Director at Orion Properties (ONL) awarded 43,103 stock units

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Orion Properties Inc. director Reginald Harold Gilyard reported an equity compensation grant. He acquired 43,103 shares of Common Stock in the form of restricted stock units at a stated price of $0.00 per share.

These RSUs vest in full on the earlier of the one-year anniversary of the grant date or the next annual stockholders’ meeting, provided he continues serving the company. Following this award, he directly holds 270,881 shares.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider GILYARD REGINALD HAROLD

Role null

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	43,103	$0.00	--

Holdings After Transaction: Common Stock — 270,881 shares (Direct, null)

Footnotes (1)

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Key Figures

RSUs granted: 43,103 shares Grant price: $0.00 per share Holdings after grant: 270,881 shares

3 metrics

RSUs granted 43,103 shares Restricted stock units granted on May 13, 2026

Grant price $0.00 per share Stated price for RSU award

Holdings after grant 270,881 shares Total Common Stock directly held following transaction

Key Terms

restricted stock units ("RSUs"), equity plan, annual meeting, continued service

4 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.

annual meeting financial

"the date of the annual meeting of the Issuer's stockholders next following the grant date"

A company's annual meeting is a yearly gathering where owners (shareholders) and the board review performance, ask questions, and vote on key matters like electing directors, approving auditor choices, and sometimes setting pay or dividend policies. For investors it matters because decisions made and votes cast can change who runs the company, influence strategy and payouts, and affect the value or direction of their investment—similar to a homeowners’ meeting where rules and leaders that shape your property’s value are decided.

continued service financial

"subject to the Reporting Person's continued service with the Issuer through such date."

Form 4 Insider Transactions: What Each Field Means →

05/15/2026 - 04:27 PM

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^*

GILYARD REGINALD HAROLD

(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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	05/13/2026		A		43,103⁽¹⁾	A	$0	270,881	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

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.

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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did Orion Properties (ONL) director Reginald Harold Gilyard report?

Reginald Harold Gilyard reported receiving 43,103 restricted stock units of Orion Properties Common Stock. The award was granted as equity compensation at a stated price of $0.00 per share and increased his direct holdings to 270,881 shares after the transaction.

How many Orion Properties (ONL) shares does Reginald Harold Gilyard hold after this Form 4?

After the reported grant, Reginald Harold Gilyard directly holds 270,881 shares of Orion Properties Common Stock. This total includes the newly awarded 43,103 restricted stock units that were granted as part of the company’s equity compensation plan on the reported date.

What are the vesting terms of the RSUs granted to the Orion Properties (ONL) director?

The 43,103 restricted stock units vest in full on the earlier of the one-year anniversary of the grant date or the next annual stockholders’ meeting. Vesting is conditioned on Reginald Harold Gilyard’s continued service with Orion Properties through the applicable vesting date.

Was cash paid for the Orion Properties (ONL) RSU grant reported by the director?

No cash was paid for this award; the RSUs were granted at a stated price of $0.00 per share. This indicates the transaction is a compensation-related equity grant rather than an open-market purchase of Orion Properties Common Stock by the director.

Is the Orion Properties (ONL) Form 4 transaction an open-market buy or a compensation grant?

The transaction is an equity compensation grant, not an open-market purchase. The Form 4 shows transaction code A, described as a grant or award acquisition, with 43,103 restricted stock units of Common Stock issued at a price of $0.00 per share to the director.