Company: NNN
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000950170-25-042337
Chunk: 45

Company: NNN REIT, INC.
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 45
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2018. Each employment agreement is

subject to automatic successive two-year renewals unless one party provides written notice to the other party of non-renewal 60 days prior to the expiration date of the agreement. The initial expiration date for each employment agreement was as follows: (a) August 17, 2011 for Mr. Habicht; and (b) January 2, 2019 for Ms. Miller. Each agreement contains provisions that provide for certain payments or benefits to the Executive upon the occurrence of certain events, including death or disability, termination of employment by the Company for “cause” or by the Executive without “good reason,” termination of employment by the Company without “cause” or by the Executive with “good reason,” and termination of employment upon expiration of the employment agreement. In the event the Executive is unable to perform his or her job duties due to death or disability, each agreement provides for payment of the Executive's accrued salary, a prorated performance bonus and, for a period of one year following termination of the agreement due to death, health benefits under the Company’s health plans and programs for the Executive’s dependents. In the event the Executive's employment is terminated by the Company for “cause” or the Executive terminates his or her employment agreement without “good reason,” the Executive is entitled to his accrued salary and benefits prior to the date of termination.

Each agreement also contains severance provisions that call for payment to the Executive of the following amounts in the event that he or she is terminated without “cause” or he or she resigns for “good reason”:

accrued and unpaid salary through the date of termination;

a cash payment equal to 200% (with respect to Ms. Miller) or 250% (with respect to Mr. Habicht) of the respective annual salary;

a cash payment equal to 200% (with respect to Ms. Miller) or 250% (with respect to Mr. Habicht) of the respective average bonus for the last three years of employment under the agreement;

immediate vesting of the restricted stock awards, stock options and other equity awards that the Executive holds, to the extent then unvested;

for a period of one year after termination (but in no event after the Executive 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; and

in the event of such a termination upon or after a “change of control,” a