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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

SCHEDULE 14A

(Rule 14a-101)

SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐ Preliminary Proxy Statement

☐ Confidential, For Use of the Commission Only (as Permitted by Rule 14a-6(e)(2))

☒ Definitive Proxy Statement

☐ Definitive Additional Materials

☐ Soliciting Material Pursuant to §240.14a-12

NNN REIT, Inc.

_____________________________________________________

(Name of Registrant as Specified in Its Charter)

______________________________________________________

(Name of Person(s) Filing Proxy Statements, if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒ No fee required.

☐ Fee paid previously with preliminary materials.

☐ Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11

NNN REIT, Inc.

450 South Orange Avenue, Suite 900

Orlando, Florida 32801

Tel: 407-265-7348

_________________

To Our Stockholders:

You are cordially invited to attend the annual meeting of stockholders of NNN REIT, Inc. (the “Company”) on May 13, 2025, at 8:30 a.m. local time, at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801. Enclosed for your review are the Proxy Card, Proxy Statement and Notice of Meeting for the Annual Meeting of Stockholders, which describe the business to be conducted at the meeting. The matters proposed for consideration at the meeting are:

1.
The election of eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified;

2.
A non-binding advisory proposal to approve the compensation of our named executive officers as described in this Proxy Statement; and

3.
The ratification of the selection of our independent registered public accounting firm for the year ending December 31, 2025.

It is important that all shares of stock of the Company be represented at the meeting. If you cannot personally attend the meeting, we encourage you to ensure you are represented at the meeting by signing and dating the accompanying proxy card and promptly returning it in the enclosed envelope. You may also vote either by telephone (1-800-690-6903) or on the Internet (http://www.proxyvote.com). Returning your proxy card, voting by telephone or voting on the Internet will not prevent you from voting in person, but will assure that your vote will be counted if you are unable to attend the meeting. As always, the Company encourages you to vote your shares prior to the Annual Meeting.

Sincerely,

| /s/ Stephen A. Horn, Jr. Stephen A. Horn, Jr. President and Chief Executive Officer

NNN REIT, INC.

450 South Orange Avenue, Suite 900

Orlando, Florida 32801

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

TO BE HELD MAY 13, 2025

NOTICE IS HEREBY GIVEN that the annual meeting of stockholders of NNN REIT, INC. will be held at 8:30 a.m. local time, on May 13, 2025, at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801, for the following purposes:

1.
The election of eight directors to serve for a term ending at the 2026 annual meeting of stockholders and until their successors are duly elected and qualified;

2.
A non-binding advisory proposal to approve the compensation of our named executive officers as described in this Proxy Statement; and

3.
The ratification of the selection of our independent registered public accounting firm for the year ending December 31, 2025.

We will also transact such other business as may properly come before the meeting or any adjournment or postponement thereof.

Stockholders of record at the close of business on March 17, 2025, will be entitled to notice of and to vote at the annual meeting or at any adjournment thereof.

Stockholders are cordially invited to attend the meeting in person. PLEASE VOTE, EVEN IF YOU PLAN TO ATTEND THE MEETING, by completing, signing and returning the enclosed proxy card, by telephone (1-800-690-6903) or on the internet (http://www.proxyvote.com) by following the instructions on your proxy card. If you decide to attend the meeting, you may revoke your Proxy and vote your shares in person. It is important that your shares be represented and voted.

By Order of the Board of Directors,

| /s/ Gina M. Steffens Gina M. Steffens Executive Vice President, General Counsel and Secretary

March 20, 2025

Orlando, Florida

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR

THE ANNUAL MEETING TO BE HELD ON MAY 13, 2025

Our Proxy Statement and our Annual Report to Stockholders,

which includes our Annual Report on Form 10-K, are available at

http://www.nnnreit.com/proxyvote

NNN REIT, INC.

450 South Orange Avenue, Suite 900

Orlando, Florida 32801

Tel: 407-265-7348

PROXY STATEMENT

General. This Proxy Statement is furnished by the Board of Directors of NNN REIT, Inc. (the “Company”) in connection with the solicitation by the Board of Directors of proxies to be voted at the annual meeting of stockholders to be held on May 13, 2025, and at any adjournment thereof, for the purposes set forth in the accompanying notice of such meeting. All stockholders of record at the close of business on March 17, 2025 (the “Record Date”), will be entitled to vote. It is anticipated that this Proxy Statement and the enclosed Proxy will be mailed to stockholders on or about March 31, 2025. The Proxy Statement and our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) will also be available on the Internet at http://www.nnnreit.com/proxyvote.

When we use the words “we,” “us,” “our” or “Company,” we are referring to NNN REIT, Inc.

Voting/Revocation of Proxy. If you complete and properly sign and mail the accompanying proxy card, it will be voted as you direct. If you are a registered stockholder and attend the meeting, you may deliver your completed proxy card in person. “Street name” stockholders who wish to vote at the meeting will need to obtain a proxy from the institution that holds their shares.

If you are a registered stockholder, you may vote by telephone (1-800-690-6903), or electronically through the Internet (http://www.proxyvote.com), by following the instructions included with your proxy card. If your shares are held in “street name,” please check your proxy card or contact your broker or nominee to determine whether you will be able to vote by telephone or electronically.

Any proxy, if received in time, properly signed and not revoked, will be voted at such meeting in accordance with the directions of the stockholder. If no directions are specified, the proxy will be voted FOR each of Proposals 1, 2 and 3, contained herein. Any stockholder giving a proxy has the power to revoke it at any time before it is exercised. A proxy may be revoked (1) by delivery of a written statement to the Secretary of the Company stating that the proxy is revoked, (2) by presentation at the annual meeting of a subsequent proxy executed by the person executing the prior proxy, or (3) by attendance at the annual meeting and voting in person.

Vote Required for Approval; Quorum. The nominees for director who receive a majority of the votes cast in person or by proxy at the annual meeting will be elected. A majority of the votes cast means the affirmative vote of a majority of the total votes cast “for” and “against” such nominee. For purposes of the election of directors, abstentions and broker non-votes, if any, will not be counted as votes cast and will have no effect on the result of the vote. As of the Record Date, March 17, 2025, 188,033,598 shares of the common stock of the Company (the “Common Stock”) were outstanding, of which 187,227,693 shares entitled the holder thereof to one vote on each of the matters to be voted upon at the annual meeting. As of the Record Date, our executive officers and directors had the power to vote approximately 0.4% of the outstanding shares of Common Stock. Our executive officers and directors have advised us that they intend to vote their shares of Common Stock FOR each of Proposals 1, 2 and 3, contained herein.

The presence in person or by proxy of stockholders entitled to cast a majority of all the votes entitled to be cast at a meeting of stockholders shall constitute a quorum.

Votes cast in person or by proxy at the annual meeting will be tabulated and a determination will be made as to whether or not a quorum is present. We will treat abstentions as shares that are present and entitled to vote for purposes of determining the presence or absence of a quorum, but as unvoted for purposes of determining the approval of any matter submitted to the stockholders. If a broker submits a proxy indicating that it does not have discretionary authority as to certain shares to vote on a particular matter ("broker non-votes"), those shares will not be considered as present and entitled to vote with respect to such matter. Broker non-votes with respect to the election of directors will have no effect on the outcome of the vote on that proposal.

YOUR VOTE AT THE ANNUAL MEETING IS VERY IMPORTANT TO US.

Solicitation of Proxies. Solicitation of proxies will be primarily by mail. We will bear the cost of soliciting proxies from our stockholders. In addition to solicitation by mail, our directors, officers, employees, and agents may solicit proxies by telephone, internet, or otherwise. These directors, officers, and employees will not be additionally compensated for the solicitation, but may be reimbursed for out-of-pocket expenses incurred in connection with the solicitation. Copies of solicitation materials will be furnished to brokerage firms, fiduciaries, and other custodians who hold shares of our Common Stock of record for beneficial owners for forwarding to such beneficial owners. We may also reimburse persons representing beneficial owners for their reasonable expenses incurred in forwarding such materials.

TABLE OF CONTENTS

PROPOSAL 1: ELECTION OF DIRECTORS | 1
Nominees | 1
Board Composition | 6
Corporate Governance | 7
Corporate Sustainability Matters | 12
Audit Committee | 18
Governance and Nominating Committee | 19
Compensation Committee | 20
Compensation Committee Interlocks and Insider Participation | 21
Director Compensation | 21
Code of Business Conduct, Insider Trading Policy and Anti-Corruption Policy | 23
AUDIT COMMITTEE REPORT | 24
Executive Officers | 25
EXECUTIVE COMPENSATION | 27
Compensation Discussion and Analysis | 27
COMPENSATION COMMITTEE REPORT | 40
Executive Compensation Tables | 41
Summary Compensation Table | 41
Grants of Plan-Based Awards | 42
Outstanding Equity Awards at Fiscal Year End | 43
Option Exercises and Stock Vested | 44
Equity Compensation Plan Information | 44
Potential Payments Upon Termination of Change of Control | 45
Pay Ratio | 54
Pay versus Performance | 55
PROPOSAL 2: ADVISORY VOTE ON EXECUTIVE COMPENSATION | 57
PROPOSAL 3: RATIFICATION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 58
SECURITY OWNERSHIP | 60
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS | 61
OTHER MATTERS | 62
PROPOSALS FOR NEXT ANNUAL MEETING | 62
ANNUAL REPORT | 64

i

PROPO SAL 1

ELECTION OF DIRECTORS

Nominee s

Based on the recommendation of our Governance and Nominating Committee, the persons named below have been nominated by the Board of Directors of the Company (the “Board of Directors” or the “Board”) for election as directors to serve until the next annual meeting of stockholders or until their successors shall have been elected and qualified.

Director Name | Independent | Audit Committee | Compensation Committee | Governance and Nominating Committee
Pamela K. M. Beall | ü | m |  | m
Steven D. Cosler + | ü |  |  |
David M. Fick | ü | l | m |
Edward J. Fritsch | ü |  | m | l
Elizabeth C. Gulacsy | ü | m |  |
Betsy D. Holden | ü | m | l |
Kamau O. Witherspoon | ü | m |  | m
Stephen A. Horn, Jr. |  |  |  |
m - Committee Member |  |  |
l - Committee Chair |  |  |
+ - Chairperson of the Board |  |  |  |

In selecting the candidates to nominate for election as directors, the Governance and Nominating Committee’s principal qualification is whether an individual has the ability to act in the best interests of the Company and its stockholders. The Governance and Nominating Committee endeavors to identify individuals to serve on the Board who have expertise that is useful to the Company and complementary to the background, skills and experience of other Board members. Each individual serving on the Board should be willing to devote the time necessary to carry out the responsibilities of a director of the Company. The Governance and Nominating Committee’s assessment of the composition of the Board should include: (a) skills - business and management experience, real estate experience, accounting experience, finance and capital markets experience, and an understanding of corporate governance regulations and public policy matters, (b) character - ethical and moral standards, leadership abilities, sound business judgment, independence and innovative thought, and (c) composition - diversity and public company experience. The Governance and Nominating Committee measures the Board’s composition by taking into account the entirety of the Board and the criteria listed above rather than having any representational directors.

1

Our Board views diversity in a broad sense, taking into consideration not only racial, ethnic and gender diversity, but also the mix of qualifications of our directors including tenure, experience levels and types of experience, including both industry and subject matter expertise. When considering board candidates, the Governance and Nominating Committee considers whether an individual would bring a diverse viewpoint to the Board, including with respect to the candidate’s gender, race and ethnicity. The Governance and Nominating Committee has demonstrated its commitment to both diversity and board refreshment by adding three new independent directors to the Board over the past six years, expanding the diversity of gender, race, and ethnicity of the Board. Recent Board refreshment has deepened the diversity of composition, thought and experience of the Board, adding fresh perspectives, and maintaining the effectiveness of the Board through the retirement of its long-serving members. Our Governance and Nominating Committee identifies potential director candidates through a variety of means, including recommendations from members of the Board and suggestions from Company management. Our Governance and Nominating Committee may also, in its discretion, engage director search firms to identify candidates.

The biographies below set forth each nominee’s name, age, principal occupation or employment and directorships in other public corporations during at least the last five years, as well as the specific experience, qualifications, attributes and skills each nominee has acquired in such positions. Each of the nominees below have been recommended by the Governance and Nominating Committee and approved by the Board of Directors for inclusion on the attached proxy card.

THE BOARD OF DIRECTORS RECOMMENDS A VOTE “FOR” ALL OF THE

NOMINEES DESCRIBED BELOW FOR ELECTION AS DIRECTORS.

Name and Age | EXPERIENCE
Pamela K. M. Beall Age: 68 | Ms. Beall has served as a director of the Company since August 2016. In April 2021, Ms. Beall was appointed to the board of directors of Nationwide Mutual Insurance Company, a Fortune 100 financial services company where she serves as chair of the Audit Committee and a member of the Finance Committee. In August 2024, Ms. Beall was appointed to the board of directors of Nationwide Trust Company where she serves on the Audit and Fiduciary Committee. She is an emeritus member of the board of trustees of the University of Findlay. Ms. Beall retired in 2021 from Marathon Petroleum Corporation ("MPC") as Executive Vice President, Chief Financial Officer and as a member of the board of directors of MPLX GP LLC, a subsidiary of MPC, positions which she held from 2016 and 2014, respectively. MPLX GP LLC is the general partner of MPLX LP, a publicly traded master limited partnership, which owns and operates crude oil, refined products and natural gas logistics assets and processing operations. Ms. Beall received a bachelor’s degree in accounting from the University of Findlay and a master’s degree in business administration from Bowling Green State University, is a non-practicing Certified Public Accountant ("CPA"), and she has attended the Oxford Institute for Energy Studies. Other public company directorships she has held include Tesoro Logistics GP, LLC (2018 to 2019). Ms. Beall is the founder of Agriculture Energy Partners LLC a single member LLC engaged in consulting and investment in energy projects including renewal natural gas.

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Steven D. Cosler Age: 69 | Mr. Cosler has served as a director of the Company since August 2016 and Chairperson since May 2021. Mr. Cosler served as the CEO of Priority Healthcare, which was acquired by Express Scripts in 2005 and was lead director of Catamaran Corporation, which was acquired by United Healthcare in July 2015. Mr. Cosler also served on the public board of Cima Labs, a biotechnology company, and on the Board of Trustees of two closed-end mutual funds at Claymore Securities, Inc., a privately-held financial services company. Mr. Cosler currently serves on the board of Guardian Pharmacy Services (NYSE:GRDN) and on the boards of Imagine360, Liviniti and Eversana, all of which are Water Street Healthcare Partners portfolio companies, and privately held Medigi. He also serves on the board and is co-founder of Elevate Indianapolis, a non-profit organization.
David M. Fick Age: 67 | Mr. Fick has served as a director of the Company since November 2010. Mr. Fick is a former adjunct professor at the Johns Hopkins University Carey Business School where he taught graduate-level Real Estate Finance, Capital Markets, and REIT Structuring and Analysis, including seminars on corporate governance, executive compensation and securities issuance procedures. He is President of Nandua Oyster Company, an aquaculture business he founded in 2007. Mr. Fick served as Managing Director at Stifel Nicolaus & Company, a successor to Legg Mason Wood Walker, where he headed Real Estate Research and was an analyst covering real estate investment trusts from 1997 to 2010. Mr. Fick is a member of the National Association of Real Estate Investment Trusts (“Nareit”), and the American Institute of Certified Public Accountants ("AICPA"), and is a non-practicing CPA. He is also an investor, board member and advisor to several private real estate funds and partnerships.
Edward J. Fritsch Age: 65 | Mr. Fritsch has served as a director of the Company since February 2012. After 37 consecutive years with Highwoods Properties, Inc., a publicly traded REIT (NYSE: HIW) ("Highwoods"), Mr. Fritsch retired in September 2019 as President and Chief Executive Officer. Joining Highwoods in 1982, in 2001 he was elected to the Board of Directors, in 2003 was named President, and in 2004, Mr. Fritsch assumed the role of Chief Executive Officer. Throughout his tenure as CEO, Highwoods averaged a total shareholder return of 12.8% per annum. Mr. Fritsch is a former member of the Nareit Board of Governors and served as its 2015-2016 national chair. In 2023 Nareit presented Mr. Fritsch with The Industry Leadership Award. Mr. Fritsch is also a recipient of the State of North Carolina's prestigious Order of the Long Leaf Pine Award presented by the Governor. Mr. Fritsch is an active investor in privately-held, commercial real estate development projects and is currently a member of the following boards: Merus (Cincinnati headquartered commercial real estate developer), University of North Carolina at Chapel Hill Foundation and Audit Committee, University of North Carolina at Chapel Hill Real Estate Holdings, Dix Park Conservancy and Executive Committee, Cristo Rey Research Triangle High School, Our Lady of Lourdes Catholic Church and School and the YMCA of the Triangle Board, Executive Committee and Trustee Chair.

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Elizabeth C. Gulacsy Age: 51 | Ms. Castro Gulacsy has served as a director of the Company since August 2022. Ms. Castro Gulacsy worked for SeaWorld Entertainment, Inc. (NYSE: SEAS) (now known as United Parks and Resorts, Inc. (NYSE: PRKS)) from 2013 to 2023, most recently providing CFO consulting and advisory services, having served as Chief Financial Officer & Treasurer from May 2021 to June 2022, Interim Chief Financial Officer & Treasurer and Chief Accounting Officer from April 2020 to May 2021 and Chief Accounting Officer from August 2017 to April 2020. Prior to joining SeaWorld Entertainment, from 2002 to 2013, Ms. Castro Gulacsy was at Cross Country Healthcare, Inc. (NASDAQ: CCRN), a publicly traded healthcare staffing company, where she most recently served as their Chief Accounting Officer and Corporate Controller. Ms. Castro Gulacsy was recently featured among "100 Hispanic Board Members Making a Difference" in the October 2024 issue of Board Recruitment. Ms. Castro Gulacsy is a graduate of the University of Florida with a Bachelor of Science in Accounting and a Masters of Accounting and is an active licensed CPA. Ms. Castro Gulacsy is a member of the National Association of Corporate Directors ("NACD"), the Latino Corporate Directors Association and the Corporate Board Member Network. She has earned the Directorship Certification from the NACD, the Masters Professional Director - Public Company designation from the American College of Corporate Directors and the Diligent Institute Cyber Risk and Strategy Certification.
Betsy D. Holden Age: 69 | Ms. Holden has served as a director of the company since February 2019. Ms. Holden served as a Senior Advisor to McKinsey & Company from April 2007 to December 2020, leading strategy, marketing and board effectiveness initiatives for global consumer goods, retail healthcare and financial services clients. Prior to that, Ms. Holden spent 25 years in marketing and line positions in consumer goods. Ms. Holden served as President, Global Marketing and Category Development of Kraft Foods Inc. from January 2004 to June 2005, Co-Chief Executive Officer, Kraft Foods, Inc. 2001 to 2003, Chief Executive Officer of Kraft Foods North America from May 2000 to December 2003. Ms. Holden currently serves as a Director of Kenvue, Dentsply Sirona and Western Union. She has served on ten public boards over the last 25 years, including Diageo Plc (2009 to 2018), Time, Inc. (2014 to 2018), and Catamaran Corporation (2012 to 2015). Ms. Holden serves on the Food Chain Advisory Board and several portfolio company boards for Paine Schwartz Partners, a private equity firm focused on sustainable agriculture and food. Ms. Holden was selected as a 2015 NACD Directorship 100 honoree and was inducted into the Chicago Business Hall of Fame in 2016. Ms. Holden graduated Phi Beta Kappa with a Bachelor of Arts from Duke University where she is Trustee Emeritus having served on the Board of Trustees (2011 to 2023) and the Executive Committee (2015 to 2023). She received a Masters of Management in Marketing and Finance from Northwestern University's Kellogg School of Management and serves on the Global Advisory Board (2000 to present).

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Stephen A. Horn, Jr. Age: 53 | Mr. Horn has served as Chief Executive Officer and President of the Company since April 2022. Mr. Horn joined the Board of Directors in February 2022. Previously, Mr. Horn served as Executive Vice President and Chief Operating Officer of the Company since August 2020, and as Executive Vice President and Chief Acquisition Officer of the Company from January 2014 to August 2020. He also previously served as Senior Vice President of Acquisitions for the Company from June 2008 to December 2013, and as Vice President of Acquisitions of the Company from 2003 to 2008. Prior to 2003, Mr. Horn worked in the mergers and acquisitions group at A.G. Edwards & Sons in St. Louis, MO. He is a member of ICSC and currently serves on the Advisory Board of Governors for Nareit.
Kamau O. Witherspoon Age: 51 | Mr. Witherspoon has served as a Director of the Company since January 2022. He joined Shipt as their Chief Executive Officer in March 2022. Prior to that, Mr. Witherspoon was a Senior Vice President of Operations at Target Corporation from 2018 to 2022, Senior Vice President of Operational Performance & Readiness at UnitedHealth Group from 2017 to 2018, and was a Chief Restaurant Excellence Officer, KFC US, with Yum! Brands, Inc. from 2015 to 2016. Prior to that, Mr. Witherspoon was at Target Corporation as a Senior Director of Store Operations from 2013 to 2015, as a Director of Risk Management, Finance from 2011 to 2013, as a Regional Director of Property Management from 2008 to 2011, and as a Corporate Real Estate Manager of Target Properties from 2007 to 2008. Earlier in his career, Mr. Witherspoon was a General Manager at Hines and served as a Surface Warfare Officer in the U.S. Navy. Mr. Witherspoon is a graduate of Morehouse College and received his MBA from Old Dominion University in Accounting.

In the event that any nominee(s) should be unable to accept the office of director, which is not anticipated, it is intended that the persons named in the Proxy will vote FOR the election of such other person in the place of such nominee(s) for the office of director as the Board of Directors may recommend.

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Board Composition

Qualifications and Experience. The Governance and Nominating Committee believes that a complementary balance of knowledge, experience and capability will best serve the Company and its stockholders. The table below summarizes certain of the types of experience, qualifications, attributes and skills of each director nominee that the Board believes to be desirable because of their particular relevance to the Company’s business and structure.

Bio/Experience/ Expertise | Pamela K. M. Beall | Steven D. Cosler | David M. Fick | Edward J. Fritsch | Elizabeth C. Gulacsy | Betsy D. Holden | Kamau O. Witherspoon | Stephen A. Horn, Jr.
Independent | ü | ü | ü | ü | ü | ü | ü |
Age | 68 | 69 | 67 | 65 | 51 | 69 | 51 | 53
Years of Service | 9 | 9 | 14 | 13 | 3 | 6 | 3 | 3
Corporate Leadership (CEO) |  | ü |  | ü |  | ü | ü | ü
REIT & Commercial Real Estate Investment |  |  | ü | ü |  |  |  | ü
Banking & Capital Markets | ü | ü | ü | ü | ü | ü |  | ü
Consumer Retail |  |  |  |  |  | ü | ü |
Audit/Financial Expert | ü |  | ü |  | ü | ü | ü |
Gender Diversity | Female | Male | Male | Male | Female | Female | Male | Male
Racial/Ethnic Diversity | White | White | White | White | Hispanic | White | Person of Color | White

(1) Age and Years of Service are as of March 17, 2025.

Racial, Ethnic and Gender Diversity, Tenure and Age. In addition to maintaining Board diversity in experience, qualifications, attributes and skills, the Governance and Nominating Committee is committed to ensuring Board diversity including racial, ethnic and gender diversity. To ensure the Board has an appropriate balance of institutional knowledge and fresh perspectives, our Governance and Nominating Committee considers, among other factors, length of tenure and age when reviewing nominees. The Company has on-boarded three new independent directors in the past six years, increasing the racial, ethnic and gender diversity of the Board as well as its breadth of experience, while also providing Board refreshment.

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2024 Performance and Business Highlights

Our business strategy delivers consistent, sustainable growth in support of long-term value creation while maintaining a conservative balance sheet. In fiscal year 2024, we continued to grow operationally and deliver value to stockholders as highlighted below.

Dividend Growth |  | Net Earnings and Core FFO Per Share
▪ | Increased 2.7% to $2.29 per share | ▪ | Consistent net earnings per share of $2.15 per share
▪ | 35 consecutive years of annual dividend increases (1 of only 3 publicly traded REITs to accomplish this) | ▪ ▪ | Increased FFO per share 2.5% to $3.32 per share(1) Increased Core FFO per share 1.8% to $3.32 per share (1)
| Acquisition Volume | Total Shareholder Return
▪ | $565.4 million | ▪ | Outperformed 69% of Equity REITs for the 3-year period ending December 31, 2024
▪ | Initial cash yield of 7.7% | ▪ | 12.5% 25-yr annual TSR growth

(1) For calculations of FFO and Core FFO per share, see our Annual Supplemental Data furnished as Exhibit 99.2 to the SEC on February 11, 2025 which also includes a GAAP reconciliation of these non-GAAP measures.

Corporate G overnance

General. We are currently managed by a nine-member Board of Directors that consists of Mses. Beall, Gulacsy and Holden and Messrs. Cosler, Fick, Fritsch, Horn, Witherspoon and Kevin B. Habicht, with Mr. Cosler serving as Chairperson of the Board from May 1, 2021 to present.

Mr. Habicht is not standing for re-election as a director and will retire from his roles as Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer of the Company and as a member of the Board effective as of March 31, 2025 as was previously announced by the Company in January of this year.

The Board of Directors has adopted a set of corporate governance guidelines, which, along with the written charters for the Board committees described below, provide the framework for the Board’s governance of the Company. Our corporate governance guidelines are available on our website at http://www.nnnreit.com.

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Highlights of our corporate governance include:

| LEADERSHIP | ● Independent standing Board committees
| and | ● Seven of our eight director nominees are independent
| INDEPENDENCE | ● Annual evaluation of the chief executive officer ("CEO") by independent directors
|  | ● Independent Chairperson of the Board with defined role
|  | ● Average director nominee tenure of seven years
| ACCOUNTABILITY | ● Proxy access to make it easier for stockholders to nominate director candidates
| and RESPONSIVENESS | ● Equity Retention Policy for Covered Persons governing minimum stock ownership for the directors, CEO and certain other officers
|  | ● Regular meetings of our independent directors without management present
|  | ● Bylaws permit stockholders to call special meeting
|  | ● Annual advisory vote on executive compensation
|  | ● Procedures for stockholders to communicate directly with the Board
|  | ● Majority voting standard for uncontested elections of directors
|  | ● Annual evaluation and assessment of the Board, all Board committees, and the Chairperson
| EFFECTIVE CONTROLS | ● Annual Enterprise Risk Management Evaluation performed in conjunction with the Company's internal auditors to proactively identify and manage enterprise risk
|  | ● Periodic review of Committee charters and corporate governance guidelines
|  | ● Whistleblower Policy and cybersecurity training completed during the onboarding process for newly hired associates
|  | ● Cybersecurity and information security training sessions of all Company associates multiple times per year
|  | ● Anonymous reporting available directly to our Audit Committee through the Company's whistleblower hotline
| CORPORATE POLICIES | ● Policies prohibiting hedging, short selling and pledging of our common stock for all employees and directors
|  | ● Code of Business Conduct
|  | ● Board oversight of our human capital through our Human Capital Policy
|  | ● Anti-Corruption Policy
|  | ● Supplier Code of Conduct
|  | ● Whistleblower Policy
|  | ● Insider Trading Policy
|  | ● Corporate Governance Guidelines
|  | ● Incentive-Based Compensation Recoupment Policy ("Clawback Policy")
| EFFECTIVENESS and ALIGNMENT | ● The Compensation Committee reviews our Company-wide compensation policies and practices to ensure those policies and plans are consistent with the Company's culture and do not promote excessive risk taking inconsistent with the Company's risk management philosophy
|  | ● Independent external consultant used to help ensure the executive compensation program and pay practices align with strategic priorities and sound corporate governance
|  | ● Board has direct oversight over Corporate Sustainability matters and initiatives through the Governance and Nominating Committee
|  | ● Audit Committee oversight of all cyber risks and data privacy risks
|  | ● 57% of independent directors are female, racially diverse or ethnically diverse

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Independence and Composition. Our Corporate Governance Guidelines and the rules and regulations of the New York Stock Exchange ("NYSE"), which we refer to as the NYSE listing standards, each requires that a majority of the Board of Directors are “independent” directors, as that term is defined in the NYSE listing standards.

Leadership Structure. The Board of Directors has determined that Mses. Beall, Holden and Gulacsy and Messrs. Cosler, Fick, Fritsch and Witherspoon, representing a majority of the Board of Directors, qualify as independent directors (the “Independent Directors”) as that term is defined in the NYSE listing standards. The Board of Directors made its determination based on information furnished by all directors regarding their relationships with us and our affiliates and research conducted by management. In addition, the Board of Directors consulted with our external legal counsel to ensure that the Board’s determination would be consistent with all relevant securities laws and regulations as well as the NYSE listing standards.

Our Board of Directors is led by a non-executive Chairperson of the Board. The Board of Directors believes that having its own leadership separate from our Chief Executive Officer provides the Board of Directors with an effective way to ensure that they are fully informed and have the opportunity to fully debate all important issues to fulfill their oversight responsibilities and hold management accountable for the performance of the Company. This also allows our Chief Executive Officer to focus his time on running our day-to-day business. Mr. Cosler has served as Chairperson of the Board since his election on May 1, 2021. In his role as Chairperson of the Board, Mr. Cosler presides over all meetings of the stockholders and directors, and reviews and approves Board meeting schedules, agendas, and information provided to the Board. In addition, Mr. Cosler presides as Chairperson when the Board meets in executive session and serves as the interface between the Board and the Chief Executive Officer in communicating matters discussed during the executive session.

Stockholder Engagement. We make ourselves available to stockholders and other capital providers. During 2024, the Company engaged and interacted with a significant number of our stockholders on a regular basis which allowed management to stay abreast of various issues that are important to the investment community. Topics discussed include: business strategy, operating results and guidance, Board governance practices and corporate sustainability. As appropriate, the Company discusses these stockholder conversations with the Board of Directors and/or committees.

Risk Oversight. Our management is responsible for managing the day-to-day risks associated with our business. The Board of Directors, however, provides oversight of our affairs for the benefit of our stockholders, and among its primary responsibilities, in accordance with our corporate governance guidelines, is overseeing management's competent and ethical operation of the Company, reviewing and approving the Company's business plans and corporate strategies, and adopting and evaluating policies of corporate and ethical conduct and governance. Implicit in these duties is risk oversight, the primary responsibility of which has been delegated to the Board’s Audit Committee. Among the significant risks that we oversee are operational risk, legal and regulatory compliance risk, financial risk, including credit risks, interest rate risk, market risk and liquidity risk, cybersecurity risk and privacy and data security risk. The Audit Committee reviews with management annually, or more frequently as the Audit Committee deems necessary, significant risks and discusses guidelines and policies that management has implemented, and other steps management has taken to minimize such risks to the Company.

While the primary responsibility has been delegated to the Audit Committee, the Governance and Nominating Committee and the Compensation Committee separately consider risks within their area of responsibility. Further, each director may consult with management at any time and is encouraged to discuss with management any questions such director may have.

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With respect to risks related to compensation matters, our management, together with the Compensation Committee, reviewed our compensation policies and practices for our associates in order to determine whether they are reasonably likely to have a material adverse effect on the Company. We believe that our compensation policies and practices do not promote unreasonable risk-taking behavior and are not reasonably likely to have a material adverse effect based on the following factors:

•
the Compensation Committee consists solely of independent non-employee directors, and the Compensation Committee has engaged an independent, external compensation consultant to assist with creating and reviewing the executive compensation program;

•
the Compensation Committee maintains the right, in its sole discretion, to modify the compensation policies and practices at any time;

•
the Compensation Committee has elected to use awards of restricted stock instead of other equity awards, such as stock options, because, as a REIT, which pays a large portion of its annual earnings to stockholders in the form of dividends, the Compensation Committee believes that restricted stock provides a better incentive and alignment of interest than stock options;

•
restricted stock awards are intended to provide our named executive officers with a significant interest in the long-term performance of our stock;

•
restricted stock awards vest over a multi-year period to enhance retention and are subject to forfeiture upon certain employment termination events;

•
certain performance-contingent restricted stock awards are tied to our three-year total shareholder return ("TSR") relative to a broad REIT peer group (70% weighting in 2024) to further focus our executive officers on long-term stockholder value creation;

•
bonus awards to our executive officers are reduced if balance sheet leverage exceeds levels previously approved by the Compensation Committee;

•
we have an Equity Retention Policy for our executive officers and members of our Board which requires all directors and executive officers to own meaningful levels of Company stock;

•
we have an Insider Trading Policy which prohibits, among other things, trading of Company securities on a short-term basis, buying puts or calls on Company securities, short sales of Company securities, and certain other activities. We have adopted an Anti-Hedging Policy that prohibits all employees, non-employee directors and executive officers from engaging in short sales of our securities, buying or selling puts or calls on our securities or otherwise engaging in hedging transactions (such as zero-cost dollars, exchange funds and forward sale contracts) involving our securities;

•
we have a Pledging Limitation Policy for our directors and executive officers which restricts directors and executive officers from pledging shares of the Company and holding of shares of the Company in margin accounts (no directors or executive officers have pledged any shares);

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•
we have a Clawback Policy for our executive officers to comply with NYSE recoupment policy requirements which provide that if the Company has a restatement of financial results owing to material error, we will recover from our executive officers any incentive-based compensation that was awarded in excess of the amount that otherwise would have been awarded based on the restated financial statements. The recovery period is the three completed fiscal years immediately preceding the date that the Compensation Committee concludes, or reasonably should have concluded, that we are required to restate our financial statements. Incentive-based compensation includes any compensation (including equity-based compensation) that is earned based on the attainment of a financial reporting measure of the Company;

•
none of our employees are paid commission compensation;

•
bonus and incentive awards to our employees eligible for bonus awards are capped; and

•
we base executive compensation on several critical success factors over multiple time frames.

Given these factors, we believe we have mitigated potential short-term excessive risk-taking and aligned compensation with increasing long-term stockholder value.

Meetings and Attendance. Our corporate governance guidelines provide that it is the responsibility of individual directors to make themselves available to attend scheduled and special Board meetings on a consistent basis. All of the eligible directors attended at least (i) 86 percent of the meetings of the Board of Directors in 2024, including 100 percent attendance for the 2024 annual meeting of the Company's stockholders, and (ii) 92.3 percent of the committee meetings held during the period that the nominee served on the committees of the Board of Directors. Non-management members of the Board of Directors met in an executive session four times in the fiscal year ended December 31, 2024. These sessions were presided over by Mr. Cosler in his capacity as Chairperson.

(*) Includes Annual Stockholder Meeting

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Interested Party Communications. The Board of Directors has adopted a process whereby stockholders and other interested parties can send communications to our directors. Anyone wishing to communicate directly with one or more directors may do so in writing addressed to the director or directors, c/o NNN REIT, Inc., 450 South Orange Avenue, Suite 900, Orlando, Florida 32801, attention: Secretary of the Company. All correspondence will be reviewed by the Secretary of the Company and forwarded directly to the addressee so long as, in the Secretary’s discretion, such correspondence is reasonably related to protecting or promoting legitimate interests of interested parties or the reliability of the financial markets.

Corporate Sustainability Matters

We are dedicated to ensuring success for our stockholders, creating an engaging working environment for our associates, enhancing our community and conserving environmental resources. We conduct our business in accordance with the highest ethical standards and strive to maintain top tier corporate governance practices. Upholding such standards is critical to our long-term success.

In 2022 we created a Corporate Sustainability Team which reports directly to the Executive Vice President, General Counsel and Secretary, with oversight by the Governance and Nominating Committee of the Board of Directors. The Corporate Sustainability Team, led by the Corporate Sustainability Manager, is comprised of associates from a broad spectrum of seniority levels and departments of the Company. The team has both internal and external projects, including, but not limited to, engaging with our tenants on environmental data collection and property level sustainability, creating the annual sustainability report, and regularly engaging with raters and rankers.

Materiality. NNN’s process for assessing materiality includes compiling a range of topics found within global standards, refined based on best industry practices. Our Corporate Sustainability Team then creates a Materiality Assessment Survey which is administered to key stakeholders, including our associates, executive management and Board. The results inform company practices, policies, goals and data tracking mechanisms to help drive meaningful and long-term value creation for our stakeholders. Impacts that occur along our value chain are also analyzed to understand our ability to manage or influence others implementation of sustainability driven initiatives within their organizations. The process is revisited and refined to proactively engage key stakeholders and continually refresh our perspective amid the ever-evolving landscape.

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The following graphic illustrates our Materiality Assessment Survey topics and key results:

Human Capital Development. As of December 31, 2024, the Company employed 81 talented and dedicated associates whose hard work and expertise drives our success. Engrained in our talent philosophy is ensuring our associates have access to engage in continuing professional and personal development opportunities that are meaningful and relevant to them. Additionally, we offer associate mentoring and training programs and formalized talent development programs at all levels within the Company. The success of our efforts to nurture the growth and development of our associates is evident in the average tenure, with nearly half of our associates having been with the Company for 10 or more years. The Company’s gender representation has also continued to reflect balance, with a workforce comprising 58% female and 42% male as of December 31, 2024. More information can also be found in the Company’s Human Capital Policy available on our website at http://www.nnnreit.com.

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Total Rewards, Benefits & Work-Life Balance. The Company focuses on additional benefits for our associates in an effort to ensure our associates are not only well compensated but also engaged, developed and satisfied with their work-life balance. There are six key elements to our total rewards system: Compensation, Benefits, Wellness, Work-Life Balance, Professional Development and Recognition. Our programs include, but are not limited to, a 401(k) plan with a company match, flexible work schedules, college saving plans, educational assistance program, adoption benefits, flexible spending and health saving accounts, health and wellness events, and access to a state-of-the-art online wellness platform. In the spirit of work-life balance, the Company provides eligible associates with paid parental leave to enable associates to care for and bond with the associate’s child after birth or adoption. Each week of paid parental leave is compensated at 100% of the associate’s regular rate of pay. We actively monitor associate engagement and have conducted several anonymous associate engagement surveys since 2021. The initiatives and actions taken by the Company as a result of the feedback we received in the surveys include an expanded remote work policy, meaningful associate recognition efforts and additional health and wellness related programs. We intend to conduct additional anonymous associate engagement surveys in the future. As a result of our increased corporate responsibility efforts and increased transparency, NNN was recognized in the Newsweek 2025 list of America’s Most Responsible Companies. NNN was additionally recognized as the 2024 Company of the Year by the Orlando Commercial Real Estate Women (“CREW”).

Community Service and Partnerships. We are committed to expanding educational opportunities, strengthening neighborhoods, and encouraging volunteer service in the communities where we live and work. We sponsor specific volunteer days throughout the year at various charities and organizations, including Ronald McDonald House of Central Florida and Orange County Animal Services. In addition to our donation of time, we also are a meaningful benefactor of numerous charities in the Central Florida community, including the Boys & Girls Clubs of Central Florida and Elevate Orlando (a teacher mentor program for high risk urban youth that helps young women and men graduate high school with a plan for the future).

Environmental Practices and Impact. As an owner of a large number of properties throughout the United States it is important to the Company to be a good steward of the environment which we demonstrate in a variety of ways both at our headquarters and at our properties across the country. Many of our tenants have programs that address environmental stewardship of the properties they occupy and control. NNN's top 10 tenants, composing 31.4 percent of our annual base rent, have publicly reported on sustainability programs:

Top Tenants | # of Properties | % of Total (1)
7-Eleven | 146 | 4.5%
Mister Car Wash | 121 | 4.1%
Dave & Buster's | 34 | 3.8%
Camping World | 48 | 3.8%
GPM Investments (convenience stores) | 148 | 2.8%
Flynn Restaurants Groups (Taco Bell/Arby's) | 204 | 2.7%
AMC Theatre | 20 | 2.6%
LA Fitness | 26 | 2.5%
BJ's Wholesale Club | 13 | 2.4%
Mavis Tire Express Services | 140 | 2.2%

(1) Based on the annual base rent of $860,562,000, which is the annualized base rent of all leases in place as of December 31, 2024.

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Our Headquarters. Our headquarters is located in a building that meets the Environmental Protection Agency's ("EPA") strict energy performance standards to achieve ENERGY STAR® certification. As stated by the EPA, on average, ENERGY STAR certified buildings use 35% less energy and generate 35% fewer greenhouse gas emissions than typical buildings. In order to receive this designation, the following criteria must be met:

•
Utilization of energy efficient LED lighting.
•
Use of environmentally friendly cleaning products. The products must meet the Green Seal certification standards.
•
Variable frequency drives and more energy efficient motors are purchased and installed in all cooling tower units.
•
Mandatory shut down of all lighting and HVAC systems daily.
•
The building utilizes a bulb crusher for all lamps which contains a dust removal system that exceeds HEPA standards by removing 99.99% of particles for the building fluorescents.
•
To minimize generation of waste and release of pollutants, the building requires all paint to have low volatile organic compounds.
•
Storm water retention is managed through water runoff from roofs and paved areas and are routed to various underground drainage basins. All water runoff is naturally filtered and returned to the aquifer.
•
Green-friendly native and drought-tolerant plants are used in landscaping to minimize watering needs.

Furthermore, we encourage a culture of environmental preservation and efficient usage of environmental resources throughout the company by supporting the following green initiatives:

•
Associates are provided with a pre-tax payroll deduction for the use of the commuter rail system to limit the number of automobile trips and reduce our carbon footprint. Through the use of this program our associates have helped prevent 15.7 metric tons of scope 3 CO2e emissions.
•
Single-stream recycling is implemented at our headquarters.
•
We purchase ENERGY STAR certified desktop and laptop computers, monitors and printers.
•
We use ENERGY STAR power management settings on our computers and monitors.
•
We recycle old computer equipment, printers and any other electronic items.
•
We dispose of all ink cartridges utilizing the manufacturer’s recycling program.
•
Our document destruction program partner recycles all shredded materials (resulting in approximately 30,900 pounds diverted from landfills and equivalent to saving roughly 280 trees).
•
All associates are encouraged to use reusable personal containers, and we have installed water machines to limit the use of plastic cups and bottles.

We have located our headquarters where our associates can reduce their carbon footprint by using the following green transportation programs: (i) electric charging stations and designated parking spaces for battery and plug-in hybrid electric vehicles, (ii) bicycle storage lockers as well as bike racks, (iii) electric commuter bike and scooter rental stations, (iv) free commuter bus for travel throughout downtown Orlando, and (v) less than a 10 minute walk to a commuter rail station.

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Our Portfolio of Properties. The properties in our portfolio are generally leased to our tenants under long-term triple net leases with initial lease terms of 10 to 20 years plus option terms which give our tenants exclusive control over the ability to institute energy conservation and environmental management programs at our properties. The majority of our tenants are large companies with sophisticated conservation and sustainability programs designed to conserve environmental resources and limit the impact of the use of our properties on the environment, through, among other initiatives, the implementation of green building and lighting standards, emissions reduction programs and recycling programs. Our leases generally require tenants to fully comply with all environmental laws, rules and regulations, including any remediation requirements. Our risk management associates actively monitor environmental conditions at our properties to ensure that the tenants meet their obligations to remediate and/or mitigate any open environmental matters. Our property acquisition process includes obtaining an environmental assessment from a licensed environmental consultant to understand any environmental risks and liabilities associated with a property and to ensure that the tenant will address any environmental issues. We also research and review climate change metrics primarily related to wildfire, water stress and depletion, flooding and sea level rise risks. Furthermore, we maintain a portfolio environmental insurance policy that covers substantially all of our properties for certain environmental risks.

When possible under our triple-net leases, we engage with our tenants to promote environmental best practices on our properties, including discussions regarding the following: (i) environmental sustainability and recycling requirements, (ii) energy efficiency requirements, including ENERGY STAR requirements, and EPA Water Sense program requirements, (iii) environmental conservation and green building requirements, in accordance with industry best practices, and (iv) energy usage reporting requirements. Furthermore, our form leases contain "green lease clauses" (to require the tenants to report energy usage and emissions) which we encourage tenants to accept during negotiations. With the updates discussed above along with others that have been made to the Company’s form leases, the Company was awarded Green Lease Leader silver recognition. We also have over 60 tenants who are currently required to send the Company sustainability data, and we anticipate this number increasing as we continue to utilize the updated form leases.

Climate Preparedness. We regularly monitor the status of impending natural disasters and the impact of such disasters on our properties. In the substantial majority of leases our tenants are required to carry full replacement cost coverage on all improvements located on our properties. For those properties located in a nationally designated flood zone, we typically require our tenants to carry flood insurance pursuant to the federal flood insurance program. For those properties located in an area of high earthquake risk, we strongly encourage, and in some cases require that our tenants carry earthquake insurance above what is generally covered in an extended coverage policy. In addition, we also carry a contingent extended coverage policy on all our properties which provides coverage for certain casualty events, including fire and windstorm. In cases where our tenants do not provide coverage, or if a property is vacant, the Company carries the necessary direct insurance coverage.

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Some of the highlights of the Company's ongoing commitment to being a good and ethical corporation include the following actions taken by the Company:

Corporate Sustainability Highlights
● Offer a hybrid work policy providing flexibility to associates based on feedback from our Associate Engagement Survey.
● Maintained our Supplier Code of Conduct ensuring our suppliers comply with ethical rules and moral commitments.
● Upheld our Human Rights Policy to acknowledge our obligation to promote human rights in our relationships with our associates, suppliers and tenants and to ensure right to collective bargaining and freedom of association.
● Upheld our Human Capital Policy furthering our commitment to our associates and the ethical treatment of others which is embedded in everything we do.
● Maintained that our Governance and Nominating Committee via the Committee’s Charter (reviewed annually) is explicitly responsible for overseeing Corporate Sustainability matters.
● Elected three new independent directors in the past six years significantly expanding Board diversity in tenure, gender, race and ethnicity.
● Aligned our good faith practice of purchasing enough carbon offsets to match our estimated scope 1 and 2 emissions.
● Implemented a sustainability data management system to improve our energy, water and emissions reporting capabilities.
● Implemented Manifest Climate tool for peer comparison, framework/compliance analysis and corporate sustainability program planning.
● Reported using both actual energy and actual water data for the first time.
● Adopted a Corporate Sustainability Policy to formalize and better communicate our commitment to sustainability.
● Utilized “with reference to” GRI Standards reporting on our website and in our sustainability report.
● Reported using Sustainability Accounting Standards Board for guidance.
● Participated in S&P Global Corporate Sustainability Assessment.
● Awarded the Orlando CREW 2024 Company of the Year.
● Named to Newsweek’s America’s Most Responsible Companies list.
● Donated approximately $1.6 million over the past 18 years to Elevate Orlando and Boys & Girls Clubs of Central Florida, local charities supporting urban youth in underserved communities pursuant to long standing relationships between the Company and said charities to further manifest our commitment to the community in which we and our associates live and work.

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Audit Com mittee

General. The Board of Directors has established an Audit Committee, which is governed by a written charter, a copy of which is available on our website at http://www.nnnreit.com.

Audit Committee |  |
MEMBERS |  | COMMITTEE RESPONSIBILITIES
David M. Fick (Chairperson) Pamela K. M. Beall | • | Has sole power and authority concerning the engagement and fees of the independent registered public accounting firm.
Elizabeth C. Gulacsy |  |
Besty D. Holden Kamau O. Witherspoon | • | Reviews the plans and results of the audit engagement with the independent registered public accounting firm.
| • | Pre-approves all audit services and permitted non-audit services provided by the independent registered public accounting firm.
INDEPENDENT | • | Reviews the independence of the independent registered public accounting firm.
All Members |  |
| • | Reviews the adequacy and effectiveness of our internal control over financial reporting.
MEETINGS IN 2024 8 | • | Oversees and reviews cybersecurity, artificial intelligence, information technology, and privacy and data security and cyber risks, including internal control over all such risks such as cybersecurity training, cybersecurity testing and monitoring.
| • | Reviews accounting, auditing and financial reporting matters with our independent registered public accounting firm and management.
| • | Preapproves and reviews internal audit projects performed by the Company’s internal audit function.
Independence and Composition. The composition of the Audit Committee is subject to the independence and other requirements of the Securities Exchange Act of 1934 (the "Exchange Act") and the rules and regulations promulgated by the SEC thereunder, and the NYSE listing standards.
The Board of Directors, upon the unanimous recommendation of the Governance and Nominating Committee, has determined that all current members of the Audit Committee are “independent,” as that term is defined in the NYSE listing standards and as required by the Exchange Act, and meet all audit committee composition requirements of the Exchange Act and the NYSE listing standards, and that each of Mses. Beall, Gulacsy and Holden and Messrs. Fick and Witherspoon qualifies as an “audit committee financial expert” as that term is defined in the Exchange Act.

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Governance and N ominating Committee

General. The Board of Directors has established a Governance and Nominating Committee, which is governed by a written charter, a copy of which is available on our website at http://www.nnnreit.com.

Governance and Nominating Committee
MEMBERS |  | COMMITTEE RESPONSIBILITIES
Edward J. Fritsch (Chairperson) Pamela K. M. Beall Kamau O. Witherspoon | • | Identifies and recommends to the Board of Directors individuals to stand for election and re-election to the Board of Directors at our annual meeting of stockholders and to fill vacancies that may arise from time to time.
| • | Develops and makes recommendations to the Board of Directors for the creation, adoption and ongoing review and revision of a set of effective corporate governance principles that promote our competent and ethical operation and a policy governing ethical business conduct of our employees and directors.
INDEPENDENT |  |
All Members | • | Reviews and discusses all corporate sustainability matters of the Company including diversity, equity and inclusion matters.
MEETINGS IN 2024 5 | • | Makes recommendations to the Board of Directors as to the structure and membership of committees of the Board of Directors.
Selection of Director Nominees. Our corporate governance guidelines provide that the Governance and Nominating Committee will endeavor to identify individuals to serve on the Board of Directors who have expertise that is useful to us and complimentary to the background, skills and experience of other Board members. The process undertaken by the Governance and Nominating Committee is described under the section of this Proxy Statement entitled "PROPOSAL 1 - ELECTION OF DIRECTORS - Nominees".
The Governance and Nominating Committee also considers director nominees recommended by stockholders. See the section of this Proxy Statement entitled “PROPOSALS FOR NEXT ANNUAL MEETING” for a description of how stockholders desiring to make nominations for directors and/or to bring a proper subject before a meeting should do so. The Governance and Nominating Committee evaluates director candidates recommended by stockholders in the same manner as it evaluates director candidates recommended by our directors, management or employees.
Independence and Composition. The NYSE listing standards require that the Governance and Nominating Committee consist solely of independent directors. The Board of Directors, upon the unanimous recommendation of the Governance and Nominating Committee, has determined that all current members of the Governance and Nominating Committee are “independent” as that term is defined in the NYSE listing standards.

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Compensation Committee

General. The Board of Directors has established a Compensation Committee, which is governed by a written charter, a copy of which is available on our website at http://www.nnnreit.com.

Compensation Committee
MEMBERS |  | COMMITTEE RESPONSIBILITIES
Besty D. Holden (Chairperson) David M. Fick Edward J. Fritsch | • | Authorizes, in its sole discretion, the engagement of compensation consultants as needed or desired to evaluate executive officer and non-employee director compensation programs.
| • | Considers the recommendations of the CEO when determining the base salary and incentive performance compensation levels of other executive officers and when setting specific Company and individual incentive performance targets.
INDEPENDENT All Members | • | Approves all awards to any executive officer, director or associate under our equity incentive plan.
MEETINGS IN 2024 4 | • | Approves and evaluates compensation plans, policies and programs for our executive officers and directors.
| • | Evaluates compensation policies and practices with respect to all associates and impact to the Company.
| • | Retains Pearl Meyer & Partners, LLC, an independent compensation consulting firm (“Pearl Meyer”), to assist in reviewing and evaluating the Company’s executive and non-employee director compensation programs.
| • | Administers the 2017 Performance Incentive Plan.

Our executive compensation programs and philosophy are described in greater detail under the section entitled “Compensation Discussion and Analysis.”

Independence and Composition. The NYSE listing standards require that the Compensation Committee consist solely of independent directors. The Board of Directors, upon the unanimous recommendation of the Governance and Nominating Committee, has determined that all current members of the Compensation Committee are “independent” as that term is defined in the NYSE listing standards.

Independent Third-Party Compensation Consultants. The use of independent third-party consultants provides additional assurance that our executive compensation programs are reasonable, consistent with Company objectives, and competitive with executive compensation for companies in our peer group. The Company has retained Pearl Meyer as an independent third-party consultant since 2012. Pearl Meyer reports directly to the Compensation Committee, provides no other services to the Company, and regularly participates in committee meetings. The Compensation Committee annually assesses the independence of Pearl Meyer pursuant to the applicable SEC rules and again concluded that no conflict of interest exists that would prevent Pearl Meyer from serving as an independent advisor to the Compensation Committee.

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Compensation Committee Inter locks and Insider Participation

No member of the Compensation Committee is or was previously an officer or employee of the Company, and no executive officer of the Company serves on the board of directors of any company at which any member of the Compensation Committee is employed.

Directo r Compensation

The Compensation Committee periodically reviews the non-employee director compensation program, with the assistance of its independent consultant, to ensure it remains sufficiently competitive to attract and retain high caliber and experienced Board members. In doing so, consideration is given to director pay practices and values for comparable organizations, including the same industry peer group used in the review of executive compensation for named executive officers. Following a Pearl Meyer study conducted in May 2023 which found that total compensation levels and total Board costs for our directors were below the 50th percentile (or "median") of industry peers (as identified in the "Executive Compensation - Compensation Discussion and Analysis - Benchmarking" section of this proxy), the Compensation Committee approved certain changes to the non-employee director pay program, effective July 1, 2023. The following table summarizes the current non-employee director compensation program:

Pay Component | Annual Compensation
Board Member Retainer | $225,000 (up to $80,000 payable in cash)
Board Chair Premium Retainer | $120,000
Committee Service Retainers: |
Audit | Chair: $30,000; Other Members: $12,500
Compensation | Chair: $25,000; Other Members: $10,000
Governance & Nominating | Chair: $25,000, Other Members: $10,000

Retainer values for board and committee service, and the Board Chair premium retainer value have been in effect since July 1, 2023. Non-employee directors may elect to receive up to $80,000 of their annual board compensation in the form of cash, with the remainder paid in shares of the Company’s common stock. All retainers are paid on a quarterly basis. Committee retainers may be paid in cash or stock at the election of the non-employee director.

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The following table shows the compensation paid to our non-employee directors during fiscal year 2024:

Name |  | Fees Earned or Paid in Cash $ |  | Stock Awards(1) $ |  | Total $
(a) |  | (b) |  | (c) |  | (d)
Pamela K. M. Beall |  | 102,500 |  | 145,000 |  | 247,500
Steven D. Cosler(2) |  | - |  | 345,000 |  | 345,000
David M. Fick(2) |  | 120,000 |  | 145,000 |  | 265,000
Edward J. Fritsch |  | 115,000 |  | 145,000 |  | 260,000
Elizabeth C. Gulacsy (2) |  | 80,000 |  | 157,500 |  | 237,500
Betsy D. Holden(2) |  | 117,500 |  | 145,000 |  | 262,500
Kamau O. Witherspoon (2) |  | 51,250 |  | 196,250 |  | 247,500

(1)
The awards shown in column (c) represent stock awards as a result of an annual election to receive stock in lieu of cash made to directors of the Company. The amounts represent the grant date fair value with respect to the fiscal year in accordance with Financial Accounting Standard Board ("FASB") Accounting Standard Codification ("ASC") Topic 718, Compensation - Stock Compensation ("ASC 718").
(2)
The stock awards earned were deferred into shares of our common stock under our Deferred Fee Plan, which is described in greater detail below.

Pursuant to our Equity Retention Policy for Covered Persons, which governs stock holding period requirements, each of our non-employee directors is required to own Common Stock equivalent to three times the annual total board compensation (including both the cash and equity components) within five years of becoming a board member. The Compensation Committee reviews progress toward meeting these ownership requirements annually, and each of the nominees that has served on the Board of Directors for the requisite number of years exceeds the ownership requirements.

A Deferred Fee Plan was established by the Company for the benefit of its directors and their beneficiaries. A director may elect to defer all or part of his or her director’s fees to be earned in any calendar year by filing a deferred fee agreement with the Company no later than December 15 of the previous year. A director has the option to have deferred fees paid in cash, in shares of Common Stock or in a combination of cash and Common Stock. If the director elects to have the deferred fees paid in stock, the number of shares allocated to the director’s stock account is determined based on the market value of the Common Stock on the trading day preceding the date the deferred director’s fees were earned. A director is entitled to receive the vested portion of the amounts credited to his or her deferred fee account at the time specified in such director’s fee agreement.

The following table sets forth fees deferred into shares of Common Stock, as well as dividends earned on the deferred shares by directors under the Deferred Fee Plan.

|  | Number of Shares Credited to Deferred Fee Account
Name |  | 2024 |  | Total
Steven D. Cosler |  | 9,921 |  | 42,766
David M. Fick |  | 6,324 |  | 60,217
Elizabeth C. Gulacsy |  | 4,063 |  | 10,386
Betsy D. Holden |  | 4,451 |  | 23,496
Kamau O. Witherspoon |  | 5,125 |  | 14,158
Total |  | 29,884 |  | 151,023

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Code of Business Con duct, Insider Trading Policy and Anti-Corruption Policy

Our directors, as well as our officers and employees, are also governed by our Code of Business Conduct, Insider Trading Policy and Anti-Corruption Policy, all of which are available on our website at http://www.nnnreit.com. Amendments to, or waivers from, a provision of the Code of Business Conduct that applies to our directors, executive officers or employees will be posted to our website within four business days following the date of such amendment or waiver.

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AUDIT COM MITTEE REPORT

The information contained in this report shall not be deemed to be “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any previous or future filings under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act except to the extent that the Company incorporated it by specific reference.

Management is responsible for the Company’s financial statements, internal controls and financial reporting process. The independent registered public accounting firm is responsible for performing an independent audit of the Company’s consolidated financial statements in accordance with auditing standards generally accepted in the United States of America and to issue a report thereon. The Audit Committee’s responsibility is to monitor and oversee these processes. The Audit Committee is governed by a charter, a copy of which is available on our website at http://www.nnnreit.com. The Audit Committee charter is designed to assist the Audit Committee in complying with applicable provisions of the Exchange Act and the NYSE listing standards, all of which relate to corporate governance and many of which directly or indirectly affect the duties, powers and responsibilities of the Audit Committee.

Review and Discussions with Management and Independent Registered Public Accounting Firm. In this context, the Audit Committee has met and held discussions with management and the independent registered public accounting firm. Management represented to the Audit Committee that the Company’s consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America, and the Audit Committee has reviewed and discussed the audited consolidated financial statements with management and the independent registered public accounting firm. The Audit Committee has discussed with the independent auditor the matters required to be discussed by the applicable requirements of the Public Company Accounting Oversight Board ("PCAOB") and the SEC.

The Company’s independent registered public accounting firm also provided to the Audit Committee the written disclosures and letter required by applicable requirements of PCAOB regarding the independent accountant’s communications with the Audit Committee concerning independence, and the Audit Committee discussed with the independent registered public accounting firm that firm’s independence. The Audit Committee has reviewed the original proposed scope of the annual audit of the Company’s consolidated financial statements and the associated fees and any significant variations in the actual scope of the audit and fees.

Conclusion. Based on the review and discussions referred to above, the Audit Committee recommended that the Board of Directors include the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC.

AUDIT COMMITTEE

David M. Fick, Chairperson

Pamela K. M. Beall

Elizabeth C. Gulacsy

Betsy D. Holden

Kamau O. Witherspoon

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Executive Officers

Our executive officers for fiscal year 2024 are listed below.

Name | Position
Stephen A. Horn, Jr. | President and Chief Executive Officer
Kevin B. Habicht | Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer (1)
Gina M. Steffens | Executive Vice President, General Counsel and Secretary
Jonathan A. Adamo | Executive Vice President, Portfolio Operations
Michelle L. Miller | Executive Vice President and Chief Accounting and Technology Officer

(1) Mr. Habicht will retire from the Company effective March 31, 2025.

The backgrounds for Mses. Miller and Steffens and Messrs. Habicht and Adamo are set forth below. The background of Mr. Horn is described above at “PROPOSAL 1 - ELECTION OF DIRECTORS - Nominees.”

Kevin B. Habicht, age 66, has served as a director of the Company since June 2000, as Executive Vice President and Chief Financial Officer of the Company since December 1993 and as Treasurer of the Company since January 1998. Mr. Habicht served as Secretary of the Company from January 1998 to May 2003. As announced on January 6, 2025, Mr. Habicht will retire from the Board and as Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer effective March 31, 2025. Mr. Habicht is a CPA and a Chartered Financial Analyst ("CFA"). Mr. Habicht is currently a member of the Board of Directors for the Boys & Girls Clubs of Central Florida.

Gina M. Steffens, age 47, has served as Executive Vice President, General Counsel and Secretary since November 2023. Ms. Steffens oversees corporate governance matters and the Company’s corporate sustainability program in addition to the legal function and ethics and compliance matters. Prior to joining the Company, Ms. Steffens served as the Chief Executive Officer and Chief Legal Officer of a privately held food and agricultural company, following progressive leadership roles as Assistant General Counsel and Senior Director at Vail Resorts Management Company (NYSE: MTN) and Senior Counsel and Director at Regency Centers Corporation (NYSE: REG). Ms. Steffens' early career experience includes associate positions at the law firms Foley & Lardner, LLP and Lowndes, Drosdick, Doster, Kantor & Reed, P.A. Ms. Steffens received her B.A. from the University of Florida and her J.D. from The George Washington University Law School. Ms. Steffens is a member of ICSC, Nareit and the Association of Corporate Counsel.

Jonathan A. Adamo, age 46, currently serves as Executive Vice President, Portfolio Operations since August 2023. Mr. Adamo oversees Asset Management, Leasing, Underwriting, Dispositions and Development Financing functions of the Company. Mr. Adamo joined the Company in 2003 and has served in various roles from Senior Vice President of Acquisitions to Financial Analyst. Mr. Adamo received his B.S. in International Business from Rollins College and MBA from the Crummer Graduate School of Business. Mr. Adamo is a member of ICSC.

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Michelle L. Miller, age 56, currently serves as Executive Vice President and Chief Accounting and Technology Officer since January 2024 and previously served as Executive Vice President and Chief Accounting Officer since March 2016. She joined the Company in 1999 and currently leads the accounting department as well as oversees financial reporting, forecasting, lease administration and information technology. Prior to 1999, Ms. Miller worked as a Senior Manager with KPMG and focused primarily on real estate and financial institutions. She is a CPA and received her B.S. in Accounting and Finance from Florida State University in 1991. Ms. Miller has been currently serving as an Audit Committee member for the Central Florida Expressway Authority since June 2024. Ms. Miller is a member of the AICPA, the Florida Institute of CPAs, Nareit and ICSC.

In addition to our executive officers during 2024, Vincent H. Chao, age, 50, was appointed by the Company to succeed Mr. Habicht and joined NNN as Executive Vice President on January 9, 2025, and will assume the positions (in addition to Executive Vice President) of Chief Financial Officer, Assistant Secretary and Treasurer and serve as the Company’s principal financial officer effective April 1, 2025. Prior to joining NNN, Mr. Chao was most recently Managing Director, Finance at RPT Realty, a publicly-traded retail real estate investment trust that was acquired by Kimco Realty in 2024. At RPT Realty, Mr. Chao was responsible for capital markets, corporate finance, investor relations, portfolio management and data analytics. Previously he was the Head of U.S. REIT Research at Deutsche Bank Securities, Inc. His past experience also includes operational and project management roles at Procter & Gamble. Mr. Chao holds a Bachelor of Science in Mechanical Engineering from Cornell University and a Master of Business Administration from New York University’s Stern School of Business. He is a CFA Charterholder and a member of ICSC and Nareit.

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EXECUTIVE C OMPENSATION

Compensation Dis cussion and Analysis

Executive Summary

We design our executive compensation program to attract and retain talented and experienced executive officers and to reinforce key business objectives in support of long-term value creation. Our Compensation Committee (for purposes of this discussion, the "Committee") seeks to provide compensation that is not only competitive relative to our peer group, but also structured to align our executives’ short-term and long-term interests with the interests of our stockholders. Accordingly, the Committee seeks to incentivize our executive officers and emphasize pay-for-performance by basing a significant portion of compensation on the achievement of critical success factors in support of long-term value creation. The primary elements of our total compensation program for our named executive officers ("NEOs") include base salary, annual cash incentives and long-term equity-based incentives. We have designed a compensation program that makes a substantial percentage of executive pay variable, subject to increase and decrease based on actual versus planned corporate performance and our multi-year TSR relative to our peers. In addition, executive officers are subject to market competitive stock ownership guidelines which further align executive interests with stockholders.

Executive Compensation Program. In 2024, the Committee approved an executive compensation program for our NEOs consisting primarily of base salaries, annual incentive award opportunities and long-term incentive award opportunities. Annual incentives were tied to (i) the achievement of certain increased core funds from operations ("Core FFO") per share goals, excluding any impairments and executive retirement costs (75% weighting), and (ii) a holistic assessment of contributions toward corporate strategic objectives and achievement of individual performance goals (25% weighting). Annual incentives are subject to downward adjustment if our debt leverage ratio exceeds a cap established by the Board. For 2024, the Committee approved long-term incentive compensation through grants of the following: (i) service-based restricted stock vesting ratably over four years (30% weighting), and (ii) performance-based restricted stock awards (or "performance shares"), the vesting of which is tied to the three-year relative TSR of the Company compared to a broad group of other REITs as of December 31, 2026 (70% weighting).

Chief Financial Officer Transition. In connection with the appointment of Mr. Chao as Executive Vice President effective January 9, 2025, Mr. Chao entered into an employment letter with the Company and became a participant in the Executive Severance Plan. Under his employment letter, Mr. Chao’s salary is $500,000 and he will be eligible to participate in the Company’s annual cash performance-based bonus plan and long-term equity incentive plan under the Company’s executive compensation program, with target award opportunities determined by the Committee. Mr. Chao received a one-time grant of 10,000 service-based restricted shares upon assuming the role of Executive Vice President, with 100% of the shares vesting after a three-year period subject to Mr. Chao’s continuous employment through the end of such three-year period. For a detailed discussion of the Executive Severance Plan, see “Potential Payments upon Termination of Change of Control.”

Effective April 1, 2025, Mr. Chao will assume the positions (in addition to Executive Vice President) of Chief Financial Officer, Assistant Secretary, Treasurer and serve as the Company’s principal financial officer.

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Restricted Stock. Restricted stock grants are intended to provide our NEOs with a significant interest in the long-term performance of our stock. The Committee has elected to use awards of restricted stock instead of other equity awards, such as stock options, because, as a REIT, which pays a large portion of its annual earnings to stockholders in the form of dividends, we believe that restricted stock provides a better incentive and alignment of interest than stock options. The Committee has determined that our desired compensation objectives are better achieved by awarding a combination of performance-based and service-based restricted stock as opposed to granting stock options. The Company did not issue any stock options to its executive officers in 2024, and there are no outstanding stock options. Consistent with our pay for performance philosophy, 70% of the target long-term incentive award opportunity for our NEOs in 2024 was provided in the form of performance-contingent restricted stock grants.

2024 Business Results. The following are some of the highlights of our business results in 2024:

•
Generated Core FFO (excluding impairments and executive retirement costs) of $3.32 per share and Adjusted FFO (which is Core FFO adjusted for certain non-cash items) of $3.35 per share representing year over year growth of 1.8% and 2.8%, respectively;

•
Dividends increased 2.7% to $2.29 per share marking the 35 th consecutive year of annual dividend increases;

•
Invested $565.4 million in 75 properties at a projected 7.7% initial cash yield on assets;

•
Sold 41 properties for $148.7 million, producing $42.3 million of gains on sales; and

•
Balance sheet leverage, debt maturity profile and portfolio property occupancy remained at industry leading levels.

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The common stock of NNN is currently traded on the NYSE under the symbol "NNN." Set forth below is a line graph comparing the cumulative total stockholder return on NNN's common stock, based on the market price of the common stock and assuming reinvestment of dividends, with the FTSE National Association of Real Estate Investment Trusts Equity Index ("FNER") and the S&P 500 Index ("S&P 500") for the five-year period commencing December 31, 2019 and ending December 31, 2024. The graph assumes an investment of $100 on December 31, 2019.

Comparison to Five-Year Cumulative Total Return

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The common stock of NNN is currently traded on the NYSE under the symbol "NNN." Set forth below is a line graph comparing the cumulative total stockholder return on NNN's common stock, based on the market price of the common stock and assuming reinvestment of dividends, with FNER and the S&P 500 for the twenty-five year period commencing December 31, 1999 and ending December 31, 2024. The graph assumes an investment of $100 on December 31, 1999.

Comparison to Twenty-five-Year Cumulative Total Return

2024 Compensation Highlights. The following are some of the highlights related to the 2024 compensation of our NEOs who served in their current roles throughout the year;

•
The Committee approved base salary increases totaling 10.2% and ranging from 3.8% to 19.0% (including phased-in promotional adjustments for Messrs. Adamo and Horn), to bring NEOs' base salaries more in line with peer group 50 th percentile (or "median") base salaries;
•
The Committee approved annual cash incentive award opportunities for NEOs, varying by position, with target award opportunities ranging from 100.0% to 150.0% of base salary with any earned awards subject to downward adjustment if our leverage (ratio of total liabilities to gross book assets) exceeded 50.0%;
•
The Committee approved target long-term incentive award opportunities for NEOs ranging from 125.0% to 500.0% of each executive’s base salary. NEO grants were made using a target value mix of (i) performance shares tied to our three-year relative TSR compared to a broad group of REIT comparators through December 31, 2026 (70% weighting), and (ii) service-based restricted stock (30% weighting);

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•
Based on our Core FFO per share of $3.32 (excluding any impairments and executive retirement costs), which was between the target and maximum performance goals for fiscal year 2024, the Committee approved payment of annual cash incentive compensation for 2024 at 120% of total target award opportunities for each of our NEOs for the financial component;
•
Based on our TSR for the 3-year period ending December 31, 2024 which ranked at the 68.7 th percentile vs comparator companies in the NAREIT All Equity REIT Index, the Committee approved performance shares awards for the 2022-2024 grant cycle at 174.8% of target with shares vesting January 1, 2025;
•
The Committee engaged Pearl Meyer as an independent third-party compensation consultant to assist in the development and evaluation of the executive compensation program. Pearl Meyer was not engaged for any non-compensation related services; and
•
The Committee concluded that our compensation policies and practices do not promote unreasonable risk-taking behavior and are not reasonably likely to have a material adverse effect on the Company.

The Company believes these actions demonstrate the Committee’s commitment to aligning executive pay with performance, stockholder interests and long-term value creation.

2024 Say-on-Pay Voting Results

In 2024, we submitted our executive compensation program to an advisory vote of our stockholders (also known as “Say-on-Pay”). Approximately 96.8% of voting stockholders at the 2024 annual meeting approved our executive compensation program. The Committee considered such strong stockholder support as an endorsement of the Company’s executive compensation program and policies and the Committee intends to continue the pay-for-performance program that is currently in place in 2025. The Committee values the opinions of our stockholders and will continue to consider those opinions when making future executive compensation decisions.

Objectives of Compensation Program

We believe our success is largely attributable to the talent and dedication of our employees (whom we refer to as associates) and to the management and leadership efforts of our executive officers. Our goal is to establish a compensation program that will attract and retain talented corporate officers, motivate them to perform to their fullest potential, and align their long-term interests with the interests of our stockholders.

What Our Compensation Program is Designed to Reward and Other Policies

We believe that the most effective compensation program is one that is designed to reward the achievement of specific annual, long-term and strategic goals, and which aligns executives’ interests with those of our stockholders by rewarding performance that meets or exceeds established goals, with the ultimate objective of improving stockholder value. Our Committee evaluates both performance and compensation to ensure that we maintain our ability to attract and retain superior executive officers and that compensation provided to our executive officers is appropriately aligned with performance and key strategic objectives and remains competitive relative to the compensation paid to similarly situated executives of our peer companies. In making compensation decisions, the Committee considers the compensation practices and financial performance of REITs and other industry participants and from time to time receives assessments and advice regarding compensation practices from third party compensation consultants. In evaluating performance, the Committee considers quantitative and qualitative

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improvement in factors such as Core FFO per share based metrics, capital structure, absolute and relative stockholder returns, individual performance, and contribution to corporate goals and objectives. Additionally, the Committee takes into account our general performance, the executive officer’s past performance, the executive officer’s anticipated performance and contribution to our achievement of our long-term goals, and the position, level and scope of the executive officer’s responsibilities.

We believe that our compensation program for executive officers, which includes the use of performance-based and service-based restricted stock awards, results in a significant alignment of interest between these individuals and our stockholders. Under our Equity Retention Policy for Covered Persons, within five years of becoming a Covered Person, as defined by the CEO and the Committee, a Covered Person is required to own our Common Stock (including service-based restricted stock but not counting unvested performance shares) equal to a minimum of five times annual base salary for the CEO and three times annual base salary for all other Covered Persons. The Committee reviews progress toward meeting these guidelines annually to confirm that each Covered Person meets or exceeds equity retention guidelines. In addition, equity grants to NEOs do not include tax gross-up provisions, and the Committee does not intend to provide tax gross-ups on any future restricted stock grants to executive officers. Additionally, the Company's Clawback Policy provides that if the Company has a material restatement of financial results, we will recover from our executive officers any incentive-based compensation that was awarded in excess of the amount that otherwise would have been awarded based on the restated financial statements. Finally, the Company's Anti-Hedging Policy prohibits all employees, non-employee directors and executive officers from engaging in short sales of our securities, buying or selling puts or calls on our securities or otherwise engaging in hedging transactions (such as zero-cost dollars, exchange funds and forward sale contracts) involving our securities.

Equity Grant Practices. We do not grant equity awards in anticipation of the release of material non-public information (“MNPI”). We do not time the release of MNPI based on equity award grant dates or for the purpose of affecting the value of executive compensation. In addition, we do not take MNPI into account when determining the timing and terms of such awards. We do not have a formal policy with respect to the timing of our equity award grants, however, the Compensation Committee has historically granted such awards on a predetermined annual schedule.

We do not currently issue any stock options to our employees (including our executive officers), and there are no outstanding stock options.

Accounting and Tax Considerations

We have selected compensation elements that help us achieve the objectives of our compensation program and not because of preferential financial accounting or tax treatment. However, when awarding compensation, the Committee is mindful of the accounting impact of the compensation expense of each compensation element. In addition, Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), places a limit of $1 million per year on the amount of compensation paid to certain of our executive officers that the Company may deduct on our federal income tax return for any single taxable year. The Committee believes that stockholder interests are best served if its discretion and flexibility in awarding compensation is not restricted, even though some compensation awards may result in non-deductible compensation expenses for income tax purposes. Therefore, the Committee has approved salaries and other awards for executive officers that were not fully deductible because of Section 162(m), and expects in the future to approve additional compensation that is not deductible for income tax purposes.

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Benchmarking

The Committee, with the assistance of Pearl Meyer, periodically reviews senior executive pay levels and practices disclosed by other comparable REITs to ensure that compensation opportunities provided to our NEOs remain competitive. For 2024, the Committee, determined that our Peer Group included Agree Realty Corporation, Brixmor Property Group, Inc., Camden Property Trust, EPR Properties, Federal Realty Investment Trust, Kimco Realty Corporation, Kite Realty Group Trust, Medical Properties Trust, Inc., Omega Healthcare Investors Inc., Realty Income Corporation, Regency Centers Corporation, Tanger Inc. and W. P. Carey, Inc. (collectively, the “Peer Group”).

| GICS |  |  | Net Operating | Total | Equity Market | Enterprise | TSR (%)(3)
Company | Industry Description | # of EEs | Revenues (1) $ | Income (1) $ | Assets (2) $ | Cap (3) $ | Value (3) $ | 1-Yr | 3-Yr | 5-Yr
Agree Realty Corporation | Retail REITs | 72 | 601 | 528 | 8,184 | 7,277 | 10,144 | 17% | 4% | 4%
Brixmor Property Group Inc. | Retail REITs | 512 | 1,273 | 958 | 8,750 | 8,409 | 13,337 | 25% | 8% | 10%
Camden Property Trust | Residential REITs | 1,640 | 1,557 | 996 | 8,947 | 12,379 | 15,875 | 21% | -10% | 5%
EPR Properties | Other Specialized REITs | 55 | 682 | 526 | 5,689 | 3,353 | 6,392 | -1% | 5% | -3%
Federal Realty Investment Trust | Retail REITs | 301 | 1,185 | 796 | 8,479 | 9,512 | 14,388 | 12% | -3% | 1%
Kimco Realty Corporation | Retail REITs | 660 | 1,963 | 1,332 | 20,129 | 15,794 | 23,685 | 15% | 3% | 7%
Kite Realty Group Trust | Retail REITs | 229 | 827 | 612 | 7,130 | 5,544 | 8,828 | 15% | 10% | 10%
Medical Properties Trust, Inc. | Health Care REITs | 121 | 660 | 563 | 15,236 | 2,372 | 11,314 | -12% | -39% | -23%
Omega Healthcare Investors, Inc. | Health Care REITs | 57 | 1,011 | 845 | 9,572 | 10,218 | 14,941 | 34% | 18% | 6%
Realty Income Corporation | Retail REITs | 418 | 5,015 | 4,644 | 68,469 | 46,745 | 73,205 | -2% | -5% | -1%
Regency Centers Corporation | Retail REITs | 495 | 1,490 | 983 | 12,427 | 13,384 | 18,306 | 15% | 4% | 8%
Tanger Inc. | Retail REITs | 386 | 523 | 330 | 2,275 | 3,778 | 5,304 | 28% | 26% | 24%
W. P. Carey Inc. | Diversified REITs | 197 | 1,587 | 1,366 | 17,632 | 11,923 | 19,085 | -11% | -7% | -1%
n=13 | 25th Percentile | 121 | 682 | 563 | 8,184 | 5,544 | 10,144 | -1% | -5% | -1%
| Median | 301 | 1,185 | 845 | 8,947 | 9,512 | 14,388 | 15% | 4% | 5%
| 75th Percentile | 495 | 1,557 | 996 | 15,236 | 12,379 | 18,306 | 21% | 8% | 8%
NNN REIT, Inc. | Retail REITs | 82 | 867 | 834 | 8,924 | 7,660 | 11,859 | -0.1% | -0.2% | -0.3%
Percentile |  | 18 | 35 | 48 | 49 | 36 | 36 | 26 | 37 | 28
(1) As of most recently disclosed 4 quarters ($mm)
(2) As of most recently disclosed fiscal quarter ($mm)
(3) Equity Market Cap, Enterprise Value and TSR current as of 12/31/2024.

The Peer Group for the 2024 market pay analysis consisted of 13 publicly-traded REITs, most of which have investment-grade credit ratings, operating across a variety of property sectors, with a primary focus on the retail sector, recognizing that the Company competes with REITs across all property sectors for capital and executive talent. Relative to the Peer Group, the Company’s net operating income was near the 50 th percentile and equity market capitalization as of December 31, 2024 was between the 25 th and 50 th percentile values. In determining 2024 pay opportunities for executive officers, the Committee considered the compensation of our NEOs as compared to the compensation of NEOs of companies in our Peer Group. Pearl Meyer provided the Committee with a detailed analysis of the compensation of our executive officers as compared to the executive officers of companies in our Peer Group, with the overall objective of providing target total pay opportunities comparable to those provided by industry peers, and actual pay that is directionally aligned with performance relative to peers. As of December 31, 2024, our total return to stockholders was between the peer group 25 th and 50 th percentiles over one-year, three-year, and five-year periods.

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We believe that our compensation, benchmarked against our Peer Group, provides an appropriate mix of fixed and variable pay, balances short-term operational performance with long-term stockholder value creation, and encourages executive recruitment and retention. The Committee compared base salary and total compensation for our executive officers against the Peer Group, generally focusing on targeting aggregate total pay opportunities at or near 50 th percentile market values. Compared with the Peer Group, 2024 target total direct compensation (sum of base salary plus target annual cash incentive plus target long-term incentives) was below Peer Group 50 th percentile market values for each of our NEOs other than Mr. Habicht (whose target compensation was at the 50 th percentile). It was also within a competitive range (defined as +/- 15%) of Peer Group 50 th percentile values for each of our current NEOs other than Mr. Adamo and Ms. Steffens, both of whom had less than one year of tenure within their current roles at the time of the market pay analysis.

2024 Executive Compensation Components and How They Relate to Our Objectives

For the fiscal year ended December 31, 2024, base salary, annual cash incentives, cash bonus, and long-term equity-based incentives were the principal components of compensation for the NEOs. Executives also receive certain benefits and other perquisites. We believe that these compensation components provide an appropriate mix of fixed and variable pay, balance short-term operational performance with long-term stockholder value, and encourage executive recruitment and retention. The target aggregate total direct compensation mix for our NEOs in 2024 was 20% base salary, 24% short term incentive (STI or bonus) and 56% long-term incentive ("LTI") compensation which is comparable with the Peer Group 50 th percentile target compensation mix.

The differences in the target amounts and mix of compensation awarded to the NEOs are primarily a result of comparing each executive's compensation against corresponding market values for industry peers and giving consideration to differences in position and responsibilities among the Company’s NEOs. The responsibilities for each named executive officer during the fiscal year 2024 were as follows:

(i) Mr. Horn, our President and Chief Executive Officer, was responsible for managing our acquisition department, human resources, and in addition, developing, defining, implementing and executing the Company’s corporate strategy, policies, mission, philosophy, goals and objectives;

(ii) Mr. Habicht, our Executive Vice President, Chief Financial Officer, Assistant Secretary and Treasurer, was responsible for overseeing all capital, forecasting, credit tenant analysis, tax and corporate communication matters of the Company and assisting the corporate secretary with her duties;

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(iii) Ms. Steffens, our Executive Vice President, General Counsel and Secretary, was responsible for overseeing all legal and corporate governance matters for the Company and the Company's sustainability program and initiatives;

(iv) Mr. Adamo, our Executive Vice President, Portfolio Operations, was responsible for overseeing all disposition, leasing and development activities, asset management, due diligence and property level analytics; and

(v) Ms. Miller, our Executive Vice President and Chief Accounting and Technology Officer, was responsible for overseeing SEC and financial reporting, lease compliance, information technology and payroll.

Our Committee believes that the different levels of compensation provided to the NEOs are commensurate with the responsibilities of each executive.

Base Salary

The Committee sets and adjusts the base salaries of our NEOs based on the qualifications, experience, scope of responsibilities and past performance of each executive, the practices of and salaries awarded by our Peer Group, and other factors deemed appropriate by the Committee. The Committee approved 2024 base salary increases for our NEOs, ranging from 3.8% to 19.0% (or a total increase of 10.2%) excluding Ms. Steffens, whose annualized salary of $425,000 was established at the time of her hire effective November 30, 2023 and did not change in 2024. After these increases, 2024 base salaries for NEOs ranged from 81% to 106% of market median levels (92% of median levels in the aggregate).

Annual Incentive Compensation

Cash Incentive Bonus. We believe that a significant portion of the compensation of the NEOs should be provided in the form of incentive compensation. For 2024, the Committee approved annual cash incentive bonus opportunities based upon per share profitability subject to potential reductions in bonus amounts if balance sheet leverage rose above 50% (75% weighting) and holistic assessments of each NEO's contributions toward corporate objectives, as well as individual performance (25% weighting). Profitability was based on Core FFO per share, excluding impairments and executive retirement costs, ranging from $3.20 per share for "threshold" performance to $3.30 per share for "target" level performance to $3.40 per share for "maximum" performance. Each NEO's bonus opportunity for threshold, target and maximum performance is set forth in the table below. Straight-line interpolation is used to determine awards for results in between performance levels. The following tables represent the 2024 annual cash incentive bonus opportunities and actual earned awards for each NEO expressed as a percentage of base salary.

| Core FFO per Share (75%) |
Position | Threshold | Target | Maximum | 2024 Actual
President & Chief Executive Officer | 56.250% | 112.500% | 225.000% | 135.000%
EVP, CFO, Asst. Secretary & Treasurer | 43.125% | 86.250% | 172.500% | 103.500%
EVP, General Counsel & Secretary | 37.500% | 75.000% | 150.000% | 90.000%
EVP, Portfolio Operations | 37.500% | 75.000% | 150.000% | 90.000%
EVP & Chief Accounting and Technology Officer | 37.500% | 75.000% | 150.000% | 90.000%

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| Individual Performance (25%) |
Position | Threshold | Target | Maximum | 2024 Actual
President & Chief Executive Officer | 18.750% | 37.500% | 75.000% | 45.000%
EVP, CFO, Asst. Secretary & Treasurer | 14.375% | 28.750% | 57.500% | 34.500%
EVP, General Counsel & Secretary | 12.500% | 25.000% | 50.000% | 30.000%
EVP, Portfolio Operations | 12.500% | 25.000% | 50.000% | 37.500%
EVP & Chief Accounting and Technology Officer | 12.500% | 25.000% | 50.000% | 30.000%

| Total Annual Cash Incentive Bonus Opportunity |
Position | Threshold | Target | Maximum | 2024 Actual
President & Chief Executive Officer | 75.000% | 150.000% | 300.000% | 180.000%
EVP, CFO, Asst. Secretary & Treasurer | 57.500% | 115.000% | 230.000% | 138.000%
EVP, General Counsel & Secretary | 50.000% | 100.000% | 200.000% | 120.000%
EVP, Portfolio Operations | 50.000% | 100.000% | 200.000% | 127.500%
EVP & Chief Accounting and Technology Officer | 50.000% | 100.000% | 200.000% | 120.000%

For the portion of award opportunities tied to per share profitability, and based on our actual 2024 Core FFO per share results of $3.32 per share (excluding any impairments and executive retirement costs) which was slightly above target performance hurdles the Committee approved annual cash incentive bonus awards for NEOs equal to 120% of target, with payouts for this component ranging from 90% to 135% of base salary.

For the strategic / individual performance component, our NEOs were evaluated based on their contributions towards a series of shared corporate strategic objectives as well as individual performance goals related to their respective functions. Award determinations were based on holistic assessments by the Committee (along with input from the President & Chief Executive Officer for his direct reports) of performance relative to pre-established corporate and individual objectives. Corporate strategic objectives for 2024 were as follows:

•
Core FFO (excluding any impairments and executive retirement costs) of at least $3.30 per share;
•
Acquisitions of $450.0 million at prudent risk-adjusted yields;
•
General & Administrative ("G&A") expense (assuming target incentive compensation, excluding leasing transaction costs and executive retirement costs) at or below $48.0 million;
•
Leverage ratio (total liabilities divided by gross book assets) below 45%; and
•
Maintain portfolio occupancy above 98.0%.

Each of these strategic objectives were fully met or exceeded in 2024. Our Core FFO was $3.32 per share (excluding any impairments and executive retirement costs), acquisitions totaled $565.4 million, G&A expense was $43.6 million based on target incentive compensation and excluding leasing transaction costs and executive retirements costs, our leverage ratio was 40.5% and portfolio occupancy was 98.5%.

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Our NEOs also generally met or exceeded individual performance objectives tied to their respective functions.
| Stephen A. Horn, Jr.:
|  | ● Set the strategic plan for the Company
|  | ● Handled all Board of Directors relations
|  | ● Oversaw the expanded use of data analytics and artificial intelligence within company operations
|  | ● Established the corporate sustainability strategy for investors
|  | ● Oversaw the acquisition of 75 properties for $565.4 million at an initial cash yield of 7.7% and disposition of 41 properties for net sale proceeds of $148.7 million
| Kevin B. Habicht:
|  | ● Successfully raised $214.3 million of common equity at an average price of $45.42 per share
|  | ● Executed a public offering of $500 million of 5.5% notes due 2034
|  | ● Expanded the Company's unsecured bank credit facility to $1.2 billion and extended the maturity to 2028
|  | ● Led all institutional investor engagements
|  | ● Positioned the balance sheet to navigate challenging capital markets and ease the transition to the new Chief Financial Officer
| Gina M. Steffens:
|  | ● Led the legal team managing a wide variety of matters for the Company, including property acquisitions and dispositions
|  | ● Advised the Board of Directors on various risk management and corporate governance issues
|  | ● Led the Company’s sustainability team in building the Company’s sustainability program through development of strategic priorities, managing tenant data and identifying appropriate reporting frameworks, integrating sustainability data points into the Company’s investment process and modernizing the Company’s annual sustainability report
| Jonathan A. Adamo:
|  | ● Led the due diligence, disposition, asset management, leasing and development teams
|  | ● Oversaw the lease renewal efforts resulting in 94 leases renewing at 98% of prior rent
|  | ● Led the Company’s vacancy releasing efforts resulting in 57 new leases
|  | ● Executed the Company’s disposition strategy resulting in 41 properties sold with $148.7 million in net proceeds at a 7.3% cap rate
|  | ● Combined endeavors above resulted in a portfolio occupancy rate of 98.5% at December 31, 2024
| Michelle L. Miller:
|  | ● Led the accounting (including SEC reporting, budget and forecasting and payroll), technology and lease compliance teams, developing internal staff and managing relationships with external and internal auditors
|  | ● Oversaw the Company’s capital market transactions, including the at-the-market equity program
|  | ● Coordinated the Company’s quarterly reports on Form 10-Q, the annual report on Form 10-K, and the Proxy Statement with the Audit Committee
|  | ● Worked closely with the technology team to develop a new IT structure and provide guidance on new structure and enhancements to the Company's existing network environment
|  | ● Oversaw cybersecurity testing and the development of enhancements for the Company's current environment

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Based on these accomplishments, the Committee approved awards for the strategic/individual objectives component ranging from 30.0% to 45.0% of base salary, and total combined payouts for our NEOs ranged from 120.0% to 180.0% of base salary. The Committee determined that these payments were consistent with the strong performance of the executive management team. All cash incentive awards, are reflected in the "Non-Equity Incentive Plan Compensation" column of the Summary Compensation Table ("SCT") below.

Long-Term Incentive Compensation

For 2024, the Committee approved long-term incentive compensation opportunities for executive officers, provided through a 70% / 30% weighted target value mix of performance-based restricted stock and service-based restricted stock. Total target award opportunities for NEOs ranged from 125.0% to 500.0% of base salary, varying by position, as set forth in the table below.

| 2024 Target Long-Term Incentive Award Opportunity (as % of Base Salary)
Position | TSR Performance-Based Restricted Shares (70%) | Service-Based Restricted Shares (30%) | Total Target Award (100%)
President & Chief Executive Officer | 350.0% | 150.0% | 500.0%
EVP, CFO, Asst. Secretary & Treasurer | 192.5% | 82.5% | 275.0%
EVP, General Counsel & Secretary | 87.5% | 37.5% | 125.0%
EVP, Portfolio Operations | 87.5% | 37.5% | 125.0%
EVP & Chief Accounting and Technology Officer | 87.5% | 37.5% | 125.0%

Service-based restricted stock vests annually over a four-year period to enhance retention and promote long-term equity ownership. Performance-based restricted stock vests, if at all, at the end of three years on January 1, 2027, subject to the achievement of applicable performance goals. Vesting for TSR performance-based restricted stock is tied to our TSR relative to other companies in the NAREIT All Equity REIT Index for the three-year period ending December 31, 2026. The Committee chose this comparator group to allow for performance assessments within our applicable industry group, recognizing that we compete for investor capital with REITs across various property sectors. TSR includes stock price appreciation plus dividends over the three-year measurement period, with calculations for the Company and comparators based on ten-day average closing stock prices leading up to the start and end of the measurement period. Performance levels and corresponding award funding levels for 2024 performance-based restricted stock grants are summarized in the following table.

| 3-Year Relative TSR and Positioning | % of Target Award Funded
Below Threshold | Below 25 th Percentile | 0%
Threshold | 25 th Percentile | 25%
Target | 50 th Percentile | 100%
Maximum | 75 th Percentile or Above | 200%

For performance-based restricted share grants, 25% of the corresponding target award opportunity is earned for threshold performance, 100% for target performance, and 200% for maximum performance. No performance-based shares are earned for results below the threshold level. Straight-line interpolation is used to determine awards for results in between performance levels.

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The number of shares of service-based restricted stock and performance-based restricted stock granted was based on the average closing share price of our Common Stock for ten days prior to the grant date ($40.243 per share). Accordingly, the Committee approved grants of service-based restricted stock and target grants of performance-based restricted stock to Messrs. Horn (34,478 service-based and 80,449 performance-based shares), Habicht (13,838 service-based and 32,288 performance-based shares), and Adamo (3,494 service-based and 8,154 performance-based shares), Mses. Steffens (3,960 service-based and 9,241 performance-based shares), and Miller (3,261 service-based and 7,610 performance-based shares) as shown in the Grants of Plan-Based Awards table.

Executive officers are entitled to receive dividends on unvested shares of service-based restricted stock. Dividends payable on performance-based restricted stock will accumulate and be payable to the executive officers only if and to the extent the shares vest. No tax gross-ups shall be paid to the executive officers on any service-based restricted stock nor on any performance-based restricted stock.

In 2022, the executive officers were granted a performance-based restricted stock award as part of the 2022 executive compensation plan. Vesting for this award was tied to TSR relative to all Equity REITs in the NAREIT Index for the three-year period ending December 31, 2024. The Company’s TSR during this period was at the 68.7 th percentile compared to all Equity REITs in the NAREIT Index. As a result, executive officers earned approximately 174.8% of the target number of shares granted. These shares are included in the Outstanding Equity Awards at Fiscal Year End table because they did not vest until January 1, 2025.

Benefits and Other Perquisites

We provide benefits to our executive officers under the NNN REIT, Inc. Retirement Plan. We do not sponsor a defined benefit pension plan for our executive officers or any other associates. Our NEOs are eligible to receive, on the same basis as other associates, employer matching contributions under the plan. This allows our executive officers to save for retirement on a tax-deferred basis through the Code Section 401(k) savings feature of the plan, including Company-funded matching contributions based on the individual contributions of each executive officer.

Our NEOs are also eligible to participate in the other employee benefit and welfare plans that the Company maintains on similar terms as other associates who meet applicable eligibility criteria.

We do not consider perquisites to be a principal component of our executive officers’ compensation. Costs attributed to the perquisites and other personal benefits afforded to the named executive officers for the fiscal year ended December 31, 2024, are shown in the “Other Compensation” column of the SCT below.

We believe that the benefit and perquisite programs provided to our executive officers are reasonable and competitive with the benefits and perquisites provided to executive officers of other REITs, and are necessary to sustain a fully competitive executive compensation program.

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COMPENSATION COMMITTEE REPORT

The information contained in this report shall not be deemed to be “soliciting material” or to be “filed” with the SEC, nor shall such information be incorporated by reference into any previous or future filings under the Securities Act or the Exchange Act except to the extent that the Company incorporated it by specific reference.

The Compensation Committee of the Company has reviewed and discussed the Compensation Discussion and Analysis required by Item 402(b) of Regulation S-K with management. Based on such review and discussions, the Compensation Committee recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement and in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, both filed with the SEC.

COMPENSATION COMMITTEE

Betsy D. Holden, Chairperson

David M. Fick

Edward J. Fritsch

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Executive Com pensation Tables

The following table shows total compensation paid or earned by the NEOs for the fiscal years ended December 31, 2024, 2023 and 2022.

Summary Co mpensation Table

Name and Principal Position |  | Year |  | Salary $ |  | Stock Awards $(1) |  | Non- Equity Incentive Plan Compensation $ |  | Bonus $ |  | All Other Compensation $(2) |  | Total $
(a) |  | (b) |  | (c) |  | (d) |  | (e) |  | (f) |  | (g) |  | (h)
Stephen A. Horn, Jr. President and Chief Executive Officer |  | 2024 |  | 925,000 |  | 5,808,642 |  | 1,665,000 |  | - |  | 19,856 |  | 8,418,498
|  | 2023 |  | 825,000 |  | 4,385,780 |  | 1,964,531 |  | - |  | 19,343 |  | 7,194,654
|  | 2022 |  | 700,000 |  | 3,958,062 |  | 2,100,000 |  | - |  | 18,637 |  | 6,776,699
Kevin B. Habicht, Executive Vice President, Chief Financial Officer, Asst. Secretary and Treasurer (3) |  | 2024 |  | 675,000 |  | 2,331,297 |  | 931,500 |  | - |  | 22,730 |  | 3,960,527
|  | 2023 |  | 650,000 |  | 1,996,473 |  | 1,167,969 |  | - |  | 20,721 |  | 3,835,163
|  | 2022 |  | 620,000 |  | 1,779,478 |  | 1,426,000 |  | - |  | 20,116 |  | 3,845,594
Gina M. Steffens, Executive Vice President, General Counsel and Secretary (4) |  | 2024 |  | 425,000 |  | 667,182 |  | 510,000 |  | - |  | 15,326 |  | 1,617,508
Jonathan A. Adamo, Executive Vice President, Portfolio Operations (5) |  | 2024 |  | 375,000 |  | 588,692 |  | 478,125 |  | - |  | 103,797 |  | 1,545,614
|  | 2023 |  | 269,807 |  | 746,475 |  | 350,911 |  | - |  | 105,210 |  | 1,472,403
Michelle L. Miller, Executive Vice President and Chief Accounting and Technology Officer |  | 2024 |  | 350,000 |  | 549,446 |  | 420,000 |  | - |  | 19,511 |  | 1,338,957
|  | 2023 |  | 320,000 |  | 434,751 |  | 520,000 |  | - |  | 26,137 |  | 1,300,888
|  | 2022 |  | 290,000 |  | 361,889 |  | 435,000 |  | - |  | 33,612 |  | 1,120,501

(1)
The amounts in column (d) represent the grant date fair value of the restricted stock awards with respect to the fiscal year in accordance with FASB ASC Topic 718 assuming "maximum" performance is achieved. Further information regarding the valuation of stock awards and any assumptions made can be found in Note 9 in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024. (See discussion under "Compensation and Discussion Analysis - Long-Term Incentive Compensation.")
(2)
The amounts in column (g) represent:
•
the Company’s contribution to the Company’s 401(k) plan on behalf of each of the NEOs in an amount of $17,950 in 2024, $17,550 in 2023, and $16,800 in 2022, with the exception of Ms. Steffens who received a contribution of $14,950 in 2024.
•
group term life insurance and executive life insurance premiums paid by the Company for the benefit of the NEOs during 2024, 2023 and 2022, of $1,906, $1,793 and $1,837, respectively, for Mr. Horn, $4,780, $3,171 and $3,316, respectively, for Mr. Habicht, $1,561, $1,037 and $949, respectively, for Ms. Miller, $456 and $716 for 2024 and 2023, respectively, for Mr. Adamo, and $376 for 2024 for Ms. Steffens; and

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•
reimbursement payments for taxes incurred in connection with the vesting of restricted stock awards vested during 2024 and 2023 for Mr. Adamo of $85,392 and $86,944, respectively. Ms. Miller received reimbursement payments for taxes in 2023 and 2022 of $7,550 and $15,863, respectively. No tax reimbursements have been provided for vesting of restricted stock granted to executive officers since 2009, with the exception of Mr. Adamo and Ms. Miller who received tax reimbursements for grants received while serving in non-executive roles.
(3)
Mr. Habicht will retire from the Company effective March 31, 2025.
(4)
Ms. Steffens became a NEO in 2024.
(5)
Mr. Adamo became a NEO in 2023.

The following table sets forth certain information with respect to grants of plan-based awards to the NEOs of the Company during or for the fiscal year ended December 31, 2024.

Grants of Pl an-Based Awards

|  | Grant |  | Estimated Future Payouts Under Equity Incentive Plan Awards (#) |  | All Other Stock Awards: Number of Shares of Stock or Units |  | Grant Date Fair Value of Stock and Option Awards
Name |  | Date |  | Threshold |  | Target |  | Maximum |  | (#) |  | ($)
(a) |  | (b) |  | (c) |  | (d) |  | (e) |  | (f) |  | (g)
Stephen A. Horn, Jr. |  | 2/14/2024 | (1) | - |  | - |  | - |  | 34,478 |  | 1,369,466
|  | 2/14/2024 | (2) | 20,112 |  | 80,449 |  | 160,898 |  | - |  | 4,439,176
Kevin B. Habicht (3) |  | 2/14/2024 | (1) | - |  | - |  | - |  | 13,838 |  | 549,645
|  | 2/14/2024 | (2) | 8,072 |  | 32,288 |  | 64,576 |  | - |  | 1,781,652
Gina M. Steffens |  | 2/14/2024 | (1) | - |  | - |  | - |  | 3,960 |  | 157,291
|  | 2/14/2024 | (2) | 2,310 |  | 9,241 |  | 18,481 |  | - |  | 509,891
Jonathan A. Adamo |  | 2/14/2024 | (1) | - |  | - |  | - |  | 3,494 |  | 138,782
|  | 2/14/2024 | (2) | 2,038 |  | 8,154 |  | 16,307 |  | - |  | 449,910
Michelle L. Miller |  | 2/14/2024 | (1) | - |  | - |  | - |  | 3,261 |  | 129,527
|  | 2/14/2024 | (2) | 1,903 |  | 7,610 |  | 15,220 |  | - |  | 419,919

(1)
The amounts shown in column (f) reflect the service-based restricted stock issued under our 2017 Performance Incentive Plan in 2024. These shares are only subject to service-based vesting and vest 25% per year over a four-year period.
(2)
The amounts shown in columns (c), (d) and (e) reflect the performance-based stock grants issued under the Executive Compensation program. The potential stock award is based on our TSR performance relative to other REITs for the three-year period ending December 31, 2026. This performance-based stock award amount is determined in accordance with FASB ASC Topic 718, using a Monte Carlo simulation model.
(3)
Mr. Habicht will retire from the Company effective March 31, 2025.

42

The following table sets forth certain information with respect to equity awards outstanding as of December 31, 2024, for each of the NEOs. All shares are valued based on the Company’s closing stock price of $40.85 per share on December 31, 2024.

Outstanding Equity Awards at Fiscal Year End

|  | Stock Awards
Name |  | Number of Shares or Units of Stock That Have Not Vested (#) |  | Market Value of Shares or Units of Stock That Have Not Vested ($) |  | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |  | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)
(a) |  | (b) |  | (c) |  | (d) |  | (e)
Stephen A. Horn, Jr. |  | 150,104 | (1) | 6,131,748 |  | 110,637 | (6) | 4,519,521
|  |  |  |  |  | 160,898 | (7) | 6,572,683
Kevin B. Habicht (8) |  | 69,802 | (2) | 2,851,412 |  | 50,364 | (6) | 2,057,369
|  |  |  |  |  | 64,576 | (7) | 2,637,930
Gina M. Steffens |  | 13,960 | (3) | 570,266 |  | 18,481 | (7) | 754,949
Jonathan A. Adamo |  | 28,119 | (4) | 1,148,661 |  | 16,307 | (7) | 666,141
Michelle L. Miller |  | 14,694 | (5) | 600,250 |  | 10,967 | (6) | 448,002
|  |  |  |  |  | 15,220 | (7) | 621,737

(1)
The service-based restricted shares vest as follows: 103,713 in 2025, 19,226 in 2026, 18,547 in 2027 and 8,618 in 2028.
(2)
The service-based restricted shares vest as follows: 51,548 in 2025, 8,636 in 2026, 6,158 in 2027 and 3,460 in 2028.
(3)
The service-based restricted shares vest as follows: 990 in 2025, 10,990 in 2026, 990 in 2027 and 990 in 2028.
(4)
The service-based restricted shares vest as follows: 7,249 in 2025, 15,749 in 2026, 4,248 in 2027 and 873 in 2028.
(5)
The service-based restricted shares vest as follows: 10,569 in 2025, 1,907 in 2026, 1,402 in 2027 and 816 in 2028.
(6)
The amounts shown in columns (d) and (e) reflect the "maximum" achievement levels under the long-term performance-based stock awards issued on February 15, 2023. The amount of the performance-based stock that will vest is based on the Company's TSR performance relative to other REITs for the three-year period ending December 31, 2025. For a detailed discussion of the long-term incentive compensation, see "Compensation Discussion & Analysis - Long Term Incentive Compensation."
(7)
The amounts shown in columns (d) and (e) reflect the “maximum” achievement levels under the long-term performance-based stock awards issued on February 14, 2024. The amount of the performance-based stock that will vest is based on the Company’s TSR performance relative to other REITs for the three-year period ending December 31, 2026. For a detailed discussion of the long-term incentive compensation, see “Compensation Discussion and Analysis - Long-Term Incentive Compensation.”
(8)
Mr. Habicht will retire from the Company effective March 31, 2025.

43

The following table sets forth certain information with respect to restricted and performance-based stock that vested during the fiscal year ended December 31, 2024.

Option Ex ercises and Stock Vested

|  | Stock Awards
Name |  | Number of Shares Acquired on Vesting (#) |  | Value Realized on Vesting ($)
(a) |  | (d) |  | (e)
Stephen A. Horn, Jr. |  | 45,924 |  | 1,979,324
Kevin B. Habicht (1) |  | 45,585 |  | 1,964,714
Jonathan A. Adamo |  | 7,925 |  | 426,959
Michelle L. Miller |  | 8,251 |  | 355,618

(1)
Mr. Habicht will retire from the Company effective March 31, 2025.

The following table provides information regarding the Company's equity compensation plans as of December 31, 2024.

Eq uity Compensation Plan Information

Plan category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (2) (a) |  | Weighted average exercise price of outstanding options, warrants and rights (2) (b) |  | Number of securities remaining available for future issuance under equity plans (excluding securities reflected in column (a)) (c)
Equity compensation plans approved by security holders (1) | - |  | - |  | 4,520,013
Equity compensation plans not approved by securities holders | - |  | - |  | -
Total | - |  | - |  | 4,520,013

(1)
Consists entirely of common shares authorized for issuance under the 2017 Performance Incentive Plan.
(2)
Excludes 151,023 phantom shares credited under the Deferred Fee Plan for Directors. No exercise price is required to be paid upon the vesting of restricted shares.

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Potential Payments Upon Termination or Change of Control

For purposes of the discussion that follows, Messrs. Habicht, Horn and Adamo and Mses. Steffens and Miller are collectively referred to herein as the “Executives” and each, an “Executive.” Mr. Habicht's Retirement and Transition Agreement is discussed separately under "Payments Upon Retirement of Mr. Habicht."

Employment Agreements

Effective December 1, 2008, the Company entered into new employment agreements with Mr. Habicht to comply with Section 409A of the Code, which was subsequently amended effective November 8, 2010. The Company entered into an employment agreement with Ms. Miller on February 15, 2018. Each employment agreement is

subject to automatic successive two-year renewals unless one party provides written notice to the other party of non-renewal 60 days prior to the expiration date of the agreement. The initial expiration date for each employment agreement was as follows: (a) August 17, 2011 for Mr. Habicht; and (b) January 2, 2019 for Ms. Miller. Each agreement contains provisions that provide for certain payments or benefits to the Executive upon the occurrence of certain events, including death or disability, termination of employment by the Company for “cause” or by the Executive without “good reason,” termination of employment by the Company without “cause” or by the Executive with “good reason,” and termination of employment upon expiration of the employment agreement. In the event the Executive is unable to perform his or her job duties due to death or disability, each agreement provides for payment of the Executive's accrued salary, a prorated performance bonus and, for a period of one year following termination of the agreement due to death, health benefits under the Company’s health plans and programs for the Executive’s dependents. In the event the Executive's employment is terminated by the Company for “cause” or the Executive terminates his or her employment agreement without “good reason,” the Executive is entitled to his accrued salary and benefits prior to the date of termination.

Each agreement also contains severance provisions that call for payment to the Executive of the following amounts in the event that he or she is terminated without “cause” or he or she resigns for “good reason”:

•
accrued and unpaid salary through the date of termination;
•
a cash payment equal to 200% (with respect to Ms. Miller) or 250% (with respect to Mr. Habicht) of the respective annual salary;
•
a cash payment equal to 200% (with respect to Ms. Miller) or 250% (with respect to Mr. Habicht) of the respective average bonus for the last three years of employment under the agreement;
•
immediate vesting of the restricted stock awards, stock options and other equity awards that the Executive holds, to the extent then unvested;
•
for a period of one year after termination (but in no event after the Executive becomes eligible to receive benefits of the same type from another employer), health benefits under the Company’s health plans and programs generally available to senior executives of the Company; and
•
in the event of such a termination upon or after a “change of control,” a prorated annual non-equity bonus at the target level for the year in which termination occurred.

45

Under each employment agreement, in the event of an Executive’s termination of employment due to death or disability, the Executive (or his or her estate or legal representative, as applicable) will receive:

•
on a termination due to death only, a cash payment equal to two months of his or her annual salary;
•
accrued and unpaid salary through the date of termination;
•
a prorated annual non-equity bonus at the target level for the year in which termination occurred;
•
service-based restricted stock awards will accelerate on a pro rata amount based on the date of termination; and all performance-based units and restricted stock awards will be allowed to run their course to determine the performance level and the executive officers will receive a pro rata share based on the date of termination; and
•
on a termination due to death only, for a period of one year after termination, health benefits for the Executive’s spouse and dependents under the Company’s health plans and programs generally available to senior executives of the Company.

Under each employment agreement in the event the agreement naturally terminates at the end of its term because the Company elects not to renew, the Executive will be entitled to the following severance payments:

•
accrued and unpaid salary through the date of termination;
•
a cash payment equal to 100% of his or her annual salary;
•
only upon the expiration of the initial term of the agreement, service-based restricted stock awards will accelerate on a pro rata amount based on the date of termination; and all performance-based units and restricted stock awards will be allowed to run their course to determine the performance level and the executive officers will receive a pro rata share based on the date of termination;
•
for a period of one year after termination (but in no event after the Executive becomes eligible to receive benefits of the same type from another employer), health benefits under the Company’s health plans and programs generally available to senior executives of the Company; and
•
a prorated annual non-equity bonus at the target level for the year in which termination occurred.

No executive other than Mr. Habicht pursuant to his employment agreement, is entitled to a gross-up payment from the Company. The Committee does not intend to provide tax gross-up payments in any future employment agreements.

“Cause” is defined in each Executive’s agreement as the Executive’s:

•
conviction of (or pleading nolo contendere to) an indictment or information that 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;
•
the continued failure by Executive substantially to perform his or her duties or to carry out the lawful written directives of the Board of Directors;

46

•
material breach of a fiduciary duty, including disclosure of any conflicts of interest that are known to the Executive, or with reasonable diligence should be known, relating to Executive’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
•
material breach of the non-competition and confidentiality clauses set forth in his or her employment agreement.

“Good reason” is defined in each agreement, unless otherwise consented to by Executive, as:

•
a material reduction in Executive’s position, authority, duties or responsibilities;
•
a reduction in the annual salary of Executive;
•
the relocation of Executive’s office to more than 50 miles from the Company’s principal place of business in Orlando, Florida;
•
the Company’s material breach of his or her employment agreement; or
•
the Company’s failure to obtain an agreement from any successor to the business of the Company by which the successor assumes and agrees to perform his or her employment agreement.

“Change of Control” is defined in each agreement as:

•
a “person” or “group” (which terms shall have the meaning they have when used in Section 13(d) of the Exchange Act) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, any corporation owned directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of voting securities of the Company) becomes (other than solely by reason of a repurchase of voting securities by the Company), the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40% or more of the combined voting power of the Company’s then total outstanding voting securities, provided, however, that in no event shall a change of control for purposes of each agreement be deemed to have arisen merely by virtue of a “person” or “group” having become a direct or indirect owner of Company securities (such that a change of control would otherwise have been deemed to have occurred), if the Executive is a member of such person or group;
•
the Company consolidates with or merges with or into another corporation or partnership or conveys, transfers or leases, in any transaction or series of transactions, all or substantially all of its assets to any corporation or partnership, or any corporation or partnership consolidates with or merges with or into the Company, in any event pursuant to a transaction in which the outstanding voting stock of the Company is reclassified or changed into or exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding voting securities of the Company are changed into or exchanged for voting securities of the surviving corporation and (ii) the persons who were the beneficial owners of the Company’s voting securities immediately prior to such transaction beneficially own immediately after such transaction 50% or more of the total outstanding voting power of the surviving corporation, or the Company is liquidated or dissolved or adopts a plan of liquidation or dissolution; or

47

•
a change in the composition of the Board of Directors such that, during any 12-month period, the individuals who, as of the beginning of such period, constitute the Board of Directors (the “Existing Board”) cease for any reason to constitute at least 50% of the Board of Directors; provided, however, that any individual becoming a member of the Board of Directors subsequent to the beginning of such period whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election will be considered as though such individual were a member of the Existing Board.

In connection with the expiration of Ms. Miller's employment agreement, the Company replaced Ms. Miller's employment agreement with an employment letter and designated Ms. Miller as a participant in the Executive Severance Plan. The employment letter and Ms. Miller's participation in the Executive Severance Plan became effective on January 1, 2025.

Executive Severance Plan

Messrs. Horn and Adamo and Ms. Steffens are participants in the Executive Severance Plan and, effective as of January 1, 2025, Ms. Miller became a participant in the Executive Severance Plan, as described below.

Each of Messrs. Horn and Adamo and Ms. Steffens and, effective as of January 1, 2025, Ms. Miller has entered into a letter agreement outlining the terms of their participation under the Executive Severance Plan. The letter agreements for Messrs. Horn and Adamo and Mses. Steffens and Miller became effective on April 29, 2022, August 14, 2023, November 30, 2023 and January 1, 2025, respectively. The letter agreements, respectively, provide for a “termination payment multiple” of two and one-half for Mr. Horn, two for Ms. Miller and one and one-half for Mr. Adamo and Ms. Steffens and a “change of control termination multiple” of three for Mr. Horn and two for Mr. Adamo and Mses. Steffens and Miller (as such terms are defined in the Executive Severance Plan). The “termination payment multiple” applies on a termination of a participant’s employment by the Company without “cause” or by the participant for “good reason” and the “change of control termination payment multiple” applies on a termination of a participant’s employment by the Company without “cause” or by the participant for “good reason”, in each case during the period beginning on the date that is three months prior to the consummation of a "change of control" of the Company and ending on the date that is 12 months after the consummation of such “change of control” of the Company (such period, the “Change of Control Protection Period”).

Death or Disability Severance Benefits. If a participant’s employment is terminated due to such participant’s death or disability, such participant will be eligible to receive: (a) a lump sum cash payment equal to a prorated portion of such participant’s annual bonus at the “target” level for the year of termination; (b) in the event of such participant’s death, (i) a lump sum cash payment equal to two months of such participant’s annual base salary, and (ii) one year of continued Company-paid health coverage; (c) vesting of any unvested time-based equity awards; and (d) vesting of any unvested performance-based equity awards at the “target” level of performance.

Termination without Cause or for Good Reason Severance Benefits. If a participant’s employment is terminated by the Company without “cause” or by such participant for “good reason”, such participant will be eligible to receive: (a) a cash payment equal to such participant’s “termination payment multiple” (or, if such termination occurs during the Change of Control Protection Period, such participant’s “change of control termination payment multiple”) multiplied by his or her annual base salary; (b) a cash payment equal to such participant’s “termination payment multiple” (or, if such termination occurs during the Change of Control Protection Period, such participant’s “change of control termination payment multiple”) multiplied by such participant’s average annual bonus for the three years of employment prior to termination (provided, however, if such participant serves in

48

their current role with the Company on his or her termination date, such termination occurs on or after the consummation of a “change of control” and such participant has not been employed for three years, then the amount payable to such participant under this clause (b) will be equal to such participant’s “termination payment multiple” (or, if such termination occurs during the Change of Control Protection Period, such participant’s “change of control termination payment multiple”) multiplied by such participant’s average annual bonus for the years of employment that such participant served in their current role with the Company; (c) one year of continued Company-paid health coverage; (d) in the event of such termination during the Change of Control Protection Period, a payment equal to a prorated portion of such participant’s annual bonus at the “target” level for the year of termination; (e) vesting of any unvested time-based equity awards; and (f) vesting of a pro-rated portion of any unvested performance-based equity awards based on attainment of actual performance. The cash payments in clauses (a) and (b) are payable in equal installments over a 12-month period.

Retirement Severance Benefits. If a participant’s employment is terminated due to retirement (as approved by the Board of Directors), such participant will be eligible to receive: (a) a lump sum cash payment equal to a prorated portion of such participant’s annual bonus based on attainment of actual performance for the year of termination; (b) vesting of any unvested time-based equity awards; and (c) vesting of a pro-rated portion of any unvested performance-based equity awards based on attainment of actual performance.

Change of Control Equity Benefits. On a “change of control” of the Company, a participant will be eligible to receive: (a) vesting of any unvested time-based equity awards; and (b) vesting of any unvested performance-based awards at the “target” level of performance; provided that, if the participant has previously been terminated from employment without “cause” or for “good reason” and the “change of control” occurs prior to the vesting of any such unvested performance-based equity awards, then the performance-based equity awards will vest at the “target” level of performance as of the effective date of such “change of control”.

Conditions to Receipt of Severance. A participant must execute a letter agreement with the Company that contains non-competition, non-solicitation, non-disclosure and non-disparagement covenants. Additionally, other than in the case of a termination of employment due to death or disability, the participant’s receipt of severance payments and benefits under the Executive Severance Plan is contingent upon such participant timely signing and not revoking a release of claims in favor of the Company and such participant complying with the restrictive covenants in his or her letter agreement.

Excise Tax. In the event any of the payments or benefits provided for under the Executive Severance Plan or otherwise payable to a participant would constitute a “parachute payment” within the meaning of Section 280G of the Code and could be subject to the related excise tax, a participant will be entitled to receive either full payment of such payments or benefits or such lesser amount which would result in no portion of the payments and benefits being subject to the excise tax, which ever results in the greater amount of after-tax benefits to the participant. No excise tax gross-ups are provided for in Messrs. Horn and Adamo or Mses. Steffens and Miller letter agreements, employment agreements or in the Executive Severance Plan.

“Cause” is defined in the Executive Severance Plan as the participant’s:

•
conviction of (or pleading nolo contendere to) an indictment or information that is filed against the participant and is not discharged or otherwise resolved within 12 months thereafter, and said indictment or information charged participant 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;

49

•
the continued failure by the participant substantially to perform his or her duties or to carry out the lawful written directives of the Board of Directors;
•
material breach of a fiduciary duty, including disclosure of any conflicts of interest that are known to the participant, or with reasonable diligence should be known, to the participant’s employment with the Company, or otherwise engaging in gross misconduct or willful or gross neglect (in connection with the performance of his or her duties) which is materially injurious, either monetarily or otherwise, to the Company or any of its majority-owned subsidiaries; or
•
material breach of the restrictive covenants set forth in his or her letter agreement under the Executive Severance Plan or any other provisions of the Executive Severance Plan or the employment letter.

“Good Reason” is defined in the Executive Severance Plan as, unless otherwise consented to by the participant:

•
a change in the participant’s reporting responsibilities such that he or she is no longer reporting directly to (x) in the case of a participant who is the Chief Executive Officer of the Company, the Board of Directors, and (y) in the case of all other participants, the Chief Executive Officer;
•
a material reduction in the participant’s position, authority, duties or responsibilities (which includes in the event of a Change of Control, if the participant is no longer serving in their current role of the ultimate parent entity of the surviving entity);
•
a reduction in the annual salary of the participant (other than an immaterial temporary reduction in such participant’s annual salary that is in effect for 12 months or less made in connection with temporary reductions in the annual base salaries of all executive-level employees of the Company in response to events outside of the Company’s reasonable control that is either consented to by such participant or recommended by the Company’s executive management team);
•
the relocation of the participant’s office to more than 50 miles from the Company’s principal place of business in Orlando, Florida unless such participant is permitted to work remotely pursuant to the Company's generally applicable remote work policies; provided, however, that a relocation by such participant of his or her home office to more than 50 miles from such participant's home office at the time such individual becomes a participant in the Executive Severance Plan (if any) will not give rise to good reason;
•
the Company’s material breach of the Executive Severance Plan, the letter agreement under the Executive Severance Plan or any employment letter agreement; or
•
the Company’s failure to obtain an agreement from any successor to the business of the Company by which the successor assumes and agrees to perform the Executive Severance Plan and/or the participant’s letter agreement under the Executive Severance Plan.

50

“Change of Control” is defined in the Executive Severance Plan as:

•
a “person” or “group” (which terms shall have the meaning they have when used in Section 13(d) of the Exchange Act) (other than the Company, any trustee or other fiduciary holding securities under an employee benefit plan of the Company, any corporation owned directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of voting securities of the Company) becomes (other than solely by reason of a repurchase of voting securities by the Company), the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 40% or more of the combined voting power of the Company’s then total outstanding voting securities;
•
the Company consolidates with or merges with or into another corporation or partnership or conveys, transfers or leases, in any transaction or series of transactions, all or substantially all of its assets to any corporation or partnership, or any corporation or partnership consolidates with or merges with or into the Company, in any event pursuant to a transaction in which the outstanding voting stock of the Company is reclassified or changed into or exchanged for cash, securities or other property, other than any such transaction where (a) the outstanding voting securities of the Company are changed into or exchanged for voting securities of the surviving corporation and (b) the persons who were the beneficial owners of the Company’s voting securities immediately prior to such transaction beneficially own immediately after such transaction 50% or more of the total outstanding voting power of the surviving corporation, or the Company is liquidated or dissolved or adopts a plan of liquidation or dissolution; or
•
a change in the composition of the Board such that, during any twelve (12)-month period, the individuals who, as of the beginning of such period, constitute the Board (the “Existing Board”) cease for any reason to constitute at least 50% of the Board; provided, however, that any individual becoming a member of the Board subsequent to the beginning of such period whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors immediately prior to the date of such appointment or election will be considered as though such individual were a member of the Existing Board.

Termination Payments

The amount of compensation payable to each NEO upon any termination is shown in the table. All estimates for Messrs. Horn, Habicht and Adamo, and Mses. Steffens and Miller are based on an assumed termination date of December 31, 2024. The actual payments due on terminations occurring on different dates could materially differ from the estimates in the table. All shares are valued based on the Company's closing stock price of $40.85 per share at December 31, 2024.

51

| Salary | Severance Payments | Bonus | Accelerated Equity Awards | Change of Control Payment | Other | Total
NEO and Trigger | $ | $ | $ | $ | $ | $ | $
Stephen A. Horn, Jr. |  |  |  |  |  |  |
Death or Disability (1) | 154,167 | - | 1,387,500 | 8,730,267 | - | 32,608 | 10,304,542
Other than Change in Control (2) | - | 7,087,110 | - | 11,677,830 | - | 32,608 | 18,797,548
Change in Control (3) | - | 8,504,532 | - | 11,677,830 | 1,387,500 | 32,608 | 21,602,470
Retirement Termination (5) | - | - | 1,387,500 | 8,730,267 | - | - | 10,117,767
Kevin B. Habicht |  |  |  |  |  |  |
Death or Disability (1) | 112,500 | - | 776,250 | 3,975,889 | - | 34,645 | 4,899,284
Other than Change in Control (2) | - | 4,625,390 | - | 5,199,061 | - | 34,645 | 9,859,096
Change in Control (3) | - | 4,625,390 | - | 5,199,061 | 776,250 | 34,645 | 10,635,346
Employment Agreement Expiration (4) | 675,000 | - | 776,250 | 3,975,889 | - | 34,645 | 5,461,784
Gina M. Steffens |  |  |  |  |  |  |
Death or Disability (1) | 70,833 | - | 425,000 | 694,839 | - | 32,608 | 1,223,280
Other than Change in Control (2) | - | 1,402,500 | - | 947,761 | - | 32,608 | 2,382,869
Change in Control (3) | - | 1,870,000 | - | 947,761 | 425,000 | 32,608 | 3,275,369
Retirement Termination (5) | - | - | 425,000 | 694,839 | - | - | 1,119,839
Jonathan A. Adamo |  |  |  |  |  |  |
Death or Disability (1) | 62,500 | - | 375,000 | 1,258,581 | - | 39,258 | 1,735,339
Other than Change in Control (2) | - | 1,077,018 | - | 1,481,752 | - | 39,258 | 2,598,028
Change in Control (3) | - | 1,436,024 | - | 1,481,752 | 375,000 | 39,258 | 3,332,034
Retirement Termination (5) | - | - | 375,000 | 1,258,581 | - | - | 1,633,581
Michelle L. Miller |  |  |  |  |  |  |
Death or Disability (1) | 58,333 | - | 350,000 | 852,903 | - | 21,975 | 1,283,211
Other than Change in Control (2) | - | 1,616,666 | - | 1,135,099 | - | 21,975 | 2,773,740
Change in Control (3) | - | 1,616,666 | - | 1,135,099 | 350,000 | 21,975 | 3,123,740
Employment Agreement Expiration (4) | 350,000 | - | 350,000 | 852,903 | - | 21,975 | 1,574,878

(1) The amounts shown represent the following payments:

•
Payable in the case of death only and represents payment of two months of the Executive’s salary.
•
A cash payment of the prorated annual bonus at "target" level for the year of termination, payable in a single lump sum.
•
Early vesting of certain service-based and performance-based stock awards. In February 2025, the Compensation Committee determined the 2022 TSR grant performance metrics met the 68.7 th percentile resulting in 174.8% of target shares.
•
Payment of health benefits and other perquisites for spouse and dependents of Executive for one year following the event of death.

(2) The amounts shown represent the following payments:

•
A cash payment multiple of the annual salary and a cash payment multiple of the average annual bonus for the three contract years preceding termination, both payable in equal installments over a 12-month period. Multiples are as follows: 250% for Messrs. Horn and Habicht, 200% for Ms. Miller and 150% for Ms. Steffens and Mr. Adamo.
•
Early vesting of certain service-based and performance-based stock awards. Certain awards that are to be paid based upon actual future performance were calculated assuming “target” performance. If “maximum” performance is achieved, the payout of early vesting for each of the NEOs would be as follows: Mr. Horn - $17,223,953; Mr. Habicht - $7,546,711; Ms. Steffens - $1,325,215; Mr. Adamo - $1,814,802; and Ms. Miller - $1,669,989. In February 2025, the Compensation Committee determined the 2022 TSR grant performance metrics met the 68.7 th percentile resulting in 174.8% of target shares.
•
Payment of health benefits and other perquisites for one year following termination.

52

(3) The amounts shown represent the following payments:

•
A cash payment multiple of the annual salary and a cash payment of the average annual bonus for the three contract years preceding termination, both payable in equal installments over a 12-month period. Multiples are as follows: 300% for Mr. Horn, 250% for Mr. Habicht, and 200% for Mses. Steffens and Miller and Mr. Adamo.
•
Early vesting of certain service-based and performance-based stock awards. Certain awards that are to be paid based upon actual future performance were calculated assuming “target” performance. If “maximum” performance is achieved, the payout of early vesting would result in: Mr. Horn - $17,223,953; Mr. Habicht - $7,546,711; Ms. Steffens - $1,325,215; Mr. Adamo - $1,814,802; and Ms. Miller - $1,669,989. In February 2025, the Compensation Committee determined the grant performance metrics met the 68.7 th percentile resulting in 174.8% of target shares.
•
Payment of health benefits and other perquisites for one year following termination.
•
A cash payment of prorated annual bonus at the “target” level for the year of termination, payable in a single sum if the Executive is terminated upon or following a change of control. As calculated as of December 31, 2024, Mr. Habicht would not be subject to a golden parachute excise tax and, therefore, would not receive an excise tax gross-up. No other NEO is entitled to receive any excise tax gross-up.

(4) The amounts shown represent the following payments:

•
A cash payment of 100% of annual salary payable in equal installments over a 12-month period.
•
Early vesting of certain service-based and performance-based stock awards. In February 2025, the Compensation Committee determined the 2022 TSR grant performance metrics met the 68.7 th percentile resulting in 174.8% of target shares.
•
Payment of health benefits and other perquisites for one year following termination.
•
A cash payment of the prorated annual bonus at the “target” level for the year of termination, payable in a single sum.
•
Messrs. Horn and Adamo and Ms. Steffens are each participants in the Executive Severance Plan, and therefore, have no expiration within their employment letter.

(5) The amounts shown represent the following payments:

•
A cash payment of a prorated annual bonus assuming "target" level based on attainment of actual performance for the year of retirement, payable in a single lump sum.
•
Early vesting of certain service-based and performance-based stock awards. In February 2025, the Compensation Committee determined the 2022 TSR grant performance metrics met the 68.7 th percentile resulting in 174.8% of target shares.

Payments Upon Retirement of Mr. Habicht

On January 6, 2025, the Company announced that Mr. Habicht will retire from employment with the Company as Executive Vice President, Chief Financial Officer, Assistant Secretary, Treasurer and the Company’s principal financial officer, and as a member of the Board of Directors effective March 31, 2025 (such date, the "Effective Date"). In connection with Mr. Habicht's retirement, the Company and Mr. Habicht entered into a Retirement and Transition Agreement (the "Retirement Agreement”). Under the terms of the Retirement Agreement, Mr. Habicht will be eligible to receive the following benefits and payments:

•
accrued and unpaid salary and paid time off through the Effective Date;
•
for a period of one year after the Effective Date (but in no event after Mr. Habicht becomes eligible to receive benefits of the same type from another employer), health benefits under the Company’s health plans and programs generally available to senior executives of the Company;
•
an annual bonus based on actual performance for the period beginning on January 1, 2025 through the Effective Date;
•
accelerated vesting of his service-based restricted stock awards immediately prior to the Effective Date resulting in a fair market value of approximately $678,000; and
•
all performance-based awards will be allowed to run their course to determine the performance level, and Mr. Habicht will receive a prorated vesting on such awards.

53

In order to facilitate the transition, Mr. Habicht will make himself available to consult with the Company 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. Habicht a monthly fee of $45,000 for 20 months.

Mr. Habicht 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 the non-competition, non-solicitation non-disclosure and non-disparagement covenants described in his employment agreement and the Retirement Agreement. Because the above retirement payments are contingent on Mr. Habicht’s continued service through the Effective Date, none of the foregoing payments would have been payable to Mr. Habicht had he retired on December 31, 2024.

Pay Ratio

As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the annual total compensation of our employees and the annual total compensation of Mr. Horn, our President and Chief Executive Officer. The pay ratio included in this information is a reasonable estimate calculated in a manner consistent with Item 402(u) of Regulation S-K.

We determined our median employee based on total compensation including the base salary of, bonuses paid to and incentive stock awards issued to each of our 81 employees (excluding the Chief Executive Officer) as of December 31, 2024. Once we identified our median employee, we combined all of the elements of such employee’s compensation for 2024 in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K, resulting in annual total compensation of $121,201. As disclosed in the SCT, our current Chief Executive Officer’s annual total compensation for 2024 was $8,418,498. Based on the foregoing, our estimate of the ratio of the annual total compensation of our Chief Executive Officer to the median of the annual total compensation of all other employees was approximately 69 to one. Given the different methodologies that various public companies will use to determine an estimate of their pay ratio, the estimated ratio reported above should not be used as a basis for comparison between companies.

54

Pay versus Performanc e

As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, we are providing the following information about the relationship between compensation actually paid (“CAP”) for our NEOs and certain financial performance of the Company. Please refer to "Compensation Discussion and Analysis" for a more complete discussion on how executive compensation relates to performance and how the Committee makes its decisions.

| Julian E. Whitehurst(2) |  | Stephen A. Horn, Jr.(3) |  | Average SCT Total for | Average CAP to | Value of Initial Fixed $100 Investment Base On: |  |  |  |
Year | SCT Total for CEO $ | CAP to CEO $ |  | SCT Total for CEO $ | CAP to CEO $ |  | Non-CEO NEOs $ | Non-CEO NEOs $ | Company TSR $ | Peer Group TSR(1) $ |  | Net Income $ |  | Core FFO per Share $
2024 | - | - |  | 8,418,498 | 7,051,148 |  | 2,115,652 | 1,923,107 | 99.27 | 87.69 |  | 396,835,000 |  | 3.32
2023 | - | - |  | 7,194,654 | 6,320,139 |  | 2,308,351 | 2,101,005 | 122.12 | 118.03 |  | 392,340,000 |  | 3.26
2022 | 5,010,993 | 9,118,484 |  | 6,776,699 | 8,868,801 |  | 2,544,244 | 3,624,286 | 99.13 | 100.62 |  | 334,626,000 |  | 3.14
2021 | 7,785,586 | 7,727,120 |  | - | - |  | 2,591,922 | 2,682,871 | 99.22 | 134.06 |  | 264,217,000 |  | 2.86
2020 | 5,594,166 | 2,108,174 |  | - | - |  | 2,344,128 | 1,166,529 | 80.65 | 94.88 |  | 210,859,000 |  | 2.59

(1)
NNN’s peer group TSR is based on FNER, which is the index used for purposes of the performance graphs in Part II, Item 5 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the Compensation Discussion and Analysis.
(2)
The following represents the adjustments made to the SCT totals to derive the compensation actually paid to Mr. Whitehurst in his role as CEO. Mr. Whitehurst served as the CEO through the entire reporting period until his retirement on April 28, 2022.

Adjustments |  | 2022 $ | 2021 $ | 2020 $
Amounts reported in “Stock Awards” column of SCT |  | (3,413,088) | (4,306,835) | (3,704,914)
Fair value of outstanding and unvested equity awards granted in the current year |  | 4,994,125 | 4,529,787 | 2,617,686
Change in fair value for equity awards outstanding and unvested at the end of the current year that were granted in a prior year |  | 2,639,640 | (814,466) | (2,769,278)
Change in fair value for equity awards vested in the current year that were granted in a prior year |  | (188,929) | 72,371 | (9,880)
Addition for the common stock dividends paid on unvested stock awards |  | 75,743 | 460,677 | 380,394
Total Adjustments |  | 4,107,491 | (58,466) | (3,485,992)

(3)
The following represents the adjustments made to the SCT total to derive the compensation actually paid to Mr. Horn in his role as CEO. Mr. Horn has served as the CEO since April 29, 2022.

Adjustments |  | 2024 $ | 2023 $ | 2022 $
Amounts reported in “Stock Awards” column of SCT |  | (5,808,642) | (4,385,780) | (3,958,062)
Fair value of outstanding and unvested equity awards granted in the current year |  | 5,193,551 | 3,718,014 | 5,152,995
Change in fair value for equity awards outstanding and unvested at the end of the current year that were granted in a prior year |  | (1,004,033) | (395,561) | 784,246
Change in fair value for equity awards vested in the current year that were granted in a prior year |  | (109,603) | (47,083) | (10,370)
Addition for the common stock dividends paid on unvested stock awards |  | 361,377 | 235,895 | 123,293
Total Adjustments |  | (1,367,350) | (874,515) | 2,092,102

55

(4)
The following represents the adjustments made to the SCT totals for our non-CEO named executive officers to derive the average compensation actually paid for our non-CEO named executive officers.

Adjustments |  | 2024 $ | 2023 $ | 2022 $ | 2021 $ | 2020 $
Amounts reported in “Stock Awards” column of SCT |  | (1,034,154) | (1,112,801) | (1,100,638) | (1,140,025) | (1,178,281)
Fair value of outstanding and unvested equity awards granted in the current year |  | 924,656 | 973,724 | 1,511,141 | 1,199,019 | 740,821
Change in fair value for equity awards outstanding and unvested at the end of the current year that were granted in a prior year |  | (158,372) | (195,207) | 618,455 | (126,740) | (879,404)
Fair value of stock awards granted and vested in the current year |  | - | - | - | - | 29,913
Change in fair value for equity awards vested in the current year that were granted in a prior year |  | (36,641) | 11,248 | (10,217) | 18,156 | (31,578)
Addition for the common stock dividends paid on unvested stock awards |  | 111,966 | 115,690 | 61,301 | 140,539 | 140,930
Total Adjustments |  | (192,545) | (207,346) | 1,080,042 | 90,949 | (1,177,599)

(5)
T he named executive officers included in the non-CEO named executive average for each year are as follows:

2024 | Messrs. Habicht and Adamo and Mses. Steffens and Miller
2023 | Messrs. Habicht, Tessitore and Adamo and Ms. Miller
2022 | Messrs. Habicht and Tessitore and Ms. Miller
2021 | Messrs. Horn, Habicht and Tessitore and Ms. Miller
2020 | Messrs. Horn, Habicht, Tessitore and Bayer

The reported amount of compensation actually paid to our CEO, and the reported average amount of compensation actually paid to our non-CEO executive officers, is primarily driven by the value of our executives’ unvested equity. Further, as discussed in the Compensation Discussion and Analysis, our TSR is a component metric in our long-term incentive plan, and Core FFO per share is a component metric of our cash incentive bonus. As a result, the TSR figures reported above have a strong correlation to our executives’ calculated CAP, while Core FFO per share has a lesser degree of impact on and correlation to the compensation actually paid figures.

The following metrics represent the three most important financial performance measures as well as subjective strategic and individual goals used by the Company in setting NEO compensation for the most recent fiscal year:

•
Core FFO per share
•
Leverage ratio (total liabilities divided by gross book assets)
•
Subjective strategic and individual goals:
•
G&A expense
•
Acquisition volume
•
Portfolio occupancy

56

PR OPOSAL 2

ADVISORY VOTE ON EXECUTIVE COMPENSATION

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”) enables our stockholders to vote, on a non-binding advisory basis, to approve the compensation of our named executive officers as disclosed in this Proxy Statement.

As described in detail under the heading “Executive Compensation-Compensation Discussion and Analysis,” our executive compensation programs are designed to attract and retain our named executive officers, motivate them to perform to their fullest potential, and align their interests with the interests of our stockholders. Under these programs, our named executive officers are rewarded for the achievement of specific annual, long-term and strategic and corporate goals. Please read the Compensation Discussion and Analysis for additional details about our executive compensation programs and policies, including information about the fiscal 2024 compensation of our named executive officers.

The Compensation Committee continually reviews the compensation programs for our named executive officers to ensure they achieve the desired goals of aligning our executive compensation structure with our stockholders’ interests, key business objectives and current market practices. We are asking our stockholders to indicate their support for our named executive officer compensation as described in this Proxy Statement. This proposal, commonly known as a “say-on-pay” proposal, gives our stockholders the opportunity to express their views on our named executive officers’ compensation. This vote is not intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and the philosophy, policies and practices described in this Proxy Statement. Accordingly, we will ask our stockholders to vote for the following resolution at the annual meeting:

“RESOLVED, that the Company’s stockholders approve, on an advisory basis, the compensation of the named executive officers, as disclosed in the Company’s Proxy Statement for the 2025 Annual Meeting of Stockholders pursuant to the rules and regulations of the Securities and Exchange Commission, including the Compensation Discussion and Analysis, the Summary Compensation Table and the related tables and disclosure.”

While this vote is advisory, and therefore not binding on the Company, the Compensation Committee for our Board of Directors, we value the opinions of our stockholders and will consider those opinions and the vote outcome when making future compensation decisions for our named executive officers.

The Board of Directors unanimously recommends a vote "FOR" the approval of the compensation of our named executive officers, as disclosed in this proxy statement.

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PROPOSAL 3

RATIFICATION OF

ERNST & YOUNG LLP AS THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee appointed Ernst & Young LLP to serve as the Company’s principal independent registered public accounting firm to audit the Company’s financial statements for the year ending December 31, 2025, to review quarterly interim results and to perform other appropriate accounting services. We are requesting ratification of such appointment by the stockholders.

Ernst & Young LLP has acted as our independent registered public accounting firm for our three most recent fiscal years and our Audit Committee currently believes that we should continue our relationship with Ernst & Young LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2025. Although ratification by our stockholders is not a prerequisite to the power of the Audit Committee to appoint Ernst & Young LLP as our independent registered public accounting firm, our Board of Directors and the Audit Committee believe such ratification to be advisable and in the best interest of the Company. Accordingly, stockholders are being requested to ratify, confirm and approve the appointment of Ernst & Young LLP as our independent registered public accounting firm to conduct the annual audit of our consolidated financial statements and internal control over financial reporting for the year ending December 31, 2025. If the stockholders do not ratify the appointment of Ernst & Young LLP, the appointment of Ernst & Young LLP as our independent registered public accounting firm will be reconsidered by the Audit Committee; however, the Audit Committee has no obligation to change its appointment based on stockholder ratification. If the appointment of Ernst & Young LLP is ratified, the Audit Committee will continue to conduct an ongoing review of Ernst & Young LLP’s scope of engagement, pricing and work quality, among other factors, and will retain the right to replace Ernst & Young LLP at any time.

A representative of Ernst & Young LLP will be present at the annual meeting and will be provided with the opportunity to make a statement if desired. Such representative will also be available to respond to appropriate questions.

Fiscal 2024 and 2023 Audit Firm Summary. During the fiscal years ended December 31, 2024 and 2023, we retained Ernst & Young LLP to provide services in the following categories and amounts:

|  | 2024 $ |  | 2023 $
Audit Fees (1) |  | 1,985,901 |  | 1,738,060
Audit Related Fees (2) |  | - |  | -
Total Audit and Audit Related Fees |  | 1,985,901 |  | 1,738,060
Tax Fees (3) |  | 31,127 |  | 31,821
All Other Fees |  | - |  | -
Total Fees |  | 2,017,028 |  | 1,769,881

(1)
Audit fees include the audit fee and fees for comfort letters, attest services, consents and assistance with and review of documents filed with the SEC (including those related to securities offerings). Aggregate fees billed by Ernst & Young LLP associated with the issuance of comfort letters to underwriters in connection with securities offerings amounted to $387,805 and $341,360 in 2024 and 2023, respectively.
(2)
Audit related fees consist of fees incurred for consultation concerning financial accounting and reporting standards, performance of agreed-upon procedures, and other audit or attest services not required by statute or regulation.
(3)
Tax fees consist of fees for tax compliance services and consulting.

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Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Accountants. Consistent with SEC policies regarding auditor independence, the Audit Committee has responsibility for appointing, setting compensation and overseeing the work of the independent accountants. In recognition of this responsibility, the Audit Committee has established a policy to pre-approve all audit and permissible non-audit services provided by the independent accountants.

Prior to engagement of the independent accountants for the next year’s audit, management will submit to the Audit Committee for approval an aggregate of services expected to be rendered during that year for each of the services described above in the captions Audit Fees, Audit Related Fees and Tax Fees.

Prior to engagement, the Audit Committee pre-approves these services by category of service. The fees are budgeted and the Audit Committee requires the independent accountants and management to report actual fees versus the budget periodically throughout the year by category of service. During the year, circumstances may arise when it may become necessary to engage the independent accountants for additional services not contemplated in the original pre-approval. In those instances, the Audit Committee requires specific pre-approval before engaging the independent accountants.

For the fiscal years ended December 31, 2024 and 2023, the Audit Committee pre-approved 100% of services described above in the captions Audit Related Fees, Tax Fees and All Other Fees. For the fiscal year ended December 31, 2024, no hours expended on Ernst & Young LLP’s engagement to audit our financial statements were attributed to work performed by persons other than full-time, permanent employees of Ernst & Young LLP.

Pursuant to our Audit Committee charter, the Audit Committee may delegate pre-approval authority to the Chairperson of the Audit Committee, who shall promptly advise the remaining members of the Audit Committee of such approval at the next regularly scheduled meeting.

The Board of Directors unanimously recommends a vote "FOR" ratification of the appointment of Ernst & Young LLP as our independent registered public accounting firm for our fiscal year ending December 31, 2025.

59

SECURIT Y OWNERSHIP

The following tables set forth, as of February 28, 2025 (except as described in the footnotes), based on 188,033,109 shares of common stock outstanding on that date, the number and percentage of outstanding shares of Common Stock beneficially owned by all persons known by the Company to own beneficially more than five percent of the Company’s Common Stock, by each director and nominee, by each of the persons named in the Summary Compensation Table under “Executive Compensation,” above, and by all officers and directors as a group, based upon information furnished to the Company by such stockholders, officers and directors. Unless otherwise noted below, the persons named in the tables have sole voting and sole investment power with respect to each of the shares beneficially owned by such person.

|  | Amount and Nature of |  |
|  | Beneficial Ownership of |  | Percent
Stockholders Holding 5% or More |  | Common Stock |  | of Class
The Vanguard Group, Inc.(1) |  | 27,021,535 |  | 14.4%
100 Vanguard Blvd. |  |  |  |
Malvern, PA 19355 |  |  |  |
BlackRock, Inc.(2) |  | 21,246,504 |  | 11.3%
50 Hudson Yards |  |  |  |
New York, NY 10001 |  |  |  |
FMR LLC(3) |  | 15,827,176 |  | 8.4%
245 Summer Street |  |  |  |
Boston, MA 02210 |  |  |  |
State Street Corporation(4) |  | 13,130,983 |  | 7.0%
State Street Financial Center |  |  |  |
One Congress Street, Suite 1 |  |  |  |
Boston, MA 02114 |  |  |  |
Victory Capital Management Inc.(5) |  | 12,284,444 |  | 6.5%
4900 Tiedeman Rd., 4th Floor |  |  |  |
Brooklyn, OH 44144 |  |  |  |

(1)
Based on the information provided pursuant to a statement on a Schedule 13G/A filed with the SEC on February 13, 2024, The Vanguard Group, Inc. (“Vanguard”) has sole power to vote or direct the vote, and sole power to dispose or direct the disposition of 0 and 26,612,294 shares of our common stock, respectively, and shared power to vote or direct the vote and shared power to dispose or direct the disposition of 217,140 and 409,241 shares of our common stock, respectively. Vanguard is an investment advisor in accordance with Section 13d-1(b)(1)(ii)(E) of the Exchange Act.
(2)
Based on the information provided pursuant to a statement on a Schedule 13G/A filed with the SEC on January 24, 2024, BlackRock, Inc. has sole power to vote or direct the vote of 20,424,922 shares of our common stock, and sole power to dispose or direct the disposition of 21,246,504 shares of our common stock. BlackRock, Inc. does not have the shared power to vote or direct the vote of or the shared power to dispose or direct the disposition of any shares of our common stock.
(3)
Based on the information provided pursuant to a statement on a Schedule 13G/A filed with the SEC on February 12, 2025, FMR LLC has sole power to vote or direct the vote of 15,630,156 shares of our common stock, and sole power to dispose or direct the disposition of 15,827,176 shares of our common stock. FMR LLC does not have the shared power to vote or direct the vote of or the shared power to dispose or direct the disposition of any shares of our common stock.
(4)
Based on the information provided pursuant to a statement on a Schedule 13G/A filed with the SEC on January 29, 2024, State Street Corporation does not have the power to vote or direct the vote of any shares of our common stock, or to dispose or direct the disposition of any shares of our common stock. State Street Corporation has the shared power to vote or direct the vote of 10,787,343 and the shared power to dispose or direct the disposition of 13,112,583 shares of our common stock.

60

(5)
Based on the information provided pursuant to a statement on a Schedule 13G filed with the SEC on November 7, 2024, Victory Capital Management, Inc. ("Victory") has sole power to vote or direct the vote of 12,069,644 shares of our common stock, and sole power to dispose or direct the disposition of 12,284,444 shares of our common stock. Victory Capital Management, Inc. does not have the shared power to vote or direct the vote of or the shared power to dispose or direct the disposition of any shares of common stock. Victory is an investment advisor in accordance with Section 13d-1(b)(1)(ii)(E) of the Exchange Act.

Name of Beneficial Owner | Amount and Nature of Beneficial Ownership of Common Stock | Percent of Class
Jonathan A. Adamo (7) |  | 100,266 |  | (8) | *
Pamela K. M. Beall(6) |  | 32,214 |  |  | *
Steven D. Cosler(6) |  | 60,983 |  | (9) | *
David M. Fick(6) |  | 62,010 |  | (10) | *
Edward J. Fritsch(6) |  | 60,171 |  |  | *
Elizabeth C. Gulacsy(6) |  | 11,451 |  | (11) | *
Kevin B. Habicht(6)(7) |  | 379,113 |  | (12) | *
Betsy D. Holden(6) |  | 28,537 |  | (13) | *
Stephen A. Horn, Jr.(6)(7) |  | 767,464 |  | (14) | *
Michelle L. Miller(7) |  | 91,750 |  | (15) | *
Gina M. Steffens(7) |  | 59,643 |  | (16) | *
Kamau O. Witherspoon (6) |  | 15,601 |  | (17) | *
All directors and executive officers as a group (12 persons) |  | 1,669,203 |  |  | 0.9%

(6) | A director of the Company.
(7) | An executive officer of the Company.
(8) | Includes 66,192 restricted shares, 25,990 for which Mr. Adamo has sole voting power, and 40,202 for which Mr. Adamo has no voting power.
(9) | Includes 44,304 phantom shares credited under the Deferred Fee Plan for Directors.
(10) | Includes 62,010 phantom shares credited under the Deferred Fee Plan for Directors.
(11) | Includes 11,451 phantom shares credited under the Deferred Fee Plan for Directors.
(12) | Includes 216,310 restricted shares, 32,920 for which Mr. Habicht holds sole voting power, and 183,390 for which Mr. Habicht has no voting power.
(13) | Includes 24,752 phantom shares credited under the Deferred Fee Plan for Directors.
(14) | Includes 544,933 restricted shares, 91,394 for which Mr. Horn has sole voting power, and 453,549 for which Mr. Horn has no voting power.
(15) | Includes 54,492 restricted shares, 8,392 for which Ms. Miller has sole voting power, and 46,100 for which Ms. Miller has no voting power.
(16) | Includes 58,653 restricted shares, 17,770 for which Ms. Steffens has sole voting power, and 40,883 for which Ms. Steffens has no voting power.
(17) | Includes 15,601 phantom shares credited under the Deferred Fee Plan for Directors.
(*) | Less than one percent.

CERTAIN RE LATIONSHIPS AND RELATED TRANSACTIONS

The Audit Committee is charged with monitoring and reviewing the material facts of any transactions with related parties and either approving or disapproving the entry into such transactions. The Audit Committee has adopted a written policy governing transactions with related parties. In determining whether to approve or ratify a transaction with a related party, the Audit Committee will take into account, among other factors it deems appropriate, whether the transaction is on terms no less favorable than terms generally available to an unaffiliated third-party under the same or similar circumstances and the extent of the related party's interest in the transaction.

61

OTH ER MATTERS

The Board of Directors does not know of any matters to be presented at the annual meeting other than those stated above. If any other business should come before the annual meeting, the person(s) named in the enclosed Proxy will vote thereon as he or they determine to be in the best interests of the Company.

PROPOSALS FOR NEXT ANNUAL MEETING

Stockholder Proposals Pursuant to Rule 14a-8

Stockholders interested in presenting a proposal for inclusion in the Proxy Statement for the 2026 annual meeting of stockholders may do so by following the procedures in Rule 14a-8 under the Exchange Act. To be eligible for inclusion, stockholder proposals must be received by the Secretary of the Company at the address set forth above no later than December 1, 2025, which is 120 calendar days before the anniversary of the date the Company’s Proxy Statement was released to stockholders in connection with the previous year’s annual meeting.

Stockholder Nominees for Director and Other Proposals

The Company’s bylaws include separate advance notice provisions applicable to stockholders desiring to bring nominations for directors before an annual stockholders’ meeting other than pursuant to either the proxy access provisions of the Company’s bylaws or Rule 14a-8 under the Exchange Act. These advance notice provisions require that, among other things, stockholders give timely written notice to the Secretary of the Company as the address set forth above regarding such nominations or proposals and provide the information and satisfy the other requirements set forth in the Company’s bylaws. To be timely, a stockholder who intends to present nominations or a proposal at the 2026 annual meeting of stockholders other than pursuant to the Company bylaws’ proxy access provisions or Rule 14a-8 must provide the information set forth in the Company’s bylaws to the Secretary of the Company at the address set forth above no earlier than December 1, 2025, which is 120 calendar days before the anniversary of the date of the Company’s Proxy Statement was released to stockholders in connection with the previous year’s annual meeting. However, if the 2026 annual meeting of stockholders is held more than 30 days before or after the anniversary of the 2025 annual meeting of stockholders, then the information must be received within a reasonable time before the 2026 annual meeting of stockholders begins to enable the Company to print and mail its proxy materials.

Any stockholder proposal or stockholder director nomination pursuant to the proxy access provisions of the Company’s bylaws to be considered for inclusion in the Company’s proxy materials for the 2026 annual meeting of stockholders must be received by notice delivered to the Secretary of the Company at the Company’s office at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801, no later than December 1, 2025, which is 120 calendar days before the anniversary of the date of the Company’s Proxy Statement was released to stockholders in connection with the previous year’s annual meeting, and, in the case of a proxy access nomination, no earlier than November 1, 2025, which is 150 calendar days before the anniversary of the date of the Company’s Proxy Statement was released to stockholders in connection with the previous year’s annual meeting. However, if the 2026 annual meeting of stockholders is held more than 30 days before or after the anniversary of the 2025 annual meeting of stockholders, then any stockholder proposal pursuant to the proxy access provisions of the Company’s bylaws must be given by the later of the close of business on the date 180 days prior to the date of the 2026 annual meeting of stockholders or the 10th day on which public announcement of the date of the 2026 annual meeting of stockholders is first made. The submission of a stockholder proposal or proxy access nomination does not guarantee that it will be included in the Company’s Proxy Statement. Any notice of a proxy access nomination

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must contain the information required by the Company’s bylaws, and the stockholder(s) and nominee(s) must comply with the information and other requirements in therein relating to the inclusion of stockholder nominees in the Company’s proxy materials.

In addition to satisfying the foregoing requirements under the Company's bylaws, to comply with the universal proxy rules, stockholders who intend to solicit proxies in support of nominees other than the Company's nominees to the Board of Directors at the 2026 annual meeting of stockholders must satisfy the requirements of Rule 14a-19 under the Exchange Act, including by providing notice and the information required thereunder no later than March 14, 2026, which is 60 days prior to the anniversary of the date of the Company’s previous year’s annual meeting of stockholders. However, if the 2026 annual meeting of stockholders is held more than 30 days before or after the anniversary of the 2025 annual meeting of stockholders, then such notice and the information required thereunder must be received by the later of 60 days prior to the date of the 2026 annual meeting of stockholders or the 10th day following the day on which we first publicly announce the date of the 2026 annual meeting of stockholders.

If a stockholder fails to meet these deadlines, we may exclude the nominations or proposal from inclusion in the Company’s proxy materials or for consideration at the 2026 annual meeting of stockholders.

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ANNUA L REPORT

A copy of the 2024 Annual Report of the Company on Form 10-K, which contains all of the financial information (including the Company’s audited financial statements and financial statement schedules) and certain general information regarding the Company, may be obtained without charge by writing to Gina M. Steffens, Secretary, NNN REIT, Inc., 450 South Orange Avenue, Suite 900, Orlando, Florida 32801.

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NNN REIT, INC.
450 SOUTH ORANGE AVENUE, SUITE 900
ORLANDO, FL 32801

VOTE BY INTERNET - www.proxyvote.com

Use the Internet to transmit your voting instructions and for electronic delivery of information up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you access the web site. You will be prompted to enter the 16-digit Control Number which is located below to obtain your records and to create an electronic voting instruction form.

ELECTRONIC DELIVERY OF FURTHER STOCKHOLDER COMMUNICATIONS

If you would like to reduce the costs incurred by NNN REIT, Inc., in mailing proxy materials, you can consent to receiving all future proxy statements, proxy cards and annual reports electronically via e-mail or the Internet. To sign up for electronic delivery, please follow the instructions above to vote using the Internet and, when prompted, indicate that you agree to receive or access stockholder communications electronically in future years.

VOTE BY PHONE - 1-800-690-6903

Use any touch-tone telephone to transmit your voting instructions up until 11:59 P.M. Eastern Time the day before the cut-off date or meeting date. Have your proxy card in hand when you call. You will be prompted to enter the 16-digit Control Number which is located below and then follow the simple instructions the Vote Voice provides you.

VOTE BY MAIL

Mark, sign, and date your proxy card and return it in the postage-paid envelope we have provided or return it to NNN REIT, Inc., c/o Broadridge, 51 Mercedes Way, Edgewood, NY 11717.

PROXY

NNN REIT, INC.

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints Stephen A. Horn, Jr., Vincent H. Chao, and Gina M. Steffens, and any of them, attorneys and proxies, with full power of substitution and revocation, to vote, as designated on the reverse side of this form, all shares of common stock of NNN REIT, Inc. that the undersigned is entitled to vote, with all powers that the undersigned would possess if personally present at the Annual Meeting (including all adjournments thereof) of Stockholders of NNN REIT, Inc. to be held on May 13, 2025, at 8:30 a.m. local time, at 450 South Orange Avenue, Suite 900, Orlando, Florida 32801.

The shares represented by this Proxy when properly executed will be voted in the manner directed herein by the undersigned stockholder. If no direction is specified, the shares represented by this Proxy will be voted FOR each of Proposals 1, 2, and 3. In addition, the proxies may vote in their discretion on such other matters as may properly come before this Meeting.

THE UNDERSIGNED HEREBY ACKNOWLEDGES RECEIPT OF THE PROXY STATEMENT OF NNN REIT, INC.

PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD
PROMPTLY USING THE ENCLOSED ENVELOPE.