Company: NNN
Filing Date: 2025-08-01
Form Type: 8-K
Source: 0000950170-25-101402
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Company: NNN REIT, INC.
Filing Date: 2025-08-01
Form: 8-K
Item: Item 5.02
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Item 5.02.      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.  

Employment Letter

On August 1, 2025, NNN REIT, Inc. (the “ Company”) announced that Joshua P. Lewis was promoted to Executive Vice President, Chief Investment Officer. In connection with his promotion, the compensation committee (the “ Committee”) of the Board of Directors (the “ Board”) of the Company approved entering into a letter agreement with Mr. Lewis (the “ Employment Letter”) and designated Mr. Lewis a participant in the Executive Severance and Change of Control Plan (the “ Executive Severance Plan”) as described below. The Employment Letter and Mr. Lewis’ participation in the Executive Severance Plan will become effective on August 1, 2025 (the “ Effective Date”).

Mr. Lewis, 52, is responsible for leading the Company’s real estate investments, including structuring, negotiation, and deal execution. Mr. Lewis has held roles of increasing responsibility within the Acquisitions team since joining the Company in 2008 and has served as Senior Vice President, Head of Acquisitions since August 2022. Prior to NNN, Mr. Lewis spent 13 years in the real estate capital markets and investment banking divisions at BofA Securities and its predecessor firms, where he held senior roles advising on and executing real estate financing transactions. Mr. Lewis is a cum laude graduate of Miami University in Oxford, Ohio, with a double major in finance and marketing. Mr. Lewis is a member of ICSC.

The terms of the Employment Letter are as follows:

• Mr. Lewis will be entitled to receive an annual base salary of $375,000.

• Mr. Lewis will be eligible to receive an annual cash performance-based bonus determined in accordance with the Company’s executive compensation policies in effect during his employment.

• Mr. Lewis will be eligible to receive equity awards under the Company’s 2017 Performance Incentive Plan.

• Mr. Lewis will be eligible to participate in the Company’s benefit plans, and will receive certain additional fringe benefits.

• The Company will reimburse Mr. Lewis for all ordinary and reasonable out-of-pocket expenses related to the performance of his services.

Executive Severance Plan

On January 19, 2022, the Board adopted the Executive Severance Plan applicable to certain employees of the Company who are designated as participants by the Committee and who enter into a letter agreement with the Company