MICHELSON LESLIE D 4

What Happened
Leslie D. Michelson, a director of National Healthcare Properties, Inc. (NHP), received an award of 7,446 LTIP units on May 15, 2026. The award is reported as a derivative grant (transaction code A) with an acquisition price of $0.00, so there was no immediate cash outlay or cash proceeds reported.

Key Details

• Transaction date: 2026-05-15; Form 4 filed 2026-05-19 (timely — within two business days).
• Instrument and amount: 7,446 LTIP Units (limited partnership units — derivative). Reported price: $0.00; total reported value: $0.
• Vesting: LTIP Units vest on May 15, 2027, subject to continued service (see footnote).
• Conversion/redemption: Upon vesting and under certain events, LTIP Units are convertible into an equivalent number of OP Units; OP Units are redeemable for cash or, at the issuer’s election, for one share of NHP common stock per OP Unit or the cash value of such shares. LTIP Units have no expiration. (Footnotes F1–F3)
• Shares owned after transaction: not specified in the filing.

Context
This is an equity compensation grant (long-term incentive plan units) rather than an open-market purchase or sale. Such awards are common for directors and are intended to align long-term interests with shareholders; they do not represent an immediate cash investment or sale by the insider. Because the units vest one year from grant and convert into partnership units redeemable for cash or stock, their ultimate value will depend on future company performance and the issuer’s redemption election.