Penn Buddie J 4

What Happened

• Penn Buddie, a director of National Healthcare Properties, Inc. (NHP), received a grant of 12,500 LTIP units on April 30, 2026. The Form 4 reports the award as a derivative grant (code A) with an acquisition price of $0.00; no immediate cash value is recorded in the filing.
• These LTIP units are not common shares today — they are a class of limited partnership units that can convert into OP Units and ultimately be redeemed for cash or, at the issuer’s election, exchanged one-for-one for common stock upon vesting.

Key Details

• Transaction date: 2026-04-30; Filing date: 2026-05-04 (filed within the 2-business-day window).
• Award: 12,500 LTIP Units; reported acquisition price $0.00 (derivative award).
• Shares/units owned after transaction: Not specified in the provided extract of the filing.
• Footnotes of note:
  • F1: LTIP Units are convertible into OP Units and OP Units are redeemable for cash or, at the issuer’s election, one-for-one for common stock; LTIP Units have no expiration.
  • F2: Vesting: 25% on each of the first four anniversaries of the 4/30/2026 grant, subject to continued service.
  • F3: LTIP Units are a class of limited partnership units of the Operating Partnership (National Healthcare Properties Operating Partnership, L.P.).
• Transaction code: A = Award/Grant (derivative).

Context

• This was a compensation award, not an open-market purchase or sale. Such grants are common for directors and are subject to vesting; they do not represent immediate share ownership or a direct cash transaction.
• Because vesting occurs over four years, the economic benefit and any conversion to common stock (or cash) depends on future vesting and conversion/redemption events.