NNN REIT Appoints New Director, Names New CAO
Ticker: NNN · Form: 8-K · Filed: 2024-12-17T00:00:00.000Z
Sentiment: neutral
Topics: management-change, board-composition
TL;DR
NNN REIT swaps a director, brings in a new one, and names a new CAO.
AI Summary
NNN REIT, INC. announced on December 16, 2024, the departure of director Mark E. Andrews and the election of new director David J. Messing. The company also appointed Christopher J. Bulger as Chief Accounting Officer and Senior Vice President. These changes are effective immediately.
Why It Matters
Changes in board composition and key executive appointments can signal shifts in company strategy or governance.
Risk Assessment
Risk Level: low — This filing primarily concerns routine board and officer changes, not significant financial events.
Key Players & Entities
- NNN REIT, INC. (company) — Registrant
- Mark E. Andrews (person) — Departing Director
- David J. Messing (person) — Newly Elected Director
- Christopher J. Bulger (person) — Newly Appointed Chief Accounting Officer and Senior Vice President
- December 16, 2024 (date) — Effective date of changes
FAQ
Who has departed from the NNN REIT, INC. board of directors?
Mark E. Andrews has departed from the NNN REIT, INC. board of directors.
Who has been elected as a new director for NNN REIT, INC.?
David J. Messing has been elected as a new director for NNN REIT, INC.
What is the new role appointed to Christopher J. Bulger?
Christopher J. Bulger has been appointed as Chief Accounting Officer and Senior Vice President.
When were these changes effective for NNN REIT, INC.?
The changes were effective as of December 16, 2024.
What is the former name of NNN REIT, INC.?
NNN REIT, INC. was formerly known as NATIONAL RETAIL PROPERTIES, INC. and COMMERCIAL NET LEASE REALTY INC.
Filing Stats: 1,736 words · 7 min read · ~6 pages · Grade level 14.5 · Accepted 2024-12-17 16:22:06
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value NNN New York Stock Exchan
- $350,000 — led to receive an annual base salary of $350,000. Ms. Miller will be eligible to recei
Filing Documents
- nnn-20241216.htm (8-K) — 70KB
- nnn-ex10_1.htm (EX-10.1) — 43KB
- img228325701_0.jpg (GRAPHIC) — 45KB
- 0000950170-24-137241.txt ( ) — 356KB
- nnn-20241216.xsd (EX-101.SCH) — 31KB
- nnn-20241216_htm.xml (XML) — 5KB
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Employment Letter On December 16, 2024, NNN REIT, Inc. (the "Company") announced that the compensation committee (the "Committee") of the Board of Directors (the "Board") of the Company approved entering into a letter agreement with Michelle L. Miller, the Company's current Executive Vice President, Chief Accounting Officer and Chief Technology Officer. Ms. Miller entered into an employment agreement with the Company on February 15, 2018 (the "Original Employment Agreement"). In connection with the expiration of the Original Employment Agreement, the Company replaced the Original Employment Agreement with an employment letter (the "Employment Letter") and designated Ms. Miller as a participant in the Executive Severance and Change of Control Plan (the "Executive Severance Plan") as described below. The Employment Letter and Ms. Miller's participation in the Executive Severance Plan will become effective on January 1, 2025 (the "Effective Date"). The terms of the Employment Letter are as follows: Ms. Miller will be entitled to receive an annual base salary of $350,000. Ms. Miller will be eligible to receive an annual cash performance-based bonus determined in accordance with the Company's executive compensation policies in effect during her employment. Ms. Miller will be eligible to receive equity awards under the Company's 2017 Performance Incentive Plan. Ms. Miller will be eligible to participate in the Company's benefit plans, and will receive certain additional fringe benefits. The Company will reimburse Ms. Miller for all ordinary and reasonable out-of-pocket expenses related to the performance of her services. Executive Severance Plan On January 19, 2022, the Board adopted the Executive Severance Plan applicable to certain employees of the Company who are designated as participants by
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Item 9.01.
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibits. 10.1 Employment Letter, dated as of December 16, 2024, between the Company and Michelle L. Miller. 10.2 NNN REIT, Inc. Executive Severance and Change of Control Plan (filed on January 21, 2022 as Exhibit 10.3 to the Registrant's Current Report on Form 8-K). 104.1 Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document) Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. NNN REIT, Inc. Dated: December 17, 2024 By: /s/ Kevin B. Habicht Kevin B. Habicht Executive Vice President and Chief Financial Officer