<SEC-DOCUMENT>0001193125-16-726506.txt : 20160930
<SEC-HEADER>0001193125-16-726506.hdr.sgml : 20160930
<ACCEPTANCE-DATETIME>20160930062102
ACCESSION NUMBER:		0001193125-16-726506
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20160929
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160930
DATE AS OF CHANGE:		20160930

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL RETAIL PROPERTIES, INC.
		CENTRAL INDEX KEY:			0000751364
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				561431377
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11290
		FILM NUMBER:		161911252

	BUSINESS ADDRESS:	
		STREET 1:		450 S ORANGE AVE
		STREET 2:		SUITE 900
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32801
		BUSINESS PHONE:		407-666-7348

	MAIL ADDRESS:	
		STREET 1:		450 SOUTH ORANGE AVE
		STREET 2:		SUITE 900
		CITY:			ORLANDO
		STATE:			FL
		ZIP:			32801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COMMERCIAL NET LEASE REALTY INC
		DATE OF NAME CHANGE:	19930510

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CNL REALTY INVESTORS INC /DE/
		DATE OF NAME CHANGE:	19930429

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CNL REALTY INVESTORS INC
		DATE OF NAME CHANGE:	19920831
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d248558d8k.htm
<DESCRIPTION>8-K
<TEXT>
<HTML><HEAD>
<TITLE>8-K</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM&nbsp;8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant
to Section&nbsp;13 or 15(d) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of The Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): September&nbsp;29, 2016 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL RETAIL PROPERTIES, INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>Maryland</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>001-11290</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>56-1431377</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


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<TD VALIGN="top" ALIGN="center"><B>450 South Orange Avenue<BR>Suite 900<BR>Orlando, Florida</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>32801</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code (407)&nbsp;265-7348 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers. </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Retirement of Craig Macnab </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;29, 2016, National Retail Properties, Inc. (the &#147;Company&#148;) announced that, as the culmination of the Company&#146;s
long-term executive succession planning process, Craig Macnab, the Company&#146;s Chief Executive Officer (the &#147;CEO&#148;) and Chairman of the Board of Directors (the &#147;Board&#148;) of the Company, and the Board mutually agreed that
Mr.&nbsp;Macnab will retire from employment with the Company and as a member of the Board effective as of April&nbsp;28, 2017 (such date, the &#147;Effective Date&#148;). Mr.&nbsp;Macnab will remain the CEO through the Effective Date and he will
thereafter assist the Company with transitional and other assigned matters. In addition, Mr.&nbsp;Macnab will continue to serve as a member of the Board through the Effective Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with his retirement, the Company and Mr.&nbsp;Macnab entered into a Retirement and Transition Agreement (the &#147;Retirement
Agreement&#148;). The principal terms of the Retirement Agreement provide that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In order to facilitate the transition, Mr.&nbsp;Macnab will make himself available to consult with the Company as reasonably requested by the Company from time to time for the 20-month period following the Effective
Date. In consideration for the consulting services, commencing on the Effective Date, the Company will pay Mr.&nbsp;Macnab a monthly fee of $60,000. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Mr.&nbsp;Macnab will receive the payments and benefits associated with the Company&#146;s decision not to renew his employment term as set forth in Section&nbsp;4.4 of his Employment Agreement with the Company, dated as
of December&nbsp;1, 2008 (as amended on November&nbsp;19, 2010). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">In recognition of Mr.&nbsp;Macnab&#146;s significant contributions and long-standing service to the Company, he will receive a special retirement bonus in an amount equal to $750,000 in a lump sum. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">To further strengthen his alignment with shareholder interests during 2017, Mr.&nbsp;Macnab will receive a performance-based vesting restricted stock award in accordance with the 2017 executive compensation plan to be
approved by the Board. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The equity awards held by Mr.&nbsp;Macnab as of the Effective Date will be treated as follows: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">All of the restricted stock awards subject to only time-based vesting conditions will vest as of immediately prior to the Effective Date; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The restricted stock awards subject to performance-based vesting conditions will continue to vest following the Effective Date on the same vesting terms and schedule (including attainment of applicable performance
goals) with respect to the same number of shares of Company stock as set forth in the applicable award agreements. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Macnab will receive the foregoing payments and benefits provided he executes and does not revoke a release of claims in favor of the
Company and he complies with non-competition, non-solicitation, non-disclosure and non-disparagement covenants described in the Retirement Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary of the terms and conditions of the Retirement Agreement is qualified in its entirety by reference to the full text of
the Retirement Agreement, a copy of which is attached hereto as Exhibit&nbsp;10.1 and is incorporated by reference herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Appointment
of Julian E. (&#147;Jay&#148;) Whitehurst as Chief Executive Officer </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On September&nbsp;29, 2016, the Company also announced that the
Board has appointed Jay Whitehurst, age 58, the Company&#146;s current President and Chief Operating Officer, as Mr.&nbsp;Macnab&#146;s successor. Mr.&nbsp;Whitehurst has served as President of the Company since May 2006 and as Chief Operating
Officer of the Company since June 2004. Mr.&nbsp;Whitehurst will assume the position of President and CEO on the Effective Date. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Whitehurst entered into an employment agreement with the Company on December&nbsp;1,
2008 (as amended on November&nbsp;19, 2010, the &#147;Original Employment Agreement&#148;). In connection with his appointment as CEO of the Company, the Company amended and restated the terms of the Original Employment Agreement (the &#147;Amended
Employment Agreement&#148;), which agreement will become effective on the Effective Date. The Amended Employment Agreement has an initial term expiring on April&nbsp;30, 2020, subject to automatic renewals for successive two-year periods (unless the
Amended Employment Agreement is terminated in accordance with its terms or either party provides the other with notice of non-renewal at least 60 days prior to the expiration of the then-applicable term). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms of the Amended Employment Agreement are substantially similar to the Original Employment Agreement, with the following key
differences: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Mr.&nbsp;Whitehurst will be entitled to receive an annual base salary of $700,000. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Under the Original Agreement, Mr.&nbsp;Whitehurst was entitled to receive a tax gross-up payment under Sections 280G and 4999 of the Internal Revenue Code of 1986, as amended (the &#147;Golden Parachute
Provisions&#148;). The tax gross-up payment was eliminated in the Amended Employment Agreement and replaced with a provision providing that, if the payments and benefits under the Amended Employment Agreement (together with any other payments and
benefits that Mr.&nbsp;Whitehurst may receive) would trigger the excise tax under the Golden Parachute Provisions, then the payments and benefits would be either paid in full (with no excise tax gross-up payment) or reduced to the level that the
payments and benefits would not trigger the excise tax, whichever results in the greatest amount of after-tax benefits to Mr.&nbsp;Whitehurst. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The multiplier used to calculate the amount of base salary continuation Mr.&nbsp;Whitehurst will receive on a termination of his employment due to non-renewal of the employment term was fixed at 100% regardless of when
his employment is terminated (under the Original Employment Agreement, the multiplier was 200% during the initial term and 100% thereafter). </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The multiplier used to calculate the amount of cash severance that Mr.&nbsp;Whitehurst will receive in connection with a termination of his employment by the Company without &#147;cause&#148; or by him for &#147;good
reason&#148; (as such terms are defined in the Amended Employment Agreement) was increased from 250% to 300%. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">A provision for payments and benefits on a retirement from employment was included pursuant to which Mr.&nbsp;Whitehurst will receive a prorated annual bonus based on attainment of the Company&#146;s actual performance,
healthcare continuation coverage for one year after retirement and accelerated vesting of his time-based vesting restricted stock awards. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The foregoing summary of the terms and conditions of the Amended Employment Agreement is qualified in its entirety by reference to the full
text of the Amended Employment Agreement, a copy of which is attached hereto as Exhibit&nbsp;10.2 and is incorporated by reference herein. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The terms of Mr. Macnab&#146;s retirement and Mr. Whitehurst&#146;s promotion are not expected to have any effect on the Company&#146;s
earnings in fiscal year 2016. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><I>Appointment of Robert C. Legler as Chairman of the Board </I></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board has appointed Robert C. Legler, who currently serves as the Lead Independent Director, to serve as Chairman of the Board effective as
of the Effective Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">A copy of the press release announcing these events is attached hereto as Exhibit&nbsp;99.1. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;9.01. Financial Statements and Exhibits. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;10.1&nbsp;Retirement and Transition Agreement, dated as of September&nbsp;29, 2016, between the Company and Craig Macnab. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit&nbsp;10.2&nbsp;Amended and Restated Employment Agreement, dated as of September&nbsp;29, 2016, between the Company and Julian Whitehurst. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Exhibit 99.1 Press Release, dated September&nbsp;29, 2016. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3">NATIONAL RETAIL PROPERTIES, INC.</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Kevin B. Habicht</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Kevin B. Habicht</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: September&nbsp;30, 2016 </P>
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<DESCRIPTION>EX-10.1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>RETIREMENT AND TRANSITION AGREEMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS RETIREMENT AND TRANSITION AGREEMENT (this &#147;Agreement&#148;), dated as of September&nbsp;29, 2016, by and between National Retail
Properties, Inc., with its principal place of business at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801 (the &#147;Company&#148;), and Craig Macnab, residing at the address set forth on the signature page hereof (&#147;Executive&#148;).
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive is employed by the Company as its Chief Executive Officer pursuant to that certain Employment Agreement, dated as of
December&nbsp;1, 2008 (as amended on November&nbsp;19, 2010, the &#147;Employment Agreement&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Executive desires to retire
from employment with the Company; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, to facilitate his transition, Executive agrees to make himself available to provide
services to the Company on the terms and conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, the parties hereto agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Retirement</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>Removal from
Positions</U>. Executive shall retire from employment with the Company and its subsidiaries and affiliates (collectively, the &#147;Company Group&#148;) on April&nbsp;28, 2017 (such date, the &#147;Retirement Date&#148;). In that regard, as of the
Retirement Date, (a)&nbsp;Executive&#146;s position as Chief Executive Officer of the Company, (b)&nbsp;Executive&#146;s position as a member of the Board of Directors of the Company (the &#147;Board&#148;) and (c)&nbsp;all other officer positions,
directorships and other positions that Executive holds with the Company Group shall terminate. Executive and Company agree that, following the expiration of Executive&#146;s current term on the Board, the Company shall cause Executive not to be
nominated for re-election to the Board. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>Notice of Non-Renewal</U>. In accordance with the last sentence of Section&nbsp;1 and
Section&nbsp;4.4 of the Employment Agreement, this Agreement serves as notice to Executive of the Company&#146;s decision not to renew the term of the Employment Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3 <U>Release Agreement</U>. Executive&#146;s receipt of any payments and benefits pursuant to this Agreement (other than the payments and
benefits pursuant to Sections 4.1(a), (b)&nbsp;and (d)&nbsp;(the &#147;Accrued Obligations&#148;)) is subject to Executive&#146;s signing and not revoking the Release Agreement substantially in the form attached hereto as <U>Exhibit A</U> (the
&#147;Release Agreement&#148;); <U>provided</U> that the Release Agreement is effective within 30 days following the Retirement Date. No payments or benefits under this Agreement (other than the Accrued Obligations) shall be paid or provided to
Executive until the Release Agreement becomes effective in accordance with the deadline specified in the preceding sentence. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Continued Compensation
and Services</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.1 <U>Continued Salary and Benefits</U>. During the period commencing on the date of this Agreement and ending on the
Retirement Date (or, if earlier, the date of any termination of Executive&#146;s employment with the Company) (the &#147;Continuation Period&#148;), (a)&nbsp;Executive shall </P>

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continue to receive his current annual base salary at the rate of $772,500 (the &#147;Base Salary&#148;) in accordance with the Company&#146;s usual and customary payroll practices (it being
understood that the amount of the Base Salary shall not be increased prior to the Retirement Date) and (b)&nbsp;Executive shall continue to participate as an employee in the Company&#146;s incentive compensation, health and welfare plans, programs
and arrangements in accordance with their terms (it being understood that Executive shall be entitled to any bonus in respect of 2016 in accordance with, and to be paid consistent with, the Company&#146;s existing bonus plan). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2.2 <U>Duties and Cooperation</U>. During the Continuation Period, Executive agrees to (a)&nbsp;render Executive&#146;s services in accordance
with the standards required under Section&nbsp;2 of the Employment Agreement and (b)&nbsp;provide in good faith Executive&#146;s support and cooperation to ensure a successful transition (including, without limitation, active participation in
external meetings with (i)&nbsp;the Company&#146;s shareholders, tenants and creditors and (ii)&nbsp;rating agencies, investors and analysts). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3.
<U>Transition</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.1 <U>Consulting Period and Services</U>. Commencing on the Retirement Date and ending on the 20-month anniversary
thereof (the &#147;Consulting Period&#148;), Executive shall make himself available to consult with the Company as reasonably requested by the Company from time to time (the &#147;Services&#148;); <U>provided</U> that the Services shall not exceed
20% of the average level of services that Executive performed during the 36-month period prior to the Retirement Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.2 <U>Consulting
Fee</U>. In exchange for the Services, commencing on the Retirement Date, the Company agrees to pay Executive a monthly fee of $60,000 (the &#147;Monthly Fee&#148;) for a total fee of $1,200,000. Except as to the Monthly Fee, no other payment or
benefits shall be due or payable to Executive for the Services. The Company may terminate Executive&#146;s service for Cause (as defined below) prior to the expiration of the Consulting Period, and in such event Executive shall forfeit his right to
receive the Monthly Fee for the remainder of the Consulting Period. For purposes of this Agreement, &#147;Cause&#148; means Executive&#146;s: (a)&nbsp;conviction of (or pleading nolo contendere to), or an indictment or information is filed against
Executive and is not discharged or otherwise resolved within 12 months thereafter, and said indictment or information charged Executive with a felony, any crime of moral turpitude, fraud or any act of dishonesty or any crime which is likely to
result in material injury, either monetarily or otherwise, to the Company Group; (b)&nbsp;continued failure substantially to perform the Services or to carry out the lawful written directives of the Board; (c)&nbsp;material breach of a fiduciary
duty, including disclosure of any conflicts of interests that are known to Executive, or with reasonable diligence should be known, relating to the Services, or otherwise engaging in gross misconduct or willful or gross neglect (in connection with
the performance of the Services) which is materially injurious, either monetarily or otherwise, to the Company Group; or (d)&nbsp;material breach of any of the Restrictive Covenants (as defined below) or any other provisions of this Agreement;
<U>provided</U>, that the Company shall not be permitted to terminate Executive for Cause except on written notice given to Executive at any time following the occurrence of any of the events described in clause (a), (b), (c)&nbsp;or (d)&nbsp;above.
Notwithstanding the foregoing, Executive shall not be deemed to have been terminated for Cause under clause (c)&nbsp;or (d)&nbsp;above unless the Company provided written notice to Executive setting forth in reasonable detail the reasons for the
Company&#146;s intention to terminate for Cause, Executive has been provided the opportunity, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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together with counsel, not later than 14 days following such notice to be heard before the Board and Executive failed within 30 days (or, if later, five business days after such hearing) to cure
the event or deficiency set forth in the written notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3.3 <U>Status as an Independent Contractor</U>. In all matters relating to the
Services, nothing under this Agreement shall be construed as creating any partnership, joint venture or agency between the Company and Executive or to constitute Executive as an agent, employee or representative of the Company. Executive shall act
solely as an independent contractor and, as such, is not authorized to bind any member of the Company Group to third parties. Consequently, Executive shall not be entitled to participate during the Consulting Period in any of the employee benefit
plans, programs or arrangements of the Company Group in his capacity as a consultant. Executive shall be responsible for and pay all taxes related to the receipt of compensation in connection with the provision of the Services. Executive shall not
make any public statements concerning the Services that purport to be on behalf of the Company Group, in each case without prior consent from the Company. Notwithstanding Executive&#146;s status as an independent contractor in providing the
Services, to the fullest extent permitted by applicable law and the Company&#146;s constituent documents applicable to officers and directors of the Company, (a)&nbsp;Executive shall continue to be entitled to indemnification for any loss, damage,
or claim incurred by, imposed or asserted against Executive in connection with the Services provided to the Company, and (b)&nbsp;the Company shall pay the expenses incurred by Executive in defending any claim, demand, action, suit or proceeding
related thereto as such expenses are incurred by Executive and in advance of the final disposition of such matter; <U>provided</U> that Executive shall be entitled to the coverage under clauses (a)&nbsp;and (b)&nbsp;on the same terms and conditions
as were in effect prior to the Retirement Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Severance Benefits</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.1 <U>Payments</U>. The Company shall, in accordance with its obligations under Section&nbsp;4.4 of the Employment Agreement, provide
Executive with the following severance payments and benefits following the Retirement Date: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a. any accrued but unpaid Base Salary and paid
time-off due to Executive as of the Retirement Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b. reimbursement under the Employment Agreement for expenses incurred but unpaid
prior to the Retirement Date; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c. a cash payment equal to 100% of Executive&#146;s Base Salary, payable in equal installments over a
12&#150;month period in accordance with the Company&#146;s usual and customary payroll practices; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">d. for a period of one year after the
Retirement Date, such health benefits under the Company&#146;s health plans and programs applicable to senior executives of the Company generally (if and as in effect from time to time) as Executive would have received under the Employment Agreement
(and at such costs to Executive as would have applied in the absence of such termination upon expiration); <U>provided</U>, <U>however</U>, that the Company shall in no event be required to provide any benefits otherwise required by this clause
(d)&nbsp;after such time as </P>
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Executive becomes entitled to receive benefits of the same type from another employer or recipient of Executive&#146;s services (such entitlement being determined without regard to any individual
waivers or other similar arrangements); and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">e. a prorated annual bonus at the &#147;target&#148; level for the period beginning on
January&nbsp;1, 2017 and ending on the Retirement Date, payable in a lump sum. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4.2 <U>Payment Timing</U>. Subject to Section&nbsp;11, the
timing of the benefits and payments provided under Section&nbsp;4.1 shall be as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">a. amounts payable pursuant to Sections 4.1(a)
and (b)&nbsp;shall be paid in the normal course or in accordance with applicable law and in no event later than 30 days following the Retirement Date; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">b. amounts payable pursuant to Sections 4.1(c) and (e)&nbsp;shall be paid or commence, as applicable, on the 60th day following the Retirement
Date, subject to Executive&#146;s execution and non-revocation of the Release Agreement; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">c. amounts payable for the health benefits
provided pursuant to Section&nbsp;4.1(d) shall commence at the date following the Retirement Date that is required under the relevant health plans and programs to provide such benefits. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Special Retirement Bonus</U>. In recognition of Executive&#146;s contribution to the Company, and in consideration of the covenants incorporated herein
and the waiver and release contained in the Release Agreement, the Company shall pay Executive a special retirement bonus equal to $750,000 in the aggregate in a lump sum (the &#147;Retirement Bonus&#148;). Executive&#146;s receipt of the Retirement
Bonus is subject to Executive&#146;s (a)&nbsp;execution and non-revocation of the Release Agreement and (b)&nbsp;compliance with the obligations and covenants under this Agreement. The Retirement Bonus shall be paid to Executive on the 60th day
following the Retirement Date.<SUP STYLE="font-size:85%; vertical-align:top"></SUP> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">6. <U>Equity-Based Awards</U>. With respect to restricted stock awards
subject to time-based vesting conditions (the &#147;Time-Based Awards&#148;) or performance-based vesting conditions (the &#147;Performance-Based Awards&#148;) granted under the Company&#146;s 2007 Performance Incentive Plan (as amended from time to
time, the &#147;Plan&#148;) and the applicable award agreements thereunder, subject to Executive&#146;s (a)&nbsp;execution and non-revocation of the Release Agreement and (b)&nbsp;compliance in all material respects with the obligations and
covenants under this Agreement: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.1 <U>Accelerated Vesting of Time-Based Awards</U>. All of the Time-Based Awards granted to Executive
prior to the Retirement Date shall vest as of immediately prior to the Retirement Date. This Section&nbsp;6.1 shall supersede the vesting provisions of Section&nbsp;3(c) of the award agreements evidencing Executive&#146;s Time-Based Awards granted
prior to the Retirement Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.2 <U>Continued Vesting of Performance-Based Awards Without Proration</U>. Notwithstanding Executive&#146;s
separation from service, the Performance-Based Awards granted to Executive prior to the Retirement Date shall continue to vest following his separation from service on the same vesting schedule (including attainment of applicable performance goals)
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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with respect to the same number of shares of Company stock as set forth in the applicable award agreements, but there shall be no proration of awards for any partial period of service and any
provision of the award agreements to the contrary is hereby superseded by this Agreement. In addition, upon vesting of any of the Performance-Based Awards, dividend equivalent payments in respect of such awards shall be paid to Executive in
accordance with the terms of the Plan and the applicable award agreements governing such awards. This Section&nbsp;6.2 shall supersede the vesting provisions of Section&nbsp;3(c) of the award agreements evidencing Executive&#146;s Performance-Based
Awards granted prior to the Retirement Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6.3 <U>2017 Performance-Based Awards</U>. In consideration for his services in 2017,
Executive shall be granted Performance-Based Awards in accordance with the 2017 executive compensation plan approved by the Board which will be consistent with the methodology for the grant of Performance-Based Awards to Executive in respect of the
2016 compensation plan. Such Performance-Based Awards shall be subject to the Plan and the applicable award agreements and shall vest on January&nbsp;1, 2020 if the applicable performance goals of the Company are achieved in accordance with the
terms of the applicable agreements evidencing such awards. Consistent with the treatment of existing Performance-Based Awards held by Executive contemplated by Section&nbsp;6.2 herein, the number of shares of restricted stock subject to such awards
shall not be prorated for any partial period of service during 2017 and the award agreements evidencing the Performance-Based Awards granted in 2017 shall be consistent with this Section&nbsp;6.3. For the avoidance of doubt, Executive shall not
receive any Time-Based Awards in 2017. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">7. <U>Retirement Plans; Life Insurance</U>. Executive shall be entitled to receive his vested accrued benefits, if
any, under the National Retail Properties, Inc. Retirement Plan in accordance with the terms and conditions of such plan. In addition, commencing on January&nbsp;1, 2018 (or earlier, if required by the terms of the Company&#146;s life insurance
policy), the Company shall no longer pay life insurance premiums on behalf of Executive. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">8. <U>No Other Compensation or Benefits</U>. Except as otherwise
specifically provided herein or as required by the Consolidated Omnibus Reconciliation Act or other applicable law, Executive shall not be entitled to any compensation or benefits or to participate in any past, present or future employee benefit
plans, programs or arrangements of the Company Group on or after the Retirement Date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">9. <U>Covenants and Agreements</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.1 <U>Incorporation by Reference</U>. Subject to Section&nbsp;10, the covenants and agreements set forth in Sections 6.1 through 6.5 and
Section&nbsp;6.7 of the Employment Agreement (the &#147;Restrictive Covenants&#148;) are incorporated herein by reference as if such provisions were set forth herein in full. Notwithstanding the foregoing, the Company and Executive agree that
(a)&nbsp;Executive shall be subject to the Restrictive Covenants at all times during the Consulting Period, (b)&nbsp;the one-year post-termination period applicable to the non-competition and non-solicitation covenants in Sections 6.2, 6.3 and 6.4
of the Employment Agreement shall not expire on the one-year anniversary of the Retirement Date but shall instead expire on the last day of the 20-month Consulting Period and (c)&nbsp;Executive&#146;s existing and future ownership or investment in
or development of, during the term of the Restrictive Covenants, properties that are leased to retail </P>
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tenants shall not be a breach of Section&nbsp;6.2 of the Employment Agreement; <U>provided</U> that such activities are the result of a personal or passive investment and are not in connection
with Executive serving as a director, officer, employee, consultant or general partner of a Potential Competitor, as defined herein. A &#147;Potential Competitor&#148; shall mean a real estate investment trust, commercial developer, real estate
limited partnership, insurance company, pension fund, financial institution or institutional real estate investor that primarily invests in net lease real estate that includes net lease retail properties. A Potential Competitor shall not mean any
real estate investment trust or other public company for which Executive currently serves as a director as of the date of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.2 <U>Non-Disparagement</U>. Subject to Section&nbsp;10, Executive agrees to refrain from making, directly or indirectly, now or at any time
in the future, whether in writing, orally or electronically any comment that Executive knows or reasonably should know is critical in any material respect of the Company Group or any of its directors or officers or is otherwise detrimental in any
material respect to the business or financial prospects or reputation of the Company Group. In addition, the Company agrees to instruct the Board and its executive officers to refrain from making, directly or indirectly, now or at any time in the
future, whether in writing, orally or electronically any comment that such individuals know or reasonably should know is critical in any material respect of Executive or is otherwise detrimental in any material respect to Executive or his
reputation. Nothing in the foregoing shall preclude either Executive or the Company from providing truthful disclosures required by applicable law or legal process. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9.3 <U>Return of Property</U>. All files, records, documents, manuals, books, forms, reports, memoranda, studies, data, calculations,
recordings, or correspondence, whether visually perceptible, machine-readable or otherwise, in whatever form they may exist, and all copies, abstracts and summaries of the foregoing, and all physical items related to the business of the Company,
whether of a public nature or not, and whether prepared by Executive or not, are and shall remain the exclusive property of the Company, and shall not be removed from its premises, except as required in the course of Executive&#146;s employment by
the Company, without the prior written consent of the Company. No later than the Retirement Date, such items, including any copies or other reproductions thereof, shall be promptly returned by Executive to the Company (or, if requested by the
Company, destroyed by Executive). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">10. <U>Confidential Disclosure in Reporting Violations of Law or in Court Filings</U>. Executive acknowledges and the
Company agrees that Executive may disclose Confidential Information (as such term is defined in the Employment Agreement) in confidence, directly or indirectly, to federal, state, or local government officials, including but not limited to the
Department of Justice, the Securities and Exchange Commission (the &#147;SEC&#148;), the Congress, and any agency Inspector General or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or regulation or
making other disclosures that are protected under the whistleblower provisions of state or federal laws or regulations.&nbsp;Executive may also disclose Confidential Information in a document filed in a lawsuit or other proceeding, but only if the
filing is made under seal.&nbsp;Nothing in this Agreement is intended to conflict with federal law protecting confidential disclosures of a trade secret to the government or in a court filing, 18 U.S.C. &#167; 1833(b), or to create liability for
disclosures of Confidential Information that are expressly allowed by 18 U.S.C. &#167; 1833(b).</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
11. <U>Section&nbsp;409A</U>. This Agreement is intended to meet, or be exempt from, the requirements of Section&nbsp;409A of the Internal Revenue Code of 1986, as amended, and the regulations
and interpretive guidance promulgated thereunder (collectively, &#147;Section 409A&#148;), with respect to amounts subject thereto, and shall be interpreted and construed consistent with that intent. No expenses eligible for reimbursement, or
in-kind benefits to be provided, during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, to the extent subject to the requirements of Section&nbsp;409A, and no such right to reimbursement or right to
in-kind benefits shall be subject to liquidation or exchange for any other benefit. For purposes of Section&nbsp;409A, each payment in a series of installment payments provided under this Agreement shall be treated as a separate payment. Any
payments to be made under this Agreement upon a termination of employment shall only be made upon a &#147;separation from service&#148; under Section&nbsp;409A. If amounts payable under this Agreement do not qualify for exemption from
Section&nbsp;409A at the time of Executive&#146;s separation from service and therefore are deemed deferred compensation subject to the requirements of Section&nbsp;409A on the date of such separation from service, then if Executive is a
&#147;specified employee&#148; under Section&nbsp;409A on the date of Executive&#146;s separation from service, payment of the amounts hereunder shall be delayed for a period of six months from the date of Executive&#146;s separation from service if
required by Section&nbsp;409A. The accumulated postponed amount shall be paid in a lump sum within 10 days after the end of the six-month period. If Executive dies during the postponement period prior to payment of the postponed amount, the amounts
withheld on account of Section&nbsp;409A shall be paid to Executive&#146;s estate within 10 days after the date of Executive&#146;s death. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">12.
<U>Miscellaneous</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.1 <U>Severability</U>. As the provisions of this Agreement are independent of and severable from each other, the
Company and Executive agree that if, in any action before any court or agency legally empowered to enforce this Agreement, any term, restriction, covenant, or promise hereof is found to be unreasonable or otherwise unenforceable, then such decision
shall not affect the validity of the other provisions of this Agreement, and such invalid term, restriction, covenant, or promise shall also be deemed modified to the extent necessary to make it enforceable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.2 <U>Notice</U>. For purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given when received if delivered in person, the next business day if delivered by overnight commercial courier (e.g., Federal Express), or the third business day if mailed by United States certified
mail, return receipt requested, postage prepaid, to the following addresses: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">If to the Company, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">National Retail Properties, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">450 South Orange Avenue, Suite 900 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Orlando, Florida 32801 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attn:
Lead Independent Director </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">National Retail Properties, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">450 South Orange Avenue, Suite 900 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Orlando, Florida, 32801 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Pillsbury Winthrop Shaw Pittman LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">1200 Seventeenth Street, NW </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Washington, DC 20036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attn:
Jeffrey B. Grill, Esq. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">If to Executive, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Craig Macnab </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">at the address set
forth on the signature page hereof </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Bass, Berry&nbsp;&amp; Sims PLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">150 Third Avenue South, Suite 2800 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Nashville, Tennessee 37201 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: J. Page Davidson, Esq. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Either party may change its address for notices in accordance with this Section&nbsp;12.2 by providing written notice of such change to the
other party. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.3 <U>Governing Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the State of
Florida. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.4 <U>Benefits; Binding Effect; Assignment</U>. This Agreement shall be binding upon and inure to the benefit of the parties
and their respective heirs, personal representatives, legal representatives, successors and permitted assigns. Executive shall not assign this Agreement. However, the Company is expressly authorized to assign this Agreement to one of its affiliates
or subsidiaries upon written notice to Executive; <U>provided</U> that (a)&nbsp;the assignee assumes all of the obligations of the Company under this Agreement, (b)&nbsp;Executive&#146;s role when viewed from the perspective of such affiliate or
subsidiary in the aggregate is comparable to such role immediately before the assignment, and (c)&nbsp;the Company, for so long as an affiliate of the assignee, remains secondarily liable for the financial obligations hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.5 <U>Entire Agreement</U>. This Agreement, including its incorporated <U>Exhibit A</U>, constitutes the entire agreement between the
parties, and all prior understandings, agreements or undertakings between the parties concerning Executive&#146;s employment, termination of employment or the other subject matters of this Agreement (including, without limitation, the Employment
Agreement (other than the Restrictive Covenants, which, as modified herein, shall remain in full force and effect)) are superseded in their entirety by this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.6 <U>Waivers and Amendments</U>. This Agreement may be amended, superseded, canceled, renewed
or extended, and the terms hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the
exercise of any other such right, power or privilege. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.7 <U>Counterparts</U>. This Agreement may be executed in counterparts, each of
which shall be deemed an original, but which together shall be one and the same instrument. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.8 <U>Interpretation</U>. As both parties
having had the opportunity to consult with legal counsel, no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised, or imposed
such provision. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.9 <U>Withholding</U>. Any payments made to Executive under this Agreement shall be reduced by any applicable
withholding taxes or other amounts required to be withheld by law or contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.10 <U>Survivability</U>. Those provisions and
obligations of this Agreement which are intended to survive shall survive notwithstanding termination of Executive&#146;s employment with the Company.<U> </U> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.11 <U>Termination Prior to Retirement Date</U>. For the avoidance of doubt, if Executive&#146;s employment is terminated by him without
&#147;Good Reason&#148; (as such term is defined in the Employment Agreement) or by the Company for &#147;Cause&#148; (as such term is defined in the Employment Agreement) prior to the Retirement Date, Executive shall not be entitled to receive the
payments and benefits set forth herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.12 <U>Incorporation of Recitals</U>. The recitals set forth in the beginning of this Agreement
are hereby incorporated into the body of this Agreement as if fully set forth herein. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12.13 <U>Expenses</U>. The Company shall reimburse
Executive for the reasonable costs and expenses of legal counsel incurred by Executive in connection with the review and negotiation of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page Follows</I>]<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above
written. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>NATIONAL RETAIL PROPERTIES, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">/s/ Robert C. Legler</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Robert C. Legler</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chairman of the Compensation Committee</TD></TR>
</TABLE></DIV> <DIV ALIGN="right">
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<TR>
<TD WIDTH="100%"></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">/s/ Craig Macnab</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>Craig Macnab</B></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to
Retirement and Transition Agreement]</I> </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>RELEASE AGREEMENT </U></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS
RELEASE AGREEMENT (this &#147;Agreement&#148;), dated as of <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>, 2017, by and between National Retail Properties, Inc., with
its principal place of business at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801 (the &#147;Company&#148;), and Craig Macnab, residing at the address set forth on the signature page hereof (&#147;Executive&#148;). Capitalized terms used
herein but not defined shall have the meanings set forth in the Retirement and Transition Agreement, dated as of September&nbsp;29, 2016 (the &#147;Retirement Agreement&#148;), by and between the Company and Executive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Retirement Agreement sets forth the terms and conditions of Executive&#146;s retirement from employment with the Company
effective as April&nbsp;28, 2017; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Retirement Agreement provides that, in consideration for certain payments and benefits
payable to Executive in connection with his retirement, Executive shall fully and finally release the Company Group from all claims relating to Executive&#146;s employment relationship with the Company and the termination of such relationship. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, the parties hereto agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Release</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1 <U>General Release</U>.
In consideration of the Company&#146;s obligations under the Retirement Agreement and for other valuable consideration, Executive hereby releases and forever discharges the Company Group and each of their respective officers, employees, directors
and agents (collectively, the &#147;Released Parties&#148;) from any and all claims, actions and causes of action (collectively, &#147;Claims&#148;), including, without limitation, any Claims arising under (a)&nbsp;the Sarbanes-Oxley Act of 2002, 18
U.S.C. &#167; 1514; Sections 748(h)(i), 922(h)(i) and 1057 of the Dodd-Frank Wall Street and Consumer Protection Act (the &#147;Dodd Frank Act&#148;), 7 U.S.C. &#167; 26(h), 15 U.S.C. &#167; 78u-6(h)(i) and 12 U.S.C. &#167; 5567(a) but excluding
from this release any right Executive may have to receive a monetary award from the SEC as an SEC Whistleblower, pursuant to the bounty provision under Section&nbsp;922(a)-(g)&nbsp;of the Dodd Frank Act, 7 U.S.C. Sec. 26(a)-(g), or directly from any
other federal or state agency pursuant to a similar program, or (b)&nbsp;any applicable federal, state, local or foreign law, that Executive may have, or in the future may possess arising out of (x)&nbsp;Executive&#146;s employment relationship with
and service as a director, employee, officer or manager of the Company Group, and the termination of such relationship or service, or (y)&nbsp;any event, condition, circumstance or obligation that occurred, existed or arose on or prior to the date
hereof; <U>provided</U>, <U>however</U><I>,</I> that the release set forth in this Section&nbsp;1.1 shall not apply to (i)&nbsp;the obligations of the Company under the Retirement Agreement and (ii)&nbsp;the obligations of the Company to continue to
provide director and officer indemnification to Executive as provided in the articles of incorporation, bylaws or other governing documents for the Company. Executive further agrees that the payments and benefits described in the Retirement
Agreement shall be in full satisfaction of any and all claims for payments or benefits, whether express or implied, that Executive may have against the Company Group arising out of Executive&#146;s employment relationship, Executive&#146;s service
as a director, employee, officer or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
manager of the Company Group and the termination thereof. The provision of the payments and benefits described in the Retirement Agreement shall not be deemed an admission of liability or
wrongdoing by the Company Group. This Section&nbsp;1.1 does not apply to any Claims that Executive may have as of the date Executive signs this Agreement arising under the federal Age Discrimination in Employment Act of 1967, as amended, and the
applicable rules and regulations promulgated thereunder (&#147;ADEA&#148;). Claims arising under ADEA are addressed in Section&nbsp;1.2 of this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2 <U>Specific Release of ADEA Claims</U>. In consideration of the payments and benefits provided to Executive under the Retirement Agreement,
Executive hereby releases and forever discharges the Company Group and each of their respective officers, employees, directors and agents from any and all Claims that Executive may have as of the date Executive signs this Agreement arising under
ADEA. By signing this Agreement, Executive hereby acknowledges and confirms the following: (a)&nbsp;Executive was advised by the Company in connection with Executive&#146;s termination to consult with an attorney of Executive&#146;s choice prior to
signing this Agreement and to have such attorney explain to Executive the terms of this Agreement, including, without limitation, the terms relating to Executive&#146;s release of claims arising under ADEA; (b)&nbsp;Executive has been given a period
of not fewer than 21 days to consider the terms of this Agreement and to consult with an attorney of Executive&#146;s choosing with respect thereto; and (c)&nbsp;Executive is providing the release and discharge set forth in this Section&nbsp;1.2
only in exchange for consideration in addition to anything of value to which Executive is already entitled. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3 <U>Representation</U>.
Executive hereby represents that Executive has not instituted, assisted or otherwise participated in connection with, any action, complaint, claim, charge, grievance, arbitration, lawsuit or administrative agency proceeding, or action at law or
otherwise against any member of the Company Group or any of their respective officers, employees, directors, shareholders or agents. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Cessation of
Payments</U>. In the event that Executive (a)&nbsp;files any charge, claim, demand, action or arbitration with regard to Executive&#146;s employment, compensation or termination of employment under any federal, state or local law, or an arbitration
under any industry regulatory entity, except in either case for a claim for breach of the Retirement Agreement or failure to honor the obligations set forth therein or (b)&nbsp;breaches any of the covenants or obligations contained in or
incorporated into the Retirement Agreement, the Company shall be entitled to cease making any payments due pursuant to Sections 3, 4, 5 and 6 of the Retirement Agreement (other than the Accrued Obligations). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. <U>Voluntary Assent</U>. Executive affirms that Executive has read this Agreement, and understands all of its terms, including the full and final release of
claims set forth in Section&nbsp;1.1. Executive further acknowledges that (a)&nbsp;Executive has voluntarily entered into this Agreement; (b)&nbsp;Executive has not relied upon any representation or statement, written or oral, not set forth in this
Agreement; (c)&nbsp;the only consideration for signing this Agreement is as set forth in the Retirement Agreement; and (d)&nbsp;this document gives Executive the opportunity and encourages Executive to have this Agreement reviewed by
Executive&#146;s attorney and/or tax advisor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. <U>Revocation</U>. This Agreement may be revoked by Executive within the seven-day period commencing on
the date Executive signs this Agreement (the &#147;Revocation Period&#148;). In the event </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


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of any such revocation by Executive, all obligations of the Company under the Retirement Agreement shall terminate and be of no further force and effect as of the date of such revocation. No such
revocation by Executive shall be effective unless it is in writing and signed by Executive and received by the Company prior to the expiration of the Revocation Period. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. <U>Miscellaneous</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.1
<U>Severability</U>. As the provisions of this Agreement are independent of and severable from each other, the Company and Executive agree that if, in any action before any court or agency legally empowered to enforce this Agreement, any term,
restriction, covenant, or promise hereof is found to be unreasonable or otherwise unenforceable, then such decision shall not affect the validity of the other provisions of this Agreement, and such invalid term, restriction, covenant, or promise
shall also be deemed modified to the extent necessary to make it enforceable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.2 <U>Notice</U>. For purposes of this Agreement, notices,
demands and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when received if delivered in person, the next business day if delivered by overnight commercial courier (e.g.,
Federal Express), or the third business day if mailed by United States certified mail, return receipt requested, postage prepaid, to the following addresses: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">If to the Company, to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">National
Retail Properties, Inc. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">450 South Orange Avenue, Suite 900 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Orlando, Florida 32801 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attn:
Lead Independent Director </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">National Retail Properties, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">450 South Orange Avenue, Suite 900 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Orlando, Florida, 32801 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: General Counsel </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">and
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Pillsbury Winthrop Shaw Pittman LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">1200 Seventeenth Street, NW </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Washington, DC 20036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attn:
Jeffrey B. Grill, Esq. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">If to Executive, to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Craig Macnab </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">at the address set
forth on the signature page hereof </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">
with a copy to: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Bass, Berry&nbsp;&amp; Sims PLC </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">150 Third Avenue South, Suite 2800 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Nashville, Tennessee 37201 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; font-size:10pt; font-family:Times New Roman">Attention: J. Page Davidson, Esq. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Either party
may change its address for notices in accordance with this Section&nbsp;5.2 by providing written notice of such change to the other party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.3 <U>Governing Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.4 <U>Benefits; Binding Effect</U>. This Agreement shall be binding upon and inure to the benefit of the parties and their respective heirs,
personal representatives, legal representatives, successors and, in the case of a sale of all or substantially all of the Company&#146;s assets, or upon any merger, consolidation or reorganization of the Company, the Company&#146;s assigns. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.5 <U>Entire Agreement</U>. This Agreement and the Retirement Agreement constitute the entire agreement between the parties, and all prior
understandings, agreements or undertakings between the parties concerning Executive&#146;s termination of employment or the other subject matters of this Agreement (including, without limitation, the Employment Agreement (other than the Restrictive
Covenants, which, as modified in the Employment Agreement, shall remain in full force and effect)) are superseded in their entirety by this Agreement. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.6 <U>Waivers and Amendments</U>. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be
waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor
shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power
or privilege. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.7 <U>Counterparts</U>. This Agreement may be executed in counterparts, each of which shall be deemed an original, but
which together shall be one and the same instrument. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.8 <U>Interpretation</U>. As both parties having had the opportunity to consult with
legal counsel, no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised, or imposed such provision. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5.9 <U>Incorporation of Recitals</U>. The recitals set forth in the beginning of this Agreement are hereby incorporated into the body of this
Agreement as if fully set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><I></I>[<I>Signature Page Follows</I>]<I> </I></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above
written. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top" COLSPAN="3"><B>NATIONAL RETAIL PROPERTIES, INC.</B></TD></TR>
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<TD HEIGHT="16"></TD>
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<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-size:10pt">Name:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
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<TD VALIGN="top"><FONT STYLE="font-size:10pt">Title:</FONT></TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><FONT SIZE="1">&nbsp;</FONT></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>EXECUTIVE HEREBY ACKNOWLEDGES THAT EXECUTIVE HAS READ THIS AGREEMENT, THAT EXECUTIVE FULLY KNOWS, UNDERSTANDS AND
APPRECIATES ITS CONTENTS, AND THAT EXECUTIVE HEREBY ENTERS INTO THIS AGREEMENT VOLUNTARILY AND OF EXECUTIVE&#146;S OWN FREE WILL. </B></P>
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<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"><B>Craig Macnab</B></TD></TR>
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 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page to
Release Agreement</I>] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>AMENDED AND RESTATED EMPLOYMENT AGREEMENT </U></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this &#147;Agreement&#148;), dated as of September&nbsp;29, 2016, by and between National
Retail Properties, Inc., with its principal place of business at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801 (the &#147;Company&#148;), and Julian E. Whitehurst, residing at the address set forth on the signature page hereof
(&#147;Executive&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Company and Executive are parties to an existing Employment Agreement dated as of December&nbsp;1,
2008 (as amended on November&nbsp;19, 2010, the &#147;Existing Employment Agreement&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, effective as of April&nbsp;28, 2017
(such date, the &#147;Effective Date&#148;), Executive shall be appointed as the Chief Executive Officer of the Company; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
Company and Executive desire to amend and restate the Existing Employment Agreement to reflect Executive&#146;s appointment as Chief Executive Officer; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, effective as of the Effective Date, the Existing Employment Agreement shall terminate, and this Agreement shall govern the terms and
conditions of Executive&#146;s continuing employment by the Company. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, the parties hereto agree as follows: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1. <U>Term</U>. The Company hereby employs Executive, and Executive hereby accepts such employment, for a term (as the same may be extended,
the &#147;Term&#148;) commencing as of the Effective Date and continuing until April&nbsp;30, 2020, unless terminated earlier in accordance with the provisions of Section&nbsp;4. On April&nbsp;30, 2020, the Term shall automatically be extended for
successive two-year periods in accordance with the terms of this Agreement (subject to termination as aforesaid) unless either party notifies the other party of non-renewal in writing, in accordance with Section&nbsp;8, 60 days prior to the
expiration of the initial period or any subsequent renewal period. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">2. <U>Duties</U>. During the Term, Executive shall be employed by the
Company as Chief Executive Officer of the Company, and, as such, Executive shall faithfully perform for the Company the duties of said office and shall perform such other duties of an executive, managerial or administrative nature as shall be
specified and designated from time to time by the Board of Directors of the Company (the &#147;Board&#148;), which duties shall not be materially inconsistent with the duties performed by executives holding similar offices with real estate
investment trusts. Executive shall devote substantially all of his business time and effort to the performance of his duties hereunder, except that Executive may devote reasonable time and attention to civic, charitable, business or social
activities so long as such activities do not interfere with Executive&#146;s employment duties. Executive shall comply with the policies, standards, and regulations established from time to time by the Company. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">3. <U>Compensation</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.1 <U>Salary</U>. For purposes of this Agreement, a &#147;Contract Year&#148; shall mean each calendar year during the Term. During the first
Contract Year of the Term, the Company shall pay Executive a base salary at the rate of $700,000.00 per annum, in accordance with the customary payroll practices of the Company applicable to senior executives, but not less frequently than monthly.
The Compensation Committee of the Board (the &#147;Compensation Committee&#148;) shall review Executive&#146;s base salary each Contract Year during the Term and may increase such amount as it may deem advisable (such salary, as the same may be
increased, the &#147;Annual Salary&#148;). The Annual Salary shall be prorated for any partial Contract Year. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.2 <U>Bonus and Incentive
Compensation</U>. Executive will be entitled to participate in the Company&#146;s Annual Bonus Program as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Annual Bonus
Compensation</U>. Executive shall be eligible to receive a bonus each Contract Year (&#147;Annual Bonus&#148;) as the Compensation Committee of the Board of Directors shall determine. Executive&#146;s Annual Bonus shall be determined in accordance
with the Company&#146;s executive compensation policies as in effect from time to time during the Term and shall be based, in part, on his achieving his individual performance goals for the year and, in part, on the Company&#146;s achieving its
performance goals for the year. The Annual Bonus shall be paid on a date within the 180 day period commencing on January&nbsp;1 of the year following the year in which the applicable performance period ends. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <U>Equity Incentive Awards</U>. Executive shall be eligible to participate each Contract Year in the Company&#146;s equity incentive plans
pursuant to the Company&#146;s 2007 Performance Incentive Plan (or any successor thereto) or such other plans or programs as the Compensation Committee shall determine. In the event that the vesting terms of the applicable award agreements governing
Executive&#146;s equity-based incentive awards differ from or are in conflict with the vesting terms set forth in Section&nbsp;4 of this Agreement, the terms of such award agreements shall govern and control. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.3 <U>Benefits &#150; In General</U>. Except with respect to benefits of a type otherwise provided for under Section&nbsp;3.4, Executive shall
be permitted during the Term to participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans, fringe benefit programs and similar benefits that may be available to other senior executives of the
Company generally, on the same terms as such other executives, in each case to the extent that Executive is eligible under the terms of such plans or programs. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.4 <U>Specific Benefits</U>. Without limiting the generality of Section&nbsp;3.3, the Company shall make available to Executive the fringe
benefits set forth on Attachment &#147;A&#148; to this Agreement. Executive shall be entitled to 20 days of paid time off (&#147;PTO&#148;) per Contract Year (prorated for partial Contract Years). Unless otherwise required by law, no more than 10
days of unused PTO may be carried forward (on a &#147;first-in, first-out&#148; basis) to the immediately following year (but not thereafter). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">3.5 <U>Expenses</U>. The Company shall pay or reimburse Executive for all ordinary and reasonable out-of-pocket expenses incurred by Executive
during the Term in the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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performance of Executive&#146;s services under this Agreement; <U>provided</U> that such expenses are incurred and accounted for by Executive in accordance with the policies and procedures
established from time to time by the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">4. <U>Termination of Employment</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.1 <U>Termination upon Death or Disability</U>. If Executive dies during the Term, the obligations of the Company to or with respect to
Executive shall terminate in their entirety except as otherwise provided under this Section&nbsp;4.1. If Executive becomes eligible for disability benefits under the Company&#146;s long-term disability plans and arrangements (or, if none, if
Executive by virtue of ill health or other disability is unable to perform substantially and continuously the duties assigned to him for at least 120 consecutive or non-consecutive days out of any consecutive 12-month period), the Company shall have
the right, to the extent permitted by law, to terminate the employment of Executive upon notice in writing to Executive; <U>provided</U> that the Company will have no right to terminate Executive&#146;s employment if, in the reasonable opinion of a
qualified physician acceptable to the Company, it is substantially certain that Executive will be able to resume Executive&#146;s duties on a regular full-time basis within 30 days of the date Executive receives notice of such termination. Upon
death or other termination of employment by virtue of disability in accordance with this Section&nbsp;4.1, Executive (or Executive&#146;s estate or beneficiaries in the case of the death of Executive) shall have no right to receive any compensation
or benefits hereunder on and after the effective date of the termination of employment other than (a)&nbsp;Annual Salary and other benefits earned and accrued under this Agreement prior to the date of termination (and reimbursement under this
Agreement for expenses incurred prior to the date of termination); (b)&nbsp;a cash payment equal to the prorated portion of the Annual Bonus at the &#147;target&#148; level for the Contract Year or partial Contract Year in which Executive&#146;s
employment hereunder terminates, payable within the 70-day period commencing on the date of Executive&#146;s separation from service; (c)&nbsp;elimination of any exclusively time-based vesting conditions on any restricted stock, stock option or
other equity awards in the Company he had been granted which he then continues to hold, to the extent then unvested (it being expressly understood and agreed that any performance-based vesting conditions (whether or not in tandem with such
time-based vesting conditions) will continue in effect in accordance with their terms, except as may otherwise be provided to the contrary in the applicable award agreements); (d)&nbsp;in the event of Executive&#146;s death, (i)&nbsp;a cash payment
equal to two months of Executive&#146;s Annual Salary payable no later than 10 days after such termination, and (ii)&nbsp;continuation to Executive&#146;s spouse and dependents of fully paid health insurance benefits under the Company&#146;s health
plans and programs applicable to senior executives of the Company generally (if and as in effect from time to time) during the one year following the date of termination; and (e)&nbsp;Executive (or, in the case of his death, his estate and
beneficiaries) shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.2 <U>Termination by the Company for Cause; Termination by Executive without Good Reason</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For purposes of this Agreement, &#147;Cause&#148; shall mean Executive&#146;s: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">conviction of (or pleading nolo contendere to), or an indictment or information is filed against Executive and is not discharged or otherwise resolved within 12 months thereafter, and said indictment or information
charged Executive with a felony, any crime of moral turpitude, fraud or any act of dishonesty, or any crime which is likely to result in material injury, either monetarily or otherwise, to the Company or any of its majority-owned subsidiaries;
</TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">continued failure substantially to perform his duties or to carry out the lawful written directives of the Board; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">material breach of a fiduciary duty, including disclosure of any conflicts of interests that are known to Executive, or with reasonable diligence should be known, relating to Executive&#146;s employment with the
Company, or otherwise engaging in gross misconduct or willful or gross neglect (in connection with the performance of his duties) which is materially injurious, either monetarily or otherwise, to the Company or any of its majority-owned
subsidiaries; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">material breach of any of Section&nbsp;6 or any other provisions of this Agreement; </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, that the
Company shall not be permitted to terminate Executive for Cause except on written notice given to Executive at any time following the occurrence of any of the events described in clause (i), (ii), (iii)&nbsp;or (iv)&nbsp;above. Notwithstanding the
foregoing, Executive shall not be deemed to have been terminated for Cause under clause (ii)&nbsp;or (iv)&nbsp;above unless the Company provided written notice to Executive setting forth in reasonable detail the reasons for the Company&#146;s
intention to terminate for Cause, Executive has been provided the opportunity, together with counsel, not later than 14 days following such notice to be heard before the Board and Executive failed within 30 days (or, if later, five business days
after such hearing) to cure the event or deficiency set forth in the written notice. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Company may terminate Executive&#146;s
employment hereunder for Cause, and Executive may terminate his employment at any time upon 60 days prior written notice to the Company. If the Company terminates Executive for Cause, or Executive terminates his employment and the termination by
Executive is not covered by Section&nbsp;4.3 or 4.5, (i)&nbsp;Executive shall receive Annual Salary and other benefits (but, in all events, and without increasing Executive&#146;s rights under any other provision hereof, excluding any Annual Bonus
not yet paid) earned and accrued under this Agreement prior to the termination of employment (and reimbursement under this Agreement for expenses incurred prior to the termination of employment), and (ii)&nbsp;Executive shall have no further rights
to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.3 <U>Termination by the Company without Cause; Termination by Executive for Good Reason</U>.
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For purposes of this Agreement, &#147;Good Reason&#148; shall mean, unless otherwise consented to by Executive: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">a change in Executive&#146;s reporting responsibilities such that he is no longer reporting directly to the Board (which shall mean in the event of a &#147;Change of Control&#148; (as defined in Section&nbsp;6.9), the
board of directors of the ultimate parent entity of the surviving entity); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">a material reduction in Executive&#146;s position, authority, duties or responsibilities (which shall include in the event of a Change of Control, if Executive is no longer the Chief Executive Officer (or, in the case
of an entity which is not a corporation, has a comparable title given its form of organization) of the ultimate parent entity of the surviving entity); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">a reduction in Annual Salary of Executive; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">the relocation of Executive&#146;s office to more than 50 miles from the Company&#146;s principal place of business in Orlando, Florida; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top">the Company&#146;s material breach of this Agreement; or </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top">the Company&#146;s failure to obtain an agreement from any successor to the business of the Company by which the successor assumes and agrees to perform this Agreement. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Notwithstanding the foregoing, Good Reason under clause (i), (ii), (iii), (iv)&nbsp;or (v)&nbsp;above shall not be deemed to exist unless notice of termination
on account thereof (specifying a termination date no later than 15 days from the date of such notice) is given by Executive to the Company no later than 30 days after the time at which Executive first becomes or should have become aware of the event
or condition purportedly giving rise to Good Reason; and, in such event, the Company shall have 30 days from the date notice of such a termination is given to cure such event or condition and, if the Company does so, such event or condition shall
not constitute Good Reason hereunder, but, if the Company does not cure such event within the 30-day period, Executive must terminate his employment not later than 45 days after the end of such 30-day period in order for Good Reason to exist. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Company may terminate Executive&#146;s employment at any time for any reason or no reason upon 30 days&#146; prior written notice to
Executive and Executive may terminate Executive&#146;s employment with the Company for Good Reason. If the Company terminates Executive&#146;s employment and the termination is not covered by Section&nbsp;4.1, 4.2, 4.4 or 4.5 or Executive terminates
his employment for Good Reason: </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Executive shall (subject, in the case of the following clauses (C), (D)&nbsp;and (G), to Executive&#146;s delivery of a general release reasonably acceptable to the Company which shall have become irrevocable and
Executive&#146;s compliance with the covenants set forth in Section&nbsp;6) be entitled to: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">any accrued but unpaid Annual Salary and PTO due to Executive as of the termination of employment; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">reimbursement under this Agreement for expenses incurred but unpaid prior to the termination of employment; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">a cash payment equal to 300% of Executive&#146;s Annual Salary, payable in equal installments over a 12-month period in accordance with the Company&#146;s usual and customary payroll practices; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(D)</TD>
<TD ALIGN="left" VALIGN="top">a cash payment equal to 300% of Executive&#146;s average Annual Bonus for the three Contract Years immediately preceding the date of termination, payable in equal installments over a 12-month period in accordance with
the Company&#146;s usual and customary payroll practices; <U>provided</U>, <U>however</U>, that if Executive&#146;s termination under this Section&nbsp;4.3 occurs on or after the consummation of a Change of Control and Executive has not been
employed as Chief Executive Officer for three Contract Years, then the amount payable to Executive under this clause (D)&nbsp;shall be equal to 300% of Executive&#146;s average Annual Bonus for the Contract Years (including any partial Contract
Years) that Executive has served as the Chief Executive Officer of the Company; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(E)</TD>
<TD ALIGN="left" VALIGN="top">vesting of any restricted stock, stock options or other equity awards in the Company Executive had been granted which Executive then continues to hold, to the extent then unvested; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(F)</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">for a period of one year after termination, such health benefits under the Company&#146;s health plans and
programs applicable to senior executives of the Company generally (if and as in effect from time to time) as Executive would have received under this Agreement (and at such costs to Executive as would have applied in the absence of such
termination); <U>provided</U>, <U>however</U>, that the Company shall in no event be required to provide any benefits otherwise required by this clause (F)&nbsp;after such time as Executive becomes entitled to receive benefits of the same type from
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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<TR>
<TD WIDTH="21%">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">
another employer or recipient of Executive&#146;s services (such entitlement being determined without regard to any individual waivers or other similar arrangements); and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(G)</TD>
<TD ALIGN="left" VALIGN="top">in the event of such a termination upon or after a Change of Control, a prorated Annual Bonus at the &#147;target&#148; level for the Contract Year or partial Contract Year in which Executive&#146;s employment hereunder
terminates payable in a single lump sum; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">The timing of the payments provided under Section&nbsp;4.3(b)(i) shall be as follows, except as provided in Section&nbsp;4.6: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">Amounts payable pursuant to clauses (A)&nbsp;and (B)&nbsp;of Section&nbsp;4.3(b)(i) shall be paid in the normal course or in accordance with applicable law and in no event later than 30 days following Executive&#146;s
separation from service; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">Amounts payable pursuant to clauses (C), (D)&nbsp;and (G)&nbsp;of Section&nbsp;4.3(b)(i) shall be paid or commence, as applicable, on the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the
separation from service, provided Executive has delivered the release referenced in Section&nbsp;4.3(b)(i) to the Employer and such release has become irrevocable; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">Amounts payable for the health benefits provided pursuant to clause (F)&nbsp;of Section&nbsp;4.3(b)(i) shall commence at the date following Executive&#146;s separation from service that is required under the relevant
health plans and programs to provide such benefits. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.4 <U>Natural Termination</U>. In the event that Executive&#146;s employment by the Company pursuant to this Agreement terminates at the
scheduled expiration of the Term because of a non-renewal of the Term as a result of a decision by the Company not to renew as contemplated by and in accordance with the last sentence of Section&nbsp;1 (and not theretofore under Section&nbsp;4.1,
4.2, 4.3 or 4.5), </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Executive shall (subject, in the case of the following clauses (C)&nbsp;and (E), to Executive&#146;s delivery of a general release reasonably acceptable to the Company which shall have become irrevocable and
Executive&#146;s compliance with the covenants set forth in Section&nbsp;6) be entitled to: </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


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<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">any accrued but unpaid Annual Salary and PTO due to Executive as of the termination of employment; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">reimbursement under this Agreement for expenses incurred but unpaid prior to the termination of employment; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">a cash payment equal to 100% of Executive&#146;s Annual Salary, payable in equal installments over a 12-month period in accordance with the Company&#146;s usual and customary payroll practices; </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(D)</TD>
<TD ALIGN="left" VALIGN="top">for a period of one year after termination, such health benefits under the Company&#146;s health plans and programs applicable to senior executives of the Company generally (if and as in effect from time to time) as
Executive would have received under this Agreement (and at such costs to Executive as would have applied in the absence of such termination upon expiration); <U>provided</U>, <U>however</U>, that the Company shall in no event be required to provide
any benefits otherwise required by this clause (D)&nbsp;after such time as Executive becomes entitled to receive benefits of the same type from another employer or recipient of Executive&#146;s services (such entitlement being determined without
regard to any individual waivers or other similar arrangements); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(E)</TD>
<TD ALIGN="left" VALIGN="top">a prorated Annual Bonus at the &#147;target&#148; level for the Contract Year or partial Contract Year in which Executive&#146;s employment hereunder terminates payable in a single lump sum; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(F)</TD>
<TD ALIGN="left" VALIGN="top">only in the case of expiration of the initial Term, elimination of any exclusively time-based vesting conditions on any restricted stock, stock option or other equity awards in the Company Executive had been granted
which Executive then continues to hold, to the extent then unvested (it being expressly understood and agreed that any performance-based vesting conditions (whether or not in tandem with such time-based vesting conditions) will continue in effect in
accordance with their terms, except as may otherwise be provided to the contrary in the applicable award agreements); and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">The timing of the payments provided under Section&nbsp;4.4(i) shall be as follows, except as provided in Section&nbsp;4.6: </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">Amounts payable pursuant to clauses (A)&nbsp;and (B)&nbsp;of Section&nbsp;4.4(i) shall be paid in the normal course or in accordance with applicable law and in no event later than 30 days following Executive&#146;s
separation from service; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">Amounts payable pursuant to clauses (C)&nbsp;and (E)&nbsp;of Section&nbsp;4.4(i) shall be paid or commence, as applicable, on the 60<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day following the separation
from service, provided Executive has delivered the release referenced in Section&nbsp;4.4(i) to the Employer and such release has become irrevocable; and </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">Amounts payable for the health benefits provided pursuant to clause (D)&nbsp;of Section&nbsp;4.3(b)(i) shall commence at the date following Executive&#146;s separation from service that is required under the relevant
health plans and programs to provide such benefits. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.5 <U>Termination Due to Retirement</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For purposes of this Agreement, &#147;Retirement&#148; shall mean a voluntary termination of employment by Executive following the date
that Executive attains age 64, accompanied by written notice from Executive to the Board in accordance with Section&nbsp;8 at least 60 days prior to the proposed effective date of retirement notifying the Company of Executive&#146;s election to
retire, which such election shall be irrevocable. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) In the event that Executive&#146;s employment by the Company pursuant to this
Agreement terminates as a result of his retirement and not theretofore under Section&nbsp;4.1, 4.2, 4.3 or 4.4), </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Executive shall (subject, in the case of the following clause (C), to Executive&#146;s delivery of a general release reasonably acceptable to the Company which shall have become irrevocable and Executive&#146;s
compliance with the covenants set forth in Section&nbsp;6) be entitled to: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">any accrued but unpaid Annual Salary and PTO due to Executive as of the termination of employment; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">reimbursement under this Agreement for expenses incurred but unpaid prior to the termination of employment; </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">a prorated Annual Bonus based on attainment of the Company&#146;s actual performance for the Contract Year or partial Contract Year in which Executive&#146;s employment hereunder terminates payable in a single lump sum;
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


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<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(D)</TD>
<TD ALIGN="left" VALIGN="top">for a period of one year after termination, such health benefits under the Company&#146;s health plans and programs applicable to senior executives of the Company generally (if and as in effect from time to time) as
Executive would have received under this Agreement (and at such costs to Executive as would have applied in the absence of such termination upon expiration); <U>provided</U>, <U>however</U>, that the Company shall in no event be required to provide
any benefits otherwise required by this clause (D)&nbsp;after such time as Executive becomes entitled to receive benefits of the same type from another employer or recipient of Executive&#146;s services (such entitlement being determined without
regard to any individual waivers or other similar arrangements); </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(E)</TD>
<TD ALIGN="left" VALIGN="top">elimination of any exclusively time-based vesting conditions on any restricted stock, stock option or other equity awards in the Company Executive had been granted which Executive then continues to hold, to the extent
then unvested, with the number of Shares subject to such award; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(F)</TD>
<TD ALIGN="left" VALIGN="top">any performance-based vesting conditions (whether or not in tandem with such time-based vesting conditions) shall continue in effect in accordance with their terms, except as may otherwise be provided to the contrary in
the applicable award agreements, with the number of Shares subject to such award prorated for any partial Contract Year; and </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">The timing of the payments provided under Section&nbsp;4.5(b)(i) shall be as follows, except as provided in Section&nbsp;4.6: </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(A)</TD>
<TD ALIGN="left" VALIGN="top">Amounts payable pursuant to clauses (A)&nbsp;and (B)&nbsp;of Section&nbsp;4.5(b)(i) shall be paid in the normal course or in accordance with applicable law and in no event later than 30 days following Executive&#146;s
separation from service; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(B)</TD>
<TD ALIGN="left" VALIGN="top">Amounts payable pursuant to clause (C)&nbsp;of Section&nbsp;4.5(b)(i) shall be paid in accordance with the last sentence of Section&nbsp;3.2(a), provided Executive has delivered the release referenced in
Section&nbsp;4.5(b)(i) to the Employer and such release has become irrevocable; and </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="17%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(C)</TD>
<TD ALIGN="left" VALIGN="top">Amounts payable for the health benefits provided pursuant to clause (D)&nbsp;of Section&nbsp;4.5(b)(i) shall commence at the date following Executive&#146;s separation from service that is required under the relevant
health plans and programs to provide such benefits. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Executive shall have no further rights to any other compensation or benefits hereunder on or after the termination of employment, or any other rights hereunder. </TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">4.6 <U>Delay in Payment to a Specified Employee</U>. If Executive is a &#147;specified employee&#148; within the meaning of Treasury Regulation
Section&nbsp;1.409A-1(i) as of the date of Executive&#146;s separation from service, the provisions of this Section&nbsp;4.6 shall apply but only if, and to the extent, required to avoid the imputation of any tax, penalty or interest pursuant to
Section&nbsp;409A of the Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), and the regulations and interpretive guidance promulgated thereunder (collectively, &#147;Section 409A&#148;). No distribution shall be made to Executive
under Section&nbsp;4.1, 4.3, 4.4 or 4.5 of this Agreement before the date that is six months after his separation from service or, if earlier, the date of Executive&#146;s death. Any amounts otherwise payable to Executive upon or in the six month
period following Executive&#146;s separation from service that are not so paid by reason of this Section&nbsp;4.6 shall be paid (without interest) as soon as practicable (and in all events within 10 days) after the date that is six months after
Executive&#146;s separation from service (or, if earlier, as soon as practicable, and in all events within 10 days, after the date of Executive&#146;s death). </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">5. <U>Limitation on Payments</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5.1 <U>General</U>. In the event that the payments and benefits (the &#147;Payments&#148;) paid or provided to Executive under this Agreement
or otherwise (a)&nbsp;constitute &#147;parachute payments&#148; within the meaning of Section&nbsp;280G of the Code (&#147;Section 280G&#148;), and (b)&nbsp;but for this Section&nbsp;5, would be subject to the excise tax imposed by Section&nbsp;4999
of the Code (&#147;Section 4999&#148;), then the Payments&nbsp;shall be either (x)&nbsp;delivered in full, or (y)&nbsp;delivered as to such lesser extent which would result in no portion of the Payments being subject to excise tax under
Section&nbsp;4999, whichever of the foregoing amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section&nbsp;4999, results in the receipt by Executive on an after-tax basis, of the
greatest amount of the Payments, notwithstanding that all or some portion of the Payments may be taxable under Section&nbsp;4999. The provisions of this Section&nbsp;5 shall apply if, at the time of any change in ownership or control of the Company
(within the meaning of Section&nbsp;280G), the Company is an entity whose stock is readily tradable on an established securities market (or otherwise), within the meaning of Section&nbsp;280G. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">5.2 <U>Accountants&#146; Determinations</U>. Unless the Company and Executive otherwise agree in writing, any determination required under this
Section&nbsp;5 shall be made in writing by the Company&#146;s independent public accountants immediately prior to the Change of Control (the &#147;Accountants&#148;), whose determination shall be conclusive and binding upon Executive and the Company
for all purposes. For purposes of making the calculations required by this Section&nbsp;5, the Accountants may make reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable, good faith interpretations
concerning </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
the application of Section&nbsp;280G and Section&nbsp;4999.&nbsp;The Company and Executive shall furnish to the Accountants such information and documents as the Accountants may reasonably
request in order to make a determination under this Section&nbsp;5.&nbsp;The Company shall bear all costs the Accountants may reasonably incur in connection with any calculations contemplated by this Section&nbsp;5. If a reduction in the Payments
constituting &#147;parachute payments&#148; as defined in Section&nbsp;280G is necessary so that benefits are delivered to a lesser extent, reduction will occur in the following order: (a)&nbsp;reduction of the cash severance payments;
(b)&nbsp;cancellation of accelerated vesting of equity awards; and (c)&nbsp;reduction of continued employee benefits.&nbsp;In the event that the accelerated vesting of equity awards is to be cancelled, such vesting acceleration shall be cancelled in
the reverse chronological order of Executive&#146;s equity awards&#146; grant dates. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">6. <U>Non-Competition, Non-Solicitation, and
Confidentiality; Certain Other Covenants.</U> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.1 <U>Disclosure of Confidential Information</U>. Executive acknowledges that the Company
will provide Executive with confidential and proprietary information regarding the business in which the Company or any of its current or future subsidiaries or affiliates (collectively, other than the Company, the &#147;Company Affiliates&#148;)
are involved, and the Company and the Company Affiliates will provide Executive with trade secrets, as defined in Section&nbsp;688.002(4) of the Florida Statutes, of the Company and the Company Affiliates (hereinafter all such confidential
information and trade secrets referred to as the &#147;Confidential Information&#148;). For purposes of this Agreement, &#147;Confidential Information&#148; includes, but is not limited to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Information related to the business of the Company and the Company Affiliates, including but not limited to marketing strategies and plans,
sales procedures, operating policies and procedures, pricing and pricing strategies, business and strategic plans, financial statements and projections, accounting and tax positions and procedures, and other business and financial information of the
Company and the Company Affiliates; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Information regarding the customers of the Company and the Company Affiliates which Executive
acquired as a result of his employment with the Company, including but not limited to, customer contracts, customer lists, work performed for customers, customer contacts, customer requirements and needs, data used by the Company and the Company
Affiliates to formulate customer proposals, customer financial information and other information regarding the customer&#146;s business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Information regarding the vendors of the Company and the Company Affiliates which Executive acquired as a result of his employment with the
Company, including but not limited to, product and service information and other information regarding the business activities of such vendors; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Training materials developed by and utilized by the Company and the Company Affiliates; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Any other information which Executive acquired as a result of his employment with the Company and which Executive has a reasonable basis to
believe the Company or the Company Affiliates, as the case may be, would not want disclosed to a business competitor or to the general public; and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Information which: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">is proprietary to, about or created by the Company or the Company Affiliates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">gives the Company or any of the Company Affiliates some competitive advantage, the opportunity of obtaining such advantage or the disclosure of which could be detrimental to the interests of the Company or the Company
Affiliates; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">is not typically disclosed to non-executives by the Company or otherwise is treated as confidential by the Company or the Company Affiliates; or </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top">is designated as Confidential Information by the Company or from all the relevant circumstances should reasonably be assumed by Executive to be confidential to the Company or any Company Affiliates; </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>provided</U>, <U>however</U>, that Confidential Information shall not include information which (x)&nbsp;at the time of receipt or thereafter becomes
publicly known through no wrongful act of Executive, (y)&nbsp;is obtainable in the public domain, or (z)&nbsp;if Executive gives prior notice to the Company of any disclosure of information described in the following provisions of this clause (z),
can be and is demonstrated by Executive as not having been developed by use of or reference to other Confidential Information and as not having been acquired or developed by Executive in connection with Executive&#146;s employment or affiliation
with the Company. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.2 <U>Covenant Not to Compete</U>. While employed by the Company and, in the event of a termination of Executive&#146;s
employment (other than in the event of a Change of Control and subsequent termination by the Company without Cause or by Executive for Good Reason or a termination due to non-renewal of the Term by the Company at the first time on or after the
Change of Control that the Term is up for renewal), for a period of one year thereafter, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive
shall not, directly or indirectly, for compensation or otherwise, engage in or have any interest in any sole proprietorship, partnership, corporation, company, association, business or any other person or entity (whether as an employee, officer,
corporation, business or any creditor, consultant or otherwise) that, directly or indirectly, competes with the Company&#146;s &#147;Business&#148; (as defined below) in any and all states in which the Company or any Company Affiliate conducts such
business while Executive is employed by the Company or any Company Affiliate; <U>provided</U>, <U>however</U>, Executive may continue to hold securities of the Company or any Company Affiliate or continue to hold or acquire, solely as an investment,
shares of capital stock or other equity securities of any company if (a)&nbsp;he currently holds an interest in such stock or other securities, and before the date hereof has disclosed to the Board in detail (i)&nbsp;the applicable company (or
companies) and (ii)&nbsp;the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
specific stock or other equity securities of the entity he owns, or (b)&nbsp;the stock or other securities are traded on any national securities exchange or are regularly quoted in the
over-the-counter market, so long as Executive does not control, acquire a controlling interest in, or become a member of a group which exercises direct or indirect control of more than 5% of any class of capital stock of such corporation. For
purposes of this Agreement, the Company&#146;s &#147;Business&#148; is defined so as to consist of the development, acquisition, ownership, management, and sale of a diversified portfolio of high-quality, freestanding net-lease properties leased to
retail, restaurant, convenience-store and similar businesses, and such other businesses conducted by the Company after the date hereof, and from time to time during the Term, that shall become material and substantial with respect to the
Company&#146;s then-overall business. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.3 <U>Non-Solicitation of Clients</U>. While employed by the Company and, in the event of a
termination of Executive&#146;s employment (other than in the event of a Change of Control and subsequent termination by the Company without Cause or by Executive for Good Reason or a termination due to non-renewal of the Term by the Company at the
first time on or after the Change of Control that the Term is up for renewal), for a period of one year thereafter, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information
to Executive, Executive shall not, directly or indirectly, for himself or as principal, agent, independent contractor, consultant, director, officer, member, or employee of any other person, firm, corporation, partnership, company, association,
business or other entity, solicit, attempt to contract with, or enter into a contractual or business relationship of any kind pertaining to any aspect of the Company&#146;s Business, or any other business conducted by the Company or any Company
Affiliate at the time of termination of employment or at any time in the prior 12-month period, with any person or entity with which the Company or any Company Affiliate has any contractual or business relationship, or engaged in negotiations toward
such a contract, in the previous 12 months, if such solicitation, attempt to contract with, or entering into a contractual or business relationship would have a material adverse effect on the Company&#146;s operations, financial condition, prospects
or relationship with such person or entity. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.4 <U>Non-Solicitation of Employees</U>. While employed by the Company and, in the event of a
termination of Executive&#146;s employment (other than in the event of a Change of Control and subsequent termination by the Company without Cause or by Executive for Good Reason or a termination due to non-renewal of the Term by the Company at the
first time on or after the Change of Control that the Term is up for renewal), for a period of one year thereafter, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information
to Executive, Executive shall not directly or indirectly, for himself or as principal, agent, independent contractor, consultant, director, officer, member, or employee of any other person, firm, corporation, partnership, company, association or
other entity, either (a)&nbsp;hire, attempt to employ, contact with respect to hiring, solicit with respect to hiring or enter into any contractual arrangement with any employee or former employee of the Company or any Company Affiliate, or
(b)&nbsp;induce or otherwise advise or encourage any employee of the Company or any Company Affiliate to leave his or her employment; unless, in each such case, such employee or former employee has not been employed by the Company or a Company
Affiliate for a period in excess of six months at the time of such solicitation, attempt to employ, contact, employment or inducement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">14 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.5 <U>Confidentiality</U>. Subject to Section&nbsp;6.10, while employed by the Company and after
Executive&#146;s employment terminates, in consideration of the obligations of the Company hereunder, including without limitation its disclosure of Confidential Information to Executive, Executive shall keep secret and retain in strictest
confidence, shall not disclose to any third-party, and shall not use for his benefit or the benefit of others, except in connection with the business affairs of the Company, any Company Affiliate, or any of their officers or directors (collectively,
the &#147;Benefited Persons&#148;), all confidential and proprietary information and trade secrets relating to the business of the Company or any of the other Benefited Persons (but not if expressly excluded from being Confidential Information under
the proviso of Section&nbsp;6.1(f)), including, without limitation, the Confidential Information, unless such disclosure is required by a valid subpoena or other legal mandate or otherwise by rule of law or other valid order of a court or government
body or agency. In the event disclosure so is required, Executive shall provide the Company with written notice of same at least five business days prior to the date on which Executive is required to make the disclosure. Notwithstanding the
foregoing, the express terms of this Section&nbsp;6.5 shall not apply in the event of a Change of Control and subsequent termination by the Company without Cause or by Executive for Good Reason or a termination due to non-renewal of the Term by the
Company at the first time on or after the Change of Control that the Term is up for renewal. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.6 <U>Tangible Items</U>. All files,
records, documents, manuals, books, forms, reports, memoranda, studies, data, calculations, recordings, or correspondence, whether visually perceptible, machine-readable or otherwise, in whatever form they may exist, and all copies, abstracts and
summaries of the foregoing, and all physical items related to the business of the Company, whether of a public nature or not, and whether prepared by Executive or not, are and shall remain the exclusive property of the Company, and shall not be
removed from its premises, except as required in the course of Executive&#146;s employment by the Company, without the prior written consent of the Company. Such items, including any copies or other reproductions thereof, shall be promptly returned
by Executive to the Company at any time upon the written request of the Company (or, if requested by the Company, destroyed by Executive). Notwithstanding the foregoing, the express terms of this Section&nbsp;6.6 shall not apply in the event of a
Change of Control and subsequent termination by the Company without Cause or by Executive for Good Reason or a termination due to non-renewal of the Term by the Company at the first time on or after the Change of Control that the Term is up for
renewal. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.7 <U>Non-Disparagement</U>. Subject to Section&nbsp;6.10, while employed by the Company and after Executive&#146;s employment
terminates, Executive agrees to refrain from making, directly or indirectly, now or at any time in the future, whether in writing, orally or electronically (a)&nbsp;any derogatory comment concerning the Company and the Company Affiliates or any of
their respective current or former directors, officers, employees or shareholders or (b)&nbsp;any other comment that could reasonably be expected to be detrimental to the business or financial prospects or reputation of the Company and the Company
Affiliates. Nothing in the foregoing shall preclude Executive from providing truthful disclosures required by applicable law or legal process. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">15 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.8 <U>Remedies</U>. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Company and Executive acknowledge and agree that a breach by Executive of any of the covenants contained in this Section&nbsp;6 will
cause immediate and irreparable harm and damage to the Company and any other Benefited Person, and that monetary damages will be inadequate to compensate the Company, and any other Benefited Person, as the case may be, for such breach. Accordingly,
Executive acknowledges that the Company and any other Benefited Person affected shall, in addition to any other remedies available to it at law or in equity, be entitled to an injunction from any court of competent jurisdiction enjoining and
restraining any violation of said covenants by Executive or any of his affiliates, associates, partners or agents, either directly or indirectly, without the necessity of proving the inadequacy of legal remedies or irreparable harm. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Except with regard to Section&nbsp;6.8(a), all disputes between the parties or any claims concerning the performance, breach, construction
or interpretation of this Agreement, or in any manner arising out of this Agreement, shall be submitted to binding arbitration in accordance with the Commercial Arbitration Rules, as amended from time to time, of the American Arbitration Association
(the &#147;AAA&#148;), which arbitration shall be carried out in the manner set forth below: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top">Within 15 days after written notice by one party to the other party of its demand for arbitration, which demand shall set forth the name and address of its designated arbitrator, the other party shall appoint its
designated arbitrator and so notify the demanding party. Within 15 days thereafter, the two arbitrators so appointed shall appoint the third arbitrator. If the two appointed arbitrators cannot agree on the third arbitrator, then the AAA shall
appoint an independent arbitrator as the third arbitrator. The dispute shall be heard by the arbitrators within 90 days after appointment of the third arbitrator. The decision of any two or all three of the arbitrators shall be binding upon the
parties without any right of appeal. The decision of the arbitrators shall be final and binding upon the Company, its successors and assigns, and upon Executive, his heirs, personal representatives, and legal representatives. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top">The arbitration proceedings shall take place in Orlando, Florida, and the judgment and determination of such proceedings shall be binding on all parties. Judgment upon any award rendered by the arbitrators may be
entered into any court having competent jurisdiction without any right of appeal. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top">Each party shall pay its or his own expenses of arbitration, and the expenses of the arbitrators and the arbitration proceeding shall be shared equally. However, if in the opinion of a majority of the arbitrators, any
claim or defense was unreasonable, the arbitrators may assess, as part of their award, all or any part of the arbitration expenses of the other party (including reasonable attorneys&#146; fees) and of the arbitrators and the arbitration proceeding.
</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">16 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.9 <U>Change of Control</U>. For the purposes of this Agreement, &#147;Change of Control&#148;
shall be a change of control under the applicable definition contained in Section&nbsp;2 of the Company&#146;s 2007 Performance Incentive Plan, or successor thereto of comparable import; <U>provided</U>, <U>however</U>, that in no event shall a
Change of Control for purposes of this Agreement be deemed to have arisen merely by virtue of a &#147;person&#148; or &#147;group&#148; (which terms shall have the meaning they have when used in Section&nbsp;13(d) of the Securities Exchange Act of
1934, as amended) having become a direct or indirect owner of Company securities (such that a Change of Control would, without regard to this proviso, otherwise have been deemed to have occurred), if Executive is or is a member of such person or
group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">6.10 <U>Confidential Disclosure in Reporting Violations of Law or in Court Filings</U>. Executive acknowledges and the Company
agrees that Executive may disclose Confidential Information in confidence, directly or indirectly, to federal, state, or local government officials, including but not limited to the Department of Justice, the Securities and Exchange Commission, the
Congress, and any agency Inspector General or to an attorney, for the sole purpose of reporting or investigating a suspected violation of law or regulation or making other disclosures that are protected under the whistleblower provisions of state or
federal laws or regulations.&nbsp;Executive may also disclose Confidential Information in a document filed in a lawsuit or other proceeding, but only if the filing is made under seal.&nbsp;Nothing in this Agreement is intended to conflict with
federal law protecting confidential disclosures of a trade secret to the government or in a court filing, 18 B.SC. &#167; 1833(b), or to create liability for disclosures of Confidential Information that are expressly allowed by 18 B.SC. &#167;
1833(b).</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">7. <U>Severability</U>. As the provisions of this Agreement are independent of and severable from each other, the Company and
Executive agree that if, in any action before any court or agency legally empowered to enforce this Agreement, any term, restriction, covenant, or promise hereof is found to be unreasonable or otherwise unenforceable, then such decision shall not
affect the validity of the other provisions of this Agreement, and such invalid term, restriction, covenant, or promise shall also be deemed modified to the extent necessary to make it enforceable. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">8. <U>Notice</U>. For purposes of this Agreement, notices, demands and all other communications provided for in this Agreement shall be in
writing and shall be deemed to have been duly given when received if delivered in person, the next business day if delivered by overnight commercial courier (e.g., Federal Express), or the third business day if mailed by United States certified
mail, return receipt requested, postage prepaid, to the following addresses: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">If to the Company, to: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">National Retail Properties, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">450 South Orange Avenue, Suite 900 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Orlando, Florida 32801 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attn:
Chairman of the Compensation Committee </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">17 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">with a copy to: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">National Retail Properties, Inc. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">450 South Orange Avenue, Suite 900 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Orlando, Florida 32801 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attn:
General Counsel </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">and </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Pillsbury Winthrop Shaw Pittman LLP </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">1200 Seventeenth Street, NW </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Washington, DC 20036 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Attn:
Jeffrey B. Grill, Esq. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="8%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">If to Executive, to: </TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">Julian E. Whitehurst </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman">at the address set forth on the signature page hereof </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Either party may change its address for notices in accordance with this Section&nbsp;8 by providing written notice of such change to the other party. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">9. <U>Governing Law</U>. This Agreement shall be governed by and construed in accordance with the laws of the State of Florida. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">10. <U>Benefits; Binding Effect; Assignment</U>. This Agreement shall be binding upon and inure to the benefit of the parties and their
respective heirs, personal representatives, legal representatives, successors and permitted assigns. Executive shall not assign this Agreement. However, the Company is expressly authorized to assign this Agreement to a Company Affiliate upon written
notice to Executive, provided that (a)&nbsp;the assignee assumes all of the obligations of the Company under this Agreement, (b)&nbsp;Executive&#146;s role when viewed from the perspective of Company Affiliates in the aggregate is comparable to such
role immediately before the assignment, and (c)&nbsp;the Company, for so long as an affiliate of the assignee, remains secondarily liable for the financial obligations hereunder. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">11. <U>Attorneys&#146; Fees</U>. The Company agrees to reimburse Executive for his reasonable legal fees incurred in reviewing this Agreement.
In the event of any legal proceeding relating to this Agreement or any term or provision thereof, the losing party shall be responsible to pay or reimburse the prevailing party for all reasonable attorneys&#146; fees incurred by the prevailing party
in connection with such proceeding, except that, in the event of an arbitration, the provisions of Section&nbsp;6.8(b)(iii) shall apply. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">12. <U>Entire Agreement Amendment</U>. This Agreement, including its incorporated Attachment &#147;A,&#148; constitutes the entire agreement
between the parties, and all prior understandings, agreements or undertakings between the parties concerning Executive&#146;s employment or the other subject matters of this Agreement (including without limitation the Existing Employment Agreement)
are superseded in their entirety by this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">18 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">13. <U>Waivers and Amendments</U>. This Agreement may be amended, superseded, canceled, renewed
or extended, and the terms hereof may be waived, only by a written instrument signed by the parties or, in the case of a waiver, by the party waiving compliance. No delay on the part of any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right, power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the
exercise of any other such right, power or privilege. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">14. <U>No Duty to Mitigate</U>. Executive shall not be required to mitigate damages
or the amount of any payment provided for under this Agreement by seeking other employment or otherwise, nor will any payments hereunder be subject to offset in the event Executive does mitigate (except as otherwise provided in clause (i)(F) of the
second sentence of Section&nbsp;4.3(b) or clause (i)(D) of Section&nbsp;4.4). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">15. <U>Counterparts</U>. This Agreement may be executed in
counterparts, each of which will be deemed an original, but which together shall be one and the same instrument. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">16. <U>Tax Advice</U>.
Executive confirms and represents to the Company that he has had the opportunity to obtain the advice of legal counsel, financial and tax advisers, and such other professionals as he deems necessary for entering into this Agreement, and he has not
relied upon the advice of the Company or the Company&#146;s officers, directors, or employees. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">17. <U>Interpretation</U>. As both parties
having had the opportunity to consult with legal counsel, no provision of this Agreement shall be construed against or interpreted to the disadvantage of any party by reason of such party having, or being deemed to have, drafted, devised, or imposed
such provision. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">18. <U>Withholding</U>. Any payments made to Executive under this Agreement shall be reduced by any applicable withholding
taxes or other amounts required to be withheld by law or contract. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">19. <U>Section&nbsp;409A</U>. This Agreement is intended to meet, or be
exempt from, the requirements of Section&nbsp;409A, with respect to amounts subject thereto, and shall be interpreted and construed consistent with that intent. No expenses eligible for reimbursement, or in-kind benefits to be provided, during any
calendar year shall affect the amounts eligible for reimbursement in any other calendar year, to the extent subject to the requirements of Section&nbsp;409A, and no such right to reimbursement or right to in-kind benefits shall be subject to
liquidation or exchange for any other benefit. For purposes of Section&nbsp;409A, each payment in a series of installment payments provided under this Agreement shall be treated as a separate payment. Any payments to be made under this Agreement
upon a termination of employment shall only be made upon a &#147;separation from service&#148; under Section&nbsp;409A. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">20.
<U>Survivability</U>. Those provisions and obligations of this Agreement which are intended to survive shall survive notwithstanding termination of Executive&#146;s employment with the Company. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[<I>Signature Page Follows</I>] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">19 </P>


<p Style='page-break-before:always'>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above
written. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>NATIONAL RETAIL PROPERTIES, INC.</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">/s/ Robert C. Legler</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Robert C. Legler</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Chairman of the Compensation Committee</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center">/s/ Julian E. Whitehurst</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>Julian E. Whitehurst</B></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">20 </P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ATTACHMENT &#147;A&#148; </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><U>Additional Fringe Benefits </U></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">$500/month car allowance </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Long-term disability coverage consistent with long-term disability coverage provided under the Company&#146;s group plan for all associates </TD></TR></TABLE>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Life insurance benefits with a face amount equal to Annual Salary (provided that, if at any time the Company cannot obtain such insurance at rates which are reasonable for the provision by the Company of such a benefit,
the Company may then self-insure such benefits) </TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>

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<TYPE>EX-99.1
<SEQUENCE>4
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<DESCRIPTION>EX-99.1
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<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g248558g57h11.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>NEWS RELEASE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For
information contact: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kevin B. Habicht </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Chief Financial
Officer </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(407) 265-7348 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">FOR IMMEDIATE RELEASE
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">September&nbsp;29, 2016 </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CRAIG MACNAB TO RETIRE AS CEO OF NATIONAL RETAIL </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PROPERTIES, INC.; JULIAN E. (&#147;JAY&#148;) WHITEHURST NAMED AS </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUCCESSOR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>&#150;
Transition to be effective April&nbsp;28, 2017 &#150; </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Orlando, Florida, September&nbsp;29, 2016 </B>- National Retail Properties, Inc. (NYSE: NNN)
(the &#147;Company&#148;) today announced that Craig Macnab, Chief Executive Officer and Chairman of the Board, will retire as CEO and step down as Chairman and a member of the Board of Directors effective April&nbsp;28, 2017. Julian E.
(&#147;Jay&#148;) Whitehurst, currently President and Chief Operating Officer, will assume the role of President and CEO as of April&nbsp;28, 2017. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Macnab has been the Company&#146;s Chief Executive Officer since February 2004, and the Chairman of its Board of Directors since February 2008. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Macnab commented: &#147;National Retail Properties has a compelling business model, a great retail real estate portfolio that is conservatively
financed, a wonderful culture and an exceptional team. Jay is the right person to succeed me and I look forward to watching Jay and his colleagues take NNN to the next level.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As a part of the Board&#146;s succession planning activities and upon Mr.&nbsp;Macnab&#146;s recommendation, the Company&#146;s Board of Directors has
unanimously appointed Mr.&nbsp;Whitehurst President and CEO effective April&nbsp;28, 2017. Mr.&nbsp;Whitehurst joined the Company in February 2003, was appointed Chief Operating Officer in June 2004 and has served as President since May 2006. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Whitehurst commented, &#147;I want to thank Craig and our Board of Directors for the opportunity to
serve as the next CEO of National Retail Properties upon Craig&#146;s retirement. We will certainly miss Craig when he steps down next spring, but our experienced management team and talented associates will continue his mission to deliver
outstanding results and create shareholder value.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Board has appointed Robert Legler, the Board&#146;s lead independent Director, as Chairman of
the Board effective upon Mr.&nbsp;Macnab&#146;s retirement. Said Mr.&nbsp;Legler, &#147;On behalf of National Retail Properties&#146; entire Board of Directors, I would like to recognize Craig&#146;s exceptional leadership. He has been seen as a
leader among his peers in the REIT industry for many years, and the Company&#146;s operating performance has benefited from his guidance and execution. During Craig&#146;s tenure, total assets have grown from $1.2 billion to more than $6 billion and
most importantly the Company has produced average annual total shareholder returns over 14%. Strong leaders require strong successors, and consummating our thorough executive succession plan, the Board is pleased to appoint Jay Whitehurst to the
role of President and CEO. Jay&#146;s experience and talents equip him well for the opportunities ahead, and we are confident that he will build upon the solid foundation that Craig has established.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">National Retail Properties invests primarily in high-quality retail properties subject generally to long-term, net leases. As of June&nbsp;30, 2016, the
company owned 2,452 properties in 48 states with a gross leasable area of approximately 26.3&nbsp;million square feet with a weighted average remaining lease term of 11.4 years. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Statements in this press release that are not strictly historical are &#147;forward-looking&#148; statements. These statements generally are characterized
by the use of terms such as &#147;believe,&#148; &#147;expect,&#148; &#147;intend,&#148; &#147;may,&#148; &#147;estimated,&#148; or other similar words or expressions. Forward-looking statements involve known and unknown risks, which may cause the
company&#146;s actual future results to differ materially from expected results. These risks include, among others, general economic conditions, local real estate conditions, changes in interest rates, increases in operating costs, the preferences
and financial condition of the company&#146;s tenants, the availability of capital, risks related to the company&#146;s status as a REIT and the profitability of the company&#146;s taxable subsidiary. Additional information concerning these and
other factors that could cause actual results to differ materially from these forward-looking statements is contained from time to time in the company&#146;s Securities and Exchange Commission (&#147;SEC&#148;) filings, including, but not limited
to, the company&#146;s Annual Report on Form 10-K. Copies of each filing may be obtained from the company or the SEC. Such forward-looking statements should be regarded solely as reflections of the company&#146;s current
</I></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>
operating plans and estimates. Actual operating results may differ materially from what is expressed or forecast in this press release. National Retail Properties, Inc. undertakes no obligation
to publicly release the results of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date these statements were made. </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;# </P>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
