Company: NNN
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000950170-25-042337
Chunk: 56

Company: NNN REIT, INC.
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 56
---
 for one year following termination.

A cash payment of the prorated annual bonus at the “target” level for the year of termination, payable in a single sum.

Messrs. Horn and Adamo and Ms. Steffens are each participants in the Executive Severance Plan, and therefore, have no expiration within their employment letter.

(5)The amounts shown represent the following payments:

A cash payment of a prorated annual bonus assuming "target" level based on attainment of actual performance for the year of retirement, payable in a single lump sum.

Early vesting of certain service-based and performance-based stock awards. In February 2025, the Compensation Committee determined the 2022 TSR grant performance metrics met the 68.7 th percentile resulting in 174.8% of target shares.

Payments Upon Retirement of Mr. Habicht

On January 6, 2025, the Company announced that Mr. Habicht will retire from employment with the Company as Executive Vice President, Chief Financial Officer, Assistant Secretary, Treasurer and the Company’s principal financial officer, and as a member of the Board of Directors effective March 31, 2025 (such date, the "Effective Date"). In connection with Mr. Habicht's retirement, the Company and Mr. Habicht entered into a Retirement and Transition Agreement (the "Retirement Agreement”). Under the terms of the Retirement Agreement, Mr. Habicht will be eligible to receive the following benefits and payments:

accrued and unpaid salary and paid time off through the Effective Date;

for a period of one year after the Effective Date (but in no event after Mr. Habicht 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;

an annual bonus based on actual performance for the period beginning on January 1, 2025 through the Effective Date;

accelerated vesting of his service-based restricted stock awards immediately prior to the Effective Date resulting in a fair market value of approximately $678,000; and

all performance-based awards will be allowed to run their course to determine the performance level, and Mr. Habicht will receive a prorated vesting on such awards.

<div align='center'>53</div>

In order to facilitate the transition, Mr. Habicht will make himself available to consult with the Company for the 20-month period following the Effective Date. In consideration for the consulting services, commencing on the Effective Date, the Company will