Company: NNN
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000950170-25-042337
Chunk: 35

Company: NNN REIT, INC.
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 35
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ffens, whose annualized salary of $425,000 was established at the time of her hire effective November 30, 2023 and did not change in 2024. After these increases, 2024 base salaries for NEOs ranged from 81% to 106% of market median levels (92% of median levels in the aggregate).

Annual Incentive Compensation

Cash Incentive Bonus.We believe that a significant portion of the compensation of the NEOs should be provided in the form of incentive compensation. For 2024, the Committee approved annual cash incentive bonus opportunities based upon per share profitability subject to potential reductions in bonus amounts if balance sheet leverage rose above 50% (75% weighting) and holistic assessments of each NEO's contributions toward corporate objectives, as well as individual performance (25% weighting). Profitability was based on Core FFO per share, excluding impairments and executive retirement costs, ranging from $3.20 per share for "threshold" performance to $3.30 per share for "target" level performance to $3.40 per share for "maximum" performance. Each NEO's bonus opportunity for threshold, target and maximum performance is set forth in the table below. Straight-line interpolation is used to determine awards for results in between performance levels. The following tables represent the 2024 annual cash incentive bonus opportunities and actual earned awards for each NEO expressed as a percentage of base salary.

|                                               | Core FFO per Share (75%) |          |          |             |
| Position                                      | Threshold                | Target   | Maximum  | 2024 Actual |
| President & Chief Executive Officer           | 56.250%                  | 112.500% | 225.000% | 135.000%    |
| EVP, CFO, Asst. Secretary & Treasurer         | 43.125%                  | 86.250%  | 172.500% | 103.500%    |
| EVP, General Counsel & Secretary              | 37.500%                  | 75.000%  | 150.000% | 90.000%     |
| EVP, Portfolio Operations                     | 37.500%                  | 75.000%  | 150.000% | 90.000%     |
| EVP & Chief Accounting and Technology Officer | 37.500%                  | 75.000%  | 150.000% | 90.000%     |

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