Orion Properties director awarded 34,483 RSUs

Lieb Richard J reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Lieb Richard J reported acquisition or exercise transactions in this Form 4 filing.

Orion Properties Inc. director Richard J. Lieb reported an equity compensation grant rather than an open-market trade. He received 34,483 shares of Common Stock in the form of restricted stock units (RSUs) at $0.00 per share under the company’s equity plan.

The RSUs vest in full on the earlier of the one-year anniversary of the grant date or the next annual meeting of stockholders, contingent on his continued service. After this award, Lieb’s direct holdings reported in the filing total 141,099 shares, highlighting a routine board-level compensation event.

Insider Trade Summary

Grant/Award: 34,483 shares

Grant/Award 1 txn

Insider Lieb Richard J

Role Director

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

Holdings After Transaction: Common Stock — 141,099 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

RSU grant size: 34,483 shares Grant price: $0.00 per share Post-transaction holdings: 141,099 shares +2 more

5 metrics

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

Grant price $0.00 per share Reported price per share for RSU grant

Post-transaction holdings 141,099 shares Total direct holdings after the RSU grant

Vesting condition 1 One-year anniversary RSUs vest on one-year anniversary of grant date if service continues

Vesting condition 2 Next annual meeting Alternative vesting: date of next annual stockholders’ meeting

Key Terms

restricted stock units ("RSUs"), equity plan, annual meeting of the Issuer's stockholders

3 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 of the Issuer's stockholders financial

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

FAQ

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

What insider transaction did Orion Properties (ONL) report for Richard J. Lieb?

Orion Properties reported that director Richard J. Lieb received 34,483 restricted stock units (RSUs) of Common Stock as an equity compensation grant, not an open-market purchase, according to a Form 4 insider filing detailing his updated share holdings.

How many shares did Richard J. Lieb hold after this Form 4 transaction at Orion Properties (ONL)?

Following the RSU grant, Richard J. Lieb’s direct holdings reported in the Form 4 total 141,099 shares of Orion Properties Common Stock, reflecting the inclusion of 34,483 newly awarded RSUs under the company’s equity compensation plan.

What are the vesting terms of Richard J. Lieb’s RSU grant at Orion Properties (ONL)?

The 34,483 RSUs granted to Richard J. Lieb vest in full on the earlier of the one-year anniversary of the grant date or the date of Orion Properties’ next annual stockholders’ meeting, subject to his continued service with the company through that vesting date.

Was Richard J. Lieb’s Orion Properties (ONL) Form 4 transaction a market buy or sell?

The Form 4 reflects a grant or award acquisition, not a market buy or sell. Richard J. Lieb received 34,483 RSUs at a reported price of $0.00 per share as part of Orion Properties’ equity compensation program.

What type of security did Richard J. Lieb receive from Orion Properties (ONL) in this filing?

Richard J. Lieb received Common Stock in the form of restricted stock units (RSUs). These RSUs were granted under Orion Properties’ equity plan and will convert into shares upon vesting, assuming he continues his service with the company until that time.

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

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Accepted by SEC EDGAR 05/15/2026 - 04:29 PM Learn about SEC filing dates

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^*

Lieb Richard J

(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	141,099	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

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)