Company: NNN
Filing Date: 2025-06-24
Form Type: 424B5
Source: 0001193125-25-145374
Chunk: 80

Company: NNN REIT, INC.
Filing Date: 2025-06-24
Form: 424B5
Chunk 80
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 depositary to instruct us to cause conversion of the shares of represented preferred stock into whole shares of common stock or preferred stock, as the case may be, and we will agree that upon receipt of such instructions and any amounts payable, to convert the depositary shares utilizing the same procedures as those provided for delivery of shares of preferred stock to affect such conversion. If the depositary shares are to be converted in part only, one or more new depositary receipts will be issued for any depositary shares not to be converted. No fractional shares of common stock will be issued upon conversion, and if such conversion will result in a fractional share being issued, we will pay an amount in cash equal to the value of the fractional interest based upon the closing price of the common stock on the last business day prior to the conversion. Amendment and Termination of the Deposit Agreement We and the depositary may, at any time, agree to amend the form of depositary receipt and any provision of the deposit agreement. However, any amendment that materially and adversely alters the rights of the holders of depositary receipts will not be effective unless that amendment has been approved by the existing holders of at least a majority of the depositary shares. We may terminate the deposit agreement upon not less than 30 days’ prior written notice to the preferred stock depositary if:

| • |     | the termination is to preserve our status as a REIT; or |

| • |     | a majority of each class of preferred stock affected by the termination consents to the termination; |

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whereupon the depositary will deliver or make available to each holder of depositary receipts, upon surrender of the depositary receipts held by such holder, such number of whole or fractional shares of preferred stock as are represented by the depositary shares evidenced by such depositary receipts. In addition, the deposit agreement will automatically terminate if:

| • |     | all outstanding depositary shares shall have been redeemed; |

| • |     | there shall have been a final distribution in respect of the related preferred stock in connection with our 
 liquidation, dissolution or winding                                                                         |

| • |     | up, and such distribution shall have been distributed to the holders of the applicable depositary receipts; or |

| • |     | each share of related preferred stock shall have been converted into capital stock not so represented by 
 depositary shares.                                                                                       |

Charges of Preferred Stock Depositary We will pay all transfer and other taxes and governmental charges arising solely from the existence of the deposit agreement. In addition