NNN REIT Reports Director/Officer Changes & Compensation
Ticker: NNN · Form: 8-K · Filed: 2025-01-10T00:00:00.000Z
Sentiment: neutral
Topics: corporate-governance, officer-appointment, director-election, compensation
TL;DR
NNN REIT filed an 8-K detailing director/officer changes and compensation plans.
AI Summary
NNN REIT, INC. filed an 8-K on January 10, 2025, reporting on events from January 6, 2025. The filing covers the departure of directors or certain officers, the election of directors, the appointment of certain officers, and details on compensatory arrangements for these officers. It also includes financial statements and exhibits.
Why It Matters
This filing provides insight into potential leadership changes and executive compensation at NNN REIT, which can impact the company's strategic direction and investor confidence.
Risk Assessment
Risk Level: low — This is a routine corporate filing detailing personnel and compensation matters, not indicating immediate financial distress or significant operational shifts.
Key Players & Entities
- NNN REIT, INC. (company) — Registrant
- January 6, 2025 (date) — Earliest event reported
- January 10, 2025 (date) — Date of report
- Maryland (jurisdiction) — State of incorporation
- 450 South Orange Avenue, Suite 900, Orlando, FL 32801 (address) — Business and mailing address
FAQ
What specific roles or positions were affected by the director or officer changes?
The filing indicates changes related to 'Departure of Directors or Certain Officers' and 'Appointment of Certain Officers,' but does not specify the exact roles in this summary.
Were there any new directors elected to the board?
Yes, the filing explicitly mentions 'Election of Directors' as an item of information.
What is the nature of the 'Compensatory Arrangements' being reported?
The filing states 'Compensatory Arrangements of Certain Officers' are being reported, but the specific details of these arrangements are not provided in this summary.
When did the company previously change its name?
The company was formerly known as National Retail Properties, Inc. after changing its name from Commercial Net Lease Realty Inc. on May 1, 2006, and previously as CNL Realty Investors Inc. /DE/ before May 10, 1993.
What is NNN REIT, Inc.'s fiscal year end?
NNN REIT, Inc.'s fiscal year ends on December 31.
Filing Stats: 2,423 words · 10 min read · ~8 pages · Grade level 13.1 · Accepted 2025-01-10 16:30:13
Key Financial Figures
- $0.01 — nge on which registered Common Stock, $0.01 par value NNN New York Stock Exchan
- $45,000 — y will pay Mr. Habicht a monthly fee of $45,000. The remainder of the monthly consultin
- $500,000 — led to receive an annual base salary of $500,000. Mr. Chao will be eligible to receive
- $75,000 — r. Chao will receive a sign-on bonus of $75,000 plus a 25% tax gross up on said sum to
Filing Documents
- nnn-20250106.htm (8-K) — 81KB
- nnn-ex10_1.htm (EX-10.1) — 130KB
- nnn-ex10_2.htm (EX-10.2) — 106KB
- img229218439_0.jpg (GRAPHIC) — 45KB
- 0000950170-25-004201.txt ( ) — 591KB
- nnn-20250106.xsd (EX-101.SCH) — 31KB
- nnn-20250106_htm.xml (XML) — 5KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Retirement of Kevin B. Habicht On January 6, 2025, NNN REIT, Inc. (the "Company") announced that Kevin B. Habicht, the Company's Executive Vice President, Chief Financial Officer, Assistant Secretary, Treasurer and the Company's principal financial officer (the "EVP and CFO") and a member of the Board of Directors (the "Board") of the Company will retire from employment with the Company and as a member of the Board effective as of March 31, 2025 (such date, the "Retirement Effective Date"). Mr. Habicht will remain the EVP and CFO through the Retirement Effective Date and he will thereafter assist the Company with transitional and other assigned matters. In addition, Mr. Habicht will continue to serve as a member of the Board through the Retirement Effective Date. In connection with his retirement, the Company and Mr. Habicht entered into a Retirement and Transition Agreement (the "Retirement Agreement"). The principal terms of the Retirement Agreement provide that: Mr. Habicht will continue to be paid his annual base salary through the Retirement Effective Date. In addition, Mr. Habicht will be eligible to receive a prorated annual bonus for 2025 based on actual performance calculated in a manner consistent with the Company's bonus plan for 2025. The equity awards held by Mr. Habicht as of the Retirement Effective Date will be treated as follows: o All of the restricted stock awards subject to only time-based vesting conditions will vest as of immediately prior to the Retirement Effective Date; and o The restricted stock awards subject to performance-based vesting conditions will continue to vest following the Retirement Effective Date on the same vesting terms and schedule (including attainment of applicable performance goals) as set forth in the applicable award agreements; however, the number
01
Item 9.01.
Financial Statements and Exhibits
Financial Statements and Exhibits. Exhibits. 10.1 Retirement and Transition Agreement, dated as of January 9, 2025, between the Company and Kevin B. Habicht. 10.2 Employment Letter, dated as of January 9, 2025, between the Company and Vincent H. Chao. 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: January 10, 2025 By: /s/ Kevin B. Habicht Kevin B. Habicht Executive Vice President and Chief Financial Officer