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ORLANDO, FL – NNN REIT, Inc., a Maryland-based real estate investment trust, disclosed in a recent SEC filing that it has updated the employment agreement for one of its top executives, Michelle L. Miller.
As of Monday, Miller, who currently serves as the company's Executive Vice President, Chief Accounting Officer, and Chief Technology Officer, will operate under a new employment letter effective January 1, 2025.
According to the filing, Miller's new compensation package includes an annual base salary of $350,000, eligibility for performance-based cash bonuses, and potential equity awards under the company's 2017 Performance Incentive Plan. She will also continue to have access to the company's benefit plans and receive certain fringe benefits.
The severance plan also provides for death or disability benefits, including a lump sum payment and continued health coverage for dependents in the event of the participant's death. Additionally, if employment is terminated due to retirement, as approved by the Board, the participant may be eligible for prorated bonus payments and vesting of equity awards based on actual performance.
The filing also notes that the receipt of severance payments and benefits is contingent upon the execution of a release of claims in favor of the company and compliance with restrictive covenants such as non-competition and non-solicitation.
The news above is based on an SEC filing.
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