MCDOWELL PAUL H 4

What Happened Paul H. McDowell, a director and the Chief Executive Officer and President of Orion Properties Inc. (ONL), was granted 217,573 restricted stock units (RSUs) on March 12, 2026. The Form 4 reports the award as an acquisition at $0.00 per share (award/ grant), which reflects a compensation grant rather than an open-market purchase or sale. The RSUs vest ratably on each of the first, second and third anniversaries of March 4, 2026, subject to continued service.

Key Details

• Transaction date: March 12, 2026; Form 4 filed March 16, 2026 (timely filed within the reporting window).
• Transaction type/code: Award (A) — 217,573 RSUs; acquisition price $0.00 (grant).
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: RSUs vest ratably on the 1st, 2nd and 3rd anniversaries of March 4, 2026, subject to continued service (per footnote F1).
• Remark: Reporting person is CEO and President (also listed as a director).

Context Restricted stock units are a form of equity compensation that convert to shares only as they vest; they are not immediately tradable stock and carry tax consequences when they vest. This filing documents a compensation award (common for executives) and does not by itself indicate a market purchase or sale. The ultimate monetary value will depend on ONL’s share price at each vesting date.