First Amendment to the Fourth Amended And Restated Advisory Agreement, dated as of August 14, 2018, by and among Global Net Lease, Inc., Global Net Lease Operating Partnership, L.P., and Global Net Lease Advisors, LLC

Exhibit 10.1

FIRST AMENDMENT TO

FOURTH AMENDED AND RESTATED ADVISORY AGREEMENT

This FIRST AMENDMENT TO THE FOURTH AMENDED AND RESTATED ADVISORY AGREEMENT (this “Amendment”) is entered into and shall become effective as of August 14, 2018, by and among Global Net Lease, Inc., a Maryland corporation (the “Company”), Global Net Lease Operating Partnership, L.P., a Delaware limited partnership (the “Operating Partnership”) and Global Net Lease Advisors, LLC, a Delaware limited liability company (the “Advisor”).

RECITALS

WHEREAS, the Company, the Operating Partnership and the Advisor previously entered into that certain Fourth Amended and Restated Advisory Agreement, dated as of June 2, 2015 (the “Advisory Agreement”);

WHEREAS, the Company, the Operating Partnership and the Advisor desire to make certain amendments to the Advisory Agreement.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

““Incentive Fee Escalator” means, (i) beginning on the first (1^st) anniversary of the Effective Date, an amount equal to not less than one percent (1%) and not greater than three percent (3%) and (ii) beginning on June 2, 2020, an amount equal to not less than zero percent (0%) and not greater than three percent (3%), in each case, with the exact amount determined in accordance with Section 6(e)(iii).”

“Effective as of July 1, 2018, notwithstanding anything in the foregoing to the contrary, the Incentive Fee Lower Hurdle means the Core AFFO Per Share in an annualized amount equal to (i) $2.15 for the period beginning on July 1, 2018 through June 30, 2019, (ii) $2.25 for the period beginning on July 1, 2019 through June 30, 2020, and (iii) thereafter as the same may be increased each year by the product of the applicable Core FFO multiplied by the Incentive Fee Escalator for such year.”

“Effective as of July 1, 2018, notwithstanding anything in the foregoing to the contrary, the Core AFFO Per Share in an annualized amount equal to (i) $2.79 for the period beginning on July 1, 2018 through June 30, 2019, (ii) $2.92 for the period beginning on July 1, 2019 through June 30, 2020, and (iii) thereafter as the same may be increased each year by product of the applicable Core FFO multiplied by the Incentive Fee Escalator for such year.”

“For the avoidance of doubt, the Incentive Fee Hurdles shall not be increased by the Incentive Fee Escalator until the start of the fiscal quarter of the Company beginning July 1, 2020.”

“Notwithstanding anything contained herein to the contrary, on August 14, 2023 and on each five (5) year anniversary thereafter, the Board shall (A) consider any request by the Advisor (which request may be made solely by the Advisor in its discretion) to reduce the then current Incentive Fee Hurdles and (B) make a determination (based on all relevant facts and circumstances, including the best interests of the Company’s stockholders, the achievability of such Incentive Fee Hurdles, and any changes to the Investment Guidelines or the business plan of the Company) as to the amount by which such Incentive Fee Hurdles may be reduced.”

[Signature Page Follows]

IN WITNESS WHEREOF, the undersigned, intending to be legally bound hereby, have duly executed and delivered this First Amendment to Fourth Amended and Restated Advisory Agreement as of the date first set forth above.

[Signature Page to the First Amendment to the

Fourth Amended and Restated Advisory Agreement]