Exhibit 10.1

AMENDED AND RESTATED OWNERSHIP LIMIT WAIVER AGREEMENT

THIS AMENDED AND RESTATED OWNERSHIP LIMIT WAIVER AGREEMENT (this “Agreement”), dated as of March 13, 2025, is between Global Net Lease, Inc., a Maryland corporation (the “Company”), and Bellevue Capital Partners, LLC, on its own behalf and on behalf of Global Net Lease Special Limited Partnership, LLC, AR Capital Global Holdings, LLC, AR Global Investments, LLC, American Realty Capital Global II Special LP, LLC, AR Capital, LLC, Metropolitan Wealth Management, LLC and MWM PIC, LLC (collectively, “Bellevue”). Except where noted otherwise, capitalized terms used but not defined herein shall have the meanings ascribed to them in the Company’s charter, as amended and restated through the date hereof and as presently in effect (the “Charter”).

RECITALS

WHEREAS, as of the date hereof, the Company has the number and classes of Shares authorized, issued and outstanding as set forth in Exhibit A.

WHEREAS, Section 5.7 of the Charter contains a limitation on the ownership of Shares, which prohibits any Person from Beneficially Owning or Constructively Owning more than 9.8 % in value of the aggregate of the outstanding Shares (as amended from time to time, the “Overall Limit”) and more than 9.8% (in value or in number of shares, whichever is more restrictive) of any class or series of Shares (as amended from time to time, the “Series Limit,” and collectively with the Overall Limit, the “Aggregate Share Ownership Limit”), except as otherwise waived by the Company. These restrictions are designed to ensure, inter alia, the Company’s continued qualification as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”).

WHEREAS, in connection with the Company’s entry into the Initial Bellevue Waiver Agreement (as defined below), the Company’s board of directors (the “GNL Board”) decreased the Aggregate Share Ownership Limit from 9.8% to 8.9% , which the GNL Board subsequently decreased from 8.9% to 8.8% in connection with the Company’s entry into the A&R SDS Waiver Agreement and the A&R NSS Waiver Agreement (each as defined below).

WHEREAS, on September 12, 2023, Bellevue entered into an “Ownership Limit Waiver Agreement” (the “Initial Bellevue Waiver Agreement”) pursuant to which the Company waived the application of the Aggregate Share Ownership Limit contained in Section 5.7(ii)(a)(I)(A)(1) of the Charter to permit Bellevue to Beneficially Own or Constructively Own shares of Common Stock up to an increased Series Limit for the Common Stock of 15.3% and an increased Overall Limit of 15.3% (collectively the “Prior Bellevue Ownership Limit”) from and after the Determination Date (as defined in the Initial Bellevue Waiver Agreement).

WHEREAS, concurrently with the execution of the Initial Bellevue Waiver Agreement, (i) Nicholas S. Schorsch, on his own behalf and on behalf of the Nicholas S. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended, the Nicholas S. Schorsch 2016 GRAT (BCP) dated September 27, 2016, and MWM Series, LLC (collectively, “NSS”) entered into the “Ownership Limit Waiver Agreement” dated as of September 12, 2023, which was amended and restated as of November 6, 2023 (the “A&R NSS Waiver Agreement”), that provided NSS with an ownership limit waiver effective as of the Determination Date (as defined therein) (as amended, the “Prior NSS Ownership Limit Waiver”), allowing NSS to be an Excepted Holder and (ii) Shelley D. Schorsch, on her own behalf and on behalf of the Shelley D. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended (collectively, “SDS”) entered into the “Ownership Limit Waiver Agreement” dated as of September 12, 2023, which was amended and restated as of November 6, 2023 (the “A&R SDS Waiver Agreement”), that provided SDS with an ownership limit waiver effective as of the Determination Date (as defined therein) (as amended, the “Prior SDS Ownership Limit Waiver”), allowing SDS to be an Excepted Holder.

WHEREAS, the Company has adopted a share repurchase plan which may have the effect of Bellevue Beneficially Owning or Constructively Owning Shares in excess of the Prior Bellevue Ownership Limit.

WHEREAS, Bellevue has requested a revised waiver of the Aggregate Share Ownership Limit to replace the Prior Bellevue Ownership Limit.

WHEREAS, effective as of the date hereof, Bellevue and the Company desire to amend and restate the Initial Bellevue Waiver Agreement, and to enter into this Agreement in lieu thereof, which supersedes and replaces the Initial Bellevue Waiver Agreement in its entirety.

WHEREAS, in connection with this Agreement, Bellevue will make the representations and covenants set forth in the Certificate of Representations and Covenants, attached hereto as Exhibit B.

WHEREAS, concurrently with the execution of this Agreement, (i) NSS has entered into the “Second Amended and Restated Ownership Limit Waiver Agreement” as of the date hereof that provides NSS with an ownership limit waiver to supersede and replace the Prior NSS Ownership Limit Waiver, allowing NSS to continue being an Excepted Holder (the “Second A&R NSS Waiver Agreement”) and (ii) SDS has entered into the “Second Amended and Restated Ownership Limit Waiver Agreement” as of the date hereof that provides SDS with an ownership limit waiver to supersede and replace the Prior SDS Ownership Limit Waiver, allowing SDS to continue being an Excepted Holder (the “Second A&R SDS Waiver Agreement”).

WHEREAS, as of the day immediately prior to the Effective Date, Bellevue owned 21,839,457 Shares.

WHEREAS, the Ownership Limit Waiver (as defined below) shall be effective as of March 13, 2025 (the “Effective Date”).

WHEREAS, pursuant to Section 5.7(ii)(g)(I) of the Charter, the Company has adopted resolutions approving Bellevue’s exemption from the Aggregate Share Ownership Limit on the terms and conditions hereinafter set forth.

NOW, THEREFORE, the parties, intending to be legally bound, in reliance on the representations set forth in the Certificate (as defined below), hereby agree as follow:

AGREEMENT

1.             WAIVER OF OWNERSHIP LIMIT

1.1            The Company hereby waives the application of the Aggregate Share Ownership Limit contained in Section 5.7(ii)(a)(I)(A)(1) of the Charter to permit Bellevue to Beneficially Own or Constructively Own shares of Common Stock (collectively, the “Exempt Stock”), subject to an increased Series Limit for the Common Stock of 16.9% and an increased Overall Limit of 16.9% (the “Excepted Holder Limit”) from and after the Effective Date (collectively the “Ownership Limit Waiver”).

1.2            The Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 is granted solely to Bellevue. Any Transfer of the Exempt Stock held by Bellevue shall cause any such Shares to no longer be subject to this Ownership Limit Waiver and any such Shares shall be subject to the Aggregate Share Ownership Limit as of the date of such Transfer.

1.3            The Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 only grant Bellevue the right to Beneficially Own or Constructively Own Shares up to the Excepted Holder Limit. As of the day immediately prior to the Effective Date, Bellevue actually owned 21,839,457 Shares, and Constructively Owned 29,768,920 Shares. Bellevue shall not, so long as this Agreement remains in place, (i) acquire, directly or indirectly, any additional Shares that would result in Bellevue Beneficially Owning or Constructively Owning Shares in excess of the Prior Bellevue Ownership Limit, or (ii) Beneficially Own or Constructively Own Shares in excess of the Excepted Holder Limit.

1.4            Except as specifically provided in Section 1.1, this Agreement does not waive any restrictions or limitations set forth in Section 5.7 of the Charter as they apply to Bellevue or other Shares Beneficially Owned or Constructively Owned by any person, other than Bellevue. For the avoidance of doubt, this Agreement also does not modify Section 5.7(ii)(a)(I)(B) and (II) of the Charter in any respect.

2.             LIMITATIONS AND OTHER MATTERS

2.1            In no event shall the Ownership Limit Waiver permit any Individual’s Beneficial Ownership or Constructive Ownership of Shares to exceed, at any time, the Aggregate Share Ownership Limit of Section 5.7(i) of the Charter as determined without regard to any provisions of this Agreement, unless and to the extent such Individual is an Excepted Holder. For the purpose of this Agreement, “Individual” has the meaning provided in Section 542(a)(2) of the Code, as modified by Section 856(h)(3) of the Code.

2.2            For the Ownership Limit Waiver to be effective, Bellevue must execute a counterpart signature page to this Agreement and complete and make the representations and covenants set forth in the Certificate of Representations and Covenants, the form of which is attached hereto as Exhibit B (the “Certificate”), and must deliver such Certificate to the Company. Except as otherwise determined by the Company, the Ownership Limit Waiver shall cease to be effective upon any breach of the representations or covenants set forth herein or in the Certificate. In addition, if the Ownership Limit Waiver ceases to be effective as a result of the operation of the preceding sentence, the Shares that would otherwise be in excess of the Aggregate Share Ownership Limit shall be deemed to have been transferred to a Trust (as such term is defined in the Charter) in accordance with 5.7(ii)(a)(II) of the Charter.

2.3            Bellevue shall deliver to the Company, at such times as may reasonably be requested by the Company (it being acknowledged that the Company may reasonably make such request on at least a calendar quarterly basis), a certificate signed by Bellevue to the effect that Bellevue has complied and expects to continue to comply with its representations and covenants set forth in this Agreement and the Certificate. If so requested by the Company, Bellevue will reasonably cooperate with the Company in investigating any direct or indirect relationship that Bellevue may have with the Company’s tenants or “independent contractors” (within the meaning of Section 856(d)(3) of the Code).

2.4            This Ownership Limit Waiver shall automatically be deemed to have been revoked (prospectively or, as necessary in order to protect the Company’s qualification as a real estate investment trust under the Code, retroactively) without any further action if the Company determines, in its sole discretion, that the Company’s ability to qualify and maintain its qualification as a real estate investment trust pursuant to Section 856 et seq. of the Code is reasonably likely to be jeopardized by the Ownership Limit Waiver, or in fact the Ownership Limit Waiver would jeopardize such qualification. The Company shall promptly notify Bellevue in the event that it has been determined that the Ownership Limit Waiver has been revoked pursuant to this Section 2.4.

3.             TERM

3.1            The term of this Agreement shall commence as of the Effective Date, and shall terminate on the earliest of (i) with respect to Bellevue, the earliest date on which Bellevue does not Beneficially Own or Constructively Own Shares in excess of the Aggregate Share Ownership Limit; (ii) the earliest date on which any of the conditions set forth in Sections 1 or 2 of this Agreement are no longer true or accurate, or otherwise have been violated; (iii) with respect to Bellevue, the earliest date on which any of the representations, warranties, agreements, or undertakings made in the Certificate (without giving effect to any qualifications as to knowledge) are no longer true, as of such date; (iv) the earliest date on which the Company makes the determination set forth in Section 2.4 of this Agreement; or (v) the earliest date on which Bellevue acquires actual ownership of any additional Shares in excess of the aggregate of the number of Shares that Bellevue actually owns as of the day immediately prior to the Effective Date.

4.             MISCELLANEOUS

4.1            All questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Maryland, without giving effect to any choice of law or conflict of law provision (whether of the State of Maryland or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Maryland.

4.2            This Agreement may be signed by the parties in separate counterparts, each of which when so signed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

4.3            All references to any Code provision shall be deemed to include any successor provisions of the Code and any regulatory, judicial or administrative amendment or interpretation of such statutory provisions.

4.4            This Agreement contains the entire understanding of the parties, supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof (including, but not limited to, the Initial Bellevue Waiver Agreement).

4.5            The Recitals to this Agreement are incorporated into and are deemed a part of this Agreement.

[Signature Page Follows]

Each of the parties has, to the extent it is an entity, caused this Agreement to be signed by its duly authorized officers as of the date set forth in the introductory paragraph hereof.

[Signature Page to Ownership Limit Waiver Agreement]

EXHIBIT B

CERTIFICATE OF REPRESENTATIONS AND COVENANTS FOR

OWNERSHIP LIMIT WAIVER

Global Net Lease, Inc. (the “Company”), as of the date hereof, the Company has the number and classes of Shares authorized, issued and outstanding as set forth in Exhibit A. Bellevue Capital Partners, LLC, on its own behalf and on behalf of Global Net Lease Special Limited Partnership, LLC, AR Capital Global Holdings, LLC, AR Global Investments, LLC, American Realty Capital Global II Special LP, LLC, AR Capital, LLC, Metropolitan Wealth Management, LLC and MWM PIC, LLC (collectively, “Bellevue”) has entered into an Amended and Restated Ownership Limit Waiver Agreement as of the date hereof (the “A&R Bellevue Waiver Agreement”) that provides it with a revised ownership limit waiver effective as of March 13, 2025 (the “Effective Date”) allowing it to continue being an Excepted Holder (the “Amended Bellevue Waiver”). Concurrently with the execution of the Amended Bellevue Waiver, Nicholas S. Schorsch, on his own behalf and on behalf of the Nicholas S. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended, the Nicholas S. Schorsch 2016 GRAT (BCP) dated September 27, 2016, and MWM Series, LLC (collectively, “NSS”) has entered into a “Second Amended and Restated Ownership Limit Waiver Agreement” as of the date hereof that provides NSS with arevised ownership limit waiver effective as of the Effective Date, allowing NSS to continue being an Excepted Holder (the “Amended NSS Waiver”). Concurrently with the execution of the Amended Bellevue Waiver, Shelley D. Schorsch, on her own behalf and on behalf of the Shelley D. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended (collectively, “SDS”) has entered into a “Second Amended and Restated Ownership Limit Waiver Agreement” as of the date hereof that provides SDS with an additional ownership limit waiver effective as of the Effective Date, allowing SDS to continue being an Excepted Holder (the “Amended SDS Waiver”). As of the date hereof, Bellevue is treated as Beneficially Owning or Constructively Owning Shares held by NSS and SDS.

Except where noted otherwise, capitalized terms used but not defined herein shall have the meanings ascribed to them in the A&R Bellevue Waiver Agreement.

The undersigned authorized signatories on behalf of Bellevue hereby certify and affirm as of the date hereof, the accuracy of the representations set forth in this Certificate of Representations and Covenants for Ownership Limit Waiver (this “Certificate”) on which the Company will rely with regard to granting the Ownership Limit Waiver for Bellevue and an Excepted Holder Limit pursuant to the A&R Bellevue Waiver Agreement. To the extent that the representations set forth below refer to future conduct, such representations constitute covenants of Bellevue.

[Signature Page Follows]

[Signature Page to Certificate of Representations and Covenants for Ownership Limit Waiver]

Exhibit 10.2

SECOND AMENDED AND RESTATED OWNERSHIP LIMIT WAIVER AGREEMENT

THIS SECOND AMENDED AND RESTATED OWNERSHIP LIMIT WAIVER AGREEMENT (this “Agreement”), dated as of March 13, 2025, is between Global Net Lease, Inc., a Maryland corporation (the “Company”), and Nicholas S. Schorsch, on his own behalf and on behalf of the Nicholas S. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended, the Nicholas S. Schorsch 2016 GRAT (BCP) dated September 27, 2016 and MWM Series, LLC (collectively, “Mr. Schorsch”). Except where noted otherwise, capitalized terms used but not defined herein shall have the meanings ascribed to them in the Company’s charter, as amended and restated through the date hereof and as presently in effect (the “Charter”).

RECITALS

WHEREAS, as of the date hereof, the Company has the number and classes of Shares authorized, issued and outstanding as set forth in Exhibit A hereto.

WHEREAS, Section 5.7 of the Charter (as amended through the date hereof) contains a limitation on the ownership of Shares, which prohibits any Person from Beneficially Owning or Constructively Owning more than 9.8 % in value of the aggregate of the outstanding Shares (as amended from time to time, the “Overall Limit”) and more than 9.8% (in value or in number of shares, whichever is more restrictive) of any class or series of Shares (as amended from time to time, the “Series Limit,” and collectively with the Overall Limit, the “Aggregate Share Ownership Limit”), except as otherwise waived by the Company. These restrictions are designed to ensure, inter alia, the Company’s continued qualification as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”).

WHEREAS, in connection with the Company’s entry into the Initial Bellevue Waiver Agreement (as defined below), the Company’s board of directors (the “GNL Board”) decreased the Aggregate Share Ownership Limit from 9.8% to 8.9%, which the GNL Board subsequently decreased from 8.9% to 8.8% in connection with the Company’s entry into the A&R SDS Waiver Agreement and the A&R NSS Waiver Agreement (each as defined below).

WHEREAS, Mr. Schorsch and the Company entered into an “Ownership Limit Waiver Agreement,” dated as of September 12, 2023 (the “Initial NSS Waiver Agreement”), that provides Mr. Schorsch with an ownership limit waiver, allowing Mr. Schorsch to be an Excepted Holder.

WHEREAS, in connection with the Initial NSS Waiver Agreement, Bellevue Capital Partners, LLC, on its own behalf and on behalf of Global Net Lease Special Limited Partnership, LLC, AR Capital Global Holdings, LLC, AR Global Investments, LLC, American Realty Capital Global II Special LP, LLC, AR Capital, LLC, Metropolitan Wealth Management, LLC and MWM PIC, LLC (collectively, “Bellevue”) entered into an “Ownership Limit Waiver Agreement” dated as of September 12, 2023 (the “Initial Bellevue Waiver Agreement”), that provided Bellevue with an ownership limit waiver effective as of that date, allowing Bellevue to be an Excepted Holder, which was amended and restated as of the date hereof (the “Bellevue Waiver”).

WHEREAS, Mr. Schorsch and the Company amended and restated the Initial NSS Waiver Agreement as of November 6, 2023 (the “A&R NSS Waiver Agreement”), pursuant to which the Company waived the application of the Aggregate Share Ownership Limit contained in Section 5.7(ii)(a)(I)(A)(1) of the Charter to permit Mr. Schorsch to Beneficially Own or Constructively Own shares of Common Stock up to an increased Series Limit for the Common Stock of 13.8% and an increased Overall Limit of 13.8% (collectively the “Prior NSS Ownership Limit”) from and after September 12, 2023.

WHEREAS, the Company has authorized a share repurchase program which may have the effect of Mrs. Schorsch Beneficially Owning or Constructively Owning Shares in excess of the Prior NSS Ownership Limit.

WHEREAS, Mr. Schorsch has requested a waiver of the Aggregate Share Ownership Limit to replace the Prior NSS Ownership Limit.

WHEREAS, effective as of the date hereof, Mr. Schorsch and the Company desire to amend and restate the A&R NSS Waiver Agreement, and to enter into this Agreement in lieu thereof, which supersedes and replaces the A&R NSS Waiver Agreement in its entirety.

WHEREAS, in connection with this Agreement, Mr. Schorsch will make the representations and covenants set forth in the Certificate of Representations and Covenants, attached hereto as Exhibit B.

WHEREAS, concurrently with the execution of this Agreement, Shelley D. Schorsch, on her own behalf and on behalf of the Shelley D. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended (collectively, “SDS”) has entered into the “Second Amended and Restated Ownership Limit Waiver Agreement” as of the date hereof that provides SDS with an additional ownership limit waiver, allowing SDS to continue as an Excepted Holder, which was amended and restated as of November 6, 2023 (the “A&R SDS Waiver Agreement”).

WHEREAS, as of the date hereof (the “Determination Date”), Mr. Schorsch is treated as Beneficially Owning or Constructively Owning Shares held by SDS and Bellevue.

WHEREAS, each of the Nicholas S. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended, and the Nicholas S. Schorsch 2016 GRAT (BCP) dated September 27, 2016, is a grantor trust for U.S. federal income tax purposes.

WHEREAS, all of the outstanding equity of MWM Series, LLC is owned by Mr. Schorsch and is treated as a disregarded entity for U.S. federal income tax purposes.

WHEREAS, as of the day immediately prior to the Determination Date, Mr. Schorsch owned 7,840,199 Shares.

WHEREAS, as of the day immediately prior to the Determination Date, SDS owned 89,264 Shares.

WHEREAS, as of the day immediately prior to the Determination Date, Bellevue owned 21,839,457 Shares.

WHEREAS, the Ownership Limit Waiver (as defined below) shall be effective as of March 13, 2025 (the “Effective Date”).

WHEREAS, pursuant to Section 5.7(ii)(g)(I) of the Charter, the Company has adopted resolutions approving Mr. Schorsch’s exemption from the Aggregate Share Ownership Limit on the terms and conditions hereinafter set forth.

NOW, THEREFORE, the parties, intending to be legally bound, in reliance on the representations set forth in the Certificate (as defined below), hereby agree as follow:

AGREEMENT

1.            WAIVER OF OWNERSHIP LIMIT

1.1            The Company hereby waives the application of the Aggregate Share Ownership Limit contained in Section 5.7(ii)(a)(I)(A)(1) of the Charter to permit Mr. Schorsch to Beneficially Own or Constructively Own shares of Common Stock (collectively, the “Exempt Stock”), subject to an increased Series Limit for the Common Stock of 15.3% and an increased Overall Limit of 15.3% (the “Excepted Holder Limit”) from and after the Effective Date (collectively the “Ownership Limit Waiver”).

1.2            The Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 is granted solely to Mr. Schorsch. Any Transfer of the Exempt Stock held by Mr. Schorsch shall cause any such Shares to no longer be subject to this Ownership Limit Waiver and any such Shares shall be subject to the Aggregate Share Ownership Limit as of the date of such Transfer.

1.3            The Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 only grant Mr. Schorsch the right to Beneficially Own or Constructively Own Shares up to the Excepted Holder Limit. As of the day immediately prior to the Determination Date, Mr. Schorsch owned 7,840,199 Shares, and Beneficially Owned or Constructively Owned 27,584,974.30 Shares. Mr. Schorsch shall not, so long as this Agreement remains in place, (i) acquire, directly or indirectly, any additional Shares that would result in Mr. Schorsch Beneficially Owning or Constructively Owning Shares in excess of the Prior NSS Ownership Limit or (ii) Beneficially Own or Constructively Own Shares in excess of the Excepted Holder Limit.

1.4            Except as specifically provided in Section 1.1, this Agreement does not waive any restrictions or limitations set forth in Section 5.7 of the Charter as they apply to Mr. Schorsch or other Shares Beneficially Owned or Constructively Owned by any person, other than Mr. Schorsch. For the avoidance of doubt, this Agreement also does not modify Section 5.7(ii)(a)(I)(B) and (II) of the Charter in any respect.

2.            LIMITATIONS AND OTHER MATTERS

2.1            In no event shall the Ownership Limit Waiver permit any Individual’s Beneficial Ownership or Constructive Ownership of Shares to exceed, at any time, the Aggregate Share Ownership Limit of Section 5.7(i) of the Charter as determined without regard to any provisions of this Agreement, unless and to the extent such Individual is an Excepted Holder. For the purpose of this Agreement, “Individual” has the meaning provided in Section 542(a)(2) of the Code, as modified by Section 856(h)(3) of the Code.

2.2            For the Ownership Limit Waiver to be effective, Mr. Schorsch must execute a counterpart signature page to this Agreement and complete and make the representations and covenants set forth in the Certificate of Representations and Covenants, the form of which is attached hereto as Exhibit B (the “Certificate”), and must deliver such Certificate to the Company. Except as otherwise determined by the Company, the Ownership Limit Waiver shall cease to be effective upon any breach of the representations or covenants set forth herein or in the Certificate. In addition, if the Ownership Limit Waiver ceases to be effective as a result of the operation of the preceding sentence, the Shares that would otherwise be in excess of the Aggregate Share Ownership Limit shall be deemed to have been transferred to a Trust (as such term is defined in the Charter) in accordance with 5.7(ii)(a)(II) of the Charter.

2.3            Mr. Schorsch shall deliver to the Company, at such times as may reasonably be requested by the Company (it being acknowledged that the Company may reasonably make such request on at least a calendar quarterly basis), a certificate signed by Mr. Schorsch to the effect that Mr. Schorsch has complied and expects to continue to comply with its representations and covenants set forth in this Agreement and the Certificate. If so requested by the Company, Mr. Schorsch will reasonably cooperate with the Company in investigating any direct or indirect relationship that Mr. Schorsch may have with the Company’s tenants or “independent contractors” (within the meaning of Section 856(d)(3) of the Code).

2.4            This Ownership Limit Waiver shall automatically be deemed to have been revoked (prospectively or, as necessary in order to protect the Company’s qualification as a real estate investment trust under the Code, retroactively) without any further action if the Company determines, in its sole discretion, that the Company’s ability to qualify and maintain its qualification as a real estate investment trust pursuant to Section 856 et seq. of the Code is reasonably likely to be jeopardized by the Ownership Limit Waiver, or in fact the Ownership Limit Waiver would jeopardize such qualification. The Company shall promptly notify Mr. Schorsch in the event that it has been determined that the Ownership Limit Waiver has been revoked pursuant to this Section 2.4.

3.            TERM

3.1            The term of this Agreement shall commence as of the Effective Date, and shall terminate on the earliest of (i) with respect to Mr. Schorsch, the earliest date on which Mr. Schorsch does not Beneficially Own or Constructively Own Shares in excess of the Aggregate Share Ownership Limit; (ii) the earliest date on which any of the conditions set forth in Sections 1 or 2 of this Agreement are no longer true or accurate, or otherwise have been violated; (iii) with respect to Mr. Schorsch, the earliest date on which any of the representations, warranties, agreements, or undertakings made in the Certificate (without giving effect to any qualifications as to knowledge) are no longer true; (iv) the earliest date on which the Company makes the determination set forth in Section 2.4 of this Agreement; (v) the earliest date on which Mr. Schorsch acquires, directly or indirectly, Beneficial Ownership or Constructive Ownership of any additional Shares in excess of the aggregate of the number of Shares that Mr. Schorsch, directly or indirectly, Beneficially Owned or Constructively Owned, as of the day immediately prior to the Determination Date; or (vi) the date on which the Bellevue Waiver has been terminated.

4.            MISCELLANEOUS

4.1            All questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Maryland, without giving effect to any choice of law or conflict of law provision (whether of the State of Maryland or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Maryland.

4.2            This Agreement may be signed by the parties in separate counterparts, each of which when so signed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

4.3            All references to any Code provision shall be deemed to include any successor provisions of the Code and any regulatory, judicial or administrative amendment or interpretation of such statutory provisions.

4.4            This Agreement contains the entire understanding of the parties, supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof (including, but not limited to, the A&R NSS Waiver agreement).

4.5            The Recitals to this Agreement are incorporated into and are deemed a part of this Agreement.

[Signature Page Follows]

Each of the parties has, to the extent it is an entity, caused this Agreement to be signed by its duly authorized officers as of the date set forth in the introductory paragraph hereof.

EXHIBIT B

CERTIFICATE OF REPRESENTATIONS AND COVENANTS FOR
OWNERSHIP LIMIT WAIVER

Global Net Lease, Inc. (the “Company”), as of the date hereof, has the number and classes of Shares authorized, issued and outstanding as set forth in Exhibit A. On the date hereof Nicholas S. Schorsch, on his own behalf and on behalf of the Nicholas S. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended, the Nicholas S. Schorsch 2016 GRAT (BCP) dated September 27, 2016, and MWM Series, LLC (collectively, “Mr. Schorsch”) has entered into a “Second Amended and Restated Ownership Limit Waiver Agreement” (the “Second A&R NSS Waiver Agreement”) that provides Mr. Schorsch with an additional ownership limit waiver effective as of March 13, 2025 (the “Effective Date”) allowing him to continue as an Excepted Holder (the “Mr. Schorsch Waiver”). Concurrently with the execution of the Mr. Schorsch Waiver, Shelley D. Schorsch, on her own behalf and on behalf of the Shelley D. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended (collectively, “SDS”) has entered into a “Second Amended and Restated Ownership Limit Waiver Agreement” as of the date hereof that provides SDS with an additional ownership limit waiver, allowing SDS to continue as an Excepted Holder (the “Amended SDS Waiver”). Bellevue Capital Partners, LLC, on its own behalf and on behalf of Global Net Lease Special Limited Partnership, LLC, AR Capital Global Holdings, LLC, AR Global Investments, LLC, American Realty Capital Global II Special LP, LLC, AR Capital, LLC, Metropolitan Wealth Management, LLC and MWM PIC, LLC (collectively, “Bellevue”) entered into an “Amended and Restated Ownership Limit Waiver Agreement” dated as of March 13, 2025, that provides Bellevue with an additional ownership limit waiver effective as of that date, allowing Bellevue to be an Excepted Holder (the “Amended Bellevue Waiver”). As of the date hereof (the “Determination Date”), Mr. Schorsch is treated as Beneficially Owning or Constructively Owning Shares held by Bellevue and SDS.

Except where noted otherwise, capitalized terms used but not defined herein shall have the meanings ascribed to them in the Second A&R NSS Waiver Agreement.

Mr. Schorsch hereby certifies and affirms as of the Determination Date, the accuracy of the representations set forth in this Certificate of Representations and Covenants for Ownership Limit Waiver (this “Certificate”) on which the Company will rely with regard to granting the Ownership Limit Waiver for Mr. Schorsch and an Excepted Holder Limit pursuant to the Second A&R NSS Waiver Agreement. To the extent that the representations set forth below refer to future conduct, such representations constitute covenants of Mr. Schorsch.

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Exhibit 10.3

SECOND AMENDED AND RESTATED OWNERSHIP LIMIT WAIVER AGREEMENT

THIS SECOND AMENDED AND RESTATED OWNERSHIP LIMIT WAIVER AGREEMENT (this “Agreement”), dated as of March 13, 2025, is between Global Net Lease, Inc., a Maryland corporation (the “Company”), and Shelley D. Schorsch, on her own behalf and on behalf of the Shelley D. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended (collectively, “Mrs. Schorsch”). Except where noted otherwise, capitalized terms used but not defined herein shall have the meanings ascribed to them in the Company’s charter, as amended and restated through the date hereof and as presently in effect (the “Charter”).

RECITALS

WHEREAS, as of the date hereof, the Company has the number and classes of Shares authorized, issued and outstanding as set forth in Exhibit A hereto.

WHEREAS, Section 5.7 of the Charter (as amended through the date hereof) contains a limitation on the ownership of Shares, which prohibits any Person from Beneficially Owning or Constructively Owning more than 9.8 % in value of the aggregate of the outstanding Shares (as amended from time to time, the “Overall Limit”) and more than 9.8% (in value or in number of shares, whichever is more restrictive) of any class or series of Shares (as amended from time to time, the “Series Limit,” and collectively with the Overall Limit, the “Aggregate Share Ownership Limit”), except as otherwise waived by the Company. These restrictions are designed to ensure, inter alia, the Company’s continued qualification as a real estate investment trust under the Internal Revenue Code of 1986, as amended (the “Code”).

WHEREAS, in connection with the Company’s entry into the Initial Bellevue Waiver Agreement (as defined below), the Company’s board of directors (the “GNL Board”) decreased the Aggregate Share Ownership Limit from 9.8% to 8.9%, which the GNL Board subsequently decreased from 8.9% to 8.8% in connection with the Company’s entry into the A&R SDS Waiver Agreement and the A&R NSS Waiver Agreement (each as defined below).

WHEREAS, Mrs. Schorsch and the Company entered into an “Ownership Limit Waiver Agreement,” dated as of September 12, 2023 (the “Initial SDS Waiver Agreement”), that provides Mrs. Schorsch with an ownership limit waiver, allowing Mrs. Schorsch to be an Excepted Holder.

WHEREAS, in connection with the Initial SDS Waiver Agreement, Bellevue Capital Partners, LLC, on its own behalf and on behalf of Global Net Lease Special Limited Partnership, LLC, AR Capital Global Holdings, LLC, AR Global Investments, LLC, American Realty Capital Global II Special LP, LLC, AR Capital, LLC, Metropolitan Wealth Management, LLC and MWM PIC, LLC (collectively, “Bellevue”) entered into an “Ownership Limit Waiver Agreement” dated as of September 12, 2023 (the “Initial Bellevue Waiver Agreement”), that provided Bellevue with an ownership limit waiver effective as of that date, allowing Bellevue to be an Excepted Holder, which was amended and restated as of the date hereof (the “Bellevue Waiver”).

WHEREAS, Mrs. Schorsch and the Company amended and restated the Initial SDS Waiver Agreement as of November 6, 2023 (the “A&R SDS Waiver Agreement”), pursuant to which the Company waived the application of the Aggregate Share Ownership Limit contained in Section 5.7(ii)(a)(I)(A)(1) of the Charter to permit Mrs. Schorsch to Beneficially Own or Constructively Own shares of Common Stock up to an increased Series Limit for the Common Stock of 13.8% and an increased Overall Limit of 13.8% (collectively the “Prior SDS Ownership Limit”) from and after September 12, 2023.

WHEREAS, the Company has authorized a share repurchase program which may have the effect of Mrs. Schorsch Beneficially Owning or Constructively Owning Shares in excess of the Prior SDS Ownership Limit.

WHEREAS, Mrs. Schorsch has requested an additional waiver of the Aggregate Share Ownership Limit to replace the Prior SDS Ownership Limit.

WHEREAS, effective as of the date hereof, Mrs. Schorsch and the Company desire to amend and restate the A&R SDS Waiver Agreement, and to enter into this Agreement in lieu thereof, which supersedes and replaces the A&R SDS Waiver Agreement in its entirety.

WHEREAS, in connection with this Agreement, Mrs. Schorsch will make the representations and covenants set forth in the Certificate of Representations and Covenants, attached hereto as Exhibit B.

WHEREAS, Nicholas S. Schorsch, on his own behalf and on behalf of the Nicholas S. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended, the Nicholas S. Schorsch 2016 GRAT (BCP) dated September 27, 2016 and MWM Series, LLC (collectively, “NSS”), and the Company entered into an “Ownership Limit Waiver Agreement,” dated as of September 12, 2023, that provided Mr. Schorsch with an ownership limit waiver, allowing Mr. Schorsch to be an Excepted Holder, which was amended and restated as of November 6, 2023 (the “A&R NSS Waiver Agreement”).

WHEREAS, concurrently with the execution of this Agreement, NSS has entered into the “Second Amended and Restated Ownership Limit Waiver Agreement” as of the date hereof that provides NSS with an additional ownership limit waiver, allowing NSS to continue as an Excepted Holder.

WHEREAS, as of the date hereof (the “Determination Date”), Mrs. Schorsch is treated as Beneficially Owning or Constructively Owning Shares held by NSS and Bellevue.

WHEREAS, the Shelley D. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended, is a grantor trust for U.S. federal income tax purposes.

WHEREAS, as of the day immediately prior to the Determination Date, Mrs. Schorsch owned 89,264 Shares.

WHEREAS, as of the day immediately prior to the Determination Date, NSS owned 7,840,199 Shares.

WHEREAS, as of the day immediately prior to the Determination Date, Bellevue owned 21,839,457 Shares.

WHEREAS, the Ownership Limit Waiver (as defined below) shall be effective as of March 13, 2025 (the “Effective Date”).

WHEREAS, pursuant to Section 5.7(ii)(g)(I) of the Charter, the Company has adopted resolutions approving Mrs. Schorsch’s exemption from the Aggregate Share Ownership Limit on the terms and conditions hereinafter set forth.

NOW, THEREFORE, the parties, intending to be legally bound, in reliance on the representations set forth in the Certificate (as defined below), hereby agree as follow:

AGREEMENT

1.            WAIVER OF OWNERSHIP LIMIT

1.1            The Company hereby waives the application of the Aggregate Share Ownership Limit contained in Section 5.7(ii)(a)(I)(A)(1) of the Charter to permit Mrs. Schorsch to Beneficially Own or Constructively Own shares of Common Stock (collectively, the “Exempt Stock”), subject to an increased Series Limit for the Common Stock of 15.3% and an increased Overall Limit of 15.3% (the “Excepted Holder Limit”) from and after the Effective Date (collectively the “Ownership Limit Waiver”).

1.2            The Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 is granted solely to Mrs. Schorsch. Any Transfer of the Exempt Stock held by Mrs. Schorsch shall cause any such Shares to no longer be subject to this Ownership Limit Waiver and any such Shares shall be subject to the Aggregate Share Ownership Limit as of the date of such Transfer.

1.3            The Ownership Limit Waiver and Excepted Holder Limit granted by this Section 1 only grant Mrs. Schorsch the right to Beneficially Own or Constructively Own Shares up to the Excepted Holder Limit. As of the day immediately prior to the Determination Date, Mrs. Schorsch owned 89,264 Shares, and Beneficially Owned or Constructively Owned 27,584,974.30 Shares. Mrs. Schorsch shall not, so long as this Agreement remains in place, (i) acquire, directly or indirectly, any additional Shares that would result in Mrs. Schorsch Beneficially Owning or Constructively Owning Shares in excess of the Prior SDS Ownership Limit, or (ii) Beneficially Own or Constructively Own Shares in excess of the Excepted Holder Limit.

1.4            Except as specifically provided in Section 1.1, this Agreement does not waive any restrictions or limitations set forth in Section 5.7 of the Charter as they apply to Mrs. Schorsch or other Shares Beneficially Owned or Constructively Owned by any person, other than Mrs. Schorsch. For the avoidance of doubt, this Agreement also does not modify Section 5.7(ii)(a)(I)(B) and (II) of the Charter in any respect.

2.            LIMITATIONS AND OTHER MATTERS

2.1            In no event shall the Ownership Limit Waiver permit any Individual’s Beneficial Ownership or Constructive Ownership of Shares to exceed, at any time, the Aggregate Share Ownership Limit of Section 5.7(i) of the Charter as determined without regard to any provisions of this Agreement, unless and to the extent such Individual is an Excepted Holder. For the purpose of this Agreement, “Individual” has the meaning provided in Section 542(a)(2) of the Code, as modified by Section 856(h)(3) of the Code.

2.2            For the Ownership Limit Waiver to be effective, Mrs. Schorsch must execute a counterpart signature page to this Agreement and complete and make the representations and covenants set forth in the Certificate of Representations and Covenants, the form of which is attached hereto as Exhibit B (the “Certificate”), and must deliver such Certificate to the Company. Except as otherwise determined by the Company, the Ownership Limit Waiver shall cease to be effective upon any breach of the representations or covenants set forth herein or in the Certificate. In addition, if the Ownership Limit Waiver ceases to be effective as a result of the operation of the preceding sentence, the Shares that would otherwise be in excess of the Aggregate Share Ownership Limit shall be deemed to have been transferred to a Trust (as such term is defined in the Charter) in accordance with 5.7(ii)(a)(II) of the Charter.

2.3            Mrs. Schorsch shall deliver to the Company, at such times as may reasonably be requested by the Company (it being acknowledged that the Company may reasonably make such request on at least a calendar quarterly basis), a certificate signed by Mrs. Schorsch to the effect that Mrs. Schorsch has complied and expects to continue to comply with its representations and covenants set forth in this Agreement and the Certificate. If so requested by the Company, Mrs. Schorsch will reasonably cooperate with the Company in investigating any direct or indirect relationship that Mrs. Schorsch may have with the Company’s tenants or “independent contractors” (within the meaning of Section 856(d)(3) of the Code).

2.4            This Ownership Limit Waiver shall automatically be deemed to have been revoked (prospectively or, as necessary in order to protect the Company’s qualification as a real estate investment trust under the Code, retroactively) without any further action if the Company determines, in its sole discretion, that the Company’s ability to qualify and maintain its qualification as a real estate investment trust pursuant to Section 856 et seq. of the Code is reasonably likely to be jeopardized by the Ownership Limit Waiver, or in fact the Ownership Limit Waiver would jeopardize such qualification. The Company shall promptly notify Mrs. Schorsch in the event that it has been determined that the Ownership Limit Waiver has been revoked pursuant to this Section 2.4.

3.            TERM

3.1            The term of this Agreement shall commence as of the Effective Date, and shall terminate on the earliest of (i) with respect to Mrs. Schorsch, the earliest date on which Mrs. Schorsch does not Beneficially Own or Constructively Own Shares in excess of the Aggregate Share Ownership Limit; (ii) the earliest date on which any of the conditions set forth in Sections 1 or 2 of this Agreement are no longer true or accurate, or otherwise have been violated; (iii) with respect to Mrs. Schorsch, the earliest date on which any of the representations, warranties, agreements, or undertakings made in the Certificate (without giving effect to any qualifications as to knowledge) are no longer true; (iv) the earliest date on which the Company makes the determination set forth in Section 2.4 of this Agreement; (v) the earliest date on which Mrs. Schorsch acquires, directly or indirectly, Beneficial Ownership or Constructive Ownership of any additional Shares in excess of the aggregate of the number of Shares that Mrs. Schorsch, directly or indirectly, Beneficially Owned or Constructively Owned, as of the day immediately prior to the Determination Date; or (vi) the date on which the Bellevue Waiver has been terminated.

4.            MISCELLANEOUS

4.1            All questions concerning the construction, validity and interpretation of this Agreement shall be governed by and construed in accordance with the domestic laws of the State of Maryland, without giving effect to any choice of law or conflict of law provision (whether of the State of Maryland or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Maryland.

4.2            This Agreement may be signed by the parties in separate counterparts, each of which when so signed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument.

4.3            All references to any Code provision shall be deemed to include any successor provisions of the Code and any regulatory, judicial or administrative amendment or interpretation of such statutory provisions.

4.4            This Agreement contains the entire understanding of the parties, supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter hereof (including, but not limited to, the A&R SDS Waiver agreement).

4.5            The Recitals to this Agreement are incorporated into and are deemed a part of this Agreement.

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Each of the parties has, to the extent it is an entity, caused this Agreement to be signed by its duly authorized officers as of the date set forth in the introductory paragraph hereof.

[Signature Page to Ownership Limit Waiver Agreement]

EXHIBIT B

CERTIFICATE OF REPRESENTATIONS AND COVENANTS FOR
OWNERSHIP LIMIT WAIVER

Global Net Lease, Inc. (the “Company”), as of the date hereof, has the number and classes of Shares authorized, issued and outstanding as set forth in Exhibit A. On the date hereof, Shelley D. Schorsch, on her own behalf and on behalf of the Shelley D. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended (collectively, “SDS”) has entered into a “Second Amended and Restated Ownership Limit Waiver Agreement” (the “Second A&R SDS Waiver Agreement”) effective as of March 13, 2025 (the “Effective Date”) that provides SDS with an additional ownership limit waiver, allowing SDS to continue as an Excepted Holder (the “Amended SDS Waiver”). Concurrently with the execution of the Amended SDS Waiver, Nicholas S. Schorsch, on his own behalf and on behalf of the Nicholas S. Schorsch Revocable Agreement of Trust dated October 7, 2011, as Amended, the Nicholas S. Schorsch 2016 GRAT (BCP) dated September 27, 2016, and MWM Series, LLC (collectively, “NSS”) has entered into a “Second Amended and Restated Ownership Limit Waiver Agreement” dated as of the date hereof, that provides NSS with an additional ownership limit waiver effective as of the Effective Date, allowing NSS to continue as an Excepted Holder (the “Amended NSS Waiver”). Bellevue Capital Partners, LLC, on its own behalf and on behalf of Global Net Lease Special Limited Partnership, LLC, AR Capital Global Holdings, LLC, AR Global Investments, LLC, American Realty Capital Global II Special LP, LLC, AR Capital, LLC, Metropolitan Wealth Management, LLC and MWM PIC, LLC (collectively, “Bellevue”) entered into an “Amended and Restated Ownership Limit Waiver Agreement” dated as of March 13, 2025 that provides Bellevue with an additional ownership limit waiver effective as of that date, allowing Bellevue to be an Excepted Holder (the “Amended Bellevue Waiver”). As of the date hereof (the “Determination Date”), SDS is treated as Beneficially Owning or Constructively Owning Shares held by Bellevue and NSS.

Except where noted otherwise, capitalized terms used but not defined herein shall have the meanings ascribed to them in the Second A&R SDS Waiver Agreement.

SDS hereby certifies and affirms as of the Determination Date, the accuracy of the representations set forth in this Certificate of Representations and Covenants for Ownership Limit Waiver (this “Certificate”) on which the Company will rely with regard to granting the Ownership Limit Waiver for SDS and an Excepted Holder Limit pursuant to the Second A&R SDS Waiver Agreement. To the extent that the representations set forth below refer to future conduct, such representations constitute covenants of SDS.

[Signature Page Follows]