Orion Properties (ONL) director Kathleen Allen awarded 34,483 RSUs and updates holdings

Rhea-AI Filing Summary

ALLEN KATHLEEN reported acquisition or exercise transactions in this Form 4 filing.

Orion Properties Inc. director Kathleen Allen reported updated share holdings, including a new equity award. She received a grant of 34,483 shares of Common Stock as restricted stock units at a price of $0.0000 per share, increasing her directly held position to 111,726 shares.

The RSUs vest in full on the earlier of the one-year anniversary of the grant date or the next annual stockholder meeting, subject to her continued service. A trust benefiting her children also holds 37,170 shares indirectly, for which she is a co-trustee.

Insights

Equity compensation analyst

Director receives routine RSU grant that increases equity-based compensation.

Director Kathleen Allen acquired 34,483 restricted stock units of Orion Properties Inc. at $0.0000 per share as equity compensation. This is coded as an "A" transaction, indicating a grant or award rather than an open-market purchase.

The RSUs vest on the earlier of the one-year anniversary of the grant date or the next annual stockholder meeting, contingent on continued service. After the grant, she holds 111,726 shares directly, while a children’s trust where she is co-trustee holds 37,170 shares indirectly.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider ALLEN KATHLEEN

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	34,483	$0.00	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 111,726 shares (Direct, null); Common Stock — 37,170 shares (Indirect, By Trust)

Footnotes (1)

1. Represents restricted stock units ("RSUs") granted to the Reporting Person pursuant to the Issuer's equity plan. The RSUs vest in full on the earlier to occur of (i) the one-year anniversary of the grant date or (ii) the date of the annual meeting of the Issuer's stockholders next following the grant date, subject to the Reporting Person's continued service with the Issuer through such date. The Reporting Person is the co-trustee of a trust that benefits the children of the Reporting Person.

Key Figures

RSU grant size: 34,483 shares RSU grant price: $0.0000 per share Direct shares after grant: 111,726 shares +2 more

5 metrics

RSU grant size 34,483 shares Restricted stock units granted to director on 2026-05-13

RSU grant price $0.0000 per share Indicated grant price for RSU award

Direct shares after grant 111,726 shares Common Stock directly held following RSU grant

Indirect trust holdings 37,170 shares Common Stock held by children’s trust where Allen is co-trustee

Transaction code A Indicates grant, award, or other acquisition

Key Terms

restricted stock units ("RSUs"), equity plan, grant, award, or other acquisition, co-trustee, +1 more

5 terms

restricted stock units ("RSUs") financial

"Represents restricted stock units ("RSUs") granted to the Reporting Person pursuant to the Issuer's equity plan."

Restricted stock units (RSUs) are a company promise to give an employee shares of stock (or cash equivalent) in the future, but only after certain conditions—usually staying with the company for a set time or hitting performance goals—are met. Investors watch RSUs because when they vest they increase the number of shares outstanding and can lead insiders to sell shares, affecting share price, company dilution and the true cost of employee pay.

equity plan financial

"RSUs granted to the Reporting Person pursuant to the Issuer's equity plan."

An equity plan is a company program that gives employees, executives or directors a stake in the business through stock, stock options or similar ownership awards, like handing out slices of a pie to people who help bake it. It matters to investors because these grants can motivate key personnel and align their interests with shareholders, but they also increase the number of shares over time and can dilute existing ownership and affect reported earnings.

grant, award, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

co-trustee financial

"The Reporting Person is the co-trustee of a trust that benefits the children of the Reporting Person."

indirect ownership financial

"direct_or_indirect: I, ownership_type: indirect, nature_of_ownership: By Trust"

Form 4 Insider Transactions: What Each Field Means →

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^*

ALLEN KATHLEEN

(Last) (First) (Middle)

C/O ORION PROPERTIES INC.

3200 E. CAMELBACK ROAD, SUITE 100

(Street)

PHOENIX ARIZONA 85018

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Orion Properties Inc. [ ONL ]

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

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/13/2026

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

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

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

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	05/13/2026		A		34,483(1)	A	$0	111,726	D
Common Stock								37,170	I	By Trust(2)

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

Explanation of Responses:

1. Represents restricted stock units ("RSUs") granted to the Reporting Person pursuant to the Issuer's equity plan. The RSUs vest in full on the earlier to occur of (i) the one-year anniversary of the grant date or (ii) the date of the annual meeting of the Issuer's stockholders next following the grant date, subject to the Reporting Person's continued service with the Issuer through such date.

2. The Reporting Person is the co-trustee of a trust that benefits the children of the Reporting Person.

Remarks:

	/s/ Paul C. Hughes, by power of attorney	05/15/2026
	** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Orion Properties (ONL) director Kathleen Allen report in this Form 4?

Kathleen Allen reported an equity award and updated holdings. She received 34,483 restricted stock units of Orion Properties common stock, bringing her direct holdings to 111,726 shares, and also reported 37,170 shares held indirectly through a trust benefiting her children.

Was the Orion Properties (ONL) transaction a market purchase or a compensation grant?

The transaction was a compensation grant, not a market purchase. It is coded as an "A" transaction, meaning a grant, award, or other acquisition, with 34,483 restricted stock units awarded at an indicated price of $0.0000 per share to director Kathleen Allen.

How many Orion Properties (ONL) shares does Kathleen Allen hold after this filing?

After the reported grant, Kathleen Allen holds 111,726 shares of Orion Properties common stock directly. In addition, a trust benefiting her children, where she serves as co-trustee, holds 37,170 shares indirectly, reflecting both her personal and related trust positions disclosed.

When do Kathleen Allen’s Orion Properties (ONL) RSUs vest?

The 34,483 restricted stock units vest in full on the earlier of the one-year anniversary of the grant date or the date of the next annual meeting of Orion Properties stockholders, provided Kathleen Allen continues to serve the company through the applicable vesting date.

What is the nature of Kathleen Allen’s indirect Orion Properties (ONL) holdings?

The indirect holdings relate to 37,170 Orion Properties shares held by a trust. Kathleen Allen is a co-trustee of this trust, which benefits her children, so these shares are reported as indirectly owned, reflecting her role associated with the trust’s holdings.