NHI CFO exercises options, receives share grant

National Health Investors Inc CFO and EVP Finance John L. Spaid reported several equity transactions on March 3, 2026.

Accepted by SEC EDGAR 03/05/2026 - 04:58 PM EST Learn about SEC filing dates

Rhea-AI Filing Summary

National Health Investors Inc CFO and EVP Finance John L. Spaid reported several equity transactions on March 3, 2026. He exercised stock options for 15,000 shares of common stock at $73.34 per share and received a grant of 4,726 restricted shares that vest in three equal annual installments beginning on March 3, 2027, subject to continued service. To cover tax obligations related to vesting restricted stock, 13,594 shares and an additional 511 shares were disposed of through issuer share withholding at a price of $86.75 per share. After these transactions, he directly held 56,254.6372 shares of common stock.

Insider Trade Summary

15,000 shares exercised/converted

Exercise 5 txns

Insider Spaid John L

Role CFO/EVP Finance

Type	Security	Shares	Price	Value
Exercise	Stock Option (Right to Buy) 2025	15,000	$0.00	$0.00
Grant/Award	Common Stock	4,726	$0.00	$0.00
Exercise Price or Tax Liability	Common Stock	511	$86.75	$44K
Exercise	Common Stock	15,000	$73.34	$1.10M
Exercise Price or Tax Liability	Common Stock	13,594	$86.75	$1.18M

Holdings After Transaction: Stock Option (Right to Buy) 2025 — 0 contracts (Direct); Common Stock — 56,254.6372 shares (Direct)

Holdings Before and After: Stock Option (Right to Buy) 2025, 15,000 to 0 contracts (Direct); Common Stock, 50,633.6372 to 56,254.6372 shares (Direct)

Footnotes (2)

1. F1. Represents a grant of restricted stock that vests in three equal annual installments on each anniversary of the grant date beginning March 3, 2027, subject to the reporting person's continued service through each vesting date.
2. F2. Represents shares withheld by the issuer to satisfy tax withholding obligations in connection with the vesting of restricted stock on March 3, 2026.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did NHI CFO John L. Spaid report on March 3, 2026?

John L. Spaid reported exercising options for 15,000 National Health Investors common shares and receiving 4,726 restricted shares. He also had 13,594 and 511 shares withheld by the issuer to satisfy tax obligations tied to restricted stock vesting on March 3, 2026.

How many National Health Investors (NHI) shares does John L. Spaid own after these Form 4 transactions?

Following the reported equity transactions, John L. Spaid directly holds 56,254.6372 shares of National Health Investors common stock. This figure reflects the net position after option exercises, restricted stock awards, and issuer share withholding for related tax obligations on March 3, 2026.

What are the terms of John L. Spaid’s new restricted stock grant at NHI?

The restricted stock grant to John L. Spaid covers 4,726 National Health Investors shares. It vests in three equal annual installments on each anniversary of the March 3, 2026 grant date, beginning March 3, 2027, contingent on his continued service through each vesting date.

Were any of John L. Spaid’s NHI share dispositions open-market sales?

The reported dispositions were coded as F, meaning shares were withheld by National Health Investors to satisfy exercise price or tax liabilities. Footnotes clarify they were specifically withheld for tax obligations on vested restricted stock, not open-market share sales by the executive.

At what prices were John L. Spaid’s NHI equity transactions recorded?

The option exercise into 15,000 National Health Investors common shares was reported at a price of $73.34 per share. Shares withheld to cover tax obligations on restricted stock vesting were reported at $86.75 per share for the 13,594 and 511 share dispositions.

What does transaction code F indicate in John L. Spaid’s NHI Form 4 filing?

Transaction code F designates that shares were used to pay exercise price or tax liabilities. In this case, NHI footnotes state the F-coded transactions reflect shares withheld by the issuer to satisfy tax withholding obligations connected to restricted stock vesting on March 3, 2026.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Spaid John L

(Last) (First) (Middle)

222 ROBERT ROSE DRIVE

(Street)

MURFREESBORO TN 37129

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
NATIONAL HEALTH INVESTORS INC [ NHI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CFO/EVP Finance

3. Date of Earliest Transaction (Month/Day/Year)
03/03/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/03/2026		A		4,726(1)	A	$0	55,359.6372	D
Common Stock	03/03/2026		F		511(2)	D	$86.75	54,848.6372	D
Common Stock	03/03/2026		M		15,000	A	$73.34	69,848.6372	D
Common Stock	03/03/2026		F		13,594	D	$86.75	56,254.6372	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy) 2025	$73.34	03/03/2026		M			15,000	03/03/2026	03/03/2030	Common Stock	15,000	$0	0	D

Explanation of Responses:

1. Represents a grant of restricted stock that vests in three equal annual installments on each anniversary of the grant date beginning March 3, 2027, subject to the reporting person's continued service through each vesting date.

2. Represents shares withheld by the issuer to satisfy tax withholding obligations in connection with the vesting of restricted stock on March 3, 2026.

	/s/ Kimberly V. Ouimet, by limited power of attorney	03/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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