Company: NNN
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000950170-25-042337
Chunk: 47

Company: NNN REIT, INC.
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 47
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 Executive and is not discharged or otherwise resolved within 12 months thereafter, and said indictment or information charged Executive with a felony, any crime of moral turpitude, fraud or any act of dishonesty or any crime which is likely to result in material injury, either monetarily or otherwise, to the Company or any of its majority-owned subsidiaries;

the continued failure by Executive substantially to perform his or her duties or to carry out the lawful written directives of the Board of Directors;

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material breach of a fiduciary duty, including disclosure of any conflicts of interest that are known to the Executive, or with reasonable diligence should be known, relating to Executive’s employment with the Company, or otherwise engaging in gross misconduct or willful or gross neglect (in connection with the performance of his duties) which is materially injurious, either monetarily or otherwise, to the Company or any of its majority-owned subsidiaries; or

material breach of the non-competition and confidentiality clauses set forth in his or her employment agreement.

“Good reason” is defined in each agreement, unless otherwise consented to by Executive, as:

a material reduction in Executive’s position, authority, duties or responsibilities;

a reduction in the annual salary of Executive;

the relocation of Executive’s office to more than 50 miles from the Company’s principal place of business in Orlando, Florida;

the Company’s material breach of his or her employment agreement; or

the Company’s failure to obtain an agreement from any successor to the business of the Company by which the successor assumes and agrees to perform his or her employment agreement.

“Change of Control” is defined in each agreement as:

a “person” or “group” (which terms shall have the meaning they have when used in Section 13(d) of the Exchange Act) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, any corporation owned directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of voting securities of the Company) becomes (other than solely by reason of a repurchase of voting securities by the Company), the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40% or more of the combined voting power of the Company’s then total outstanding voting securities, provided, however, that in no event shall a change of control for purposes of each agreement be deemed to have arisen merely by virtue of a “