Company: NNN
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000950170-25-042337
Chunk: 34

Company: NNN REIT, INC.
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 34
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 and other perquisites. We believe that these compensation components provide an appropriate mix of fixed and variable pay, balance short-term operational performance with long-term stockholder value, and encourage executive recruitment and retention. The target aggregate total direct compensation mix for our NEOs in 2024 was 20% base salary, 24% short term incentive (STI or bonus) and 56% long-term incentive ("LTI") compensation which is comparable with the Peer Group 50thpercentile target compensation mix.

The differences in the target amounts and mix of compensation awarded to the NEOs are primarily a result of comparing each executive's compensation against corresponding market values for industry peers and giving consideration to differences in position and responsibilities among the Company’s NEOs. The responsibilities for each named executive officer during the fiscal year 2024 were as follows:

(i) Mr. Horn, our President and Chief Executive Officer, was responsible for managing our acquisition department, human resources, and in addition, developing, defining, implementing and executing the Company’s corporate strategy, policies, mission, philosophy, goals and objectives;

(ii) Mr. Habicht, our Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer, was responsible for overseeing all capital, forecasting, credit tenant analysis, tax and corporate communication matters of the Company and assisting the corporate secretary with her duties;

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(iii) Ms. Steffens, our Executive Vice President, General Counsel and Secretary, was responsible for overseeing all legal and corporate governance matters for the Company and the Company's sustainability program and initiatives;

(iv) Mr. Adamo, our Executive Vice President, Portfolio Operations, was responsible for overseeing all disposition, leasing and development activities, asset management, due diligence and property level analytics; and

(v) Ms. Miller, our Executive Vice President and Chief Accounting and Technology Officer, was responsible for overseeing SEC and financial reporting, lease compliance, information technology and payroll.

Our Committee believes that the different levels of compensation provided to the NEOs are commensurate with the responsibilities of each executive.

Base Salary

The Committee sets and adjusts the base salaries of our NEOs based on the qualifications, experience, scope of responsibilities and past performance of each executive, the practices of and salaries awarded by our Peer Group, and other factors deemed appropriate by the Committee. The Committee approved 2024 base salary increases for our NEOs, ranging from 3.8% to 19.0% (or a total increase of 10.2%) excluding Ms. Ste