Company: NNN
Filing Date: 2025-06-25
Form Type: 424B5
Source: 0001193125-25-146859
Chunk: 85

Company: NNN REIT, INC.
Filing Date: 2025-06-25
Form: 424B5
Chunk 85
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 or in part, or new bylaws may be adopted by our board of directors; provided, however, that our board of directors shall have no power or authority to modify, alter or repeal Section 3 or Section 5(a) of Article III, Section 1 of Article IV or Article XI of our bylaws. Business Combinations .Applicable Maryland law, as set forth in the Maryland General Corporation Law, limits our ability to enter into “business combinations” and other corporate transactions, including a merger, consolidation, share exchange, or, in certain circumstances, an asset transfer or issuance of equity securities when the combination is between us and an “interested stockholder” (as defined below) or an affiliate of an “interested stockholder.” An interested stockholder is:

| • |     | any person who beneficially owns 10% or more of the voting power of our outstanding voting shares; or |

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| • |     | any of our affiliates that beneficially owned, directly or indirectly, 10% or more of the voting power of our 
 outstanding voting shares at any time within two years immediately prior to the applicable date in question.  |

Control Share Acquisitions.Our charter exempts acquisitions of our shares of common stock by any person from “control share acquisition” requirements discussed below. With the approval of our Board of Directors, however, we could modify or eliminate the exemption in the future. If the exemption were eliminated, “control share acquisitions” would be subject to the following provisions: The Maryland General Corporation Law provides that “control shares” of a Maryland REIT acquired in a “control share acquisition” have no voting rights unless two-thirds of thestockholders (excluding shares owned by the acquirer and by the officers and directors who are employees of the Maryland REIT) approve their voting rights. “Control Shares” are shares that, if added to all other shares previously acquired, would entitle that person to exercise voting power, in electing directors, within one of the following ranges of voting power:

| • |     | one-tenth or more but 
 less than one-third;  |

| • |     | one-third or more but less than a majority, or |

| • |     | a majority or more of all voting power. |

Control shares do not include shares the acquiring person is entitled to vote with stockholder approval. A “control share acquisition” means the acquisition of control shares, subject to certain exceptions. If this provision becomes applicable to us, a person who has made or proposes