Document:

EX-10.1

 Exhibit 10.1 

RETIREMENT AND TRANSITION AGREEMENT 

THIS RETIREMENT AND TRANSITION AGREEMENT (this “Agreement”), dated as of January 19, 2022, by and between National Retail
Properties, Inc., with its principal place of business at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801 (the “Company”), and Julian E. Whitehurst, residing at the address set forth on the signature page hereof
(“Executive”). 
 WHEREAS, Executive is employed by the Company as its President and Chief Executive Officer pursuant to that
certain Amended and Restated Employment Agreement, dated as of September 29, 2016 (the “Employment Agreement”); 
 WHEREAS,
Executive desires to retire from employment with the Company; and 
 WHEREAS, to facilitate his transition, Executive agrees to make himself
available to provide services to the Company on the terms and conditions set forth herein. 
 Accordingly, the parties hereto agree as
follows: 
 1. Retirement. 

1.1 Removal from Positions. Executive shall retire from employment with the Company and its subsidiaries and affiliates (collectively,
the “Company Group”) on April 28, 2022 (such date, the “Retirement Date”). In that regard, as of the Retirement Date, Executive’s position as President and Chief Executive Officer of the Company and all other officer
positions, directorships, and other positions that Executive holds with the Company Group shall terminate. 
 1.2 Release Agreement.
Executive’s receipt of any payments and benefits pursuant to this Agreement (other than the payments and benefits pursuant to Sections 4.1(a) and (b) (the “Accrued Obligations”)) is subject to Executive’s signing and not revoking
the Release Agreement substantially in the form attached hereto as Exhibit A (the “Release Agreement”); provided that the Release Agreement is effective within 30 days following the Retirement Date. No payments or benefits under
this Agreement (other than the Accrued Obligations) shall be paid or provided to Executive until the Release Agreement becomes effective in accordance with the deadline specified in the preceding sentence. 

2. Continued Compensation and Services. 

2.1 Continued Salary and Benefits. During the period commencing on the date of this Agreement and ending on the Retirement Date (or, if
earlier, the date of any termination of Executive’s employment with the Company) (the “Continuation Period”), (a) Executive shall continue to receive his annual base salary (the “Base Salary”) in accordance with the
2022 executive compensation plan approved by the Board and in accordance with the Company’s usual and customary payroll practices, and (b) Executive shall continue to participate as an employee in the Company’s incentive compensation
(other than equity compensation which shall be governed by the terms of Section 5 below), health and welfare plans, programs and arrangements in accordance with their terms. 

2.2 Duties and Cooperation. During the Continuation Period, Executive agrees to (a) render Executive’s services in accordance
with the standards required under Section 2 of the Employment Agreement and (b) provide in good faith Executive’s full support and cooperation to ensure a successful transition (including, without limitation, active participation in
external meetings with (i) the Company’s shareholders, tenants, and creditors and (ii) rating agencies, investors, and analysts). 

  
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 3. Transition. 

3.1 Consulting Period and Services. Commencing on the Retirement Date and ending on the 20-month
anniversary thereof (the “Consulting Period”), unless earlier terminated as set forth below, Executive shall make himself available to the Company to consult with the Company from time to time (the “Services”); provided
that the Services shall not exceed 20 hours per week during the Consulting Period. The Company may terminate the Services by written notice to Executive at any time prior to the end of the Consulting Period. The Chief Executive Officer may by notice
to the Executive set forth specific events, calls, meetings or other activities that the Company would like Executive to participate in or attend and Executive, as part of his Service, shall participate in or attend such event, call or meeting as
requested, subject to the maximum hours per week criteria set forth above. All such notices from the Chief Executive Officer shall be made not less than 45 days prior to the applicable event, call or meeting. The Company shall pay the
reasonable costs, if any, of attendance of Executive at any such events or meetings. In addition, by notice given not less than 30 days before the beginning of any calendar quarter during the Consulting Period, the Chief Executive Officer may set
forth specific consulting work that the Chief Executive Officer would like Executive to consult and work on for the following quarter. Executive shall also make himself reasonably available to the Chief Executive Officer by telephone or
virtually as requested by the Chief Executive Officer during the Consultant Period.
 3.2 Consulting Fee. In exchange for the
Services, the Company agrees to pay Executive a monthly fee of $60,000.00 (the “Monthly Fee”) for a total fee of $1,200,000.00. Except as to the Monthly Fee, no other payment or benefits shall be due or payable to Executive for the
Services. Either party may terminate the Services at any time, with or without cause, upon 14 days’ prior written notice to the other party; provided, however, that a termination of the Services by the Company for cause shall be
effective immediately. On the consummation of a Change of Control (as such term is defined in the Plan, as defined below), subject to (i) Executive’s continuous provision of Services through the date on which such Change of Control is
consummated, (ii) Executive’s compliance with the Restrictive Covenants and (iii) Executive’s execution and non-revocation of a customary release of claims in a form reasonably acceptable
to the Company, the Company shall pay Executive the Monthly Fee for the remainder of the Consulting Period in a lump sum payment no later than 30 days following the consummation of such Change of Control and Executive shall cease providing the
Services as of the date of such consummation. 
 3.3 Status as an Independent Contractor. In all matters relating to the Services,
nothing under this Agreement shall be construed as creating any partnership, joint venture, or agency between the Company and Executive or to constitute Executive as an agent, employee, or representative of the Company. Executive shall act solely as
an independent contractor and, as such, is not authorized to bind any member of the Company Group to third parties. Consequently, Executive shall not be entitled to participate during the Consulting Period in any of the employee benefit plans,
programs, or arrangements of the Company Group in his capacity as a consultant. Executive shall be responsible for and pay all taxes related to the receipt of compensation in connection with the provision of the Services. Executive shall not make
any public statements concerning the Services that purport to be on behalf of the Company Group, in each case without prior written consent from the Company. Notwithstanding Executive’s status as an independent contractor in providing the
Services, to the fullest extent permitted by applicable law and the Company’s constituent documents applicable to officers and directors of the Company, (a) Executive shall continue to be entitled to indemnification for any loss, damage,
or claim incurred by, imposed or asserted against Executive in connection with the Services provided to the Company, and (b) the Company shall pay the expenses incurred by Executive in defending any claim, demand, action, suit or proceeding
related thereto as such expenses are incurred by Executive and in advance of the final disposition of such matter; provided that Executive shall be entitled to the coverage under clauses (a) and (b) on the same terms and conditions as
were in effect prior to the Retirement Date. 

  
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 4. Severance Benefits. 

4.1 Payments. The Company shall provide Executive with the following severance payments and benefits following the Retirement Date: 

a. any accrued but unpaid Base Salary and paid time-off due to Executive as of the Retirement Date;

 b. reimbursement under the Employment Agreement for expenses incurred but unpaid prior to the Retirement Date; 

c. for a period of one year after the Retirement Date, such health benefits under the Company’s health plans and programs applicable to
senior executives of the Company generally (if and as in effect from time to time) as Executive would have received under the Employment Agreement (and at such costs to Executive as would have applied in the absence of such termination upon
expiration); provided, however, that the Company shall in no event be required to provide any benefits otherwise required by this clause (c) after such time as Executive becomes entitled to receive benefits of the same type from
another employer or recipient of Executive’s services (such entitlement being determined without regard to any individual waivers or other similar arrangements); and 

d. an annual bonus based on actual performance for the period beginning on January 1, 2022 and ending on the Retirement Date, payable in
a single sum and calculated in a manner consistent with the Company’s bonus plan for 2022. 
 4.2 Payment Timing. Subject to
Section 10, the timing of the benefits and payments provided under Section 4.1 shall be as follows: 
 a. amounts payable pursuant
to Sections 4.1(a) and (b) shall be paid in the normal course or in accordance with applicable law and in no event later than 30 days following the Retirement Date; 

b. amounts payable for the health benefits provided pursuant to Section 4.1(c) shall commence at the date following the Retirement Date
that is required under the relevant health plans and programs to provide such benefits, subject to Executive’s execution and non-revocation of the Release Agreement; and 

c. amounts payable pursuant to Section 4.1(d) shall be paid at the same time as the payment of 2022 bonuses to the other executives,
subject to Executive’s execution and non-revocation of the Release Agreement. 
 5.
Equity-Based Awards. With respect to restricted stock awards subject to time-based vesting conditions (the “Time-Based Awards”) or performance-based vesting conditions (the “Performance-Based Awards”) granted under the
Company’s 2017 Performance Incentive Plan (as amended from time to time, the “Plan”) and the applicable award agreements thereunder, subject to Executive’s (a) execution and
non-revocation of the Release Agreement and (b) compliance with the obligations and covenants under this Agreement: 

5.1 Accelerated Vesting of Time-Based Awards. All of the 55,184 Time-Based Awards granted to Executive prior to the Retirement
Date shall vest as of the date immediately prior to the Retirement Date. 

  
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 5.2 Continued Vesting of Performance-Based Awards. The Performance-Based Awards
granted to Executive prior to the Retirement Date shall continue to be subject to the terms and conditions of the applicable award agreements (including attainment of applicable performance goals), with respect to the same number of shares of
Company stock as set forth in the applicable award agreements, but there shall be no proration of awards for any partial period of service and any provision of the award agreements to the contrary is hereby superseded by this Agreement. In addition,
upon vesting of any of the Performance-Based Awards, dividend equivalent payments in respect of such awards shall be paid to Executive in accordance with the terms of the Plan and the applicable award agreements governing such awards. If any
provision of the Plan or an award agreement conflicts with any provision of this Agreement, the provision of this Agreement shall control and prevail. 

5.3 2022 Performance-Based Awards. In consideration for his services in 2022, Executive shall be granted Performance-Based Awards in
accordance with the 2022 executive compensation plan approved by the Board. Such Performance-Based Awards shall be subject to the Plan and the applicable award agreements and shall vest if the applicable performance goals of the Company are achieved
in accordance with the terms of the applicable agreements evidencing such awards. The number of shares of Company stock subject to such awards shall not be prorated for any partial period of service during 2022 and the award agreements evidencing
the Performance-Based Awards granted in 2022 shall be consistent with this Section 5.3. For the avoidance of doubt, Executive shall not receive any Time-Based Awards in 2022. 

6. Retirement Plans; Life Insurance. Executive shall be entitled to receive his vested accrued benefits, if any, under the National
Retail Properties, Inc. Retirement Plan, the Company’s defined contribution plan, in accordance with the terms and conditions of such plan. In addition, commencing on May 1, 2022 (or earlier, if required by the terms of the Company’s
life insurance policy), the Company shall no longer pay life insurance premiums on behalf of Executive. 
 7. No Other Compensation or
Benefits. Except as otherwise specifically provided herein or as required by the Consolidated Omnibus Reconciliation Act or other applicable law, Executive shall not be entitled to any compensation or benefits or to participate in any past,
present or future employee benefit plans, programs or arrangements of the Company Group on or after the Retirement Date. 
 8. Covenants
and Agreements. 
 8.1 Incorporation by Reference. The term “Restrictive Covenants” shall mean collectively all of the
covenants and agreements set forth in Sections 6.1 through 6.5 and Section 6.7 of the Employment Agreement and the Additional Restrictive Covenant set forth below in this paragraph. Subject to Section 9, the covenants and agreements set
forth in Sections 6.1 through 6.5 and Section 6.7 of the Employment Agreement are incorporated herein by reference as if such provisions were set forth herein in full. The term “Additional Restrictive Covenant” shall mean that, during
the Consulting Period, Executive shall refrain from joining the board of directors of any tenant of the Company. Notwithstanding the foregoing, the Company and Executive agree that (a) Executive shall be subject to the Restrictive Covenants at
all times during the Consulting Period, and (b) the non-competition and non-solicitation covenants in Sections 6.2, 6.3 and 6.4 of the Employment Agreement shall
expire on December 31, 2024. 
 8.2 Non-Disparagement. Subject to Section 9,
Executive agrees to refrain from making, directly or indirectly, now or at any time in the future, whether in writing, orally or electronically (a) any derogatory comment concerning the Company Group or any of its current or former directors,
officers, employees, or shareholders or (b) any other comment that could reasonably be expected to be detrimental to the business or financial prospects or reputation of the Company Group. In addition, the Company agrees to instruct the Board
to refrain from making, directly or indirectly, now or at any time in the future, whether in writing, orally or electronically (x) any derogatory comment concerning Executive or (y) any other comment that could reasonably be expected to be
detrimental to Executive or his reputation. Nothing in the foregoing shall preclude either Executive or the Company from providing truthful disclosures required by applicable law or legal process. 

  
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 8.3 Confidentiality of this Agreement. Subject to Section 9, Executive agrees
that, except to enforce the terms of this Agreement or as may be required by applicable law or legal process, Executive shall not disclose the terms of this Agreement to any person other than Executive’s accountants, financial advisors, or
attorneys; provided that such accountants, financial advisors, and attorneys agree not to disclose the terms of this Agreement to any other person or entity. 

8.4 Return of Property. All files, records, documents, manuals, books, forms, reports, memoranda, studies, data, calculations,
recordings, or correspondence, whether visually perceptible, machine-readable or otherwise, in whatever form they may exist, and all copies, abstracts and summaries of the foregoing, and all physical items related to the business of the Company,
whether of a public nature or not, and whether prepared by Executive or not, are and shall remain the exclusive property of the Company, and shall not be removed from its premises, except as required in the course of Executive’s employment by
the Company, without the prior written consent of the Company. No later than the Retirement Date, such items, including any copies or other reproductions thereof, shall be promptly returned by Executive to the Company (or, if requested by the
Company, destroyed by Executive). Notwithstanding the foregoing, Executive shall retain the computer and phone provided by the Company. 
 9.
Confidential Disclosure in Reporting Violations of Law or in Court Filings. Executive acknowledges and the Company agrees that Executive may disclose Confidential Information (as such term is defined in the Employment Agreement) in
confidence, directly or indirectly, to federal, state, or local government officials, including but not limited to the Department of Justice, the Securities and Exchange Commission (the “SEC”), the Congress, and any agency Inspector
General or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or regulation or making other disclosures that are protected under the whistleblower provisions of state or federal laws or regulations.
Executive may also disclose Confidential Information in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal. Nothing in this Agreement is intended to conflict with federal law protecting confidential
disclosures of a trade secret to the government or in a court filing, 18 U.S.C. § 1833(b), or to create liability for disclosures of Confidential Information that are expressly allowed by 18 U.S.C. § 1833(b). 

10. Section 409A. This Agreement is intended to meet, or be exempt from, the requirements of Section 409A of the
Internal Revenue Code of 1986, as amended, and the regulations and interpretive guidance promulgated thereunder (collectively, “Section 409A”), with respect to amounts subject thereto, and shall be interpreted and construed consistent
with that intent. No expenses eligible for reimbursement, or in-kind benefits to be provided, during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, to the
extent subject to the requirements of Section 409A, and no such right to reimbursement or right to in-kind benefits shall be subject to liquidation or exchange for any other benefit. For purposes of
Section 409A, each payment in a series of installment payments provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement upon a termination of employment shall only be made upon a
“separation from service” under Section 409A. If amounts payable under this Agreement do not qualify for exemption from Section 409A at the time of Executive’s separation from service and therefore are deemed deferred
compensation subject to the requirements of Section 409A on the date of such separation from service, then if Executive is a “specified employee” under Section 409A on the date of Executive’s separation from service, payment
of the amounts hereunder shall be delayed for a period of six months from the date of Executive’s separation from service if required by Section 409A. The accumulated postponed amount shall be paid in a lump sum within 10 days after the
end of the six-month period. If Executive dies during the postponement period prior to payment of the postponed amount, the amounts withheld on account of Section 409A shall be paid to Executive’s
estate within 10 days after the date of Executive’s death. 

  
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 11. Miscellaneous. 

11.1 Severability. As the provisions of this Agreement are independent of and severable from each other, the Company and Executive agree
that if, in any action before any court or agency legally empowered to enforce this Agreement, 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 Agreement, and such invalid term, restriction, covenant, or promise shall also be deemed modified to the extent necessary to make it enforceable. 

11.2 Notice. For purposes of this Agreement, notices, demands and all other communications provided for in this Agreement 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 business day if mailed by United States certified
mail, return receipt requested, postage prepaid, to the following addresses: 
 If to the Company, to: 

National Retail Properties, Inc. 

450 South Orange Avenue, Suite 900 

Orlando, Florida 32801 
 Attn:
Lead Independent Director 
 with a copy to: 

National Retail Properties, Inc. 

450 South Orange Avenue, Suite 900 

Orlando, Florida, 32801 

Attention: General Counsel 
 and

 Pillsbury Winthrop Shaw Pittman LLP 

1200 Seventeenth Street, NW 

Washington, DC 20036 
 Attn:
Jeffrey B. Grill, Esq. 
 If to Executive, to: 

Julian E. Whitehurst 
 at the
address set forth on the signature page hereof. 
 Either party may change its address for notices in accordance with this Section 11.2
by providing written notice of such change to the other party. 
 11.3 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of Florida. 

  
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 11.4 Benefits; Binding Effect; Assignment. This Agreement shall be binding upon and
inure to the benefit of the parties and their respective heirs, personal representatives, legal representatives, successors, and permitted assigns. Executive shall not assign this Agreement. However, the Company is expressly authorized to assign
this Agreement to one of its affiliates or subsidiaries upon written notice to Executive; provided that (a) the assignee assumes all of the obligations of the Company under this Agreement, (b) Executive’s role when viewed from the
perspective of such affiliate or subsidiary in the aggregate is comparable to such role immediately before the assignment, and (c) the Company, for so long as an affiliate of the assignee, remains liable for the financial obligations hereunder.

 11.5 Entire Agreement. This Agreement, including its incorporated Exhibit A, constitutes the entire agreement between the
parties, and all prior understandings, agreements, or undertakings between the parties concerning Executive’s employment, termination of employment, or the other subject matters of this Agreement (including, without limitation, the Employment
Agreement (other than the Restrictive Covenants, which, as modified herein, shall remain in full force and effect)) are superseded in their entirety by this Agreement. 

11.6 Waivers and Amendments. This Agreement 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. 
 11.7 Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original, but
which together shall be one and the same instrument. 
 11.8 Interpretation. As both parties having had the opportunity to consult
with legal counsel, no provision of this Agreement 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. 

11.9 Withholding. Any payments made to Executive under this Agreement shall be reduced by any applicable withholding taxes or other
amounts required to be withheld by law or contract. 
 11.10 Survivability. Those provisions and obligations of this Agreement which
are intended to survive shall survive notwithstanding termination of Executive’s employment with the Company. 
 11.11 Termination
Prior to Retirement Date. For the avoidance of doubt, if Executive’s employment is terminated by him or the Company for any reason prior to the Retirement Date, Executive shall not be entitled to receive the payments and benefits set forth
herein and the terms and conditions in the Employment Agreement shall be applicable to any such termination event. 
 11.12 Incorporation
of Recitals. The recitals set forth in the beginning of this Agreement are hereby incorporated into the body of this Agreement as if fully set forth herein. 

[Signature Page Follows] 

  
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 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first
above written. 
  

			
	NATIONAL RETAIL PROPERTIES, INC.
		
	By:	 	 /s/ Steven D. Cosler

	Name:	 	Steven D. Cosler
	Title:	 	Chairperson – Board of Directors
	
	 /s/ Julian E. Whitehurst

	Julian E. Whitehurst

 [Signature Page to Retirement and Transition Agreement] 

  
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 EXHIBIT A 

RELEASE AGREEMENT 
 THIS
RELEASE AGREEMENT (this “Agreement”), dated as of _________, 2022, by and between National Retail Properties, Inc., with its principal place of business at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801 (the
“Company”), and Julian E. Whitehurst, residing at the address set forth on the signature page hereof (“Executive”). Capitalized terms used herein but not defined shall have the meanings set forth in the Retirement and Transition
Agreement, dated as of January 19, 2022 (the “Retirement Agreement”), by and between the Company and Executive. 
 WHEREAS,
the Retirement Agreement sets forth the terms and conditions of Executive’s retirement from employment with the Company effective as of April 28, 2022; and 

WHEREAS, the Retirement Agreement provides that, in consideration for certain payments and benefits payable to Executive in connection with
his retirement, Executive shall fully and finally release the Company Group from all claims relating to Executive’s employment relationship with the Company and the termination of such relationship. 

Accordingly, the parties hereto agree as follows: 

1. Release. 
 1.1 General Release.
In consideration of the Company’s obligations under the Retirement Agreement and for other valuable consideration, Executive hereby releases and forever discharges the Company Group and each of their respective officers, employees, directors
and agents (collectively, the “Released Parties”) from any and all claims, actions and causes of action (collectively, “Claims”), including, without limitation, any Claims arising under (a) the Sarbanes-Oxley Act of 2002, 18
U.S.C. § 1514; Sections 748(h)(i), 922(h)(i) and 1057 of the Dodd-Frank Wall Street and Consumer Protection Act (the “Dodd Frank Act”), 7 U.S.C. § 26(h), 15 U.S.C. § 78u-6(h)(i) and 12
U.S.C. § 5567(a) but excluding from this release any right Executive may have to receive a monetary award from the SEC as an SEC Whistleblower, pursuant to the bounty provision under Section 922(a)-(g) of the Dodd Frank Act, 7 U.S.C. Sec.
26(a)-(g), or directly from any other federal or state agency pursuant to a similar program, or (b) any applicable federal, state, local or foreign law, that Executive may have, or in the future may possess arising out of
(x) Executive’s employment relationship with and service as a director, employee, officer or manager of the Company Group, and the termination of such relationship or service, or (y) any event, condition, circumstance or obligation
that occurred, existed or arose on or prior to the date hereof; provided, however, that the release set forth in this Section 1.1 shall not apply to (i) the obligations of the Company under the Retirement Agreement and
(ii) the obligations of the Company to continue to provide director and officer indemnification to Executive as provided in the articles of incorporation, bylaws or other governing documents for the Company. Executive further agrees that the
payments and benefits described in the Retirement Agreement shall be in full satisfaction of any and all claims for payments or benefits, whether express or implied, that Executive may have against the Company Group arising out of Executive’s
employment relationship, Executive’s service as a director, employee, officer or manager of the Company Group and the termination thereof. The provision of the payments and benefits described in the Retirement Agreement shall not be deemed an
admission of liability or wrongdoing by the Company Group. This Section 1.1 does not apply to any Claims that Executive may have as of the date Executive signs this Agreement arising under the federal Age Discrimination in Employment Act of
1967, as amended, and the applicable rules and regulations promulgated thereunder (“ADEA”). Claims arising under ADEA are addressed in Section 1.2 of this Agreement. 

  
 A-1 

 1.2 Specific Release of ADEA Claims. In consideration of the payments and benefits
provided to Executive under the Retirement Agreement, Executive hereby releases and forever discharges the Company Group and each of their respective officers, employees, directors and agents from any and all Claims that Executive may have as of the
date Executive signs this Agreement arising under ADEA. By signing this Agreement, Executive hereby acknowledges and confirms the following: (a) Executive was advised by the Company in connection with Executive’s termination to consult
with an attorney of Executive’s choice prior to signing this Agreement and to have such attorney explain to Executive the terms of this Agreement, including, without limitation, the terms relating to Executive’s release of claims arising
under ADEA; (b) Executive has been given a period of not fewer than 21 days to consider the terms of this Agreement and to consult with an attorney of Executive’s choosing with respect thereto; and (c) Executive is providing the
release and discharge set forth in this Section 1.2 only in exchange for consideration in addition to anything of value to which Executive is already entitled. 

1.3 Representation. Executive hereby represents that Executive has not instituted, assisted or otherwise participated in connection
with, any action, complaint, claim, charge, grievance, arbitration, lawsuit or administrative agency proceeding, or action at law or otherwise against any member of the Company Group or any of their respective officers, employees, directors,
shareholders or agents. 
 2. Cessation of Payments. In the event that Executive (a) files any charge, claim, demand, action or arbitration with
regard to Executive’s employment, compensation or termination of employment under any federal, state or local law, or an arbitration under any industry regulatory entity, except in either case for a claim for breach of the Retirement Agreement
or failure to honor the obligations set forth therein or (b) breaches any of the covenants or obligations contained in or incorporated into the Retirement Agreement, the Company shall be entitled to cease making any payments due pursuant to
Sections 3, 4, and 5 of the Retirement Agreement (other than the Accrued Obligations). 
 3. Voluntary Assent. Executive affirms that Executive has
read this Agreement, and understands all of its terms, including the full and final release of claims set forth in Section 1.1. Executive further acknowledges that (a) Executive has voluntarily entered into this Agreement;
(b) Executive has not relied upon any representation or statement, written or oral, not set forth in this Agreement; (c) the only consideration for signing this Agreement is as set forth in the Retirement Agreement; and (d) this
document gives Executive the opportunity and encourages Executive to have this Agreement reviewed by Executive’s attorney and/or tax advisor. 
 4.
Revocation. This Agreement may be revoked by Executive within the seven-day period commencing on the date Executive signs this Agreement (the “Revocation Period”). In the event of any such
revocation by Executive, all obligations of the Company under the Retirement Agreement shall terminate and be of no further force and effect as of the date of such revocation. No such revocation by Executive shall be effective unless it is in
writing and signed by Executive and received by the Company prior to the expiration of the Revocation Period. 
 5. Miscellaneous. 

5.1 Severability. As the provisions of this Agreement are independent of and severable from each other, the Company and Executive agree
that if, in any action before any court or agency legally empowered to enforce this Agreement, 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 Agreement, and such invalid term, restriction, covenant, or promise shall also be deemed modified to the extent necessary to make it enforceable. 

  
 A-2 

 5.2 Notice. For purposes of this Agreement, notices, demands and all other
communications provided for in this Agreement 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 business day if mailed by United States certified mail, return receipt requested, postage prepaid, to the following addresses: 
 If
to the Company, to: 
 National Retail Properties, Inc. 

450 South Orange Avenue, Suite 900 

Orlando, Florida 32801 
 Attn:
Lead Independent Director 
 with a copy to: 

National Retail Properties, Inc. 

450 South Orange Avenue, Suite 900 

Orlando, Florida, 32801 

Attention: General Counsel 
 and

 Pillsbury Winthrop Shaw Pittman LLP 

1200 Seventeenth Street, NW 

Washington, DC 20036 
 Attn:
Jeffrey B. Grill, Esq. 
 If to Executive, to: 

Julian E. Whitehurst 
 at the
address set forth on the signature page hereof. 
 Either party may change its address for notices in accordance with this Section 5.2
by providing written notice of such change to the other party. 
 5.3 Governing Law. This Agreement shall be governed by and construed
in accordance with the laws of the State of Florida. 
 5.4 Benefits; Binding Effect; Assignment. This Agreement shall be binding upon
and inure to the benefit of the parties and their respective heirs, personal representatives, legal representatives, successors and permitted assigns. Executive shall not assign this Agreement. However, the Company is expressly authorized to assign
this Agreement to one of its affiliates or subsidiaries upon written notice to Executive, provided that (a) the assignee assumes all of the obligations of the Company under this Agreement, and (b) the Company, for so long as an affiliate
of the assignee, remains secondarily liable for the financial obligations hereunder. 
 5.5 Entire Agreement. This Agreement
constitutes the entire agreement between the parties, and all prior understandings, agreements or undertakings between the parties concerning Executive’s termination of employment or the other subject matters of this Agreement (including,
without limitation, the Employment Agreement (other than the Restrictive Covenants, which shall remain in full force and effect)) are superseded in their entirety by this Agreement. 

  
 A-3 

 5.6 Waivers and Amendments. This Agreement 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. 
 5.7 Counterparts. This Agreement may be executed in counterparts, each
of which shall be deemed an original, but which together shall be one and the same instrument. 
 5.8 Interpretation. As both parties
having had the opportunity to consult with legal counsel, no provision of this Agreement 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. 
 5.9 Incorporation of Recitals. The recitals set forth in the beginning of this Agreement are hereby incorporated
into the body of this Agreement as if fully set forth herein. 
 [Signature Page Follows] 

  
 A-4 

 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first
above written. 
  

	
	NATIONAL RETAIL PROPERTIES, INC.
	
	By:                                     
                                        

	Name:
	Title:

 EXECUTIVE HEREBY ACKNOWLEDGES THAT EXECUTIVE HAS READ THIS AGREEMENT, THAT EXECUTIVE FULLY KNOWS, UNDERSTANDS AND
APPRECIATES ITS CONTENTS, AND THAT EXECUTIVE HEREBY ENTERS INTO THIS AGREEMENT VOLUNTARILY AND OF EXECUTIVE’S OWN FREE WILL. 
  

	
	  

Julian E. Whitehurst

	
	 Executive’s address -

 [Signature Page to Release Agreement] 

  
 A-5EX-10.2

 Exhibit 10.2 

January 19, 2022 
  

	 	Re:	 Employment Letter Agreement 

Dear Stephen: 
 We are delighted to memorialize
your promotion to President and Chief Executive Officer of National Retail Properties, Inc., a Maryland corporation (the “Company”), effective as of April 29, 2022 (the “Effective Date”), on the terms and conditions set
forth in this letter agreement (this “Letter”). This Letter, together with the Company’s Executive Severance and Change of Control Plan (the “Plan”), replaces and supersedes the Employment Agreement, dated as of
January 2, 2014 (the “Original Employment Agreement”), between you and the Company. Accordingly, the parties hereto agree as follows: 

1. Duties. You shall be employed by the Company as President and Chief Executive 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 Board of Directors of the Company
(the “Board”), 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. 
 2. Compensation. 

2.1 Salary. The Company shall pay you a base salary at the rate of $750,000.00 per annum (beginning April 29, 2022), in accordance
with the customary payroll practices of the Company applicable to senior executives, but not less frequently than monthly. The Compensation Committee of 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. 

2.2 Bonus and Incentive Compensation. You will be entitled to participate in the Company’s Annual Bonus Program as follows: 

(a) Annual Bonus Compensation. You shall be eligible to receive a bonus for each year that you are employed with the Company
(“Annual Bonus”) as the Compensation Committee of the Board of Directors (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.

  
 1 

 (b) Equity Incentive Awards. 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. 
 2.3 Benefits—In General. 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. 

2.4 Specific Benefits. 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). 

2.5 Expenses. The Company shall pay or reimburse you for all ordinary and reasonable out-of-pocket expenses incurred by you during you 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 receives in one taxable year shall not affect the amount of any other reimbursements or benefits that you is eligible to receive in any other taxable year. 

3. Severance; Restrictive Covenants. As the Company’s President and Chief Executive Officer, you shall be a participant in the Plan
and shall be subject to the Restrictive Covenants (as defined in the Plan) contained therein. 
 4. Severability. 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. 
 5. Notice. 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: 

  
 2 

 (a) If to the Company, to: 

National Retail Properties, Inc. 

450 South Orange Avenue, Suite 900 

Orlando, Florida 32801 
 Attn:
Chairperson of the Compensation Committee 
 of the Board of Directors 

(b) If to you, to: 
 Stephen A.
Horn, Jr. 
 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. 
 6. Governing Law. This Letter shall be governed by and construed in accordance with the laws of the State of Florida. 

7. Benefits; Binding Effect; Assignment. 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. 

8. Entire Letter. This Letter, including its incorporated Attachment “A,” and together with 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 (including, without limitation, the Original Employment Agreement) are
superseded in their entirety by this Letter. 
 9. Waivers and Amendments. 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. 
 10. Counterparts. 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. 
 11. Advice. 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. 

  
 3 

 12. Interpretation. 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. 

13. Effective Date. This Letter shall only become effective on the Effective Date. 

Sincerely, 
 NATIONAL RETAIL PROPERTIES, INC. 

 

			
	By	 	 /s/ Steven D. Cosler

	Name: Steven D. Cosler
	Title: Chairperson – Board of Directors

  

	
	AGREED AND ACKNOWLEDGED:
	 /s/ Stephen A. Horn, Jr.

	Stephen A. Horn, Jr.

  
 4 

 ATTACHMENT “A” 

Additional Fringe Benefits 
  

	•	 $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) 

  
 A-1

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