MCDOWELL PAUL H 4

What Happened

• Paul H. McDowell — CEO, President and Director of Orion Properties Inc. (ONL) — had 10,197 shares of ONL disposed on March 7, 2026 to cover tax withholding related to vested restricted stock units. The shares were valued at $2.45 each (closing price on March 6, 2026), for a total of approximately $24,983. This was a tax-withholding disposition (code F), not an active market sell for investment purposes.

Key Details

• Transaction date: March 7, 2026; Filing date: March 10, 2026 (Form 4 accession 0001873923-26-000050). The filing does not indicate it was late.
• Price per share reported: $2.45 (closing price on NYSE, March 6, 2026).
• Shares disposed: 10,197; Total value: ~$24,983.
• Shares owned after transaction: not specified in the provided filing.
• Footnotes: F1 notes the withholding was applied against 28,256 RSUs that vested under the reporting person's award agreement; F2 confirms the $2.45 price is the March 6, 2026 NYSE closing price.
• Transaction code: F (tax withholding/disposition to satisfy tax obligations).

Context

• This transaction reflects a routine sell-to-cover (or shares withheld) to satisfy tax liabilities from RSU vesting. Such transactions are common and typically do not signal a change in the insider’s view of the company.
• For retail investors: purchases by insiders generally carry more informational weight than routine tax withholdings; this filing should be viewed as administrative rather than a sentiment indicator.