Chao Vincent H. 4

What Happened Vincent H. Chao, Chief Financial Officer of NNN REIT, Inc. (NNN), was granted two equity awards on February 17, 2026 (transaction code A). The awards total 54,546 restricted shares: 9,626 shares at $44.34 each (value $426,817) and 44,920 shares at $44.34 each (value $1,991,753), for an aggregate value of $2,418,570. These are grants/awards (not open-market purchases or option exercises), which are typically part of compensation packages rather than direct purchases or sales.

Key Details

• Transaction date: 2026-02-17; filing date: 2026-02-18 (Form 4 filed timely).
• Price per share reported: $44.34.
• Awards:
  • 9,626 shares — $426,817 (per footnote F1)
  • 44,920 shares — $1,991,753 (per footnote F2)
• Vesting and rights (per filing footnotes):
  • F1 (9,626 shares): vests 25% annually beginning 2027 through 2030; reporting person has voting and dividend rights on these shares, including unvested shares.
  • F2 (44,920 shares): vests on Jan 1, 2029 contingent on achieving certain total shareholder return (TSR) goals; no dividend rights on these shares until they vest.
• Transaction code: A = Grant/Award.
• Shares owned after transaction: not specified in the data provided here (see full Form 4 for beneficial ownership totals).
• Filing status: Timely (filed one day after the reported transaction).

Context These awards are compensation-related equity grants with multi-year and performance-based vesting conditions. Such grants are common for senior executives and do not by themselves indicate short-term buying or selling intent. The performance-based tranche (F2) links a portion of compensation to future shareholder returns, while the time-based tranche (F1) vests over several years and includes dividend and voting rights even before vesting.