Gaines Kristin Sallee 4

What Happened

• Kristin Gaines Sallee, SVP & Chief Transaction Officer of National Health Investors (NHI), exercised stock options on Feb 1, 2026 and concurrently sold a portion of the resulting shares. She exercised three option tranches totaling 55,000 shares at an exercise price of $53.41 per share (total exercise cost ≈ $2,937,551). On the same date she sold 43,181 shares at $82.12 per share for total proceeds of $3,546,024. Several lots appear as derivative disposals at $0.00, which reflect the conversion/settlement of the derivative instruments (see Context).

Key Details

• Transaction date: 2026-02-01; Form 4 filed: 2026-02-03 (timely filing).
• Options exercised: 18,333 + 18,333 + 18,334 = 55,000 shares at $53.41 (total ≈ $2,937,551).
• Shares sold: 43,181 shares at $82.12 (total proceeds $3,546,024).
• Several derivative entries show disposals at $0.00 for the 18,333 / 18,333 / 18,334 lots — these reflect conversion/settlement of the derivative instruments (not cash sales).
• Shares owned after the transaction: not stated in the provided filing excerpt.
• No 10b5-1 plan or other special footnotes were disclosed in the provided data; filing appears timely.

Context

• This is an option exercise (transaction code M). The pattern — exercising options and immediately selling a portion of the resulting shares — is a common cashless/cash-out treatment to cover exercise costs and taxes. The $0.00 derivative disposals in the filing indicate conversion/settlement of option instruments rather than separate market sales of those lots.
• The exercise represents a purchase of underlying shares (informative), while the sale reduces her immediate holdings. The filing is factual and does not indicate motive.