Horn Stephen A JR 4

What Happened

• Stephen A. Horn Jr., President & CEO of NNN REIT, received two equity awards on Feb 17, 2026: 37,803 shares valued at $44.34 each ($1,676,185) and 176,413 shares valued at $44.34 each ($7,822,152). On the same date 70,421 restricted shares were disposed to the issuer (reported at $0), which the filing indicates were forfeited.

Key Details

• Transaction date: 2026-02-17; filing date (Form 4): 2026-02-18 (appears timely).
• Award details: 37,803 shares @ $44.34 = $1,676,185; 176,413 shares @ $44.34 = $7,822,152.
• Disposition: 70,421 shares reported as disposed to issuer @ $0 (footnote indicates forfeiture).
• Vesting / rights (per footnotes):
  • The 37,803-share award vests 25% annually starting 2027 through 2030; Horn has voting and dividend rights on these shares (including unvested).
  • The 176,413-share award vests Jan 1, 2029 subject to TSR-based performance; no dividend rights until vesting.
  • The 70,421 shares were forfeited due to conditions not being met.
• Shares owned after transaction: not specified in the provided filing.

Context

• These entries are equity grants (compensation awards), not open-market purchases or sales — they reflect company compensation and vesting/performance schedules rather than an immediate market sentiment signal. The forfeiture (disposition to issuer at $0) indicates some previously granted restricted shares did not meet vesting conditions.