Hughes Paul C 4

What Happened
Paul C. Hughes, General Counsel & Secretary of Orion Properties Inc. (ONL), was granted 73,222 restricted stock units (RSUs) on March 12, 2026. The grant is reported at $0.00 aggregate purchase price (a standard equity award), meaning no cash changed hands at grant. These RSUs are an award, not an open‑market purchase or sale.

Key Details

• Transaction date: 2026-03-12; Form 4 filed 2026-03-16 (filed timely).
• Security: 73,222 Restricted Stock Units (transaction code A — award/acquisition). Reported price: $0.00.
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: The RSUs vest ratably on each of the first, second and third anniversaries of March 4, 2026, subject to Hughes’ continued service with the company.
• No 10b5-1 plan, tax‑withholding, or sale noted in this filing.

Context
RSUs are a deferred equity award that convert to shares (or cash) only upon vesting; they do not represent immediate share sales or purchases and therefore are not a direct bullish or bearish market signal. This grant compensates management and aligns incentives over the next three years as the units vest.