Steffens Gina M. 4

What Happened

• Gina M. Steffens, EVP and General Counsel of NNN REIT, was granted two equity awards on Feb 17, 2026 (transaction code A). The awards are for 5,320 shares at $44.34 each ($235,889) and 24,828 shares at $44.34 each ($1,100,874), for a combined value of $1,336,763. This was a compensation grant/award, not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-17; Filing date (Form 4): 2026-02-18 (timely filing).
• Share details: 5,320 shares @ $44.34 ($235,889) and 24,828 shares @ $44.34 ($1,100,874); total 30,148 shares valued at $1,336,763.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Vesting and rights (from footnotes):
  • F1: A portion vests 25% annually beginning 2027 through 2030. Reporting person has voting and dividend rights on these shares, including unvested shares.
  • F2: A portion vests on Jan 1, 2029 based on achieving specified total shareholder return (TSR) targets; no dividend rights on these performance shares until they vest.
• Transaction code: A (award/grant).

Context

• These grants are compensation-related equity awards with multi-year time- and performance-based vesting. They are not immediate sales or market purchases and therefore do not directly signal near-term buying/selling activity by the insider.
• Note the difference in rights: some granted shares carry dividend and voting rights immediately (per F1), while the performance-based shares (F2) do not receive dividends until vested. Watch for future Form 4 updates when vesting occurs or if shares are sold.