SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

TAIT AMY L

(Last)

(First)

(Middle)

800 CLINTON SQUARE

(Street)

ROCHESTER

14604

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
Broadstone Net Lease, Inc. [ BNL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
10/01/2020

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	10/01/2020		A		1,994⁽¹⁾	A	$0.00	604,097⁽²⁾⁽³⁾	D
Common Stock								249,412⁽³⁾	I	By Trust⁽⁴⁾
Common Stock								249,412⁽³⁾	I	By Trust⁽⁴⁾
Common Stock								55,815⁽³⁾	I	By Spouse⁽⁵⁾
Common Stock								127,700⁽³⁾	I	By Limited Liability Company⁽⁶⁾
Common Stock								227,974⁽³⁾	I	By Family Limited Liability Company⁽⁷⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
OP Units⁽⁸⁾	⁽⁸⁾							⁽⁹⁾	⁽⁹⁾	Common Stock	1,157,307		1,157,307⁽²⁾⁽¹⁰⁾	D
OP Units⁽⁸⁾	⁽⁸⁾							⁽⁹⁾	⁽⁹⁾	Common Stock	1,997,694		1,997,694⁽¹⁰⁾	I	By Limited Liability Company⁽⁶⁾
OP Units⁽⁸⁾	⁽⁸⁾							⁽⁹⁾	⁽⁹⁾	Common Stock	36,805		36,805⁽¹⁰⁾	I	By Trust⁽⁴⁾
OP Units⁽⁸⁾	⁽⁸⁾							⁽⁹⁾	⁽⁹⁾	Common Stock	36,805		36,805⁽¹⁰⁾	I	By Trust⁽⁴⁾

Explanation of Responses:

1. On October 1, 2020, Broadstone Net Lease, Inc. (the "Issuer") granted the reporting person 1,994 shares of the Issuer's common stock pursuant to the Issuer's director compensation and stock ownership policy (the "Policy"). Pursuant to the Policy, the Issuer's directors are entitled to receive an annual retainer (payable quarterly). In addition, the chairperson of the board, the lead independent director, and the chairperson and members of each of the Issuer's audit, compensation, nominating and corporate governance, and real estate investment committees are entitled to receive an annual stipend (payable quarterly). Pursuant to the Policy, directors may elect to receive all or a portion of the annual retainer and stipends in the form of shares of the Issuer's common stock with a value equal to the amount of such retainer and stipend.

2. These securities are owned directly by the reporting person.

3. On September 18, 2020, the Issuer effected a four-for-one stock split of its Common Stock and pursuant to which no fractional shares of Common Stock were issued (the "Recapitalization"). The amount of securities reported on this Form 4 has been adjusted to reflect the Recapitalization.

4. Securities held by irrevocable trust for benefit of reporting person's child.

5. The reporting person disclaims beneficial ownership of these securities, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for any purpose.

6. Securities held by a limited liability company with respect to which the reporting person and her spouse have shared voting and investment power.

7. Securities held by a family limited liability company with respect to which the reporting person has shared voting and investment power.

8. Represents membership units of Broadstone Net Lease, LLC (the "OP"), a subsidiary and the operating company of the Issuer ("OP Units"). OP Units are redeemable by the reporting person and, at the Issuer's discretion, can be settled in cash or shares of Common Stock of the Issuer on a one-for-one basis.

9. These OP Units are fully vested.

10. On September 18, 2020, the OP effected a four-for-one split of its OP Units pursuant to which no fractional OP Units were issued (the "Recapitalization"). The amount of OP Units reported on this Form 4 has been adjusted to reflect the Recapitalization.

Remarks:

	/s/ John D. Moragne, as Attorney-in-fact	10/02/2020
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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