Anderson Michael Ray 4

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.