set forth in Section 11.1.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.54<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Section 13 Event</B>&rdquo; means any event described in Section 13.1 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.55<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Section 23.1 Event</B>&rdquo; means the event described in Section 23.3 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.56<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Securities Act</B>&rdquo; means the Securities Act of 1933, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.57<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Share Consideration</B>&rdquo; means the &ldquo;REIT Shares Amount&rdquo; as defined in the Operating Partnership
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.58<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Spread</B>&rdquo; has the meaning set forth in Section 11.1.3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.59<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Stock Acquisition Date</B>&rdquo; means the earlier of (i) the date of the public announcement (which, for purposes
of this definition, shall include, without limitation, a report filed pursuant to Section 13(d) of the Exchange Act) by the Company
or a Person that results in the Person being an Acquiring Person hereunder or (ii) the date that a majority of the Board of Directors
shall become aware of the existence of an Acquiring Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.60<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Subsidiary</B>&rdquo; of any Person means any corporation or other entity of which securities or other ownership
interest having ordinary voting power sufficient to elect a majority of the board of directors or other person or body performing
similar functions are beneficially owned, directly or indirectly, by the Person and any corporation or other entity that is otherwise
controlled by the Person.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.61<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Summary of Rights</B>&rdquo; means the Summary of Rights to Purchase Preferred Shares in substantially the form
of <B>Exhibit C</B> hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.62<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Trading Day</B>&rdquo; means a day on which the principal national securities exchange on which a security is
listed or admitted to trading is open for the transaction of business or, if a security is not listed or admitted to trading on
any national securities exchange, a Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.63<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Triggering Event</B>&rdquo; shall mean any Section 11.1.2 Event or any Section 13 Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">1.64<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&ldquo;<B>Unitholders</B>&rdquo; has the meaning set forth in Section 3.4 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>2.</B></TD><TD STYLE="text-align: justify"><B>Appointment of Rights Agent</B>. The Company hereby appoints the Rights Agent to act as agent
for the Company in accordance with the express terms and conditions hereof (and no implied terms or conditions), and the Rights
Agent hereby accepts the Company&rsquo;s appointment. The Company may from time to time appoint any co-Rights Agents as it may
deem necessary or desirable, upon ten (10) calendar days&rsquo; prior written notice to the Rights Agent. In the event the Company
appoints one or more co-Rights Agents, the respective duties of the Rights Agent and any co-Rights Agents under the provisions
of this Agreement shall be as the Company shall reasonably determine and the Company shall notify in writing, the Rights Agent
and any co-Rights Agent of their respective duties. The Rights Agent shall have no duty to supervise, and shall in no event be
liable for, the acts or omissions of any co-Rights Agent.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">3.</TD><TD STYLE="text-align: justify">Issue of Right Certificates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Until the earlier of (i) the Close of Business on the tenth (10<SUP>th</SUP>) Business Day after the Stock Acquisition Date
or, in the event the Board of Directors determines on or before the tenth (10<SUP>th</SUP>) Business Day to effect an exchange
in accordance with Section 24 and determines in accordance with Section 24.6 that a later date not more than twenty (20) days after
the Stock Acquisition Date is advisable, then the later date determined by the Board or (ii) the Close of Business on the tenth
(10<SUP>th</SUP>) Business Day (or a later date as may be determined by action of the Board of Directors prior to any Person becoming
an Acquiring Person) after the date of the commencement (determined in accordance with Rule 14d-2(a) under the Exchange Act) by
any Person (other than the Company, any Subsidiary of the Company, an Exempt Person, any employee benefit plan of the Company,
any Subsidiary of the Company or of the Advisor, or any entity or trustee holding (or acting in a fiduciary capacity in respect
of) shares of Common Stock for or pursuant to the terms of any such benefit plan or for the purpose of funding any such plan or
funding other employee benefits for employees of the Company, any Subsidiary of the Company or the Advisor) of, or of the first
public announcement of the intention of any Person (other than any of the Persons referred to in the preceding parenthetical) to
commence, a tender or exchange offer (which intention to commence remains in effect for five (5) Business Days after announcement),
the consummation of which would result in any Person becoming an Acquiring Person (including any date which is after the date of
this Agreement and prior to the issuance of the Rights; the earliest date being herein referred to as the &ldquo;<B>Distribution
Date</B>,&rdquo; <I>provided</I>, <I>however</I>, that the Distribution Date shall in no event be prior to the Record Date), (x)
the Rights will be represented (subject to the provisions of Section 3.2) by the certificates for shares of Common Stock (or by
Book Entry shares of Common Stock) registered in the names of the holders thereof (which certificates shall also be deemed to be
Right Certificates) and not by separate Right Certificates, and (y) the Rights Certificates and the right to receive Right Certificates
will be transferable only in connection with the transfer of shares of Common Stock. As soon as practicable after the Distribution
Date, the Company will prepare and execute, and, at the request of the Company, the Rights Agent will countersign, and the Company
will send or cause to be sent (and the Rights Agent will, if so requested and provided with all necessary information and documents,
will, at the expense of the Company, send) by first-class, insured, postage-prepaid mail, to each record holder of Common Stock
as of the Close of Business on the Distribution Date (other than any Acquiring Person or any Associate or Affiliate of an Acquiring
Person), at the address of each record holder shown on the records of the Company, a Right Certificate, in substantially the form
of <B>Exhibit B</B> hereto, representing one Right for each share of Common Stock so held, subject to adjustment as provided herein;
provided, however, that notwithstanding anything to the contrary herein, the Company may choose to use book entry in lieu of physical
certificates, in which case &ldquo;Rights Certificates&rdquo; shall be deemed to mean the uncertificated book entry representing
the related Rights. In the event that an adjustment in the number of Rights per share of Common Stock has been made pursuant to
Section 11.9 hereof, at the time of distribution of the Rights Certificates, the Company shall make the necessary and appropriate
rounding adjustments (in accordance with Section 14.1 hereof) so that Rights Certificates representing only whole numbers of Rights
are distributed and cash is paid in lieu of any fractional Rights. As of and after the Distribution Date, the Rights will be represented
solely by the Right Certificates. The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution
Date. Until the written notice is received by the Rights Agent, the Rights Agent may presume conclusively for all purposes that
the Distribution Date has not occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>After the Record Date, or as soon as practicable thereafter, and before the Expiration Date, the Company will (directly
or, at the expense of the Company, through the Rights Agent or its transfer agent if the Rights Agent or transfer agent is so directed
by the Company and provided with all necessary information and documents) make available a copy of the Summary of Rights to any
Rights holder who so requests. With respect to certificates representing shares of Common Stock (or Book Entry shares of Common
Stock) outstanding as of the Record Date, until the Distribution Date, the Rights will be represented by these certificates (or
such Book Entry shares of Common Stock) registered in the names of the holders thereof together with the Summary of Rights. Until
the Distribution Date (or if earlier, the Expiration Date), the surrender for transfer of any certificate representing shares of
Common Stock (or the transfer of any Book Entry Common Stock) outstanding on the Record Date, with or without a copy of the Summary
of Rights, shall also constitute the transfer of the Rights associated with the shares of Common Stock represented thereby. With
respect to Book Entry shares of Common Stock outstanding as of the Record Date, until the Distribution Date, the Rights shall be
represented by the balances indicated in the Book Entry account system of the transfer agent for Common Stock. Until the earlier
of the Distribution Date and the Expiration Date, the transfer of any shares of Common Stock outstanding on the Record Date (whether
represented by certificates or the balances indicated in the Book Entry account system of the transfer agent for Common Stock,
and, in either case, regardless of whether a copy of the Summary of Rights is submitted with the surrender or request for transfer)
shall also constitute the transfer of the Rights associated with the shares of Common Stock being transferred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If certificates for shares of Common Stock are issued (including, without limitation, shares of Common Stock acquired by
the Company as noted in this Section 3.3) after the Record Date but prior to the earliest of (i) the Close of Business on the Distribution
Date, (ii) the Redemption Date or (iii) the Close of Business on the Final Expiration Date, these certificates shall have impressed
on, printed on, written on or otherwise affixed to them, in addition to any legend required by the MGCL, Charter or Bylaws, a legend
in substantially the following form:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">This certificate also represents
and entitles the holder hereof to certain Rights as set forth in a Rights Agreement between Global Net Lease, Inc. and American
Stock Transfer and Trust Company, LLC, as Rights Agent (or any successor Rights Agent), dated as of April 9, 2020, as it
may from time to time be amended or supplemented pursuant to its terms (the &ldquo;<B>Rights Agreement</B>&rdquo;), the terms of
which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of Global Net
Lease, Inc. Under certain circumstances, as set forth in the Rights Agreement, the Rights will be represented by separate certificates
and will no longer be represented by this certificate. Global Net Lease, Inc. will mail to the holder of this certificate a copy
of the Rights Agreement without charge after receipt of a written request therefor. Under certain circumstances, as set forth in
the Rights Agreement, Rights that are or were acquired or Beneficially Owned (as defined in the Rights Agreement) by any Person
(as defined in the Rights Agreement) who becomes an Acquiring Person (as defined in the Rights Agreement) or an Associate or Affiliate
(each as defined in the Rights Agreement) thereof become null and void and will no longer be transferable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">With respect to any Book Entry shares of
Common Stock, the foregoing legend shall be included in the Ownership Statement in respect of the Common Stock or in a notice to
the record holder of these shares in accordance with applicable law. With respect to certificates containing the foregoing legend,
or any Ownership Statement or notice containing the foregoing legend delivered to holders of Book Entry shares of Common Stock,
until the earliest of the Distribution Date, the Redemption Date or the Final Expiration Date, the Rights associated with the Common
Stock represented by the certificates or Book Entry shares of Common Stock shall be represented by the certificates or Book Entry
shares of Common Stock (including any Ownership Statement) alone, and the surrender for transfer of any such certificate or the
transfer of any Book Entry shares of Common Stock shall also constitute the transfer of the Rights associated with the Common Stock
represented thereby. If the Company purchases or acquires any shares of Common Stock after the Record Date but prior to the Close
of Business on the Distribution Date, any Rights associated with these shares of Common Stock shall be deemed canceled and retired
so that the Company shall not be entitled to exercise any Rights associated with the shares of Common Stock which are no longer
outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notwithstanding this Section 3.3, neither
the omission of a legend nor the failure to deliver the notice of legend required hereby shall affect the enforceability of any
part of this Agreement or the rights of any holder of the Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">3.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Prior to the Distribution Date, holders (other than the Company) (&ldquo;<B>Unitholders</B>&rdquo;) of partnership units
of the Operating Partnership designated as &ldquo;OP Units&rdquo; (&ldquo;<B>Partnership Units</B>&rdquo;) shall not be deemed
as holding any Rights solely by reason of the Unitholders holding any Partnership Unit. On the Distribution Date, proper provision
shall be made by the Company in order to provide each Unitholder with the number of Rights, represented by Right Certificates,
as would be issued to the applicable Unitholder as if (i) the Unitholder had exercised its Partnership Unit Redemption Rights with
respect to all Partnership Units held by the Unitholder immediately prior to the Distribution Date and (ii) the Company had elected
to satisfy the Partnership Unit Redemption Rights by paying the Unitholder the Share Consideration (rather than the Cash Consideration)
(applying a Conversion Factor unaffected by the issuance, exercise or exchange of any Rights) immediately prior to the Distribution
Date pursuant to the terms and conditions of the Partnership Agreement. Each Unitholder shall thereafter have all of the rights,
privileges, benefits and obligations with respect to the Rights as are provided for herein with respect to holders of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>4.</B></TD><TD STYLE="text-align: justify"><B>Form of Right Certificates</B>.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Right Certificates (and the forms of election to purchase Preferred Shares and of assignment to be printed on the reverse
thereof) shall be substantially the same as set forth on <B>Exhibit B</B> hereto and may have any marks of identification or designation
and any legends, summaries or endorsements printed thereon as the Company may deem appropriate and as are not inconsistent with
the provisions of this Agreement, or as may be required to comply with any applicable law or with any applicable rule or regulation
made pursuant thereto or with any applicable rule or regulation of any stock exchange or quotation system on which the Rights may
from time to time be listed or the Financial Industry Regulatory Authority, or to conform to usage. Subject to the other provisions
of this Agreement, the Right Certificates, whenever distributed, shall be dated as of the Record Date and shall entitle the holders
thereof to purchase the number of one one-thousandths of a Preferred Share as shall be set forth therein at the Purchase Price,
but the amount and type of securities issuable upon exercise and payment of the Purchase Price shall be subject to adjustment as
provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Any Rights Certificate issued pursuant to Section 3.1 or Section 22 hereof that represents Rights which are null and void
pursuant to Section 7.6 hereof and any Rights Certificate issued pursuant to Section 6 or Section 11 hereof upon transfer, exchange,
replacement or adjustment of any other Rights Certificate referred to in this sentence, shall contain (to the extent feasible)
the following legend:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">The Rights represented by this
Rights Certificate are or were beneficially owned by a Person who was or became an Acquiring Person or an Affiliate or Associate
of an Acquiring Person (as such terms are defined in the Rights Agreement). Accordingly, this Rights Certificate and the Rights
represented hereby are null and void in the circumstances specified in Section 7.6 of the Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The provisions of Section 7.6 hereof shall
be operative whether or not the foregoing legend is contained on any Rights Certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>5.</B></TD><TD STYLE="text-align: justify"><B>Countersignature and Registration</B>. The Right Certificates shall be executed on behalf of
the Company by the chief executive officer or the chief financial officer of the Company or by any person authorized thereby, either
manually or by facsimile signature; and shall be attested by the secretary or any assistant secretary of the Company or the treasurer
or any assistant treasurer of the Company, either manually or by facsimile signature. The Right Certificates shall be countersigned
by the Rights Agent and shall not be valid for any purpose unless so countersigned, either manually or by facsimile. If any officer
of the Company who shall have executed or attested any of the Right Certificates shall cease to be an officer of the Company before
countersignature by the Rights Agent and issuance and delivery by the Company, the Right Certificates nevertheless may be countersigned
by the Rights Agent and issued and delivered by the Company with the same force and effect as though the Person who signed the
Right Certificates had not ceased to be an officer of the Company. Any Right Certificate may be executed or attested on behalf
of the Company by any Person who, at the actual date of the execution or attestation of the Right Certificate, is a proper officer
of the Company to execute or attest the Right Certificate, even if at the date of the execution of this Agreement the Person was
not a proper officer.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following the Distribution
Date, and receipt by the Rights Agent of written notice to that effect and other relevant and necessary information referred to
in Section 3.1, the Rights Agent will keep or cause to be kept, at its principal office, books for registration of the transfer
of the Right Certificates issued hereunder. These books shall show the names and addresses of the respective holders of the Right
Certificates, the number of Rights represented on its face by each of the Right Certificates, and the date of issuance of each
of the Right Certificates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">6.</TD><TD STYLE="text-align: justify">Transfer, Split-Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost
or Stolen Right Certificates.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of Section 14, at any time after the Close of Business on the Distribution Date, and prior to
the earlier of the Redemption Date or the Close of Business on the Final Expiration Date, any Right Certificate (other than a Right
Certificate representing Rights that have become null and void pursuant to Section 7.6 or that have been exchanged pursuant to
Section 24) may be transferred, split up, combined or exchanged for another Right Certificate, entitling the registered holder
to purchase a like number of Preferred Shares (or, following a Triggering Event, shares of Common Stock, other securities, cash
or other assets, as the case may be) as the Right Certificate surrendered theretofore entitled such holder to purchase. Any registered
holder desiring to transfer, split up, combine or exchange any Right Certificate shall make a request in writing delivered to the
Rights Agent, and shall surrender the Right Certificate to be transferred, split up, combined or exchanged at the principal office
of the Rights Agent. Thereupon, the Rights Agent shall countersign and deliver to the Person entitled thereto a Right Certificate
or Right Certificates, as the case may be, as so requested. The Company may require payment of a sum sufficient for any tax or
charge that may be imposed in connection with any transfer, split-up, combination or exchange of Right Certificates. If and to
the extent the Company does require payment of any taxes or charges, the Company shall give the Rights Agent written notice thereof
and the Rights Agent shall not deliver any Rights Certificate unless and until the Rights Agent is satisfied that the required
payments have been made, and the Rights Agent shall forward any sum collected by it to the Company or to a Person or Persons specified
by the Company in a written notice. The Rights Agent shall have no duty or obligation to take any action with respect to a Rights
holder under any Section of this Agreement which requires the payment by the Rights holder of applicable taxes and charges unless
and until the Rights Agent is reasonably satisfied that the required taxes and charges have been paid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to the provisions of Section 14, at any time after the Close of Business on the Distribution Date, and prior to
the earlier of the Redemption Date or the Close of Business on the Final Expiration Date, upon receipt by the Company and the Rights
Agent of evidence reasonably satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and, in
case of loss, theft or destruction, of indemnity or security reasonably satisfactory to them, and, at the Company&rsquo;s or Rights
Agent&rsquo;s request, reimbursement to the Company and the Rights Agent of all reasonable expenses incidental thereto, and, in
case of mutilation, upon surrender to the Rights Agent and cancellation of the Right Certificate, the Company will make and deliver
a new Right Certificate of like tenor to the Rights Agent for delivery to the registered holder in lieu of the Right Certificate
so lost, stolen, destroyed or mutilated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">6.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding any other provisions hereof, the Company and the Rights Agent may amend this Rights Agreement to provide
for uncertificated Rights in addition to or in place of Rights represented by Rights Certificates, to the extent permitted by applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">7.</TD><TD STYLE="text-align: justify">Exercise of Rights; Purchase Price; Expiration Date of Rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided herein, the Rights shall become exercisable on the Distribution Date, and thereafter the registered
holder of any Right Certificate (other than a holder whose Rights have become null and void pursuant to Section 7.6 or have been
exchanged pursuant to Section 24) may, subject to Section 11.1.2 and except as otherwise provided herein, exercise the Rights represented
thereby, in whole or in part, at any time after the Distribution Date upon surrender of the Right Certificate, with the form of
election to purchase on the reverse side thereof properly completed and duly executed, to the Rights Agent at its principal office,
together with payment of the Purchase Price for each one one-thousandth of a Preferred Share represented by a Right that is exercised
and an amount equal to any applicable tax or charge required to be paid pursuant to Section 9.3, prior to the time (the &ldquo;<B>Expiration
Date</B>&rdquo;) that is the earliest of (i) the Close of Business on the Final Expiration Date, (ii) the time at which the Rights
are redeemed pursuant to Section 23, (iii) the time at which the Rights are exchanged pursuant to Section 24 or (iv) the Closing
of any merger or other acquisition transaction involving the Company pursuant to an agreement described in Section 13.3 at which
time the Rights are terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The purchase price to be paid upon the exercise of each Right to purchase one one-thousandth of a Preferred Share represented
by a Right shall initially be $50.00 (the &ldquo;<B>Purchase Price</B>&rdquo;) and shall be payable in lawful money of the
United States of America in accordance with Section 7.3. Each Right shall initially entitle the holder to acquire one one-thousandth
of a Preferred Share upon exercise of the Right. The Purchase Price and the number of Preferred Shares or other securities for
which a Right is exercisable shall be subject to adjustment from time to time as provided in Sections 11 and 13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided herein, upon receipt of a Right Certificate representing exercisable Rights, with the form
of election to purchase properly completed and duly executed, accompanied by payment of the Purchase Price for the number of Rights
exercised and an amount equal to any applicable tax or charge required to be paid by the holder of the applicable Right Certificate
in accordance with Section 9.3 by cash, certified check, cashier&rsquo;s check or money order payable to the order of the Company,
the Rights Agent shall thereupon promptly (i)(A) requisition from any transfer agent of the Preferred Shares (or make available,
if the Rights Agent is the transfer agent for the shares) certificates for the number of Preferred Shares to be purchased (or,
in the case of Book Entry Shares or other uncertificated securities, requisition from a transfer agent a notice setting forth the
number of shares or other securities to be purchased for which registration will be made on the stock transfer books of the Company),
and the Company hereby irrevocably authorizes its transfer agent to comply with all such requests, or (B) requisition from any
depositary agent for the Preferred Shares depositary receipts representing the number of Preferred Shares to be purchased (in which
case certificates for the Preferred Shares represented by the depositary receipts shall be deposited by the transfer agent with
the depositary agent), and the Company hereby directs the depositary agent to comply with such request; (ii) when necessary to
comply with this Agreement, requisition from the Company the amount of cash to be paid in lieu of issuance of fractional Preferred
Shares in accordance with Section 14; (iii) after receipt of the certificates or depositary receipts, cause the same to be delivered
to the registered holder of the applicable Right Certificate or, upon the order of the registered holder, in the name or names
as may be designated by the holder; and (iv) when necessary to comply with this Agreement, after receipt, deliver cash to the registered
holder of the applicable Right Certificate or, upon the order of the registered holder, the Person or Persons as may be designated
by the holder. The Company reserves the right to require that, upon any exercise of Rights, a number of Rights be exercised so
that only whole Preferred Shares would be issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided herein, if the registered holder of any Right Certificate shall exercise less than all the
Rights represented thereby, a new Right Certificate representing Rights equivalent to the exercisable Rights remaining unexercised
shall be issued by the Rights Agent to the registered holder of the Right Certificate or to the holder&rsquo;s duly authorized
assigns, subject to the provisions of Section 14.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated
to undertake any action with respect to a registered holder of Rights upon the occurrence of any purported transfer or exercise
of Rights as set forth in Section 6 or this Section 7 unless the registered holder shall have (i) properly completed and signed
the certificate contained in the form of assignment or form of election to purchase set forth on the reverse side of the Right
Certificate surrendered for transfer or exercise, (ii) tendered the Purchase Price (and an amount equal to any applicable transfer
tax required to be paid by the holder of such Right Certificate in accordance with Section 9) to the Company in the manner set
forth in Section 7.3 and (iii) provided any additional evidence of the identity of the Beneficial Owner (or former Beneficial Owner)
or Affiliates or Associates thereof as the Company and the Rights Agent shall reasonably request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">7.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Agreement to the contrary, from and after the first occurrence of a Section 11.1.2 Event,
any Rights that are or were acquired or Beneficially Owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring
Person, (ii) a transferee of an Acquiring Person (or of any Associate or Affiliate thereof) who becomes a transferee after the
Acquiring Person became such, or (iii) a transferee of an Acquiring Person (or of any Associate or Affiliate thereof) who becomes
a transferee prior to or concurrently with the Acquiring Person&rsquo;s becoming such and receives such Rights pursuant to either
(A) a transfer (whether or not for consideration) from the Acquiring Person to holders of equity interests in such Acquiring Person
or to any Person with whom the Acquiring Person has any continuing agreement, arrangement or understanding regarding the transferred
Rights, (B) a transfer which the Continuing Directors have determined, within one hundred and eighty (180) days for limiting the
power of future directors to vote in this regard following a Section 23.1 Event, by a majority of the Continuing Directors, or
if such determination is not made until after such period expires, by a majority of the Board, is part of a plan, arrangement or
understanding which has as a primary purpose or effect the avoidance of this Section 7.6 or (C) a transfer pursuant to Section
5.7 of the Charter to a trust, shall become null and void without any further action and no holder of such Rights shall have any
rights whatsoever with respect to such Rights, whether under any provision of this Agreement or otherwise. The Company shall use
all reasonable efforts to insure that the provisions of this Section 7.6 and Section 4.2 hereof are complied with, but the Company
and the Rights Agent shall have no liability to any holder of Rights Certificates or other Person as a result of the Company&rsquo;s
failure to make any determinations with respect to an Acquiring Person or its Affiliates, Associates or transferees hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>8.</B></TD><TD STYLE="text-align: justify"><B>Cancellation and Destruction of Right Certificates</B>. All Right Certificates surrendered for
the purpose of exercise, transfer, split-up, combination or exchange shall, if surrendered to the Company or to any of its agents,
be delivered to the Rights Agent for cancellation or in canceled form, or, if surrendered to the Rights Agent, shall be canceled
by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this
Agreement. The Company shall deliver to the Rights Agent for cancellation and retirement, and the Rights Agent shall so cancel
and retire, any other Right Certificate representing Rights purchased or acquired by the Company otherwise than upon the exercise
thereof. The Rights Agent shall deliver all canceled Right Certificates to the Company no later than approximately one and one-half
years after the cancellation date, or shall, at the written request of the Company and after any Securities and Exchange Commission-required
retention period, destroy the canceled Right Certificates and deliver a certificate of destruction thereof to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">9.</TD><TD STYLE="text-align: justify">Status and Availability of Preferred Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company covenants and agrees that at all times prior to the occurrence of a Section 11.1.2 Event, it will cause to be
reserved and kept available out of its authorized and unissued Preferred Shares, or any authorized and unissued Preferred Shares,
the number of Preferred Shares that will be sufficient to permit the exercise in full of all outstanding Rights and, after the
occurrence of a Section 11.1.2 Event, shall, to the extent reasonably practicable, so reserve and keep available a sufficient number
of shares of Common Stock (or other securities) that may be required to permit the exercise in full of the Rights pursuant to this
Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall take all action as may be reasonably necessary to ensure that all Preferred Shares (or other securities
of the Company) delivered upon exercise of Rights shall, at the time of delivery of the certificates for the Preferred Shares (or
other securities of the Company), subject to payment of the Purchase Price, be duly and validly authorized and issued and fully
paid and non-assessable shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall pay when due and payable any and all federal and state transfer taxes and charges which may be payable
in respect of the issuance or delivery of the Right Certificates or the issuance and delivery of any certificates or depository
receipts or entries in the Book Entry account system of the transfer agent for any Preferred Shares (or other securities of the
Company) upon the exercise of Rights. The Company shall not, however, be required to pay any transfer tax or charges which may
be payable in respect of any transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of
certificates or depositary receipts for the Preferred Shares (or other securities of the Company) in a name other than that of,
the registered holder of the Right Certificate representing Rights surrendered for exercise, and shall not be required to issue
or deliver any certificates or depositary receipts for Preferred Shares (or other securities of the Company) upon the exercise
of any Rights until any required tax or charge shall have been paid (any required tax or charge being payable by the holder of
the Right Certificate at the time of surrender) or until it has been established to the Company&rsquo;s or Rights Agent&rsquo;s
reasonable satisfaction that no transfer tax or charge is due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>So long as the Preferred Shares (and, after the occurrence of a Section 11.1.2 Event, shares of Common Stock or any other
securities) issuable upon the exercise of the Rights may be listed on any national securities exchange, the Company shall use its
best efforts to cause, from and after such time as the Rights become exercisable, all shares reserved for such issuance to be listed
on an exchange upon official notice of issuance upon exercise of the Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">9.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall use all reasonable efforts to: (i) file, as soon as practicable following the earliest date after the
first occurrence of a Section 11.1.2 Event in which the consideration to be delivered by the Company upon exercise of the Rights
has been determined in accordance with this Agreement, a registration statement under the Securities Act with respect to the Rights
and the securities issuable upon exercise of the Rights on an appropriate form, (ii) cause the registration statement to become
effective as soon as practicable after filing the registration statement, (iii) cause the registration statement to remain effective
(with a prospectus at all times meeting the requirements of the Securities Act) until the earlier of (A) the date as of which the
Rights are no longer exercisable for securities or (B) the Expiration Date.&nbsp; The Company will also take any action as may
be appropriate under, or to ensure compliance with, the securities or &ldquo;blue sky&rdquo; laws of the various jurisdictions
in connection with the exercise of the Rights.&nbsp; The Company may, acting by resolution of the Board of Directors, temporarily
suspend, for a period of time not to exceed ninety (90) days after the date set forth in clause (i) of the first sentence of this
Section 9.5, the exercise of the Rights in order to prepare and file the registration statement stating that exercise of the Rights
has been temporarily suspended, as well as a public announcement at the time the suspension is no longer in effect.&nbsp; In addition,
if the Company shall determine that a registration statement is required in other circumstances following the Distribution Date,
the Company may similarly temporarily suspend exercise of the Rights until such time as a registration statement has been declared
effective.&nbsp; Notwithstanding any provision of this Agreement to the contrary, the Rights shall not be exercised in any jurisdiction
if the requisite qualification in the applicable jurisdiction shall not have been obtained, the exercise thereof shall not otherwise
be permitted under applicable law or a registration statement shall not have been declared effective.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>10.</B></TD><TD STYLE="text-align: justify"><B>Preferred Shares Record Date</B>. Each Person in whose name any certificate or entry in the
Book Entry account system of the transfer agent for the Preferred Shares is issued upon the exercise of Rights shall for all purposes
be deemed to have become the holder of record of the Preferred Shares (or other securities of the Company) represented thereby
on, and the certificate shall be dated, the date upon which the Right Certificate representing the Rights was duly surrendered
and payment of the Purchase Price (and any applicable taxes and charges) was made; <I>provided, however</I>, that, if the date
of surrender and payment is a date upon which the Preferred Shares transfer books of the Company are closed, the Person shall be
deemed to have become the record holder of the Preferred Shares on, and the certificate shall be dated, the next succeeding Business
Day on which the Preferred Shares transfer books of the Company are open. Prior to the exercise of the Rights represented thereby,
the holder of a Right Certificate shall not be entitled to any rights of a holder of Preferred Shares for which the Rights shall
be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions, or to exercise any
preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">11.</TD><TD STYLE="text-align: justify">Adjustment of Purchase Price, Number of Shares or Number of Rights.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>General</U>. The Purchase Price, the number of Preferred Shares covered by each Right and the number of Rights outstanding
are subject to adjustment from time to time as provided in this Section 11.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.1.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>In the event the Company shall at any time after the date of this Agreement (i) declare a dividend on the Preferred Shares
payable in Preferred Shares, (ii) subdivide the outstanding Preferred Shares into a larger number of Preferred Shares, (iii) combine
the outstanding Preferred Shares into a smaller number of Preferred Shares or (iv) issue any shares of its capital stock in a reclassification
of the Preferred Shares (including any reclassification in connection with a consolidation or merger in which the Company is the
continuing or surviving corporation), except as otherwise provided in this Section 11.1 and Section 7.6, the Purchase Price in
effect, and the number and kind of shares of capital stock issuable upon the exercise of each Right, after the record date for
the dividend or the effective date of the subdivision, combination or reclassification, as applicable, shall be proportionately
adjusted so that the holder of any Right exercised after such time shall be entitled to receive the aggregate number and kind of
shares of capital stock which, if the Right had been exercised immediately prior to such date and at a time when the Preferred
Shares transfer books of the Company were open, the holder would have owned upon exercise of the Right and been entitled to receive
by virtue of the dividend, subdivision, combination or reclassification, as applicable; <I>provided</I>, <I>however</I>, that in
no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of
capital stock of the Company issuable upon exercise of one Right. If an event occurs which would require an adjustment under both
Section 11.1.1 and Section 11.1.2 hereof, the adjustment provided for in this Section 11.1.1 shall be in addition to, and shall
be made prior to any adjustment required pursuant to Section 11.1.2 hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.1.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Subject to Section 7.6 and Section 24, in the event any Person becomes an Acquiring Person (other than by means of a Permitted
Offer or a Section 13 Event) and the Board of Directors authorizes the Company to issue Rights Certificates under Section 3.1 (the
 &ldquo;<B>Section 11.1.2 Event</B>&rdquo;), then, each holder of a Right (except as provided below and in Section 7.6 hereof) shall
thereafter have a right to receive (subject to the last sentence of Section 23.1 hereof), upon exercise thereof at a price equal
to the then current Purchase Price, in accordance with the terms of this Agreement and in lieu of a number of one one-thousandths
of a Preferred Share, a number of shares of Common Stock equal to the result obtained by (x) multiplying the then current Purchase
Price by the number of one one-thousandths of a Preferred Share for which a Right was exercisable immediately prior to the first
occurrence of a Section 11.1.2 Event, and (y) dividing that product (which, following the first occurrence, shall thereafter be
referred to as the &ldquo;<B>Purchase Price</B>&rdquo; for each Right and for all purposes of this Agreement) by 50% of the then
Current Per Share Market Price of the shares of Common Stock (determined pursuant to Section 11.4) on the date of the first occurrence
(the number of shares of stock being referred to as the &ldquo;<B>Adjustment Shares</B>&rdquo;); <I>provided, however</I>, that
if the transaction that would otherwise give rise to the foregoing adjustment is also subject to the provisions of Section 13 hereof,
then only the provisions of Section 13 hereof shall apply and no adjustment shall be made pursuant to this Section 11.1.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.1.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>In the event that the number of shares of Common Stock authorized by the Charter (as the same may be amended and restated
from time to time) but not outstanding or reserved for issuance for purposes other than exercise of the Rights is not sufficient
to permit the exercise in full of the Rights in accordance with the foregoing Section 11.1.2 and the Board of Directors determines
not to amend the Charter to authorize additional shares of Common Stock, the Company, acting by resolution of the Board of Directors,
shall, to the extent permitted by applicable law and any material agreements then in effect to which the Company is a party, (A)
determine the value of the Adjustment Shares issuable upon the exercise of a Right in accordance with the foregoing Section 11.1.2
(the &ldquo;<B>Current Value</B>&rdquo;) and the amount by which it exceeds the Purchase Price attributable to each Right (the
excess being referred to as the &ldquo;<B>Spread</B>&rdquo;), and (B) with respect to each Right (other than Rights that have become
void pursuant to Section 7.6), make adequate provision to substitute for the Adjustment Shares, upon the exercise of the Right
and payment of the applicable Purchase Price, (1) cash, (2) a reduction in Purchase Price, (3) shares of Common Stock, (4) equity
securities of the Company other than shares of Common Stock (including, without limitation, Preferred Shares or units of Preferred
Shares which the Board of Directors has deemed to have essentially the same value or economic rights as shares of Common Stock
(&ldquo;<B>Common Stock Equivalents</B>&rdquo;), (5) debt securities of the Company, (6) other assets or (7) any combination of
any or all of the foregoing which, when added to the value of the shares of Common Stock issued upon exercise of the Right, have
an aggregate value equal to the Current Value (less the amount of any reduction in the Purchase Price), where the aggregate value
has been determined by the Board of Directors; <I>provided, however,</I> if the Company shall not have made adequate provision
to deliver value pursuant to clause (B) above within thirty (30) days following the later of (x) the first occurrence of a Section
11.1.2 Event and (y) the date on which the Company&rsquo;s right of redemption pursuant to Section 23.1 hereof, as the date may
be amended by Section 27 hereof, expires, then the Company shall be obligated to deliver, to the extent permitted by applicable
law and any material agreements then in effect to which the Company is a party, upon the surrender for exercise of a Right and
without requiring payment of the Purchase Price, shares of Common Stock (to the extent available) and then, if necessary, cash,
which shares and/or cash have an aggregate value equal to the Spread.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Board of Directors fixes a record date for the issuance of rights, options or warrants to all holders of Preferred
Shares entitling them (for a period expiring within forty-five (45) calendar days after the record date) to subscribe for or purchase
Preferred Shares, or shares having the same rights, privileges and preferences as the Preferred Shares (&ldquo;<B>Equivalent Preferred
Shares</B>&rdquo;), or securities convertible into Preferred Shares or Equivalent Preferred Shares at a price per Preferred Share
or Equivalent Preferred Share (or having a conversion price per share, if a security convertible into Preferred Shares or Equivalent
Preferred Shares) less than the then Current Per Share Market Price of the Preferred Shares (as determined pursuant to Section
11.4.2) on the record date, the Purchase Price to be in effect after the record date shall be adjusted by multiplying the Purchase
Price in effect immediately prior to the record date by a fraction, (i) the numerator of which shall be (A) the number of Preferred
Shares outstanding on the record date plus (B) the number of Preferred Shares which the aggregate offering price of the total number
of Preferred Shares or Equivalent Preferred Shares to be offered (or the aggregate initial conversion price of the convertible
securities to be offered) would purchase at the then Current Per Share Market Price and (ii) the denominator of which shall be
(A) the number of Preferred Shares outstanding on the record date plus (B) the number of additional Preferred Shares or Equivalent
Preferred Shares to be offered for subscription or purchase (or into which the convertible securities to be offered are initially
convertible); <I>provided</I>, <I>however</I>, that in no event shall the consideration to be paid upon the exercise of one Right
be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. If such
subscription price may be paid in a consideration part or all of which shall be in a form other than cash, the value of such consideration
shall be as determined by the Board of Directors, whose determination shall be described in a statement filed with the Rights Agent.
Preferred Shares owned by or held for the account of the Company or any Subsidiary of the Company shall not be deemed outstanding
for the purpose of any such computation. Such adjustment shall be made successively whenever a record date is fixed. If such rights,
options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price that would then be in effect
if the record date had not been fixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Board of Directors fixes a record date for the making of a distribution to all holders of the Preferred Shares (including
any distribution made in connection with a consolidation or merger in which the Company is the continuing or surviving corporation)
of evidences of indebtedness or assets (other than a regular quarterly cash dividend or a dividend payable in Preferred Shares)
or subscription rights or warrants (excluding those referred to in Section 11.2), the Purchase Price to be in effect after the
record date shall be determined by multiplying the Purchase Price in effect immediately prior to the record date by a fraction,
(i) the numerator of which shall be the then Current Per Share Market Price of the Preferred Shares (as determined pursuant to
Section 11.4.2) on the record date, less the fair market value (as determined by the Board of Directors, whose determination shall
be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent) of the portion of the assets
or evidences of indebtedness to be distributed or of such subscription rights or warrants applicable to one Preferred Share and
(ii) the denominator of which shall be the then Current Per Share Market Price of the Preferred Shares; <I>provided</I>, <I>however</I>,
that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the
shares of capital stock of the Company to be issued upon exercise of one Right. These adjustments shall be made successively whenever
a record date is fixed. If a distribution is not so made, the Purchase Price shall again be adjusted to be the Purchase Price that
would then be in effect if the record date had not been fixed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Current Per Share Market Price</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.4.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>Except as otherwise provided herein, for the purpose of any computation hereunder, the &ldquo;<B>Current Per Share Market
Price</B>&rdquo; of any security (a &ldquo;<B>Security</B>&rdquo; for the purpose of this Section 11.4.1) on any date shall be
deemed to be the average of the daily closing prices per share of the Security for the thirty (30) consecutive Trading Days immediately
prior to but not including such date; <I>provided</I>, <I>however</I>, that if the Current Per Share Market Price of the Security
is determined during a period (i) following the announcement by the issuer of the Security of (A) a dividend or distribution on
the Security payable in shares of the Security or other securities convertible into shares of the Security, or (B) any subdivision,
combination or reclassification of the Security of other securities convertible into the Security, and (ii) prior to the expiration
of thirty (30) Trading Days after (but not including) the ex-dividend date for a dividend or distribution, or the record date for
a subdivision, combination or reclassification, then, and in each case, the Current Per Share Market Price shall be appropriately
adjusted to reflect the current market price per share equivalent of the Security. <FONT STYLE="background-color: white">The closing
price for each day shall be the last sale price, regular way, or, in case no sale takes place on the applicable day, the average
of the closing bid and asked prices, regular way, in either case as reported by the principal consolidated transaction reporting
system with respect to securities listed or admitted to trading on the NYSE or NASDAQ or, if the Security is not listed or admitted
to trading on the NYSE or NASDAQ, as reported in the principal consolidated transaction reporting system with respect to securities
listed on the principal national securities exchange on which the Security is listed or admitted to trading or, if the Security
is not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average
of the high and low asked prices in the over-the-counter market as reported by any system then in use, or, if not so quoted, the
average of the closing bid and asked prices as furnished by a professional market maker making a market in the Security selected
by the Board of Directors of the Company.</FONT> If no market maker is making a market in the Security, the fair value of the Security
on the applicable date as determined by the Board of Directors shall be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">11.4.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;
</FONT>For the purpose of any computation hereunder, the &ldquo;<B>Current Per Share Market Price</B>&rdquo; of the Preferred Shares,
if the Preferred Shares are publicly traded, shall be determined in accordance with the method set forth in Section 11.4.1. If
the Preferred Shares are not publicly traded, the &ldquo;<B>Current Per Share Market Price</B>&rdquo; of the Preferred Shares shall
be conclusively deemed to be the Current Per Share Market Price of the shares of Common Stock as determined pursuant to Section
11.4.1 (appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof)
multiplied by one thousand. If neither the shares of Common Stock nor the Preferred Shares are publicly held or so listed or traded,
 &ldquo;<B>Current Per Share Market Price</B>&rdquo; means the fair value per share as determined by the Board of Directors, whose
determination shall be described in a statement filed with the Rights Agent and shall be binding on the Rights Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything herein to the contrary, no adjustment in the Purchase Price shall be required unless an adjustment
would require an increase or decrease of at least 1% in the Purchase Price; <I>provided</I>, <I>however</I>, that any adjustments
which by reason of this Section 11.5 are not required to be made shall be carried forward and taken into account in any subsequent
adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest one ten-millionth of a Preferred
Share or one ten-thousandth of any other share or security as the case may be. Notwithstanding the first sentence of this Section
11.5, any adjustment required by this Section 11 shall be made no later than the earlier of (i) three years from the date of the
transaction which requires an adjustment and (ii) the date of the expiration of the right to exercise any Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, as a result of an adjustment made pursuant to Section 11.1 or Section 13.1, the holder of any Right thereafter exercised
shall become entitled to receive any shares of capital stock of the Company other than Preferred Shares, the Purchase Price and
number of any other shares so receivable upon exercise of any Right shall thereafter be subject to adjustment from time to time
in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in
Sections 11.1, 11.2, 11.3, 11.5, 11.8, 11.9, 11.10, 11.11, 11.12, 11.13 and the provisions of Sections 7, 9, 10, 13 and 14 with
respect to the Preferred Shares shall apply on like terms to any other shares; <I>provided, however</I>, that the Company shall
not be liable for its inability to reserve and keep available for issuance upon exercise of the Rights pursuant to Section 11.1.2
a number of shares of Common Stock greater than the number then authorized by the Charter but not outstanding or reserved for any
other purpose.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>All Rights originally issued by the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence
the right to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a Preferred Share purchasable from
time to time hereunder upon exercise of the Rights, all subject to further adjustment as provided herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Unless the Company exercises its election as provided in Section 11.9, upon each adjustment of the Purchase Price as a result
of the calculations made in Sections 11.2 and 11.3, each Right outstanding immediately prior to the making of any adjustment shall
thereafter constitute the right to purchase, at the adjusted Purchase Price, that number of one one-thousandths of a Preferred
Share (calculated to the nearest one ten-millionth of a Preferred Share) obtained by (i) multiplying the number of one one-thousandths
of a Preferred Share into which the Right is exercisable immediately prior to this adjustment by the Purchase Price in effect immediately
prior to adjusting the Purchase Price and (ii) dividing the product by the Purchase Price in effect immediately after adjusting
the Purchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may elect on or after the date of any adjustment of the Purchase Price to adjust the number of Rights in substitution
for any adjustment in the number of one one-thousandths of a Preferred Share issuable upon the exercise of a Right. Each of the
Rights outstanding after adjusting the number of Rights shall be exercisable for the number of one one-thousandths of a Preferred
Share for which a Right was exercisable immediately prior to the adjustment. Each Right held of record prior to adjusting the number
of Rights shall become that number of Rights (calculated to the nearest one hundred-thousandth) obtained by dividing the Purchase
Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment
of the Purchase Price. The Company shall make a public announcement of its election to adjust the number of Rights (with written
notice thereof to the Rights Agent), indicating the record date for the adjustment and, if known at the time, the amount of the
adjustment to be made. The record date may be the date on which the Purchase Price is adjusted or any day thereafter but, if the
Right Certificates have been distributed, shall be at least ten (10) days after the date of the public announcement. If Right Certificates
have been distributed, upon each adjustment of the number of Rights pursuant to this Section 11.9, the Company shall, as promptly
as practicable, cause to be distributed to holders of record of Rights on the applicable record date Right Certificates representing,
subject to Section 14, the additional Rights to which these holders shall be entitled as a result of the adjustment or, at the
option of the Company, shall cause to be distributed to the holders of record in substitution and replacement for the Right Certificates
held by these holders prior to the date of adjustment, and upon surrender thereof if required by the Company, new Right Certificates
representing all the Rights to which these holders shall be entitled after the adjustment. Right Certificates to be so distributed
shall be issued, executed and delivered by the Company, and countersigned and delivered by the Rights Agent, in the manner provided
for herein and shall be registered in the names of the holders of record of Rights on the record date specified in the public announcement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Irrespective of any adjustment or change in the Purchase Price or the number of one one-thousandths of a Preferred Share
issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the
Purchase Price and the number of one one-thousandths of a Preferred Share which were expressed in the initial Right Certificates
issued hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Before taking any action that would cause an adjustment reducing the Purchase Price below the then par value of the fraction
of Preferred Shares or other shares of capital stock issuable upon exercise of the Rights, the Company shall take any corporate
action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid
and non-assessable Preferred Shares or any other shares at the adjusted Purchase Price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.12<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If this Section 11 requires that an adjustment in the Purchase Price be made effective as of a record date for a specified
event, the Company may elect to defer (with notice thereof to the Rights Agent), until the occurrence of the specified event, issuing
to the holder of any Right exercised after the record date of the number of one one-thousandths of a Preferred Share and other
capital stock or securities of the Company, if any, issuable upon the exercise over and above the number of one one-thousandths
of a Preferred Share and other capital stock or securities of the Company, if any, issuable upon the exercise on the basis of the
Purchase Price in effect prior to the adjustment; <I>provided</I>, <I>however</I>, that the Company shall deliver to the applicable
holder a due bill or other appropriate instrument evidencing the holder&rsquo;s right to receive additional securities upon the
occurrence of the event requiring an adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.13<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Anything in this Section 11 to the contrary notwithstanding, the Company shall be entitled to make any adjustments in the
Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that the Board of
Directors, in its sole discretion, shall determine to be advisable in order that any (i) combination, consolidation or subdivision
of the Preferred Shares, (ii) issuance wholly for cash of any Preferred Shares at less than the Current Per Share Market Price,
(iii) issuance wholly for cash of Preferred Shares or securities which by their terms are convertible into or exchangeable for
Preferred Shares, (iv) dividends on Preferred Shares payable in Preferred Shares, or (v) issuance of any rights, options or warrants
referred to in Section 11.2 made by the Company after the date of this Agreement to holders of its Preferred Shares shall not be
taxable to these stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">11.14<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, at any time after the date of this Agreement and prior to the Distribution Date, the Company (i) declares or pays any
dividend on the shares of Common Stock payable in shares of Common Stock or (ii) effects a subdivision, combination or consolidation
of the shares of Common Stock (by reclassification or otherwise other than by payment of dividends in shares of Common Stock) into
a greater or lesser number of shares of Common Stock, then (i) the number of one one-thousandths of a Preferred Share purchasable
after the applicable event upon exercise of each Right shall be determined by multiplying the number of one one-thousandths of
a Preferred Share so purchasable immediately prior to the applicable event by a fraction, the numerator of which is the number
of shares of Common Stock outstanding immediately before the applicable event and the denominator of which is the number of shares
of Common Stock outstanding immediately after the applicable event, and (ii) each share of Common Stock outstanding immediately
after the applicable event shall have issued with respect to it that number of Rights which each share of Common Stock outstanding
immediately prior to the applicable event had issued with respect to it. The adjustments provided for in this Section 11.14 shall
be made successively whenever a dividend is declared or paid or a subdivision, combination or consolidation is effected. If an
event occurs that would require an adjustment under Section 11.1.2 and this Section 11.14, the adjustment provided in this Section
11.14 shall be in addition and prior to any adjustment required pursuant to Section 11.1.2.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>12.</B></TD><TD STYLE="text-align: justify"><B>Certificate of Adjustment</B>. Whenever an adjustment is made as provided in Section 11 or Section
13, the Company shall promptly (i) prepare a certificate setting forth the adjustment and a brief statement of the facts accounting
for the adjustment, (ii) file with the Rights Agent and with each transfer agent for the Common Stock and the Preferred Stock,
as applicable, a copy of the certificate, and (iii) if the adjustment occurs following a Distribution Date, mail a brief summary
thereof to each holder of a Right Certificate in accordance with Section 25 (if so required under Section 25) and Section 26. Notwithstanding
the foregoing sentence, the failure of the Company to make a certification or give notice shall not affect the validity of an adjustment
or the force or effect of the requirement for an adjustment. The Rights Agent shall be fully protected in relying on any certificate
of adjustment and on any adjustment therein contained and shall not be obligated or responsible for calculating any adjustment,
nor shall the Rights Agent be deemed to have knowledge of any adjustment, unless and until it shall have received the applicable
certificate.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">13.</TD><TD STYLE="text-align: justify">Consolidation, Merger, Sale or Transfer of Assets or Earning Power.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If, at any time after a Stock Acquisition Date, (i) the Company consolidates with, or merges with and into, any other Person;
(ii) any Person consolidates with the Company, or merges with and into the Company, and the Company is the continuing or surviving
corporation of the transaction and, in connection with the transaction, all or part of the shares of Common Stock are or will be
changed into or exchanged for stock or other securities of any other Person (or the Company) or cash or any other property; or
(iii) the Company sells or otherwise transfers (or one or more of its Subsidiaries sell or otherwise transfer), in one or more
transactions, assets or Earning Power aggregating 50% or more of the assets or Earning Power of the Company and its Subsidiaries
(taken as a whole) to any other Person other than the Company or one or more of its wholly owned Subsidiaries (each of the foregoing
events, a &ldquo;<B>Section 13 Event</B>&rdquo;), then, upon the first occurrence of any Section 13 Events, proper provision shall
be made so that (A) each holder of a Right (except for Rights which have become null and void pursuant to Section 7.6) shall thereafter
have the right to receive, upon the exercise of a Right, at a price equal to the then current Purchase Price, in accordance with
the terms of this Agreement and in lieu of Preferred Shares, the number of shares of Common Stock of such other Person (including
the Company as successor thereto or as the surviving corporation) equal to the result obtained by (1) multiplying the then current
Purchase Price by the number of one one-thousandths of a Preferred Share for which a Right is exercisable immediately prior to
the first occurrence of a Section 13 Event (or, if a Section 11.1.2 Event has occurred prior to the first occurrence of a Section
13 Event, multiplying the number of such one one-thousandths of a share for which a Right was exercisable prior to the occurrence
of a Section 11.1.2 Event by the Purchase Price in effect prior to the occurrence of a Section 11.1.2 Event), and (2) dividing
that product (which, following the occurrence of a Section 13 Event, shall be referred to as the &ldquo;<B>Purchase Price</B>&rdquo;
for each Right and for all purposes of this Agreement) by fifty percent (50%) of the then Current Per Share Market Price of the
shares of Common Stock of the other Person (determined pursuant to Section 11.4.1 hereof) on the date of consummation of such Section
13 Event; (B) the issuer of the shares of Common Stock shall thereafter be liable for, and shall assume, by virtue of the Section
13 Event, all the obligations and duties of the Company pursuant to this Agreement; (C) the term &ldquo;Company&rdquo; shall thereafter
be deemed to refer to the issuer of the shares of Common Stock; and (D) the issuer shall take steps (including, but not limited
to, the reservation of a sufficient number of shares of its Common Stock in accordance with Section 9.1) in connection with the
consummation of the applicable transaction as may be necessary to ensure that the provisions hereof shall thereafter be applicable,
as nearly as reasonably may be, in relation to the Common Stock thereafter deliverable upon the exercise of the Rights; provided
that, upon the subsequent occurrence of any consolidation, merger, sale or transfer of assets or other extraordinary transaction
in respect of the issuer, each holder of a Right shall thereupon be entitled to receive, upon exercise of a Right and payment of
the Purchase Price as provided in this Section 13.1, cash, shares, rights, warrants and other property which the holder would have
been entitled to receive had the holder, at the time of the applicable transaction, owned shares of Common Stock of the issuer
receivable upon the exercise of a Right pursuant to this Section 13.1, and the issuer shall take all steps (including, but not
limited to, reservation of shares of stock) necessary to permit the subsequent exercise of the Rights in accordance with the terms
hereof for cash, shares, rights, warrants and other property.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not consummate any consolidation, merger, sale or transfer unless prior thereto the Company and the issuer
of the shares of Common Stock shall have executed and delivered to the Rights Agent a supplemental agreement providing for the
issuer&rsquo;s compliance with this Section 13. The Company shall not enter into any transaction of the kind referred to in this
Section 13 if, at the time of the applicable transaction, there are any rights, warrants, instruments or securities outstanding
or any agreements or arrangements which, as a result of the consummation of the applicable transaction, would eliminate or substantially
diminish the benefits intended to be afforded by the Rights. The provisions of this Section 13 shall apply to successive mergers,
consolidations or sales or other transfers. In the event that a Section 13 Event shall occur at any time after the occurrence of
a Section 11.1.2 Event, the Rights that have not theretofore been exercised shall thereafter become exercisable in the manner described
in Section 13.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything contained herein to the contrary, in the event of any merger or other acquisition transaction involving
the Company pursuant to a merger or other acquisition agreement between the Company and any Person (or one or more of the Person&rsquo;s
Affiliates or Associates) which agreement has been approved by the Board of Directors prior to any Person becoming an Acquiring
Person, this Agreement and the rights of holders of Rights hereunder shall be terminated in accordance with Section 7.1.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">13.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>For purposes hereof, the &ldquo;<B>Earning Power</B>&rdquo; of the Company and its Subsidiaries shall be determined in good
faith by the Board of Directors on the basis of the operating earnings of each business operated by the Company and its Subsidiaries
during the three fiscal years preceding the date of determination (or, in the case of any business not operated by the Company
or any of its Subsidiaries during three full fiscal years preceding the date of determination, during the period the applicable
business was operated by the Company or any of its Subsidiaries).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">14.</TD><TD STYLE="text-align: justify">Fractional Rights and Fractional Shares.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not be required to issue fractions of Rights or to distribute Right Certificates which represent fractional
Rights. In lieu of issuing fractional Rights, the Company has the option to pay to each registered holder of the Right Certificates
with regard to which the fractional Rights would otherwise be issuable an amount in cash equal to the same fraction of the current
market value of a whole Right. For the purposes of this Section 14.1, the current market value of a whole Right shall be the closing
price (as determined in accordance with Section 11.4) of the Rights for the Trading Day immediately prior to the date on which
the fractional Rights would have been otherwise issuable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not be required to issue fractions of shares of its stock upon the exercise of the Rights or to distribute
certificates which represent fractional shares (other than, in each case with respect to Preferred Shares or Equivalent Preferred
Shares, fractions which are integral multiples of one one-thousandth of a Preferred Share or an Equivalent Preferred Share, as
the case may be). Fractions of Preferred Shares or Equivalent Preferred Shares in integral multiples of one one-thousandth of a
Preferred Share or a Equivalent Preferred Share, as applicable, may, at the election of the Company, be represented by depositary
receipts, pursuant to an agreement between the Company and a depositary selected by the Company; <I>provided</I> that the agreement
shall provide that the holders of depositary receipts shall have all the rights, privileges and preferences to which they are entitled
as Beneficial Owners of the Preferred Shares or Equivalent Preferred Shares represented by the depositary receipts. In lieu of
fractional shares, the Company has the option to pay to each registered holder of Right Certificates at the time the Rights are
exercised or exchanged as herein provided an amount in cash equal to the same fraction of the current market value of a share of
its stock. For the purposes of this Section 14.2, the current market value of a share of stock shall be the closing price (as determined
in accordance with Section 11.4.1) of the applicable shares of stock for the Trading Day immediately prior to the date of exercise
or exchange.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B>[Reserved]</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The holder of a Right by the acceptance of the Right expressly waives any right to receive fractional Rights or fractional
shares upon exercise of a Right (except as provided in this Section 14).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">14.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever a payment for fractional Rights or fractional shares is to be made by the Rights Agent, the Company shall (i) promptly
prepare and deliver to the Rights Agent a certificate setting forth in reasonable detail the facts related to the payments and
the prices or formulas utilized in calculating the payments, and (ii) provide sufficient monies to the Rights Agent in the form
of fully collected funds to make the payments. The Rights Agent shall be fully protected in relying upon the Company&rsquo;s certificate
and shall have no duty with respect to, and shall not be deemed to have knowledge of any payment for fractional Rights or fractional
shares under any Section of this Agreement relating to the payment of fractional Rights or fractional shares unless and until the
Rights Agent shall have received the certificate and sufficient monies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>15.</B></TD><TD STYLE="text-align: justify"><B>Rights of Action</B>. All rights of action in respect of this Agreement, excepting the rights
of action given to the Rights Agent under Section 18, are vested in the respective registered holders of the Rights. Any holder
of Right may, without the consent of the Rights Agent or of the holder of any other Right, on the holder&rsquo;s own behalf and
for the holder&rsquo;s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company
to enforce, or otherwise act in respect of, the holder&rsquo;s right to exercise the Rights represented by the Right Certificate
in the manner provided in the Right Certificate and in this Agreement. Without limiting the foregoing or any remedies available
to the holders of Rights, it is specifically acknowledged that holders of Rights would not have an adequate remedy at law for any
breach of this Agreement and will be entitled to specific performance of the obligations under, and injunctive relief against any
actual or threatened violation of the obligations of any Person subject to, this Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>16.</B></TD><TD STYLE="text-align: justify"><B>Agreement of Right Holders</B>. Every holder of a Right, by accepting the same, consents and
agrees with the Company and the Rights Agent and with every other holder of a Right that:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>prior to the Distribution Date, the Rights will be transferable only in connection with the transfer of the shares of Common
Stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>after the Distribution Date, the Rights are transferable only on the registry books maintained by the Rights Agent if the
Rights Certificate representing the Rights is surrendered at its principal office, duly endorsed or accompanied by a proper instrument
of transfer; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>the Company and the Rights Agent may deem and treat the Person in whose name the Right Certificate (or, prior to the Distribution
Date, the associated Common Stock certificate or Book Entry shares in respect of Common Stock) is registered as the absolute owner
thereof and of the Rights represented thereby (notwithstanding any notations of ownership or writing on the Right Certificates
or the associated Common Stock certificate (or Ownership Statements or notices provided to holders of Book Entry shares of Common
Stock) made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the
Rights Agent, subject to Section 7.5 hereof, shall be affected by any notice to the contrary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">16.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>notwithstanding anything in this Agreement to the contrary, neither the Company nor the Rights Agent shall have any liability
to any holder of a Right or other Person as a result of the inability of the Company or the Rights Agent to perform any of its
or their obligations under this Agreement by reason of any preliminary or permanent injunction or other order, decree, judgment
or ruling issued by a court of competent jurisdiction or by a governmental, regulatory or administrative agency or commission,
or any statute, rule, regulation or executive order promulgated or enacted by any governmental authority prohibiting or otherwise
restraining performance of an obligation; <I>provided, however</I>, that the Company must use its best efforts to have any order,
decree, judgment or ruling lifted or otherwise overturned as soon as practicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>17.</B></TD><TD STYLE="text-align: justify"><B>Right Holder Not Deemed a Stockholder</B>. No holder, as such, of any Right shall be entitled
to vote or receive dividends, or be deemed for any purpose the holder of the Preferred Stock, Common Stock or any other securities
of the Company that may at any time be issuable on the exercise or exchange of the Rights represented thereby, nor shall anything
contained herein or in any Right Certificate be construed to confer upon the holder of any Right, as such, any of the rights of
a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at
any meeting thereof, to give or withhold consent to any corporate action, to receive notice of meetings or other actions affecting
stockholders (except as provided in Section 25), or to receive dividends or subscription rights, or otherwise, until the Rights
represented by the Right Certificate shall have been exercised or exchanged in accordance with the provisions hereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>18.</B></TD><TD STYLE="text-align: justify"><B>Concerning the Rights Agent</B>. The Company shall pay to the Rights Agent reasonable compensation
for all services rendered by it hereunder and, from time to time, on demand of the Rights Agent, reimburse the Rights Agent for
its reasonable expenses and counsel fees and other disbursements incurred in the preparation, delivery, amendment, administration
and execution of this Agreement and the exercise and performance of its duties hereunder. The Company shall also indemnify the
Rights Agent for, and hold it harmless against, any loss, liability or expense, incurred without gross negligence, bad faith or
willful misconduct (each as determined by a final judgment of a court of competent jurisdiction) on the part of the Rights Agent,
for any action taken, suffered or omitted to be taken by the Rights Agent in connection with the acceptance, administration, exercise
and performance of its duties under this Agreement, including the costs and expenses of defending against any claim or liability
arising therefrom, directly or indirectly. The reasonable costs and expenses incurred in enforcing this right of indemnification
shall be paid by the Company to the extent that the Rights Agent is successful in so enforcing its right of indemnification.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Rights Agent shall
be protected and shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it in connection
with its administration of this Agreement in reliance upon any Right Certificate or certificate for shares of Preferred Stock,
Common Stock or any other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit,
letter, notice, direction, consent, certificate, statement, or other paper or document believed in good faith by it to be genuine
and to be signed, executed and, where necessary, verified or acknowledged by the proper Person or Persons, or otherwise upon the
advice of counsel as set forth in Section 20 hereof. The Rights Agent shall not be deemed to have knowledge of any event of which
it was supposed to receive written notice thereof hereunder, but for which it has not received a written notice, and the Rights
Agent shall (subject to the limitations set forth herein) be fully protected and shall incur no liability for failing to take action
in connection therewith unless and until it has received a written notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>19.</B></TD><TD STYLE="text-align: justify"><B>Merger or Consolidation or Change of Name of Rights Agent</B>. Any entity into which the Rights
Agent or any successor Rights Agent may be merged or with which it may be consolidated, or any entity resulting from any merger
or consolidation to which the Rights Agent or any successor Rights Agent shall be a party, or any entity succeeding to the shareholder
service business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement
without the execution or filing of any paper or any further act on the part of any of the parties hereto; <I>provided</I> that
such entity would be eligible for appointment as a successor Rights Agent under the provisions of Section 21. If, at the time the
successor Rights Agent shall succeed to the agency created by this Agreement, any of the Right Certificates shall have been countersigned
but not delivered, any successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and deliver such Right
Certificates so countersigned. If, at that time, any of the Right Certificates shall not have been countersigned, any successor
Rights Agent may countersign the Right Certificates either in the name of the predecessor Rights Agent or in the name of the successor
Rights Agent. In all such cases such Right Certificates shall have the full force provided in the Right Certificates and in this
Agreement.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, at any time, the
name of the Rights Agent changes and any of the Right Certificates have been countersigned but not delivered, the Rights Agent
may adopt the countersignature under its prior name and deliver Right Certificates so countersigned. If, at that time, any of the
Right Certificates have not been countersigned, the Rights Agent may countersign such Right Certificates either in its prior name
or in its changed name. In all such cases such Right Certificates shall have the full force provided in the Right Certificates
and in this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The provisions of Section
18, this Section 19 and Section 20 below shall survive the termination of this Agreement, the resignation, replacement or removal
of the Rights Agent and the exercise, termination and the expiration of the Rights. In no event shall the Rights Agent be liable
for special, punitive, incidental, indirect or consequential loss or damage of any kind whatsoever (including but not limited to
lost profits), even if the Rights Agent has been advised of the likelihood of such loss or damage and regardless of the form of
the action; and the Company shall indemnify the Rights Agent and hold it harmless to the fullest extent permitted by law against
any loss, liability or expense incurred as a result of third party claims for special, punitive, incidental, indirect or consequential
loss or damages of any kind whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>20.</B></TD><TD STYLE="text-align: justify"><B>Duties of Rights Agent</B>. The Rights Agent undertakes the duties and obligations expressly
set forth in this Agreement (and no implied duties or obligations). The Rights Agent shall perform those duties and obligations
upon the following terms and conditions, by all of which the Company and the holders of Right Certificates, by their acceptance
thereof, shall be bound:</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent may consult with legal counsel selected by it (who may be outside legal counsel for the Rights Agent or
the Company or an employee of the Rights Agent), and the advice or opinion of legal counsel shall be full and complete authorization
and protection to the Rights Agent and the Rights Agent will have no liability for or in respect of any action taken, suffered
or omitted to be taken by it in the absence of bad faith and in accordance with the advice or opinion of legal counsel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that
any fact or matter (including the identity of any Acquiring Person and the determination of Current Per Share Market Price) be
proved or established by the Company prior to taking, suffering, or omitting to take any action hereunder, such fact or matter
(unless other evidence in respect thereof is specifically prescribed herein) may be deemed to be conclusively proved and established
by a certificate signed by any one of the persons authorized by the MGCL, the Charter or the Bylaws to execute the certificate
and delivered to the Rights Agent, and the certificate shall be full and complete authorization and protection to the Rights Agent
and the Rights Agent shall incur no liability for or in respect of any action taken, suffered or omitted to be taken by it, in
the absence of bad faith, under the provisions of this Agreement in reliance upon the certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent shall be liable to the Company and any other Person hereunder only for its own gross negligence, bad faith
or willful misconduct (which gross negligence, bad faith or willful misconduct must be determined by a final judgment of a court
of competent jurisdiction). Any liability of the Rights Agent under this Agreement shall be limited to the amount of annual fees
paid by the Company to the Rights Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this Agreement
or in the Right Certificates (except as to its countersignature thereof) or be required to verify the same. All such statements
and recitals are and shall be deemed to have been made by the Company only.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent shall not have any liability for nor be under any responsibility in respect of the validity of this Agreement
or the execution and delivery hereof (except the due execution and delivery hereof by the Rights Agent) or in respect of the validity
or execution of any Right Certificate (except its countersignature thereof); nor shall it be liable or responsible for any breach
by the Company of any covenant or failure by the Company to satisfy any condition contained in this Agreement or in any Right Certificate;
nor shall it be responsible for any adjustment required under the provisions of Sections 11 or 13 or for the manner, method or
amount of any adjustment or the ascertaining of the existence of facts that would require any adjustment (except with respect to
the exercise of Rights represented by Right Certificates after receipt of a certificate furnished pursuant to Section 12 describing
the adjustment); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any shares of Preferred Shares or other securities to be issued pursuant to this Agreement or any Right Certificate
or as to whether any Preferred Shares or other securities will, when so issued, be validly authorized and issued, fully paid, and
non-assessable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall perform, execute, acknowledge and deliver, or cause to be performed, executed, acknowledged and delivered,
all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying
out or performing by the Rights Agent of the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.7<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties
hereunder and certificates delivered pursuant to any provision hereof from the chief executive officer or chief financial officer,
and to apply to these officers for advice or instructions in connection with its duties. The Rights Agent shall not be liable for
any action taken or suffered to be taken by it, in the absence of bad faith, in accordance with instructions of any such officer
and such advice or instruction shall be full authorization and protection to the Rights Agent and the Rights Agent shall incur
no liability for or in respect of any action taken or suffered or omitted to be taken by it by it, in the absence of bad faith,
in accordance with advice or instructions of any such officer or for any delay in acting while waiting for those instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.8<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Subject to applicable law, rules and regulations, the Rights Agent and any stockholder, director, officer or employee of
the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company, or become pecuniarily interested
in any transaction in which the Company may be interested, or contract with or lend money to the Company, or otherwise act as fully
and freely as though it were not the Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent from acting
in any other capacity for the Company or for any other legal entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.9<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent may execute and exercise any of the rights or powers hereby vested in it or perform any duty hereunder
either itself (through its directors, officers and employees) or by or through its attorneys or agents. The Rights Agent shall
not be answerable or accountable for any act, default, neglect, or misconduct of any of its attorneys or agents or for any loss
to the Company resulting from any act, default, neglect or misconduct, absent gross negligence, willful misconduct or bad faith
(each as determined by a final judgment of a court of competent jurisdiction) in the selection and continued employment of its
attorneys or agents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.10<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>No provision of this Agreement shall require the Rights Agent to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder or in the exercise of its rights if there shall be reasonable grounds
for believing that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured
to it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">20.11<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Rights Agent shall not be required to take notice or be deemed to have notice of any fact, event or determination (including,
without limitation, any dates or events defined in this Agreement or the designation of any Person as an Acquiring Person, Affiliate
or Associate) under this Agreement unless and until the Rights Agent shall be specifically notified in writing by the Company of
such fact, event or determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>21.</B></TD><TD STYLE="text-align: justify"><B>Change of Rights Agent</B>. The Rights Agent or any successor Rights Agent may resign and be
discharged from its duties under this Agreement upon thirty (30) days&rsquo; notice in writing mailed to the Company and, in the
event that the Rights Agent or one of its Affiliates is not also the transfer agent for the Company, to each transfer agent of
Common Stock and Preferred Stock by registered or certified mail. In the event the transfer agency relationship in effect between
the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and be discharged from
its duties under this Agreement as of the effective date of termination, and the Company shall be responsible for sending any required
notice. The Company may remove the Rights Agent or any successor Rights Agent upon thirty (30) days&rsquo; notice in writing, mailed
to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of Common Stock and Preferred Stock
by by registered or certified mail, and, after the Distribution Date, to the holders of the Right Certificates by first class mail.
If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor
to the Rights Agent. If the Company shall fail to appoint a successor within a period of thirty (30) days after giving notice of
removal or after it has been notified in writing of the Rights Agent&rsquo;s resignation or incapacity by the resigning or incapacitated
Rights Agent, then the registered holder of any Right Certificate (who shall, with the notice, submit the holder&rsquo;s Right
Certificate for inspection by the Company) may apply to any court of competent jurisdiction for the appointment of a new Rights
Agent. Any successor Rights Agent, whether appointed by the Company or by a court, shall be a Person organized and doing business
under the laws of the United States or of any state of the United States, in good standing, which is authorized under the applicable
laws to exercise corporate trust or stock transfer powers, is subject to supervision or examination by federal or state authority,
and has, along with its Affiliates, at the time of its appointment as Rights Agent a combined capital and surplus of at least $50
million. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and responsibilities
as if it had been originally named as Rights Agent without further act or deed, and the predecessor Rights Agent shall deliver
and transfer to the successor Rights Agent any property at the time held by it hereunder, and shall execute and deliver any further
assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any appointment, the Company
shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent of Common Stock and Preferred Stock,
and, after the Distribution Date, mail a notice in writing to the registered holders of the Rights. Failure to give any notice
provided for in this Section 21, however, or any defect therein, shall not affect the legality or validity of the resignation or
removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>22.</B></TD><TD STYLE="text-align: justify"><B>Issuance of New Right Certificates</B>. Notwithstanding
any of the provisions of this Agreement or of the Right Certificates to the contrary, the Company may, at its option, issue new
Right Certificates representing Rights in such form as may be approved by its Board of Directors to reflect any adjustment or
change in the Purchase Price and the number or kind or class of shares or other securities or property purchasable under the Right
Certificates made in accordance with the provisions of this Agreement. In addition, in connection with the issuance or sale of
Common Stock following the Distribution Date and prior to the earlier of the Redemption Date and the Close of Business on the
Final Expiration Date, the Company may, with respect to shares of Common Stock so issued or sold (i) pursuant to the exercise
of stock options; (ii) under any employee plan or arrangement; (iii) upon the exercise, conversion or exchange of securities,
notes or debentures issued by the Company, or (iv) pursuant to a contractual obligation of the Company, in each case existing
prior to the Distribution Date, issue Right Certificates representing the appropriate number of Rights in connection with such
issuance or sale; <I>provided, however</I>, that (i) no Right Certificate shall be issued if, and to the extent that, the Company
shall be advised by counsel that the issuance would create a significant risk of material adverse tax consequences to the Company
or the Person to whom the Right Certificate would be issued or would create a significant risk of or result in such options&rsquo;
or employee plans&rsquo; or arrangements&rsquo; failing to qualify for otherwise available special tax treatment, (ii) no Right
Certificate shall be issued if, and to the extent that, appropriate adjustment shall otherwise have been made in lieu of the issuance
thereof and (iii) no Right Certificate shall be issued to an Acquiring Person or an Affiliate or Associate of an Acquiring Person.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">23.</TD><TD STYLE="text-align: justify">Redemption.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Board of Directors may, at its option, at any time prior to the earlier of (i) the Close of Business on the tenth (10<SUP>th</SUP>)
Business Day following the Stock Acquisition Date (or, if the Stock Acquisition Date shall have occurred prior to the Record Date,
the Close of Business on the tenth (10<SUP>th</SUP>) day following the Record Date), or (ii) the Final Expiration Date, redeem
all but not less than all of the then outstanding Rights at a redemption price of $0.0001 per one one-thousandths of a Preferred
Share represented by a Right, as appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring
after the date hereof (the &ldquo;<B>Redemption Price</B>&rdquo;). The redemption of the Rights by the Company may be made effective
at a time, on any basis and subject to any conditions as the Board of Directors in its sole discretion may establish. The Company
may, at its option, pay the Redemption Price in cash, shares of Common Stock (based on the Current Per Share Market Price at the
time of redemption as determined pursuant to Section 11.4 hereof) or any other form of consideration deemed appropriate by the
Board of Directors. Notwithstanding anything contained in this Agreement to the contrary, the Rights shall not be exercisable after
the first occurrence of a Section 11.1.2 Event until such time as the Company's right of redemption set forth in the first sentence
of this Section 23.1 has expired.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately upon the action of the Board of Directors (with, if required, the concurrence of a majority of the Continuing
Directors) ordering the redemption of the Rights pursuant to Section 23.1 (or at a later time as the Board of Directors may establish
for the effectiveness of the redemption) (the &ldquo;<B>Redemption Date</B>&rdquo;), evidence of which shall have been filed with
the Rights Agent, and without any further action and without any notice, the right to exercise the Rights will terminate and the
only right thereafter of the holders of Rights shall be to receive the Redemption Price for each Right so held. Promptly after
the action of the Board ordering the redemption of the Rights, the Company shall give notice of redemption to the Rights Agent
and the holders of the then outstanding Rights by mailing such notice to all such holders at each holder&rsquo;s last address as
it appears upon the registry books of the Rights Agent or, prior to the Distribution Date, the registry books for the Common Stock;
<I>provided, however</I>, that failure to give, or any defect in, any notice shall not affect the validity of the redemption. Any
notice that is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each
such notice of redemption will state the method by which the payment of the Redemption Price will be made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">23.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding the provisions of Section 23.1 hereof, in the event that a majority of the Board of Directors does not consist
of Continuing Directors (the first occurrence of such an event referred to herein as a &ldquo;<B>Section 23.1 Event</B>&rdquo;),
then for a period of one hundred and eighty (180) days following the Section 23.1 Event, the Rights shall not be redeemed unless
there are Continuing Directors and a majority of the Continuing Directors concur with the Board&rsquo;s decision to redeem the
Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">24.</TD><TD STYLE="text-align: justify">Exchange.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company may, at its option, upon authorization of the Board of Directors, at any time after a Person becomes an Acquiring
Person, exchange all or part of the then outstanding and exercisable Rights (excluding Rights that have become null and void pursuant
to Section 7.6) for shares of Common Stock at an exchange ratio of one share of Common Stock per one one-thousandth of a Preferred
Share represented by a Right, appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring
after the date hereof (the &ldquo;<B>Exchange Ratio</B>&rdquo;). Notwithstanding the foregoing, to the extent prohibited by Maryland
law, the Board of Directors shall not be empowered to authorize an exchange at any time after an Acquiring Person becomes the Beneficial
Owner of a majority of the shares of Common Stock then outstanding. From and after the occurrence of a Section 13 Event, any Rights
that theretofore have not been exchanged pursuant to this Section 24 shall thereafter be exercisable only in accordance with Section
13 and may not be exchanged pursuant to this Section 24. The Board of Directors may provide that the exchange of the Rights by
the Company may be made effective at a time, on any basis and with any terms and conditions as the Board of Directors in its sole
discretion may establish.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Immediately upon effectiveness of the action of the Board of Directors authorizing the exchange of any Rights pursuant to
Section 24.1, and without any further action and without any notice, the right to exercise the Rights so exchanged shall terminate
and the only right thereafter of a holder shall be to receive a number of shares of Common Stock equal to the number of the Rights
held by the holder which are exchanged multiplied by the Exchange Ratio. The Company shall promptly give public notice of any exchange
(as well as prompt written notice thereof to the Rights Agent); <I>provided</I>, <I>however</I>, that the failure to give, or any
defect in, an exchange notice shall not affect the validity of the exchange. The Company promptly shall mail a notice of any exchange
to all of the holders of the Rights so exchanged at their last addresses as they appear upon the registry books of the Rights Agent.
Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice.
Each notice of exchange will state the method by which the exchange of the shares of Common Stock for Rights will be effected and,
in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected <I>pro
rata</I> based on the number of Rights (other than Rights which have become null and void pursuant to the provisions of Section
7.6) held by each holder of Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.3<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In any exchange pursuant to this Section 24, the Board of Directors may provide, at its option, that the Company may substitute
Preferred Shares or Common Stock Equivalents for shares of Common Stock exchangeable for Rights, at the initial rate of one one-thousandth
of a Preferred Share (or an appropriate number of Common Stock Equivalents) for each share of Common Stock, as appropriately adjusted
to reflect adjustments in the voting rights of the Preferred Shares pursuant to the terms thereof, so that the fraction of a Preferred
Share delivered in lieu of each share of Common Stock shall have the same voting rights as one share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.4<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If there shall not be sufficient shares of Common Stock, Preferred Stock or Common Stock Equivalents authorized but unissued
to permit any exchange of Rights as contemplated in accordance with this Section 24, the Company shall take all action as may be
necessary to authorize additional shares of Common Stock, Preferred Stock or Common Stock Equivalents for issuance upon exchange
of the Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.5<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>The Company shall not be required to issue fractions of shares of Common Stock or to distribute certificates which represent
fractional shares of Common Stock. In lieu of issuing fractional shares of Common Stock, the Company may instead pay to the registered
holders of the Rights with regard to which fractional shares of Common Stock would otherwise be issuable an amount in cash equal
to the same fraction of the current per share market value of a whole share of Common Stock. For the purposes of this Section 24.5,
the current per share market value of a whole share of Common Stock shall be the closing price of a share of Common Stock (as determined
pursuant to the second sentence of Section 11.4.1) for the Trading Day immediately prior to the date of exchange pursuant to this
Section 24.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">24.6<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Notwithstanding anything in this Section 24 to the contrary, the exchange of the Rights may be made effective at a time,
on any basis and with any terms and conditions as the Board of Directors in its sole discretion may establish. Without limiting
the preceding sentence, the Board of Directors may (i) in lieu of issuing shares of Common Stock or any other securities contemplated
by this Section 24 to the Persons entitled thereto in connection with the exchange (the Persons, the &ldquo;<B>Exchange Recipients</B>,&rdquo;
and the shares of Common Stock and other securities, together with any dividends or distributions made on the shares of Common
Stock or other securities, the &ldquo;<B>Exchange Property</B>&rdquo;) issue, transfer or deposit the Exchange Property to or into
a trust or other entity that may hold the Exchange Property for the benefit of the Exchange Recipients (provided that the trust
or other entity may not be controlled by the Company or any of its Affiliates or Associates and provided further that the trustee
or similar fiduciary of the trust or other entity will attempt to distribute the Exchange Property to the Exchange Recipients as
promptly as practicable), (ii) permit the trust or other entity to exercise all of the rights that a stockholder of record would
possess with respect to any shares deposited in the trust or other entity and (iii) impose any procedures necessary to verify that
the Exchange Recipients are not Acquiring Persons or Affiliates or Associates of Acquiring Persons as of any time periods established
by the Board of Directors or the trust or other entity. In the event the Board of Directors determines to issue, transfer or deposit
the Exchange Property to or into a trust or other entity, all stockholders entitled to receive shares pursuant to the exchange
shall be entitled to receive such shares (and any dividends or other distributions made thereon after the date on which such shares
are deposited in the trust or other entity) only from the trust or other entity and solely upon compliance with the relevant terms
and provisions of any agreement between the Company and the trust or other entity. In the event the Board of Directors determines,
before the Distribution Date, to effect an exchange, the Board of Directors may delay the occurrence of the Distribution Date to
a time as the Board of Directors deems advisable; provided that the Distribution Date must occur no later than twenty (20) days
after the Stock Acquisition Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in">25.</TD><TD STYLE="text-align: justify">Notice of Certain Events.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.1<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>If the Company shall after the Distribution Date propose (i) to pay any dividend payable in stock of any class to the holders
of its Preferred Shares or to make any other distribution to the holders of its Preferred Shares (other than a regular quarterly
cash dividend); (ii) to offer to the holders of its Preferred Shares rights or warrants to subscribe for or to purchase any additional
Preferred Shares or shares of stock of any class or any other securities, rights or options; (iii) to effect any reclassification
of its Preferred Shares (other than a reclassification involving only the subdivision of outstanding Preferred Shares); (iv) to
effect any consolidation or merger into or with any other Person, or to effect any sale or other transfer (or to permit one or
more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of 50% or more of the assets or Earning
Power of the Company and its Subsidiaries (taken as a whole) to any other Person; (v) to effect the liquidation, dissolution or
winding up of the Company; or (vi) to declare or pay any dividend on the shares of Common Stock payable in shares of Common Stock,
or to effect a subdivision, combination or consolidation of the shares of Common Stock (by reclassification or otherwise than by
payment of dividends in shares of Common Stock), then, in each case, the Company shall give to the Rights Agent and to each holder
of a Right, in accordance with Section 26, a notice of the proposed action, which shall specify the record date for the purposes
of a stock dividend, or distribution of rights or warrants, or the date on which a reclassification, consolidation, merger, sale,
transfer, liquidation, dissolution or winding up is to take place and the date of participation therein by the holders of the Common
Stock or Preferred Stock or both, if any date is to be fixed, and the notice shall be so given, in the case of any action covered
by clause (i) or (ii) above, at least ten (10) days prior to the record date for determining holders of the Preferred Shares and,
in the case of any action covered by clauses (iii) to (vi) above, at least ten (10) days prior to the date of the taking of the
proposed action or the date of participation therein by the holders of the Common Stock or Preferred Stock or both, whichever shall
be the earlier. The failure to give notice required by this Section 25.1 or any defect therein shall not affect the legality or
validity of the action taken by the Company or the vote upon any such action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">25.2<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>In case any Section 11.1.2 Event shall occur, then (i) the Company shall as soon as practicable thereafter give to each
holder of a Rights Certificate, in accordance with Section 26 hereof, a notice of the occurrence of the event, which notice shall
specify the event and the consequences of the event to holders of Rights under Section 11.1.2 hereof and (ii) all references in
the preceding paragraph to Preferred Shares shall be deemed thereafter to refer to shares of Common Stock or, if applicable, other
securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>26.</B></TD><TD STYLE="text-align: justify"><B>Notices</B>. Notices or demands authorized by this
Agreement to be given or made by the Rights Agent or by the holder of any Right Certificate to or on the Company shall be in writing
and shall be sufficiently given or made if sent by overnight delivery service or first-class mail, postage prepaid, addressed
(until another address is filed in writing with the Rights Agent) as follows:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Global Net Lease, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">650 Fifth Avenue &ndash; 30th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">New York, NY 10019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attention: Legal Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Copy to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Proskauer Rose LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">70 West Madison #3800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Chicago, Illinois 60602</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attn: Michael J. Choate, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Subject to the provisions of Section 21,
any notice or demand authorized by this Agreement to be given or made by the Company or by the holder of any Right Certificate
to or on the Rights Agent shall be in writing and shall be deemed given upon receipt and shall be sufficiently given or made if
sent by overnight delivery service or registered or certified mail addressed (until another address is filed in writing with the
Company) as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">American Stock Transfer and Trust
Company, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">6201 15th Avenue</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Brooklyn, NY 11219</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">Attention: Legal Department</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Notices or demands authorized by this Agreement
to be given or made by the Company or the Rights Agent to a holder of any Right shall be sufficiently given or made if sent by
first-class mail, postage prepaid, addressed to the holder at the address of the holder as shown on the registry books of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in; text-align: left"><B>27.</B></TD><TD STYLE="text-align: justify"><B>Supplements and Amendments</B>. The Company may from
time to time, and the Rights Agent shall if the Company so directs, supplement or amend this Agreement without the approval of
any holders of Rights in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective
or inconsistent with any other provisions herein, or to make any change to or delete any provision hereof or to adopt any other
provisions with respect to the Rights which the Company may deem necessary or desirable; <I>provided</I>, <I>however</I>, that,
from and after the time any Person becomes an Acquiring Person, this Agreement shall not be amended or supplemented in any manner
which would adversely affect the interests of the holders of Rights (other than an Acquiring Person and its Affiliates and Associates).
Without limiting the foregoing, the Company may at any time prior to any Person becoming an Acquiring Person amend this Agreement
to lower the thresholds set forth in Section 1.1 to not less than 4% (the <B>Reduced Threshold</B>); <I>provided</I>,
<I>further</I>, that no Person who, at the time of the amendment setting a Reduced Threshold, Beneficially Owns a number of shares
of Common Stock equal to or greater than the Reduced Threshold shall become an Acquiring Person unless such Person shall, after
the public announcement of the Reduced Threshold, increase its Beneficial Ownership of the then outstanding shares of Common Stock
(other than as a result of an acquisition of shares of Common Stock by the Company) to an amount equal to or greater than the
greater of (x) the Reduced Threshold or (y) the sum of (i) the lowest Beneficial Ownership of such Person as a percentage of the
outstanding shares of Common Stock as of any date on or after the date of the public announcement of such Reduced Threshold plus
(ii) .001%. Any supplement or amendment authorized by this Section 27 will be evidenced by a writing signed by the Company and
the Rights Agent. Upon the delivery of a certificate from an appropriate officer of the Company that states that the proposed
supplement or amendment is in compliance with the terms of this Section 27, an authorized signatory of the Rights Agent shall
execute such supplement or amendment; provided, however, that notwithstanding anything in this Agreement to the contrary, no supplement,
modification or amendment that changes the rights, obligation, duties or immunities of the Rights Agent under this Agreement will
be effective against the Rights Agent without the execution of such supplement or amendment by the Rights Agent and the Rights
Agent shall have no duty to execute such supplement, amendment or modification.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>28.</B></TD><TD STYLE="text-align: justify"><B>Successors</B>. All the covenants and provisions of this Agreement by or for the benefit of
the Company or the Rights Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>29.</B></TD><TD STYLE="text-align: justify"><B>Benefits of This Agreement</B>. Nothing in this Agreement shall be construed to give to any
Person or entity other than the Company, the Rights Agent and the registered holders of the Rights (and, if prior to the Distribution
Date, the holders of Common Stock and, if on the Distribution Date, the Unitholders) any legal or equitable right, remedy or claim
under this Agreement. This Agreement shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered
holders of the Rights (and, if prior to the Distribution Date, the holders of Common Stock and, if on the Distribution Date, the
Unitholders).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>30.</B></TD><TD STYLE="text-align: justify"><B>Severability</B>. If any term, provision, covenant or restriction of this Agreement is held
by a court of competent jurisdiction or other authority to be invalid, null and void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected,
impaired or invalidated; provided, that if any excluded terms, provisions, covenants or restrictions shall materially and adversely
affect the rights, immunities, liabilities, duties, responsibilities or obligations of the Rights Agent, the Rights Agent shall
be entitled to resign upon ten (10) Business Days&rsquo; written notice to the Company.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>31.</B></TD><TD STYLE="text-align: justify"><B>Governing Law</B>. This Agreement and each Right Certificate issued hereunder shall be deemed
to be a contract made under the laws of the State of Maryland and for all purposes shall be governed by and construed in accordance
with the laws of such state applicable to contracts to be made and performed entirely within such state, except that the rights,
duties and obligations of the Rights Agent shall be governed by and construed in accordance with the laws of the State of New York.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>32.</B></TD><TD STYLE="text-align: justify"><B>Counterparts</B>. This Agreement may be executed in any number of counterparts, and each counterparts
shall for all purposes be deemed to be an original, and all counterparts shall together constitute but one and the same instrument.
A signature to this Agreement transmitted electronically shall have the same authority, effect and enforceability as an original
signature.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>33.</B></TD><TD STYLE="text-align: justify"><B>Descriptive Headings</B>. Descriptive headings of the sections of this Agreement are inserted
for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>34.</B></TD><TD STYLE="text-align: justify"><B>Administration</B>. The Board of Directors shall have the exclusive power and authority to administer
and interpret the provisions of this Agreement and to exercise all rights and powers specifically granted to the Board of Directors
or the Company or as may be necessary or advisable in the administration of this Agreement. All such actions, calculations, determinations
and interpretations which are done or made by the Board of Directors in good faith shall be final, conclusive and binding on the
Company, the Rights Agent, holders of the Rights and all other parties and shall not subject the Board of Directors to any liability
to the holders of the Rights. The Rights Agent shall always be entitled to assume that the Board of Directors acted in good faith.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>35.</B></TD><TD STYLE="text-align: justify"><B>Force Majeure</B>. Notwithstanding anything to the contrary contained herein, the Rights Agent
will not have any liability for not preforming, or a delay in the performance of, any act, duty, obligation or responsibility by
reason of any occurrence beyond the reasonable control of the Rights Agent (including, without limitation, any act or provision
of any present or future law or regulation or government authority, any act of God, pandemic, war, civil or military disobedience
or disorder, riot, terrorism, fire, earthquake, storm, flood, strike, work stoppage or similar occurrence).</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>36.</B></TD><TD STYLE="text-align: justify"><B>REIT Status</B>. Notwithstanding anything in this Agreement to the contrary, no Right shall
be exercisable if the exercise or exercisability of such Right would result in the Company failing to qualify as a real estate
investment trust under the Internal Revenue Code of 1986, as amended.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Pages Follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the parties hereto have caused this Agreement to be duly executed as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Global Net Lease, Inc.</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ James L. Nelson</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James L. Nelson&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and President&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>American Stock Transfer and Trust Company, LLC</B>, as Rights Agent&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">/s/ Michael A. Nespoli</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD>Michael A. Nespoli</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:&nbsp;</FONT></TD>
    <TD>Executive Director</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><I>[Signature Page to Rights Agreement]</I></P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><U>EXHIBIT
A</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FORM</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">GLOBAL NET LEASE, INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLES SUPPLEMENTARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">FOR</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SERIES C PREFERRED STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Pursuant to Sections 2-105, 2-201(c) and
2-208 of<BR>
the Maryland General Corporation Law)</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Global Net Lease, Inc.,
a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), hereby certifies to the State Department of Assessments and Taxation
of Maryland that:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FIRST: Under a power
contained in Section 5.1 of the charter of the Company (the &ldquo;<B>Charter</B>&rdquo;), the Board of Directors of the Company
(the &ldquo;<B>Board</B>&rdquo;), by duly adopted resolutions, reclassified and designated one hundred thousand (100,000) authorized but
unissued shares of preferred stock, par value $0.01 per share, of the Company as shares of Series C Preferred Stock, par value
$0.01 per share, with the following preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends
and other distributions, qualifications and terms and conditions of redemption, which, upon any restatement of the Charter, shall
become part of Article V of the Charter, with any necessary or appropriate renumbering or relettering of the sections or subsections
hereof. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <U>Number
of Shares and Designation</U>. A series of preferred stock of the Company designated as &ldquo;Series C Preferred Stock&rdquo;
is hereby established, and the number shares constituting such series shall be one hundred thousand (100,000). Such number of shares may
be increased or decreased by resolution of the Board of Directors and by the filing of Articles Supplementary in accordance with
the Maryland General Corporation Law and the acceptance for record thereof by the State Department of Assessments and Taxation
of Maryland; <I>provided</I>, that no decrease shall reduce the number of shares of Series C Preferred Stock to a number less than
the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding options,
rights or warrants or upon the conversion of any outstanding securities issued by the Company convertible into Series C Preferred
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Section 2. <U>Dividends and other Distributions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;Subject to the
rights of the holders of any shares of any class or series of preferred stock (or any other stock of the Company) ranking senior
to or on a parity with the shares of Series C Preferred Stock with respect to dividends, the holders of shares of Series C Preferred
Stock, in preference to the holders of shares of any class or series of stock of the Company ranking junior to the Series C Preferred
Stock in respect thereof, shall be entitled to receive, when, as and if authorized by the Board of Directors and declared by the
Company out of funds legally available therefor, quarterly dividends payable in cash on the fifteenth day of the month following
the month in which quarter ended January, April, July and October in each year (each such date a &ldquo;<B>Quarterly Dividend Payment
Date</B>&rdquo;), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a
share of Series C Preferred Stock, in an amount (if any) per share (rounded to the nearest cent), subject to the provision for
adjustment hereinafter set forth, equal to 1,000 multiplied by the aggregate per share amount of all cash dividends, and 1,000
multiplied by the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend
payable in shares of Common Stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;), of the Company or a subdivision
of the outstanding shares of Common Stock (by reclassification or otherwise), declared on the Common Stock since the immediately
preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance
of any share or fraction of a share of Series C Preferred Stock. In the event the Company shall at any time declare or pay any
dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the
outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into
a greater or lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series C
Preferred Stock were entitled immediately prior to such event under the preceding sentence shall be adjusted by multiplying such
amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and
the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&nbsp;The Company
shall declare a dividend or other distribution on the Series C Preferred Stock as provided in paragraph (A) of this Section 2 immediately
after it declares a dividend or other distribution on the Common Stock (other than a dividend payable in shares of Common Stock).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(C)&nbsp;Dividends due
pursuant to paragraph (A) of this Section 2 shall begin to accrue and be cumulative on outstanding shares of Series C Preferred
Stock from the Quarterly Dividend Payment Date next preceding the date of issue of such shares, unless the date of issue of such
shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall
begin to accrue from the date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a
date after the record date for the determination of holders of shares of Series C Preferred Stock entitled to receive a quarterly
dividend and before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be
cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the
shares of Series C Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on
such shares shall be allocated pro rata on a share-by-share basis among all such shares at the time outstanding. The Board of Directors
may fix a record date for the determination of holders of shares of Series C Preferred Stock entitled to receive payment of a dividend
or distribution declared thereon, which record date shall be not more than 60 days prior to the date fixed for the payment thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(D) In determining whether
a dividend or other distribution (other than upon voluntary or involuntary liquidation), by dividend, redemption or other acquisition
of shares or otherwise, is permitted under the Maryland General Corporation Law, amounts that would be needed, if the Company were
to be dissolved at the time of the dividend or other distribution, to satisfy the preferential right upon dissolution of holders
of the Series C Preferred Stock shall not be added to the Company&rsquo;s total liabilities.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. <U>Voting
Rights</U>. The holders of shares of Series C Preferred Stock shall have the following voting rights:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;Subject to the
provision for adjustment hereinafter set forth, each share of Series C Preferred Stock shall entitle the holder thereof to 1,000
votes on all matters submitted to a vote of the holders of shares of Common Stock. In the event the Company shall at any time declare
or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation
of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock)
into a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders
of shares of Series C Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such number
by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the
denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&nbsp;Except as otherwise
provided herein, in the terms of any other class or series of preferred stock or any similar stock or by law, the holders of shares
of Series C Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Company having general
voting rights shall vote together as one class on all matters submitted to a vote of stockholders of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(C)&nbsp;Except as set
forth herein, or as otherwise required by law, holders of Series C Preferred Stock shall have no special voting rights and their
consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein)
for taking any corporate action.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. <U>Certain
Restrictions</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;Whenever one
or more quarterly dividends or other dividends or distributions payable on the Series C Preferred Stock as provided in Section
2 are in arrears, thereafter and until all accrued and unpaid dividends and distributions, whether or not authorized or declared,
on shares of Series C Preferred Stock outstanding shall have been paid in full, the Company shall not:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(i)&nbsp;declare or
pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation,
dissolution or winding up) to the Series C Preferred Stock;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(ii)&nbsp;declare or
pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as to dividends or upon liquidation,
dissolution or winding up) with the Series C Preferred Stock, except dividends paid ratably on the Series C Preferred Stock and
all such parity stock on which dividends are payable or in arrears in proportion to the total amounts to which the holders of all
such shares are then entitled; or</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">(iii)&nbsp;except pursuant
to provisions of the Charter or Bylaws of the Company providing for limitations or restrictions on ownership of securities of the
Company which are, expressly or by implication, included to protect the status of the Corporation as a real estate investment trust
under the Internal Revenue Code, redeem or purchase or otherwise acquire for consideration any shares of stock of the Company ranking
junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series C Preferred Stock, provided that the
Company may at any time redeem, purchase or otherwise acquire shares of any such junior stock in exchange for shares of any stock
of the Company ranking junior (as to dividends and upon dissolution, liquidation or winding up) to the Series C Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&nbsp;The Company
shall not permit any subsidiary of the Company to purchase or otherwise acquire for consideration any shares of stock of the Company
unless the Company could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in
such manner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. <U>Reacquired
Shares</U>. All shares of Series C Preferred Stock purchased or otherwise acquired by the Company in any manner whatsoever shall
constitute authorized but unissued shares of preferred stock, without designation as to class or series, and may thereafter be
classified, reclassified or issued as any series or class of preferred stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <U>Liquidation,
Dissolution or Winding Up</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(A)&nbsp;Upon any liquidation,
dissolution or winding up of the Company, voluntary or otherwise, no distribution shall be made to the holders of shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series C Preferred Stock unless,
prior thereto, the holders of shares of Series C Preferred Stock shall have received an amount per share (the &ldquo;<B>Series
C Liquidation Preference</B>&rdquo;), subject to the provision for adjustment hereinafter set forth, equal to 1,000 multiplied
by the aggregate amount to be distributed per share to holders of shares of Common Stock plus an amount equal to any accrued and
unpaid dividends. In the event the Company shall at any time declare or pay any dividend on the Common Stock payable in shares
of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification
or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock,
then in each such case the aggregate amount to which holders of shares of Series C Preferred Stock were entitled immediately prior
to such event under the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is
the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares
of Common Stock that were outstanding immediately prior to such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(B)&nbsp;If there are
not sufficient assets available to permit payment in full of the Series C Liquidation Preference and the liquidation preferences
of all other classes and series of stock of the Company, if any, that rank on a parity with the Series C Preferred Stock in respect
thereof, then the assets available for such distribution shall be distributed ratably to the holders of the Series C Preferred
Stock and the holders of such parity shares in proportion to their respective liquidation preferences.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(C)&nbsp;Neither the
merger or consolidation of the Company into or with another entity nor the merger or consolidation of any other entity into or
with the Company shall be deemed to be a liquidation, dissolution or winding up of the Company within the meaning of this Section
6.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. <U>Consolidation,
Merger, Etc.</U> If the Company shall enter into any consolidation, merger, combination or other transaction in which the shares
of Common Stock are exchanged for or changed into other stock or securities, cash or any other property, then in any such case
each share of Series C Preferred Stock shall at the same time be similarly exchanged or changed into an amount per share, subject
to the provision for adjustment hereinafter set forth, equal to 1,000 multiplied by the aggregate amount of stock, securities,
cash or any other property (payable in kind), as the case may be, into which or for which each share of Common Stock is changed
or exchanged. In the event the Company shall at any time declare or pay any dividend on the Common Stock payable in shares of Common
Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or
otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then
in each such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series C Preferred
Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock
outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding
immediately prior to such event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. <U>Amendment</U>.
At any time that any shares of Series C Preferred Stock are outstanding, the Charter shall not be amended in any manner, including
in a merger, consolidation or otherwise, which would materially and adversely alter, change or repeal the preferences, conversion
and other rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications or terms and
conditions of redemption of the Series C Preferred Stock without the affirmative vote of the holders of at least two-thirds of
the outstanding shares of Series C Preferred Stock, voting separately as a single class.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. <U>Rank</U>.
The Series C Preferred Stock shall rank, with respect to the payment of dividends and upon liquidation, dissolution and winding
up, junior to the Company&rsquo;s preferred stock designated as 7.25% Series A Cumulative Redeemable Preferred Stock, par value
$0.01 per share, the Company&rsquo;s preferred stock designated as 6.875% Series B Cumulative Redeemable Perpetual Preferred Stock,
par value $0.01 per share, and all other classes or series of preferred stock, unless the terms of any such other class or series
shall provide otherwise, and shall rank senior to the Common Stock as to such matters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10. <U>Ownership
Restrictions</U>. The Series C Preferred Stock shall be subject to the restrictions and limitations set forth in Section 5.7 of
the Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. <U>Permissible
Distributions</U>. In determining whether a distribution (other than upon liquidation, dissolution or winding up), whether by dividend,
or upon redemption or other acquisition of shares or otherwise, is permitted under Maryland law, amounts that would be needed,
if the Company were to be dissolved at the time of the distribution, to satisfy the preferential rights upon dissolution of holders
of shares of any class or series of stock whose preferential rights upon dissolution are superior or prior to those receiving the
distribution shall not be added to the Company&rsquo;s total liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">SECOND: The Series
C Preferred Stock has been classified and designated by the Board under the authority contained in the Charter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIRD: These Articles
Supplementary have been approved by the Board in the manner and by the vote required by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">FOURTH: The undersigned
acknowledges these Articles Supplementary to be the corporate act of the Company and, as to all matters or facts required to be
verified under oath, the undersigned acknowledges that, to the best of his knowledge, information and belief, these matters and
facts are true in all material respects and that this statement is made under the penalties for perjury.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[SIGNATURE PAGE FOLLOWS]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS
WHEREOF, the Company has caused these Articles Supplementary to be executed under seal in its name and on its behalf by its
Chief Executive Officer and President and attested to by its Chief Financial Officer, Treasurer and Secretary on this
9<SUP>th</SUP> day of April, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">ATTEST:</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">GLOBAL NET LEASE, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 5%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 40%; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Christopher J. Masterson</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">James L. Nelson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Financial Officer, Treasurer and Secretary</FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">Chief Executive Officer and President</FONT></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in"><U>EXHIBIT B</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Right Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="padding-right: 0; vertical-align: top; width: 68%; padding-bottom: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certificate No. R-&nbsp;</P></TD>
    <TD STYLE="padding-right: 0; vertical-align: top; width: 32%; padding-bottom: 0; padding-left: 0; text-indent: 0">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Rights</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOT EXERCISABLE AFTER APRIL 8, 2021 OR EARLIER
IF REDEMPTION OR EXCHANGE OCCURS. THE RIGHTS ARE SUBJECT TO REDEMPTION AT $0.0001 PER RIGHT AND TO EXCHANGE ON THE TERMS SET FORTH
IN THE RIGHTS AGREEMENT. UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS THAT ARE OR WERE ACQUIRED OR
BENEFICIALLY OWNED BY AN ACQUIRING PERSON OR ANY ASSOCIATE OR AFFILIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT)
OR ANY SUBSEQUENT HOLDER OF SUCH RIGHTS MAY BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Right Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Global Net Lease, Inc.,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">a Maryland corporation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This certifies that,
or registered assigns, is the registered owner of the number of Rights set forth above, each of which entitles the owner thereof,
subject to the terms, provisions and conditions of the Rights Agreement dated as of April 9, 2020, as may be amended from
time to time (the &ldquo;<B>Rights Agreement</B>&rdquo;), between Global Net Lease, Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;),
and American Stock Transfer and Trust Company, LLC, a New York limited liability company (the &ldquo;<B>Rights Agent</B>&rdquo;),
to purchase from the Company at any time after the Distribution Date (as such term is defined in the Rights Agreement) and prior
to 5:00 p.m., New York time, on April 8, 2021 at the principal office of the Rights Agent, or at the office of its successor as Rights
Agent, one one-thousandth of a fully paid non-assessable share of Series C Preferred Stock, par value $0.01 per share (the &ldquo;<B>Preferred
Shares</B>&rdquo;), of the Company, at a purchase price of $50.00 per one one-thousandth of a Preferred Share (the &ldquo;<B>Purchase
Price</B>&rdquo;), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase duly executed.
The number of Rights represented by this Right Certificate (and the number of one one-thousandths of a Preferred Share which may
be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and Purchase Price as
of April 9, 2020, based on the Preferred Shares as constituted at such date. As provided in the Rights Agreement, the Purchase
Price and the number of one one-thousandths of a Preferred Share (or other securities or property) which may be purchased upon
the exercise of the Rights represented by this Right Certificate are subject to modification and adjustment upon the happening
of certain events.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">From and after the occurrence
of a Section 11.1.2 Event (as defined in the Rights Agreement), if the Rights evidenced by this Rights Certificate are beneficially
owned by (i) an Acquiring Person or an Associate or Affiliate of an Acquiring Person (as such terms are defined in the Rights Agreement),
(ii) a transferee of an Acquiring Person (or of any Associate or Affiliate thereof) who becomes a transferee after the Acquiring
Person became such or (iii) under certain circumstances specified in the Rights Agreement, a transferee of an Acquiring Person
(or of any Associate or Affiliate thereof) who becomes a transferee prior to or concurrently with the Acquiring Person&rsquo;s
becoming such, these Rights shall become null and void and no holder hereof shall have any right with respect to such Rights from
and after the occurrence of the Section 11.1.2 Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Right Certificate
is subject to all of the terms, provisions and conditions of the Rights Agreement, which terms, provisions and conditions are incorporated
herein by this reference and made a part hereof, and to which Rights Agreement reference is made for a full description of the
rights, limitations of rights, obligations, duties and immunities hereunder of the Rights Agent, the Company and the holders of
the Right Certificates. Copies of the Rights Agreement are on file at the principal executive offices of the Company and the offices
of the Rights Agent. The Company will mail to the holder(s) of this Rights Certificate a copy of the Rights Agreement without charge
after receipt of a written request therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Right Certificate,
with or without other Right Certificates, upon surrender at the principal office of the Rights Agent, may be exchanged for another
Right Certificate or Right Certificates of like tenor and date representing Rights entitling the holder to purchase a like aggregate
number of Preferred Shares as the Rights represented by the Right Certificate or Right Certificates surrendered shall have entitled
such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon surrender
hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Subject to the provisions
of the Rights Agreement, at the Company&rsquo;s option, the Rights represented by this Certificate may be redeemed or exchanged
in accordance with Section 23 and Section 24, respectively, of the Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No fractional Preferred
Shares will be issued upon the exercise of any Right or Rights represented hereby (other than fractions which are integral multiples
of one one-thousandth of a Preferred Share, which may, at the election of the Company, be represented by depositary receipts),
but in lieu thereof a cash payment will be made, as provided in the Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">No holder of this Right
Certificate, as such, shall be entitled to vote or receive dividends or be deemed for any purpose the holder of the Preferred Shares,
shares of Common Stock or of any other securities of the Company which may at any time be issuable on the exercise or exchange
hereof, nor shall anything contained in the Rights Agreement or herein be construed to confer upon the holder hereof, as such,
any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted
to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings
or other actions affecting stockholders (except as provided in the Rights Agreement), or to receive dividends or subscription rights,
or otherwise, until the Right or Rights represented by this Right Certificate shall have been exercised or exchanged as provided
in the Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This Right Certificate
shall not be valid or obligatory for any purpose until it shall have been countersigned by the Rights Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS the facsimile
signature of the proper officers of the Company and its corporate seal. Dated as of&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attest:&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Global Net Lease, Inc.</B>&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(Seal)&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Countersigned:&nbsp;</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rights Agent&nbsp;</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Authorized Signature&nbsp;</FONT></TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 46%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Reverse Side of Right Certificate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM OF ASSIGNMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(To be executed by the registered holder
if such holder desires to transfer the Rights represented by the Rights Certificate.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">FOR VALUE RECEIVED, ___________
hereby sells, assigns and transfers unto</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_____________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Please print name and address of transferee)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">[all] [ ] of the Rights represented by
this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
__________, Attorney, to transfer said Rights on the books of the within-named Company, with full power of substitution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="width: 40%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Signature Guaranteed</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Signatures must be guaranteed
by an eligible guarantor institution (bank, stock broker or savings and loan association with membership in an approved signature
medallion program).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The undersigned hereby
certifies that the Rights represented by this Right Certificate are not beneficially owned by and were not acquired by the undersigned
from, and are not being assigned to, an Acquiring Person or an Affiliate or Associate thereof and are not issued with respect to
notional shares of Common Stock related to a Derivative Interest described in Section 1.6.4 of the definition of Beneficial Owner
(as such terms are defined in the Rights Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Signature</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Reverse Side of Right Certificate
 &mdash; continued</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>FORM OF ELECTION TO PURCHASE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(To be executed if holder desires to exercise
Rights represented by the Right Certificate.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">To Global Net Lease, Inc.:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The undersigned hereby
irrevocably elects to exercise Rights represented by this Right Certificate to purchase the Preferred Shares (or other securities
or property) issuable upon the exercise of such Rights and requests that certificates for such Preferred Shares (or other securities
or property) be issued in the name of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please insert Social Security or other identifying number: _______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Please print name and address)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><B><U>Exercise of Rights</U></B> (select applicable provision)</P>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">pursuant to Section 7.1 of the Rights Agreement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">pursuant to Section 11.1.2 of the Rights Agreement</TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="text-align: justify">pursuant to Section 13 of the Rights Agreement</TD>
</TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If such number of Rights shall not be all
the Rights represented by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered
in the name of and delivered to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please insert Social Security or other identifying number: _______________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Please print name and address)</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; font-size: 10pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: ____________, ___________</P></TD>
    <TD STYLE="width: 50%; border-bottom: black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Signature</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Signature must conform to the holder specified
on the Right Certificate)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Signature Guaranteed</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Signatures must be guaranteed
by an eligible guarantor institution (bank, stock broker or savings and loan association with membership in an approved signature
medallion program).&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Form of Reverse Side of Right Certificate
 &mdash; continued</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The undersigned hereby
certifies that the Rights represented by this Right Certificate are not beneficially owned by, were not acquired by the undersigned
from and are not being assigned to, an Acquiring Person or an Affiliate or Associate thereof and are not issued with respect to
notional shares of Common Stock related to a Derivative Interest described in Section 1.6.4 of the definition of Beneficial Owner
(as such terms are defined in the Rights Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 50%; border-top: black 1pt solid">
        <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Signature</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: black 1pt solid">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>NOTICE</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The signature in the
foregoing Forms of Assignment and Election to Purchase must conform to the name as written upon the face of this Right Certificate
in every particular, without alteration or enlargement or any change whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In the event the certification
set forth above in the Form of Assignment or the Form of Election to Purchase, as the case may be, is not completed, such assignment
or election to purchase will not be honored.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in"><U>EXHIBIT
C</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: right; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">UNDER CERTAIN CIRCUMSTANCES, AS SET FORTH
IN THE RIGHTS AGREEMENT, RIGHTS OWNED BY OR TRANSFERRED TO ANY PERSON WHO IS OR BECOMES AN ACQUIRING PERSON (AS DEFINED IN THE
RIGHTS AGREEMENT) AND CERTAIN TRANSFEREES THEREOF WILL BECOME NULL AND VOID AND WILL NO LONGER BE TRANSFERABLE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SUMMARY OF RIGHTS TO PURCHASE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">PREFERRED SHARES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On April 9,
2020, Global Net Lease, Inc., a Maryland corporation (the &ldquo;<B>Company</B>&rdquo;), declared a dividend of one preferred share
purchase right (a &ldquo;<B>Right</B>&rdquo;) for each outstanding share of Common Stock, par value $0.01 per share (the &ldquo;<B>Common
Stock</B>&rdquo;), of the Company outstanding on April 20, 2020 (the &ldquo;<B>Record Date</B>&rdquo;) to the holders of
record of Common Stock on that date. Each Right entitles the registered holder to purchase from the Company one one-thousandth
of a share of Series C Preferred Stock, par value $0.01 per share (the &ldquo;<B>Preferred Shares</B>&rdquo;), of the Company,
at a price of $50.00 per one one-thousandth of a Preferred Share represented by a Right (the &ldquo;<B>Purchase Price</B>&rdquo;),
subject to adjustment. The description and terms of the Rights are set forth in a Rights Agreement (the &ldquo;<B>Rights Agreement</B>&rdquo;),
dated as of April 9, 2020, as the same may be amended from time to time, between the Company and American Stock Transfer
and Trust Company, LLC, a New York limited liability company, as Rights Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>DETACHMENT AND TRANSFER OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until the earlier of
(i) the close of business on the 10th business day following a public announcement that a person or group of affiliated or associated
persons has become an &ldquo;<B>Acquiring Person</B>&rdquo; (as defined in the Rights Agreement) or when a majority of the Board
of Directors becomes aware of the existence of an Acquiring Person (the earlier of such dates, the &ldquo;<B>Stock Acquisition
Date</B>&rdquo;) (or, in the event the Board of Directors determines on or before the 10<SUP>th</SUP> business day to effect an
exchange in accordance with Section 24 of the Rights Agreement and determines that a later date not more than 20 days after the
Stock Acquisition Date is advisable, then the later date determined by the Board of Directors) or (ii) the close of business on
the 10th business day (or a later date as may be determined by action of the Board of Directors prior to any person becoming an
Acquiring Person) following the commencement of, or the first public announcement of an intention to commence, a tender or exchange
offer (which intention to commence remains in effect for five business days after announcement), the consummation of which would
result in the beneficial ownership by a person or group of 4.9% or more of the outstanding shares of Common Stock (the earlier
of these dates, the &ldquo;<B>Distribution Date</B>,&rdquo; <I>provided, however</I>, that the Distribution Date will in no event
be prior to the Record Date), the Rights will be represented, with respect to any of the Common Stock certificates outstanding
as of the Record Date, by the Common Stock certificate with a copy of this Summary of Rights attached thereto. In general, an &ldquo;<B>Acquiring
Person</B>&rdquo; is a person, the affiliates or associates of the person, or a group, that has acquired beneficial ownership of
4.9% or more of the outstanding shares of Common Stock, subject to certain exceptions, including, among
other things, that certain &ldquo;<B>Exempt Persons</B>&rdquo; and &ldquo;<B>Passive Investors</B>,&rdquo; each as defined in the
Rights Agreement, may have greater beneficial ownership without becoming an &ldquo;<B>Acquiring Person</B>.&rdquo; In addition,
certain inadvertent acquisitions will not trigger the occurrence of the Distribution Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Securities &ldquo;<B>Beneficial
Owned</B>&rdquo; by a person, together with its affiliates and associates, include (i) any securities beneficially owned, directly
or indirectly, within the meaning of Rule 13d-3 of the Securities Exchange Act of 1934, as amended, (ii) except under limited circumstances,
securities with respect to which the person, or any of its affiliates or associates, has the right or obligation to acquire or
the right to vote pursuant to any agreement, arrangement or understanding, (iii) any securities which are Beneficially Owned, directly
or indirectly, by any other person (or any affiliate or associate of the other person) with which the person, or any of its affiliates
or associates, is Acting in Concert (as defined in the Rights Agreement) with or has any agreement, arrangement or understanding,
whether or not in writing, for the purpose of acquiring, holding, voting (subject to certain limited exceptions) or disposing of
any voting securities of the Company, and (iv) any securities which are the subject of, or the reference securities for, or that
underlie, any derivative securities (as defined under Rule 16a-1 under the Exchange Act) that increase in value as the value of
the underlying equity increases.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Rights Agreement
provides that, until the Distribution Date (or earlier expiration of the Rights), the Rights will be transferred with and only
with the shares of Common Stock. Until the Distribution Date (or earlier redemption or expiration of the Rights), any new Common
Stock certificates issued after the Record Date will contain a notation incorporating the Rights Agreement by reference. Until
the Distribution Date (or earlier redemption or expiration of the Rights), the surrender for transfer of any shares of Common Stock
outstanding as of the Record Date, even without any notation or a copy of this Summary of Rights being attached thereto, will also
constitute the transfer of the Rights associated with the Common Stock. As soon as practicable following the Distribution Date,
unless the Company chooses to use book entry in lieu of physical certificates, separate certificates representing the Rights (&ldquo;<B>Right
Certificates</B>&rdquo;) will be mailed to holders of record of the shares of Common Stock as of the close of business on the Distribution
Date, and the separate Right Certificates alone will represent the Rights. If the Company uses book entry in lieu of physical certificates,
 &ldquo;Rights Certificates&rdquo; will be deemed to mean the uncertificated book entry representing the related Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On the Distribution
Date, proper provision will be made by the Company in order to provide each holder (other than the Company) of partnership units
designated as &ldquo;OP Units&rdquo; of Global Net Lease Operating Partnership, L.P., a Delaware limited partnership (the &ldquo;<B>Partnership</B>&rdquo;),
with the number of Rights, represented by Right Certificates, as would be issued to the applicable holder as if the Company had
redeemed all of the holder&rsquo;s partnership units for shares of Common Stock pursuant to the terms and conditions of the agreement
of limited partnership of the Partnership immediately prior to the Distribution Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXERCISABILITY OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Rights are not
exercisable until the Distribution Date. The Rights will expire on April 8, 2021, unless the Rights are previously redeemed, exchanged
or terminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<BR>
</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Purchase Price
payable, and the number of Preferred Shares or other securities or property issuable, upon exercise of the Rights is subject to
adjustment from time to time to prevent dilution (i) in the event the Company declares a dividend on the Preferred Shares payable
in Preferred Shares or effects a subdivision, combination or reclassification of the Preferred Shares; (ii) in the event the Board
of Directors fixes a record date for the issuance of rights, options or warrants to all holders of the Preferred Shares entitling
them (for a period expiring within forty-five (45) calendar days after the record date) to subscribe for or purchase Preferred
Shares, or shares having the same rights, privileges and preferences as the Preferred Shares (&ldquo;<B>Equivalent Preferred Shares</B>&rdquo;),
at a price, or securities convertible into Preferred Shares or Equivalent Preferred Shares with a conversion price, less than the
then current market price of the Preferred Shares on the record date; or (iii) in the event the Board of Directors fixes a record
date for the making of a distribution to all holders of the Preferred Shares of evidences of indebtedness or assets (other than
a regular quarterly cash dividends or dividends payable in Preferred Shares) or subscription rights or warrants (other than those
referred to above).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The number of outstanding
Rights and the number of Preferred Shares issuable upon exercise of each Right are also subject to adjustment in the event of a
stock split of Common Stock or a stock dividend on the Common Stock payable in shares of Common Stock or subdivisions, consolidations
or combinations of the shares of Common Stock occurring, in any such case, prior to the Distribution Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TERMS OF PREFERRED SHARES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Preferred Shares issuable
upon exercise of the Rights will not be redeemable. Each Preferred Share will be entitled, when, as and if authorized and declared,
to a quarterly dividend payment of 1,000 multiplied by the dividend declared per share of Common Stock. In the event of liquidation,
dissolution or winding up of the Company, the holders of the Preferred Shares will be entitled to a payment per share, subject
to the provision for adjustment, equal to 1,000 multiplied by the aggregate amount to be distributed per share to holders of shares
of Common Stock plus an amount equal to any accrued and unpaid dividends. Each Preferred Share will have 1,000 votes, subject to
the provision for adjustment, voting together with the shares of Common Stock. In the event of any merger, consolidation or other
transaction in which shares of Common Stock are exchanged for or changed into other stock or securities, cash or any other property,
then in any such case each Preferred Share will at the same time be similarly exchanged or changed into an amount per share, subject
to the provision for adjustment, equal to 1,000 multiplied by the aggregate amount of stock, securities, cash or any other property
(payable in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. These rights
are protected by customary antidilution provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because of the nature
of the dividend, liquidation and voting rights of the Preferred Shares, the value of the one one-thousandth interest in a Preferred
Share issuable upon exercise of each Right should approximate the value of one share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>TRIGGER OF SECTION 11.1.2 AND SECTION 13 EVENTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that any
a person becomes an Acquiring Person, unless the event causing the 4.9% threshold to be crossed is a Permitted Offer (as
defined in the Rights Agreement) or a Section 13 Event described below, and the Board of Directors authorizes the Company to issue
Rights Certificates under Section 3.1 of the Rights Agreement (a &ldquo;<B>Section 11.1.2 Event</B>&rdquo;), then, each holder
of a Right (except for Rights which have become null and void pursuant to Section 7.6 of the Rights Agreement) shall thereafter
have the right to receive, upon exercise thereof, a number of shares of Common Stock (or, in certain circumstances, cash, property
or other securities of the Company) equal to the exercise price of the Right divided by fifty percent (50%) of the Current Per
Share Market Price (as defined in the Rights Agreement) of the shares of Common Stock at the date of the first occurrence of a
Section 11.1.2 Event. However, these Rights will not be exercisable until the Rights are no longer redeemable by the Company and
are also subject to the Company&rsquo;s exchange right described below. Notwithstanding any of the foregoing, following the occurrence
of a Section 11.1.2 Event, all Rights that are, or (under certain circumstances specified in the Rights Agreement) were, Beneficially
Owned by any Acquiring Person (or by certain related parties) will be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For example, at
an exercise price of $50.00 per Right, each Right not owned by an Acquiring Person (or by certain related parties) following
a Section 11.1.2 Event would entitle its holder to purchase for $50.00 a number of shares of Common Stock (or other
consideration, as noted above) equal to $50.00 divided by one-half of the Current Per Share Market Price (as defined in the
Rights Agreement) of the shares of Common Stock. Assuming that the Current Per Share Market Price of Common Stock is $20.00
at the applicable time, the holder of each valid Right would be entitled to purchase 5 shares of Common Stock, having a
market value of 5 x $20.00, or $100.00, for $50.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, at any time after
the Stock Acquisition Date, (i) the Company consolidates with, or merges with and into, any other person; (ii) any person consolidates
with the Company, or merges with and into the Company, and the Company is the continuing or surviving corporation of the transaction
and, in connection with the transaction, all or part of the shares of Common Stock are or will be changed into or exchanged for
stock or other securities of any other person (or the Company) or cash or any other property; or (iii) the Company sells or otherwise
transfers (or one or more of its subsidiaries sell or otherwise transfer), in one or more transactions, assets or Earning Power
aggregating 50% or more of the assets or Earning Power (as defined in the Rights Agreement) of the Company and its subsidiaries
(taken as a whole) to any other person other than the Company or one or more of its wholly owned subsidiaries (each of the foregoing
events, a &ldquo;<B>Section 13 Event</B>&rdquo;), then upon the first occurrence of any Section 13 Events, proper provision will
be made so that each holder of a Right (except for Rights which have become null and void pursuant to Section 7.6 of the Rights
Agreement) will thereafter have the right to receive, upon the exercise of a Right, the number of shares of common stock of the
acquiring company (including the Company as successor thereto or as the surviving corporation) which equals the exercise price
of the Right divided by fifty percent (50%) of the Current Per Share Market Price (as defined in the Rights Agreement) of the shares
of common stock of the acquiring company at the date of the consummation of the Section 13 Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>EXCHANGE AND REDEMPTION OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At any time after any
person becomes an Acquiring Person, the Board of Directors may authorize the Company to exchange the Rights (except for Rights
which have become null and void pursuant to Section 7.6 of the Rights Agreement), in whole or in part, at an exchange ratio of
one Common Stock per one one-thousandth of a Preferred Share represented by a Right, subject to adjustment. Notwithstanding the
foregoing, to the extent prohibited by Maryland law, the Board of Directors shall not be empowered to authorize an exchange at
any time after an Acquiring Person becomes the Beneficial Owner of a majority of the shares of Common Stock then outstanding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With certain exceptions,
no adjustment in the Purchase Price will be required unless an adjustment would require an increase or decrease of at least 1%
in such Purchase Price. The Company is not required to issue fractional shares of its stock upon the exercise of Rights (other
than fractions which are integral multiples of one one-thousandth of a Preferred Share or an Equivalent Preferred Share, as applicable,
which may, at the election of the Company, be represented by depositary receipts), and in lieu thereof, an adjustment in cash will
be made based on the market price of the applicable stock on the last trading day prior to the date of exercise or exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">At any time prior to
the earlier of (i) the close of business on the tenth (10th) business day following the Stock Acquisition Date (or, if the Stock
Acquisition Date shall have occurred prior to the Record Date, the Close of Business on the tenth (10th) day following the Record
Date), or (ii) the Final Expiration Date, the Company may redeem the Rights in whole, but not in part, at a price of $0.0001 per
Right, subject to adjustment (payable in cash, shares of Common Stock or other consideration deemed appropriate by the Board of
Directors). In the event that Continuing Directors no longer comprise a majority of the Board (a &ldquo;<B>Section 23.1 Event</B>&rdquo;),
then for a period of 180 days following the first occurrence of a Section 23.1 Event, the Rights cannot be redeemed unless there
are Continuing Directors and a majority of the Continuing Directors concur with the Board of Directors&rsquo; decision to redeem
the Rights. Immediately upon the action of the Company&rsquo;s Board of Directors ordering redemption of the Rights (with, if required,
the concurrence of a majority of the Continuing Directors), or at a later time as the Board of Directors may establish for the
effectiveness of the redemption, the Rights will terminate and the only right of the holders of Rights will be to receive the $0.0001
per Right redemption price. The term &ldquo;<B>Continuing Directors</B>&rdquo; means any member of the Board of Directors of the
Company who was a member of the Board of Directors immediately prior to the date of the Rights Agreement, and any person who is
subsequently elected to the Board of Directors if the person is recommended or approved by a majority of the Continuing Directors,
but shall not include an Acquiring Person, or an affiliate or associate of an Acquiring Person, or any representative or nominee
of the foregoing entities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Until a Right is exercised
or exchanged, the holder thereof, as such, will have no rights as a holder of the Common Stock for which the Right is exercisable
or exchangeable, including, without limitation, the right to vote or to receive dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AMENDMENT OF RIGHTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the Rights
Agreement may be amended by the Board of Directors without the consent of the holders of the Rights provided that, from and after
the time any person becomes and Acquiring Person, the Rights Agreement may not be amended or supplemented in any manner which would
adversely affect the interests of the holders of Rights (other than an Acquiring Person and its affiliates and associates). Without
limiting the foregoing, the Company may, at any time prior to any person becoming an Acquiring Person, amend the Rights Agreement
to lower the threshold at which a person or group becomes an Acquiring Person, but may not lower the threshold below 4.0%
of the outstanding shares of Common Stock. In addition, the Board may not cause a person or group to become an Acquiring Person
by lowering this threshold below the percentage interest that such person or group already owns.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ADDITIONAL INFORMATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A copy of the Rights
Agreement has been filed with the Securities and Exchange Commission as an Exhibit to a Current Report on Form 8-K dated April
9, 2020. A copy of the Rights Agreement is available free of charge from the Company. This summary description of the Rights
does not purport to be complete and is qualified in its entirety by reference to the Rights Agreement, which is hereby incorporated
herein by reference.</P>

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<P STYLE="margin: 0"></P>

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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1&nbsp;</B></P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;<IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GLOBAL NET <FONT STYLE="text-transform: uppercase">LEASE
ADOPTS SHORT-TERM STOCKHOLDER RIGHTS PLAN</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>NEW YORK &ndash;April 9, 2020 &ndash;
</B>Global Net Lease, Inc. (NYSE: GNL) (&ldquo;GNL&rdquo; or the &ldquo;Company&rdquo;) announced today that its Board of Directors
(the &ldquo;Board&rdquo;) has approved a short-term stockholder rights plan (the &ldquo;Plan&rdquo;) to protect the long-term interests
of the Company. The Board has adopted the Plan at this time due to the substantial volatility in the trading of the Company&rsquo;s
common stock (the &ldquo;Common Stock&rdquo;) that has resulted from the ongoing COVID-19 pandemic.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The adoption of the Plan by the Board is
intended to allow the Company to realize the long-term value of the Company&rsquo;s assets by protecting the Company from the actions
of third parties that the Board determines are not in the best interest of the Company. By adopting the Plan, the Board believes
that it has best positioned the Company to navigate through this period of volatility brought on by COVID-19. Similar to plans
adopted recently by other publicly held companies, GNL&rsquo;s Plan is designed to reduce the likelihood that any person or group
(including a group of persons that are acting in concert with each other) would gain control of GNL through open market accumulation
of stock by imposing significant penalties upon any person or group that acquires 4.9% or more of the outstanding shares of the
Common Stock without the approval of the Board. The Plan is not intended to prevent or interfere with any action that the Board
determines to be in the best interest of the Company and, among other exemptions, exempts passive investors (as described in the
Plan).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">By the terms of the Plan, the rights will
initially trade with Common Stock and will generally only become exercisable on the 10<SUP>th</SUP> business day after the Board
becomes aware that a person or entity has become the owner of 4.9% or more of the shares of Common Stock or the commencement of
a tender or exchange offer which would result in the offeror becoming an owner of 4.9% or more of the Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Plan expires on April 8, 2021 unless the Plan is amended
or the Rights are earlier exercised, exchanged or redeemed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Additional details regarding the Plan are contained in a Current
Report on Form 8-K filed by the Company on April 9, 2020 with the U.S. Securities and Exchange Commission (&ldquo;SEC&rdquo;).
The filing will be available on the SEC&rsquo;s website at www.sec.gov and in the Investor Relations section of the Company&rsquo;s
website at www.globalnetlease.com.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>About Global Net Lease, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Global Net Lease, Inc. (NYSE: GNL) is a
publicly traded real estate investment trust listed on the NYSE 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. Additional information about GNL can be found on its website at <I>www.globalnetlease.com</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Important Notice</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The statements in this press release that
are not historical facts may be forward-looking statements. These forward-looking statements involve risks and uncertainties that
could cause actual results or events to be materially different. <FONT STYLE="background-color: white">The</FONT> words &ldquo;anticipates,&rdquo;
 &ldquo;believes,&rdquo; &ldquo;<FONT STYLE="background-color: white">expects,&rdquo; &ldquo;</FONT>estimates,&rdquo; &ldquo;<FONT STYLE="background-color: white">projects</FONT>,&rdquo;
 &ldquo;plans,&rdquo; &ldquo;intends,&rdquo; &ldquo;<FONT STYLE="background-color: white">may,&rdquo; &ldquo;will,&rdquo; &ldquo;</FONT>would&rdquo;
<FONT STYLE="background-color: white">and</FONT> similar expressions <FONT STYLE="background-color: white">are intended to identify</FONT>
forward-looking <FONT STYLE="background-color: white">statements</FONT>, although not all forward-looking statements contain these
identifying words. <FONT STYLE="background-color: white">These forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of Company&rsquo;s control, which could cause actual results to</FONT> differ materially
from <FONT STYLE="background-color: white">the results</FONT> contemplated by <FONT STYLE="background-color: white">the</FONT>
forward-looking statements<FONT STYLE="background-color: white">. These risks and uncertainties include the potential adverse effects
of the ongoing global coronavirus pandemic, including actions taken to contain or treat the coronavirus, on the Company, the Company&rsquo;s
tenants and the global economy and financial markets and that any potential future acquisition is subject to market conditions
and capital availability and may not be identified or completed on favorable terms, or at all, as well as those risks and uncertainties</FONT>
set forth in the Risk Factors section of <FONT STYLE="background-color: white">the Company&rsquo;s</FONT> Annual Report on Form
10-K for the year ended December 31, 2019 filed <FONT STYLE="background-color: white">on </FONT>February 28, 2020 and all other
filings <FONT STYLE="background-color: white">with the SEC after that date, as such risks, uncertainties and other important factors
may be updated from time to time in the Company&rsquo;s subsequent reports</FONT>. Further, forward looking statements speak only
as of the date they are made, and <FONT STYLE="background-color: white">the Company</FONT> undertakes no obligation to update or
revise <FONT STYLE="background-color: white">any </FONT>forward-looking <FONT STYLE="background-color: white">statement</FONT>
to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results<FONT STYLE="background-color: white">,
unless</FONT> required <FONT STYLE="background-color: white">to do so</FONT> by law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Contacts:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Investors and Media:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Email: investorrelations@globalnetlease.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Phone: (212) 415-6510</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>8
<FILENAME>gnl-20200409_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>gnl-20200409_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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end
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</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>11
<FILENAME>0001104659-20-045244-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<td class="text">45-2771978<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">650 Fifth Avenue<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">30th Floor<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10019<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">415-6500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember', window );">Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common Stock, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">GNL<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesAPreferredStockMember', window );">Series A Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">7.25% Series A Cumulative Redeemable Preferred Stock, $0.01 par value<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">GNL PR A<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_SeriesBPreferredStockMember', window );">Series B Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentInformationLineItems', window );"><strong>Document Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">6.875%
    Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">GNL PR B<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:tradingSymbolItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
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M          "  ;@"  !X;"]T:&5M92]T:&5M93$N>&UL4$L! A0#%     @
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end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
