# EDGAR Filing Document

**Accession Number:** 0000751364
**File Stem:** 0000950170-25-101402
**Filing Date:** 2025-8
**Character Count:** 26966
**Document Hash:** 7ed98323c636fa79dfc30b24e4e482db
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-101402.hdr.sgml**: 20250801

**ACCESSION NUMBER**: 0000950170-25-101402

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20250801

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250801

**DATE AS OF CHANGE**: 20250801

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NNN REIT, INC.
- **CENTRAL INDEX KEY:** 0000751364
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 561431377
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11290
- **FILM NUMBER:** 251176144

**BUSINESS ADDRESS:**
- **STREET 1:** 450 S ORANGE AVE
- **STREET 2:** SUITE 900
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801
- **BUSINESS PHONE:** 407-265-7348

**MAIL ADDRESS:**
- **STREET 1:** 450 SOUTH ORANGE AVE
- **STREET 2:** SUITE 900
- **CITY:** ORLANDO
- **STATE:** FL
- **ZIP:** 32801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NATIONAL RETAIL PROPERTIES, INC.
- **DATE OF NAME CHANGE:** 20060501

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** COMMERCIAL NET LEASE REALTY INC
- **DATE OF NAME CHANGE:** 19930510

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CNL REALTY INVESTORS INC /DE/
- **DATE OF NAME CHANGE:** 19930429

?xml version='1.0' encoding='ASCII'? 8-K

![img229225161_0.jpg](img229225161_0.jpg)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM** 8-K

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** August 1, 2025

NNN REIT, INC.

**(exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| Maryland | 001-11290 | 56-1431377 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(Commission**<br>**File Number)** | **(I.R.S. Employment**<br>**Identification No.)** |

---

450 South Orange Avenue**,** Suite 900**,** Orlando**,** Florida 32801

(Address of principal executive offices, including zip code)

**(**407**)** 265-7348

(Registrant's telephone number, including area code)

**Not applicable** 

(Former name or former address if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **<u>Title of each class</u>** | **<u>Name of exchange on which registered</u>** |
| Common Stock, $0.01 par value<br> NNN | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 5.02.** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**  |

---

*Employment Letter*

On August 1, 2025, NNN REIT, Inc. (the "Company") announced that Joshua P. Lewis was promoted to Executive Vice President, Chief Investment Officer. In connection with his promotion, the compensation committee (the "Committee") of the Board of Directors (the "Board") of the Company approved entering into a letter agreement with Mr. Lewis (the "Employment Letter") and designated Mr. Lewis a participant in the Executive Severance and Change of Control Plan (the "Executive Severance Plan") as described below. The Employment Letter and Mr. Lewis' participation in the Executive Severance Plan will become effective on August 1, 2025 (the "Effective Date").

Mr. Lewis, 52, is responsible for leading the Company's real estate investments, including structuring, negotiation, and deal execution. Mr. Lewis has held roles of increasing responsibility within the Acquisitions team since joining the Company in 2008 and has served as Senior Vice President, Head of Acquisitions since August 2022. Prior to NNN, Mr. Lewis spent 13 years in the real estate capital markets and investment banking divisions at BofA Securities and its predecessor firms, where he held senior roles advising on and executing real estate financing transactions. Mr. Lewis is a cum laude graduate of Miami University in Oxford, Ohio, with a double major in finance and marketing. Mr. Lewis is a member of ICSC.

The terms of the Employment Letter are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mr. Lewis will be entitled to receive an annual base salary of $375,000.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mr. Lewis will be eligible to receive an annual cash performance-based bonus determined in accordance with the Company's executive compensation policies in effect during his employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mr. Lewis will be eligible to receive equity awards under the Company's 2017 Performance Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Mr. Lewis will be eligible to participate in the Company's benefit plans, and will receive certain additional fringe benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Company will reimburse Mr. Lewis for all ordinary and reasonable out-of-pocket expenses related to the performance of his services.

*Executive Severance Plan* 

On January 19, 2022, the Board adopted the Executive Severance Plan applicable to certain employees of the Company who are designated as participants by the Committee and who enter into a letter agreement with the Company. Mr. Lewis has been designated as a participant in the Executive Severance Plan effective as of the Effective Date, with a "termination payment multiple" of one and a half and a "change of control termination payment multiple" (as such terms are defined in the Executive Severance Plan) of two.

The "termination payment multiple" applies on a termination of a participant's employment by the Company without "cause" or by the participant for "good reason" (as such terms are defined in the Executive Severance Plan) and the "change of control termination payment multiple" applies on a termination of a participant's employment by the Company without "cause" or by the participant for "good reason", in each case during the period beginning on the date that is three months prior to the consummation of a "change of control" of the Company and ending on the date that is 12 months after the consummation of such "change of control" of the Company (such period, the "Change of Control Protection Period").

*Death or Disability Severance Benefits*. If a participant's employment is terminated due to such participant's death or disability, such participant will be eligible to receive: (a) a lump sum cash payment equal to a prorated portion of such participant's annual bonus at the "target" level for the year of termination; (b) in the event of such participant's death, (i) a lump sum cash payment equal to two months of such participant's annual base salary, and (ii) one-year of continued Company-paid health coverage for participant's spouse and dependents; (c) vesting of any unvested time-based equity awards; and (d) vesting of any unvested performance-based equity awards at the "target" level of performance.

*Termination without Cause or for Good Reason Severance Benefits*. If a participant's employment is terminated by the Company without "cause" or by such participant for "good reason", such participant will be eligible to receive: (a) a cash payment equal to such participant's "termination payment multiple" (or, if such termination occurs during the Change of Control Protection Period, such participant's "change of control termination payment multiple") multiplied by his or her annual base salary; (b) a cash payment equal to such participant's "termination payment multiple" (or, if such termination occurs during the Change of Control Protection Period, such participant's "change of control termination payment multiple")

------

multiplied by such participant's average annual bonus for the three years of employment prior to termination (provided, however, if such participant serves as the Company's Chief Executive Officer (the "CEO") on his or her termination date, such termination occurs on or after the consummation of a "change of control" and such participant has not been employed for three years, then the amount payable to such participant under this clause (b) will be equal to such participant's "termination payment multiple" (or, if such termination occurs during the Change of Control Protection Period, such participant's "change of control termination payment multiple") multiplied by such participant's average annual bonus for the years of employment that such participant served as the CEO); (c) one-year of continued Company-paid health coverage; (d) in the event of such termination during the Change of Control Protection Period, a payment equal to a prorated portion of such participant's annual bonus at the "target" level for the year of termination; (e) vesting of any unvested time-based equity awards; and (f) vesting of a pro-rated portion of any unvested performance-based equity awards based on attainment of actual performance. The cash payments in clauses (a) and (b) are payable in equal installments over a 12-month period.

*Retirement Severance Benefits*. If a participant's employment is terminated due to retirement (as approved by the Board), such participant will be eligible to receive: (a) a lump sum cash payment equal to a prorated portion of such participant's annual bonus based on attainment of actual performance for the year of termination; (b) vesting of any unvested time-based equity awards; and (c) vesting of a pro-rated portion of any unvested performance-based equity awards based on attainment of actual performance.

*Change of Control Equity Benefits*. On a "change of control" of the Company, a participant will be eligible to receive: (a) vesting of any unvested time-based equity awards; and (b) vesting of any unvested performance-based awards at the "target" level of performance; provided that, if the participant has previously been terminated from employment without "cause" or for "good reason" and the "change of control" occurs prior to the vesting of any such unvested performance-based equity awards, then the performance-based equity awards will vest at the "target" level of performance as of the effective date of such "change of control".

*Conditions to Receipt of Severance*. A participant must execute a letter agreement with the Company that contains non-competition, non-solicitation, non-disclosure and non-disparagement covenants. Additionally, other than in the case of a termination of employment due to death or disability, the participant's receipt of severance payments and benefits under the Executive Severance Plan is contingent upon such participant timely signing and not revoking a release of claims in favor of the Company and such participant complying with the restrictive covenants in his or her letter agreement.

*Excise Tax*. In the event any of the payments or benefits provided for under the Executive Severance Plan or otherwise payable to a participant would constitute a "parachute payment" within the meaning of Section 280G of the Internal Revenue Code and could be subject to the related excise tax, a participant will be entitled to receive either full payment of such payments or benefits or such lesser amount which would result in no portion of the payments and benefits being subject to the excise tax, whichever results in the greater amount of after-tax benefits to the participant. No excise tax gross-ups are provided for in the Executive Severance Plan.

The foregoing summary of the terms and conditions of the Employment Letter and the Executive Severance Plan is qualified in its entirety by reference to the full text of the Employment Letter and Executive Severance Plan, copies of which are attached hereto or incorporated by reference as Exhibits 10.1 and 10.2, respectively, and are incorporated by reference herein.

---

| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

---

Exhibits.

10.1 [<u>Employment Letter, dated as of August 1, 2025, between the Company and Joshua P. Lewis.</u>](nnn-ex10_1.htm)

10.2 [<u>NNN REIT, Inc. Executive Severance and Change of Control Plan (filed on January 21, 2022 as Exhibit 10.3 to the Registrant's Current Report on Form 8-K).</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000751364/000119312522014868/d209621d8k.htm)

104.1 Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document)

------

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **NNN REIT, Inc.** | **NNN REIT, Inc.** |
| Dated: August 1, 2025 | By: | /s/ Vincent H. Chao |
|  |  | Vincent H. Chao |
|  |  | Executive Vice President and Chief Financial Officer |

---

------

## Exhibit 10.1

August 1, 2025

Joshua P. Lewis<br>

Re: <u>Employment Letter Agreement</u>

Dear Josh:

We are delighted to memorialize your promotion to Executive Vice President, Chief Investment Officer of NNN REIT, Inc., a Maryland corporation (the "Company"), effective as of August 1, 2025 (the "Effective Date"), on the terms and conditions set forth in this letter agreement (this "Letter"). Accordingly, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Duties</u>. You shall be employed by the Company as Executive Vice President, Chief Investment Officer of the Company, and, as such, you shall faithfully perform for the Company the duties of said office and shall perform such other duties of an executive, managerial or administrative nature as shall be specified and designated from time to time by the Chief Executive Officer of the Company (the "CEO"), which duties shall not be materially inconsistent with the duties performed by executives holding similar offices with real estate investment trusts. You shall devote substantially all of your business time and effort to the performance of your duties hereunder, except that you may devote reasonable time and attention to civic, charitable, business or social activities so long as such activities do not interfere with your employment duties. You shall comply with the policies, standards, and regulations established from time to time by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Compensation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1<u>Salary</u>. The Company shall pay you a base salary at the rate of $375,000.00 per annum (beginning on the Effective Date), in accordance with the customary payroll practices of the Company applicable to senior executives, but not less frequently than monthly. The Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") shall review your base salary annually and may increase such amount as it may deem advisable (such salary, as the same may be increased, the "Annual Salary"). The Annual Salary shall be prorated for any partial year of employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2<u>Bonus and Incentive Compensation</u>. You will be entitled to participate in the Company's Annual Bonus Program as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Annual Bonus Compensation</u>. You shall be eligible to receive a bonus for each year that you are employed with the Company ("Annual Bonus") as the Compensation Committee shall determine. Your Annual Bonus shall be determined in accordance with the Company's executive compensation policies as in effect from time to time during your employment with the Company and shall be based, in part, on you achieving your individual performance goals for the year and, in part, on the Company's achieving its performance goals for the year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Equity Incentive Awards</u>. You shall be eligible to participate each year during your employment with the Company in the Company's equity incentive plans pursuant to the Company's 2017 Performance Incentive Plan (or any successor thereto) or such other plans or programs as may be in effect from time to time, in each case as the Compensation Committee shall determine.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3<u>Benefits - In General</u>. Except with respect to benefits of a type otherwise provided for under Section 2.4, during your employment with the Company, you shall be permitted to participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans, fringe benefit programs and similar benefits that may be available to other senior executives of the Company generally, on the same terms as such other executives, in each case to the extent that you are eligible under the terms of such plans or programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4<u>Specific Benefits</u>. Without limiting the generality of Section 2.3, during your employment with the Company, the Company shall make available to you the fringe benefits set forth on Attachment "A" to this Letter. You shall be entitled to thirty (30) days of paid time off per year (prorated for any partial year of employment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5<u>Expenses</u>. The Company shall pay or reimburse you for all ordinary and reasonable out-of-pocket expenses incurred by you during your employment with the Company in the performance of your services under this Letter; provided that such expenses are incurred and accounted for by you in accordance with the policies and procedures established from time to time by the Company. To the extent that any reimbursements owed to you under this Letter are taxable to you, (i) any such reimbursement payment shall be paid to you on or before the last day of your taxable year following the taxable year in which the related expense was incurred, (ii) such reimbursements are not subject to liquidation or exchange for another benefit, and (iii) the amount of such payments that you receive in one taxable year shall not affect the amount of any other reimbursements or benefits that you are eligible to receive in any other taxable year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Severance; Restrictive Covenants</u>. As the Company's Executive Vice President, Chief Investment Officer, you shall be a participant in the Company's Executive Severance and Change of Control Plan (the "Plan") and shall be subject to the Restrictive Covenants (as defined in the Plan) contained therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Severability</u>. As the provisions of this Letter are independent of and severable from each other, the Company and you agree that if, in any action before any court or agency legally empowered to enforce this Letter, any term, restriction, covenant, or promise hereof is found to be unreasonable or otherwise unenforceable, then such decision shall not affect the validity of the other provisions of this Letter, and such invalid term, restriction, covenant, or promise shall also be deemed modified to the extent necessary to make it enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Notice</u>. For purposes of this Letter, notices, demands and all other communications provided for in this Letter shall be in writing and shall be deemed to have been duly given when received if delivered in person, the next business day if delivered by overnight commercial courier (e.g., Federal Express), or the third (3rd) business day if mailed by United States certified mail, return receipt requested, postage prepaid, to the following addresses:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If to the Company, to:

NNN REIT, Inc.<br>450 South Orange Avenue, Suite 900<br>Orlando, Florida 32801<br>Attn: Chairperson of the Compensation Committee<br> of the Board of Directors

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)If to you, to:

Joshua P. Lewis

at the address set forth on the first page hereof

Either party may change its address for notices in accordance with this Section 5 by providing written notice of such change to the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Governing Law</u>. This Letter shall be governed by and construed in accordance with the laws of the State of Florida.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Benefits; Binding Effect; Assignment</u>. This Letter shall be binding upon and inure to the benefit of the parties and their respective heirs, personal representatives, legal representatives, successors and permitted assigns. You shall not assign this Letter. However, the Company is expressly authorized to assign this Letter to a Company Affiliate (as defined in the Plan) upon written notice to you, provided that (i) the assignee assumes all of the obligations of the Company under this Letter, (ii) your role when viewed from the perspective of Company Affiliates in the aggregate is comparable to such role immediately before the assignment, and (iii) the Company, for so long as an affiliate of the assignee, remains primarily liable for the financial obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Entire Letter</u>. This Letter, including its incorporated Attachment "A," and together with the Plan, and the Participation Letter Agreement, dated as of August 1, 2025, between the Company and you under the Plan, constitutes the entire agreement between the parties, and all prior understandings, agreements or undertakings between the parties concerning your employment or the other subject matters of this Letter are superseded in their entirety by this Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Waivers and Amendments</u>. This Letter may be amended, superseded, canceled, renewed or extended, and the terms hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Counterparts</u>. This Letter may be executed in counterparts, each of which will be deemed an original, but which together shall be one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Advice</u>. You confirm and represent to the Company that you have had the opportunity to obtain the advice of legal counsel, financial and tax advisers, and such other professionals as you deem necessary for entering into this Letter, and you have not relied upon the advice of the Company or the Company's officers, directors, or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Interpretation</u>. As both parties having had the opportunity to consult with legal counsel, no provision of this Letter shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised, or imposed such provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>Effective Date</u>. This Letter shall only become effective on the Effective Date.

------

Sincerely,

NNN REIT, INC.

By: <u>/s/ Steven D. Cosler</u>______________<br>Name: Steven D. Cosler

Title: Chairperson – Board of Directors

AGREED AND ACKNOWLEDGED:

<u>/s/ Joshua P. Lewis</u>______________________<br> Joshua P. Lewis

------

<u>ATTACHMENT "A"</u>

<u>Additional Fringe Benefits</u>

• $500/month car allowance

• Long-term disability coverage consistent with long-term disability coverage provided under the Company's group plan for all associates

• Life insurance benefits with a face amount equal to Annual Salary (provided that, if at any time the Company cannot obtain such insurance at rates which are reasonable for the provision by the Company of such a benefit, the Company may then self-insure such benefits)

------