Company: NNN
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000950170-25-042337
Chunk: 46

Company: NNN REIT, INC.
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 46
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 prorated annual non-equity bonus at the target level for the year in which termination occurred.

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Under each employment agreement, in the event of an Executive’s termination of employment due to death or disability, the Executive (or his or her estate or legal representative, as applicable) will receive:

on a termination due to death only, a cash payment equal to two months of his or her annual salary;

accrued and unpaid salary through the date of termination;

a prorated annual non-equity bonus at the target level for the year in which termination occurred;

service-based restricted stock awards will accelerate on a pro rata amount based on the date of termination; and all performance-based units and restricted stock awards will be allowed to run their course to determine the performance level and the executive officers will receive a pro rata share based on the date of termination; and

on a termination due to death only, for a period of one year after termination, health benefits for the Executive’s spouse and dependents under the Company’s health plans and programs generally available to senior executives of the Company.

Under each employment agreement in the event the agreement naturally terminates at the end of its term because the Company elects not to renew, the Executive will be entitled to the following severance payments:

accrued and unpaid salary through the date of termination;

a cash payment equal to 100% of his or her annual salary;

only upon the expiration of the initial term of the agreement, service-based restricted stock awards will accelerate on a pro rata amount based on the date of termination; and all performance-based units and restricted stock awards will be allowed to run their course to determine the performance level and the executive officers will receive a pro rata share based on the date of termination;

for a period of one year after termination (but in no event after the Executive becomes eligible to receive benefits of the same type from another employer), health benefits under the Company’s health plans and programs generally available to senior executives of the Company; and

a prorated annual non-equity bonus at the target level for the year in which termination occurred.

No executive other than Mr. Habicht pursuant to his employment agreement, is entitled to a gross-up payment from the Company. The Committee does not intend to provide tax gross-up payments in any future employment agreements.

“Cause” is defined in each Executive’s agreement as the Executive’s:

conviction of (or pleading nolo contendere to) an indictment or information that is filed against