Company: NNN
Filing Date: 2025-03-20
Form Type: DEF 14A
Source: 0000950170-25-042337
Chunk: 48

Company: NNN REIT, INC.
Filing Date: 2025-03-20
Form: DEF 14A
Chunk 48
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person” or “group” having become a direct or indirect owner of Company securities (such that a change of control would otherwise have been deemed to have occurred), if the Executive is a member of such person or group;

the Company consolidates with or merges with or into another corporation or partnership or conveys, transfers or leases, in any transaction or series of transactions, all or substantially all of its assets to any corporation or partnership, or any corporation or partnership consolidates with or merges with or into the Company, in any event pursuant to a transaction in which the outstanding voting stock of the Company is reclassified or changed into or exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding voting securities of the Company are changed into or exchanged for voting securities of the surviving corporation and (ii) the persons who were the beneficial owners of the Company’s voting securities immediately prior to such transaction beneficially own immediately after such transaction 50% or more of the total outstanding voting power of the surviving corporation, or the Company is liquidated or dissolved or adopts a plan of liquidation or dissolution; or

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a change in the composition of the Board of Directors such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board of Directors (the “Existing Board”) cease for any reason to constitute at least 50% of the Board of Directors; provided , however, that any individual becoming a member of the Board of Directors subsequent to the beginning of such period whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election will be considered as though such individual were a member of the Existing Board.

In connection with the expiration of Ms. Miller's employment agreement, the Company replaced Ms. Miller's employment agreement with an employment letter and designated Ms. Miller as a participant in the Executive Severance Plan. The employment letter and Ms. Miller's participation in the Executive Severance Plan became effective on January 1, 2025.

Executive Severance Plan

Messrs. Horn and Adamo and Ms. Steffens are participants in the Executive Severance Plan and, effective as of January 1, 2025, Ms. Miller became a participant in the Executive Severance Plan, as described below.

Each of Messrs. Horn and Adamo and Ms. Steffens and, effective