Anderson Michael Ray 4

4 · National Healthcare Properties, Inc. · Filed May 4, 2026

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Updated May 5, 2026

National Healthcare Properties CEO Michael Anderson Receives LTIP Award

What Happened

Michael Ray Anderson, CEO, President and Director of National Healthcare Properties, received two long-term incentive plan (LTIP) unit awards on April 30, 2026: 348,665 LTIP units and 75,000 LTIP units (total 423,665 units). Both awards are reported as derivative grants at $0.00 per unit (award/compensation grants), so the Form 4 shows a $0 acquisition price.

Key Details

Transaction date: 2026-04-30; Form 4 filed: 2026-05-04 (filed 4 days after the transaction).
Instrument and price: LTIP Units (derivative award), 348,665 units @ $0.00 and 75,000 units @ $0.00.
Shares/units owned after transaction: Not specified in the provided filing details.
Vesting and conversion (from filing footnotes):
- The 348,665 units vest in 25% increments on each of the first four anniversaries of the April 30, 2026 grant date (four-year vesting).
- The 75,000 units vest ratably on the first, second and third anniversaries of January 1, 2026 (three-year ratable vesting per footnote).
- LTIP Units are a class of operating partnership units that are convertible by the issuer into OP Units; OP Units are redeemable for cash or, at the issuer’s election, common stock on a one-for-one basis. LTIP Units do not have expiration dates.
Filing timeliness: The Form 4 was filed 4 days after the transaction; that is beyond the common 2-business-day deadline for most insider reports and may be considered late.

Context

This transaction is an equity compensation award (not a market purchase or sale). Such grants are routine forms of executive compensation and do not by themselves indicate a personal buy or sell decision. The awards are derivative LTIP units that vest over time and convert into operating partnership units redeemable for cash or stock as described above.

Form 4

Period: 2026-04-30

DirectorCEO, President & director

Transactions

Award
LTIP Units
[F1][F2][F3]
2026-04-30+348,665→ 348,665 total
→ Common Stock (348,665 underlying)
Award
LTIP Units
[F1][F3][F4]
2026-04-30+75,000→ 423,665 total
→ Common Stock (75,000 underlying)

Holdings

Footnotes (4)

[F1]Following the occurrence of certain events and upon vesting, the LTIP Units are convertible by National Healthcare Properties, Inc. (the "Issuer") into an equivalent number of units of National Healthcare Properties Operating Partnership, L.P. ("OP Units"). OP Units are redeemable by the Reporting Person for cash or, at the election of the Issuer, shares of common stock of the Issuer on a one-for-one basis or the cash value of such shares. LTIP Units do not have expiration dates.
[F2]The LTIP Units will vest in 25% increments on each of the first four anniversaries of the April 30, 2026 grant date, subject to the recipient's continued service through the applicable vesting date.
[F3]The LTIP Units are a class of limited partnership units of National Healthcare Properties Operating Partnership, L.P.
[F4]The LTIP Units will vest ratably on the first, second and third anniversaries of January 1, 2026, subject to the recipient's continued service through the applicable vesting date.

Signature

/s/ Jie Chai, Attorney-in-Fact|2026-05-04

1 file