Document:

EX-4.1

 EXHIBIT 4.1 
  

 
 DISTRIBUTION REINVESTMENT PLAN (Effective as of
December 31 2007) 
 Broadstone Net Lease, Inc., a Maryland corporation (the
“Corporation”), has adopted this Distribution Reinvestment Plan (the “Plan”), to be administered by Broadstone Asset Management, LLC or its successor as administrator of the Plan (the
“Administrator”) as agent for participants in the Plan (“Participants”), on the terms and conditions set forth below. 

1.     Election to Participate. Any purchaser of shares of common stock of the Corporation, par value $.001 per
share (the “Shares”) or membership units of Broadstone Net Lease, LLC (the “Operating Company”) that are convertible into Shares (“Membership Units”) (Shares and Membership
Units are collectively, “Securities”), and any Person who acquires Shares or Membership Units from such a purchaser in accordance with the terms of the Corporation’s Articles of Incorporation and Bylaws or the Operating
Company’s Amended and Restated Operating Agreement, may become a Participant by making a written election to participate, as applicable, on such purchaser’s subscription agreement at the time of subscription for Shares or by written notice
to the Corporation with regards to Membership Units. Any stockholder or member who has not previously elected to participate in the Plan, may so elect at any time by completing and executing an authorization form obtained from the Corporation or any
other appropriate documentation as may be acceptable to the Administrator which shall include representations that the proposed Participant is an “Accredited Investor” (as defined below), is the donee of an Accredited Investor, or
otherwise satisfies the suitability criteria required by the Corporation. Participants in the Plan generally are required to have the full amount of their cash distributions (other than “Excluded Distributions” as defined below) with
respect to all Securities owned by them reinvested pursuant to the Plan. However, the Administrator shall have the sole discretion, upon the request of a Participant, to accommodate a Participant’s request for less than all of the
Participant’s Securities to be subject to participation in the Plan. 
 2.     Distribution Reinvestment.
The Administrator will receive all cash distributions (other than Excluded Distributions) paid by the Corporation with respect to Securities of Participants (collectively, the “Distributions”). Participation will commence
with the next Distribution payable after receipt of the Participant’s election pursuant to Paragraph 1 hereof, provided it is received at least ten (10) days prior to the record date to which such Distribution relates. Subject to the
preceding sentence, regardless of the date of such election, a holder of Securities will become a Participant in the Plan effective on the first day of the period following such election, and the election will apply to all Distributions attributable
to such period and to all periods thereafter. As used in this Plan, the term “Excluded Distributions” shall mean those cash or other distributions designated as Excluded Distributions by the Board. 

3.     General Terms of Plan Investments.  

(a)     The Corporation intends to offer Shares pursuant to the Plan at $50 per share until December 31, 2009 and
thereafter at 98% of the Determined Share Value (as such term is defined in the Corporation’s Articles of Incorporation), regardless of the price per Security paid by the Participant for the Securities in respect of which the Distributions are
paid. 
 (b)     Organizational, offering or marketing expenses will not be paid or reimbursed for Shares purchased
pursuant to the Plan. 
 (c)     For each Participant, the Administrator will maintain an account which shall reflect
for each period in which Distributions are paid (a “Distribution Period”) the Distributions received by the Administrator on behalf of such Participant. A Participant’s account shall be reduced as purchases of Shares are
made on behalf of such Participant. 

 (d)     Distributions shall be invested in Shares by the Administrator
promptly following the payment date with respect to such Distributions to the extent Shares are available for purchase under the Plan. If sufficient Shares are not available, any such funds that have not been invested in Shares within 30 days after
receipt by the Administrator and, in any event, by the end of the fiscal month in which they are received, will be distributed to Participants. Any interest earned on such accounts will be paid to the Corporation and will become property of the
Corporation. 
 (e)     Participants may acquire fractional Shares, computed to three decimal places, so that 100% of
the Distributions will be used to acquire Shares. The ownership of the Shares shall be reflected on the books of the Corporation or its transfer agent. 

4.     Absence of Liability. Neither the Corporation nor the Administrator shall have any responsibility or
liability as to the value of the Shares or any change in the value of the Shares acquired for the Participant’s account. Neither the Corporation nor the Administrator shall be liable for any act done in good faith, or for any good faith
omission to act hereunder for any purchases or sales on behalf of the participants in the Plan. 
 5.
    Suitability. Each Participant shall notify the Corporation in the event that, at any time while participating in the Plan, there is a material change in the Participant’s financial condition or an inaccuracy of
any representation relating to the suitability of the Participant as an investor and qualification of the Participant as an “Accredited Investor” as such term is defined in Rule 501(a) of Regulation D, promulgated under the Securities Act
of 1933, as amended (an “Accredited Investor”) made by Participant in connection with the Participant’s purchase of the Securities. A material change shall include any anticipated or actual decrease in net worth or
annual gross income or any other change in circumstances that would cause the Participant to fail to meet the suitability standards as an investor and qualification as an Accredited Investor previously represented. 

6.     Reports to Participants. Within thirty (30) days after the end of each calendar month, the
Administrator will mail to each Participant a statement of account describing, as to such Participant, the Distributions received, the number of Shares purchased, the per Share purchase price for such Shares pursuant to the Plan, and any other
transaction processed to the participant’s account during the current year. Each statement also shall advise the Participant that, in accordance with Section 5 hereof, the Participant is required to notify the Corporation in the event
there is any material change in the Participant’s financial condition or if any representation made by the Participant under the subscription agreement for the Participant’s initial purchase of Securities becomes inaccurate. Tax
information regarding a Participant’s participation in the Plan will be sent to each Participant by the Corporation or the Administrator at least annually. 

7.     Taxes. Taxable Participants may incur a tax liability for Distributions even though they have elected not to
receive their Distributions in cash but rather to have their Distributions reinvested in Shares under the Plan. 
 8.
    Termination. 
 (a)     A Participant may terminate or modify participation in the Plan at
any time by written notice to the Corporation. To be effective for any Distribution, such notice must be received by the Corporation at least ten (10) days prior to the record date of the Distribution Period to which it relates. 

  
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 (b)     A Participant’s transfer of Securities will terminate
participation in the Plan with respect to such transferred Securities as of the first day of the Distribution Period in which such transfer is effective, unless the transferee of such Securities in connection with such transfer demonstrates to the
Administrator that such transferee meets the requirements for participation hereunder and affirmatively elects participation by delivering an executed authorization form or other instrument required by the Administrator. 

9.     State Regulatory Restrictions. The Corporation is authorized to deny participation in the Plan to
residents of any state or foreign jurisdiction that imposes restrictions on participation in the Plan that conflict with the general terms and provisions of this Plan, including, without limitation, any general prohibition on the payment of
broker-dealer commissions for purchases under the Plan. 
 10.     Amendment or Termination by Corporation.
 
 (a)     The terms and conditions of this Plan may be amended by the Corporation at any time, including but not
limited to an amendment to the Plan to substitute a new Administrator to act as agent for the Participants, by mailing an appropriate notice at least ten (10) days prior to the effective date thereof to each Participant. 

(b)     The Corporation may terminate the Plan by providing thirty (30) days’ prior written notice to all
Participants. 
 (c)    The Corporation may terminate a Participant’s individual participation in the Plan, at any
time by providing ten (10) days’ prior written notice to a Participant, if the Participant’s participation in the Plan may (i) adversely affect the status of the Corporation as a real estate investment trust pursuant to
Section 856 of the Internal Revenue Code; (ii) result in a Participant who is not an Accredited Investor, (iii) violate or create adverse consequences under any law, rule, regulation or statement of policy of any governmental body or
agency having jurisdiction over the Corporation and its securities including, without limitation, the Employee Retirement Income Security Act of 1974 or Internal Revenue Code, (iv) with regards to Shares, be prohibited by the Corporation’s
Articles of Incorporation or Bylaws, or (v) with regards to Membership Units, be prohibited by Broadstone Net Lease, LLC’s Articles of Organization or Operating Agreement. 

(d)     After termination of the Plan or termination of a Participant’s participation in the Plan, the Administrator
will send to each Participant a check for the amount of any Distributions in the Participation’s account that have not been invested in Shares. Any future Distributions with respect to such former Participant’s Securities made after the
effective date of the termination of the Participant’s participation will be sent directly to the former Participant. 
 11.
    Participation by Members of Broadstone Net Lease, LLC. For purposes of this Plan, “Participants” shall be deemed to include members of Broadstone Net Lease, LLC that elect to participate in the Plan,
and “Distribution,” when used with respect to such members shall mean cash distributions on Membership Units held by such member. 

12.     Authorization. Any determination, decision, or action of the Board in connection with the construction,
interpretation, administration, or application of the Plan shall be final, conclusive, and binding upon all Participants, unless otherwise determined by the Board. 

13.    Governing Law. This Plan and the Participants’ election to participate in the Plan shall be
governed by the laws of the State of New York, unless otherwise, and only to the extent, required to be governed by the Maryland General Corporate Law, as amended. 

  
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 14.     Notice. Any notice or other communication required or
permitted to be given by any provision of this Plan shall be in writing to the following address: 
 Broadstone Net Lease, Inc. 

800 Clinton Square 
 Rochester, NY
14604 
 Attention: Shareholder Services 

or such other address provide by the Administrator or Corporation by written notice to all Participants. Notices to a Participant may be given
by letter addressed to the Participant at the Participant’s last address of record with the Administrator. Each Participant shall notify the Administrator promptly in writing of any changes of address. 

  
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 DISTRIBUTION REINVESTMENT PLAN: ELECTION TO PARTICIPATE 

Thank you for your interest in the Distribution Reinvestment Plan (the “Plan”) of Broadstone Net Lease, Inc. (the
“Corporation”). We are pleased to offer this opportunity to our stockholders and holders of units in Broadstone Net Lease, LLC. In order to become a participant in the Plan, please sign this Election of Participation below
and return it to the Corporation, Broadstone Net Lease, Inc., at the following address: 
 Broadstone Net Lease, Inc. 

800 Clinton Square 
 Rochester,
NY 14604 
 Attn: Shareholder Services 
 For
this Election to Participate to apply to any distribution, it must be received no later than 10 days prior to the record date of the applicable fiscal month. If this Election is received by the Corporation after that date, you will receive a cash
distribution for such month and your enrollment will be processed for any distribution declared with respect to the following fiscal month. Once you have enrolled in the Plan, your enrollment will continue for all subsequent distributions until the
Corporation receives written notice from you withdrawing from the Plan. 
 By signing below, you: 

 

	 	•	 	elect to participate in the Plan, until such time as you provide the Corporation with written notice of your desire to no longer participate; 

 

	 	•	 	appoint the Administrator as your agent under the terms of the Plan; 

  

	 	•	 	represent to the Corporation that you are an “accredited investor,” as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act of 1933, as amended; 

 

	 	•	 	agree to notify the Chief Executive Officer of the Corporation of any material change to the information you have previously represented to the Corporation regarding your financial position and business experience; and

  

	 	•	 	affirm that the Form W-9: Request for Taxpayer Identification Number and Certification provided by you to the Corporation remains correct and complete. 

I would like to reinvest: 

         Full Dividend Reinvestment: Mark this box if you wish to reinvest all distributions 

         Partial Dividend Reinvestment     % of my distribution: Mark this box and
specify the percentage of shares on which you wish to have distributions reinvested. 
  

							
	  
	 	
	Signature of Subscriber	 		 	Date	 	
		
	  
	 	
	Signature of Subscriber (Additional if required)	 		 	Date	 	
			
	  
	 		 	
	Print Subscriber Name	 		 		 	

  
 5EX-4.2

 EXHIBIT 4.2 
  

 
 SHARE REDEMPTION PROGRAM 

(Effective as of December 31, 2009; Amended and Restated as of April 18, 2017) 

BROADSTONE NET LEASE, INC. 
  

Broadstone Net Lease, Inc., a Maryland corporation (the “Corporation”), has adopted this Share Redemption Program (the
“Program”), to be administered by Broadstone Asset Management, LLC (the “Administrator”) as agent for the Corporation participating in the Program, on the terms and subject to the conditions set forth
below. 
 TERMS 

1.    Authority and Purpose. The Program is established by the Board of Directors of the Corporation (the
“Board”), pursuant to Section 6.10 of the Articles of Organization of the Corporation, and by the Independent Directors Committee of the Board (the “Committee”), pursuant to Section 4.03 of
the Bylaws of the Corporation, for the purpose of enabling shareholders of the Corporation (“Shareholders”) to sell shares of common stock (“Shares”) back to the Corporation after December 31,
2009, on the terms and subject to the conditions set forth below and any additional restrictions, limitations or conditions imposed by the Committee from time to time. 

2.    Redemption Requests. Any Shareholder desiring to sell Shares back to the Corporation pursuant to the Program
must complete and execute the “Request to Redeem” in the form attached hereto, as revised from time to time, and deliver it to the Administrator at least ten (10) days prior to the last business day of the calendar quarter in which
the Shareholder would like Shares redeemed. 
 3.    Share Redemption Price. On the last business day of each
calendar quarter, the Corporation will redeem Shares. Shares held for more than 12 months, but less than 5 years, will be redeemed at a purchase price (the “Redemption Consideration”) equal to 95% of the “Determined
Share Value” in effect at the time the Shares are tendered for redemption in accordance with the terms and conditions of the Program, while shares held for 5 years or more will be redeemed at a Redemption Consideration equal to 100% of the
“Determined Share Value” in effect at that time, subject to all other restrictions, conditions and terms of the Share Redemption Program; provided, however, any Shareholder may have up to 5% of their Shares redeemed by the Corporation in
any calendar year at 100% of the Determined Share Value in effect at the time the Shares are tendered for redemption in accordance with the terms and conditions of the Program and subject to all other restrictions, conditions and terms of this
Program. The 5% discount applied to Shares tendered for redemption that have been held for more than 12 months, but less than 5 years, shall not apply if the Share redemption request relates solely to a change in the form of Share ownership and the
Shareholder will be, simultaneously with the redemption, investing in the Corporation, through a different form of Share ownership, an amount equal to or greater than the amount of the Redemption Consideration, subject to all other restrictions,
conditions and terms of this Program. If an individual Shareholder is deceased, the deceased Shareholder’s estate may request the redemption of the Shares held in the deceased Shareholder’s individual capacity at a purchase price equal to
100% of the Determined Share Value in effect at the time the Shares are tendered for redemption within one year of the death of the Shareholder, subject to all other restrictions, conditions and terms of this Program. The “Determined
Share Value” means the value of a share of common stock of the Corporation, as set by the Committee from time to time. A check payable to the Shareholder or a wire transfer or Automated Clearing House (ACH) payment in the amount of the
Redemption Consideration will be mailed or sent, as applicable, to the Shareholder within five (5) business days after the Shares are redeemed by the Corporation, subject to any withholding required under applicable law. 

4.    Share Redemption Cap. The total number of Shares redeemed in any one calendar quarter by the Corporation
pursuant to the Program will not exceed 1% of the total number of Shares outstanding at the beginning of that calendar year, plus 50% of the total number of any additional Shares issued during the prior calendar quarter under the Distribution
Reinvestment Plan, plus any additional number of Shares the Committee decides to redeem in its sole and absolute discretion; provided, however, the Committee may, in its sole discretion, limit the total number of Shares to be redeemed in any
calendar quarter in the best interests of the Corporation. The total number of Shares 

 
available for redemption in any calendar quarter is referred to as the “Redemption Cap.” In the event the total number of Shares tendered for redemption in any
calendar quarter exceeds the Redemption Cap, the Shares tendered for redemption will be redeemed by the Corporation in the following order: first, pro rata, by priority, among Unredeemed Shares (as defined in Section 5 below) to be
redeemed by the Corporation as directed by a participating Shareholder’s “Request to Redeem,” and second, pro rata, among Shareholders tendering Shares for the first time. The total number of Shares redeemed on a pro
rata basis from each participating Shareholder will be the product of the number of Unredeemed Shares or Shares, as the case may be, tendered by the Shareholder multiplied by a fraction, the numerator of which is the Redemption Cap for that
calendar quarter minus the total number of Unredeemed Shares already redeemed by the Corporation in that calendar quarter, if any, and the denominator of which is the aggregate number of Unredeemed Shares or Shares, as the case may be, tendered for
redemption in that quarter, rounded to the nearest whole Share. 
 5.    Share Redemption Priority. To the extent
the total number of Shares tendered for redemption by Shareholders at the end of any calendar quarter are not redeemed (“Unredeemed Shares”) by the Corporation because it exceeds the Redemption Cap, the Unredeemed Shares will
be given first priority for redemption at the end of the following calendar quarter, with the Redemption Consideration calculated based on the Determined Share Value then in effect, subject to the terms and conditions of the Program. If the
Shareholder desires to have any Unredeemed Shares redeemed in the subsequent calendar quarter or quarters even though the Determined Share Value at that time is equal to or in excess of the Determined Share Value in effect when the Shares were
initially tendered, the Shareholder should indicate that desire by initialing the appropriate place on the “Request to Redeem” prior to its delivery to the Administrator. The Shareholder may cancel any “Request to Redeem” in
writing to the Administrator not later than ten (10) business days prior to the end of the calendar quarter. The priority given Unredeemed Shares pursuant to the Program may cause one or more tiers of priority if the total number of Unredeemed
Shares and/or Shares continues to exceed the Redemption Cap in multiple successive calendar quarters. 
 6.    Right
to Reject; Program Subject to Revision, Suspension, Termination. Notwithstanding anything herein to the contrary, the Board or the Committee may, in its sole discretion, reject any Share redemption request made by any Shareholder at any time.
The terms of the Program are subject to revision, suspension or termination by the Board and the Committee at any time and from time to time, in the best interests of the Corporation. 

CONDITIONS 

1.    Minimum Holding Period. Shares tendered for redemption must be held by the Shareholder for at least one
(1) year (the “Minimum Holding Period”) prior to being redeemed by the Corporation pursuant the Program. When membership units (“Membership Units”) of Broadstone Net Lease, LLC (the
“Operating Company”) are converted to Shares, the time period(s) during which the Shareholder held Membership Units may be used to meet the Minimum Holding Period. In the event of death or bankruptcy of a Shareholder, or
other exigent circumstances as approved by the Committee, the Corporation may waive the Minimum Holding Period for any number of Shares, in the Committee’s sole and absolute discretion. 

2.    Additional Conditions to Redemption. Any redemption of Shares by the Corporation pursuant to the Program
shall: 
 (a)    comply with applicable federal and state securities laws; and 

(b)    not violate Section 2-311 of the Maryland general Corporation Law,
which, among other things, requires that at the time of any redemption or other purchase of its own shares the Corporation have sufficient funds to pay its indebtedness as it becomes due and have total assets in excess of its total liabilities; and

 (c)    not cause the Corporation to violate any restrictions applicable to the Corporation as a “real estate
investment trust” or “REIT” or otherwise interfere with its ability to preserve the status of the Corporation as a REIT under the Internal Revenue Code and the regulations promulgated thereunder and in effect from time to time. 

3.    Representations and Warranties of Shareholder. The Shareholder must, and automatically does so by executing a
Request to Redeem and delivering it to the Administrator, represent and warrant to the Corporation that: 
 (a)    the
Shareholder is the lawful owner of Shares tendered for redemption, free and clear of all security interest, liens, encumbrances, equities and other charges; and 

  
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 (b)    the Shareholder has the full and complete right and authority to
transfer, sell, surrender, assign and convey the Shares tendered for redemption to the Corporation; and 
 (c)    the
Shareholder is not a party to any agreement, written or oral, creating rights in respect of any Shares tendered for redemption to the Corporation in any third person; and 

(d)    the sale by the Shareholder to the Corporation of the Shares tendered for redemption is made freely and voluntarily
by the Shareholder and in selling said Shares to the Corporation the Shareholder is not acting under fraud, duress, menace or undue influence; and 

(e)    the terms and conditions of the Program are valid and binding on the Shareholder upon submitting an executed
Requested to Redeem to the Administrator; and 
 (f)    the above representations and warranties of the Shareholder
survive the redemption of the Shares by the Corporation. 
 4.    General. Additional conditions to the
redemption of the Redeemed Shares by the Corporation, include the Shareholder agreeing to the following provisions: 

(a)    Remedies. In the event of a breach, default or misrepresentation by the Shareholder in connection with any
of the provisions of the Program or in connection with the redemption of Shares by the Corporation, the Corporation has the right to seek and obtain any and all remedies available at law or in equity, including rescission of any redemption or the
availability of the Program with respect to said Shareholder. 
 (b)    Governing Law and Venue. The Program and
the transactions contemplated thereby shall be construed and enforced in accordance with the laws of the State of New York, unless otherwise, and only to the extent, required to be governed by the Maryland General Corporate Law, as amended from time
to time. Any and all actions brought in connection with the Program shall be brought in the state and/or federal courts of the United States sitting in the County or Monroe, State of New York and the Shareholder waives any right to object to the
convenience of such venue. 
 (c)    Entire Agreement. Other than as set forth herein and in the Request to
Redeem executed by the Shareholder, there are no other agreements, representations, warranties or covenants by or between the Shareholder, the Corporation or the Administrator with respect to the Program or the redemption of Shares by the
Corporation. The Program and the Request to Redeem constitute the entire agreement and supersedes all prior agreements and understandings, oral and written, between the Shareholder, the Corporation or the Administrator with respect to the Program or
the redemption of Shares by the Corporation. 

  
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 SHARE REDEMPTION PROGRAM 

REQUEST TO REDEEM 
 Thank you for your
interest in the Share Redemption Program (the “Program”) of Broadstone Net Lease, Inc. (the “Corporation”). We are pleased to offer this opportunity to our shareholders. In order to become a
participant in the Program, please sign this Request to Redeem where indicated below and return it to the Program administrator, Broadstone Asset Management, LLC (the “Administrator”), at the following address: 

Broadstone Asset Management, LLC 

800 Clinton Square 
 Rochester,
NY 14604 
 For this Request to Redeem to apply to any redemption of shares under the Program, it must be received no later than ten (10) days prior to
the last business day of the applicable calendar quarter. If this Request to Redeem is received by our Administrator after that date, you will be processed for redemption in the following calendar quarter, unless the Administrator receives written
notice from you withdrawing your redemption request. 
 By signing below, you acknowledge and agree that: 

 

	 	•	 	You have received, carefully read, and agree to be subject to and bound by the terms and conditions of the Program in effect at the time of delivery of this Request to Redeem, and that such terms and conditions are
fully incorporated herein by reference. 

  

	 	•	 	The Corporation has advised all shareholders, including you, to obtain independent legal counsel with respect to the transactions contemplated by the Program. 

 

	 	•	 	By executing this Request to Redeem and delivering it to the Administrator, you are: (a) agreeing that you are either represented by independent legal counsel or specifically waiving the right to counsel; and
(b) representing and warranting to the Corporation that you are acting on your own independent judgment or upon the advice of your own counsel, without any representation, express or implied, of any kind from any other party, including the
Corporation and the Administrator. 

  

	 	•	 	You desire to sell to the Corporation                  shares (insert number of shares) with the “Redemption Consideration” (see
Program details) calculated based on the current per share price of $        . 

  

							
	Date:                     	 		 		 	  

		 		 		 	(Print or Type Name of Shareholder)
				
		 		 	By:	 	  

		 		 	Title:	 	  

 If you would like all “Unredeemed Shares” (see Program details) to be sold to the Corporation at the end of the next
calendar quarter with the Redemption Consideration calculated based on a the per share price then in effect, provided the per share price then in effect is the same or higher than the current per share price listed above,
without having to submit an additional Request to Redeem form, please initial here:                 .

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