Lewis Joshua Phillip 4

What Happened
Lewis Joshua Phillip, Executive Vice President and Chief Investment Officer of NNN REIT, was granted two stock awards on Feb 17, 2026. He received 4,648 shares at $44.34 each (value $206,092) and 21,692 shares at $44.34 each (value $961,823), for a total of 26,340 shares worth roughly $1.17 million. These were reported on an SEC Form 4 as awards/grants (transaction code A) — a compensation grant rather than an open-market purchase or sale.

Key Details

• Transaction date: February 17, 2026; filing date: February 18, 2026 (filed the next day).
• Award 1: 4,648 shares @ $44.34 — $206,092. Vesting: 25% annually beginning 2027 through 2030. Reporting person has voting and dividend rights on these shares, including unvested shares. (Footnote F1)
• Award 2: 21,692 shares @ $44.34 — $961,823. Vesting: single vesting event on January 1, 2029 subject to achievement of certain total shareholder return (TSR) goals; no dividend rights until these shares vest. (Footnote F2)
• Transaction type: Grant/Award (code A) — this is compensation, not a market buy or sale.
• Shares owned after the transaction: Not specified in the provided filing details.
• Filing timeliness: Appears timely (reported the day after the grant); no late-filing indication in provided data.

Context
This is an equity compensation grant, a common way companies align executive pay with shareholder value. The second tranche is performance-based (TSR condition), so its ultimate vesting depends on future performance. Because these are grants (not open-market purchases), they reflect company compensation policy rather than a direct personal investment decision by the insider.