SPAID JOHN L (CFO/EVP Finance) exercised options at NATIONAL HEALTH INVESTORS INC

Option exercise — a mechanical event triggered by vesting or expiry. Not a discretionary conviction trade.

M · 3 exercises

SPAID JOHN L

Filed: 1/20/2026ACC: 0000877860-26-000008

InsiderSPAID JOHN LCIK 1667637

→

IssuerNATIONAL HEALTH INVESTORS INCCIK 877860

Officer· CFO/EVP Finance

Since Mar 2026

-27.74K

Net shares

Net seller

$2.23M

Total sold

Open market trades

0B · 0S

Total transactions

32K acquired · 59.74K disposed

Non-Derivative Transactions4

Common Stock

Direct

M · Option Exercise

+8.50K

Price / share

$54.73

Trade value

$465.20K

% of position

19.1%

1/16/2026

44.42K→52.92K

Common Stock

Direct

M · Option Exercise

+8.50K

Price / share

$57.76

Trade value

$490.96K

% of position

16.1%

1/16/2026

52.92K→61.42K

Common Stock

Direct

M · Option Exercise

+15K

Price / share

$73.34

Trade value

$1.10M

% of position

24.4%

1/16/2026

61.42K→76.42K

Common Stock

Direct

F · Tax Withholding

−27.74K

Price / share

$80.43

Trade value

$2.23M

% of position

36.3%

1/16/2026

76.42K→48.68K

Total

Net shares

+4.26K

Net value

-$175.02K

Security	Date	Type	Shares	Price / Share	Trade Value	% of Position	Held Before	Held After
Common Stock Direct	1/16/2026	M · Option Exercise	+8.50K	$54.73	$465.20K	19.1%	44.42K	52.92K
Common Stock Direct	1/16/2026	M · Option Exercise	+8.50K	$57.76	$490.96K	16.1%	52.92K	61.42K
Common Stock Direct	1/16/2026	M · Option Exercise	+15K	$73.34	$1.10M	24.4%	61.42K	76.42K
Common Stock Direct	1/16/2026	F · Tax Withholding	−27.74K	$80.43	$2.23M	36.3%	76.42K	48.68K
Total			+4.26K		-$175.02K

Derivative Transactions3

Stock Option (Right to Buy) 2023

Direct

M · Option Exercise

Converts to

Common Stock

8.50K shares

−8.50K

Strike price

54.73

Held after

0.00

Exercisable

—

1/16/2026

Stock Option (Right to Buy) 2024

Direct

M · Option Exercise

Converts to

Common Stock

8.50K shares

−8.50K

Strike price

57.76

Held after

0.00

Exercisable

—

1/16/2026

Stock Option (Right to Buy) 2025

Direct

M · Option Exercise

Converts to

Common Stock

15K shares

−15K

Strike price

73.34

Held after

0.00

Exercisable

—

1/16/2026

Security	Converts To	Date	Type	Shares	Strike Price	Exercisable
Stock Option (Right to Buy) 2023 Direct	Common Stock8.50K shares	1/16/2026	M · Option Exercise	−8.50K	54.73	—
Stock Option (Right to Buy) 2024 Direct	Common Stock8.50K shares	1/16/2026	M · Option Exercise	−8.50K	57.76	—
Stock Option (Right to Buy) 2025 Direct	Common Stock15K shares	1/16/2026	M · Option Exercise	−15K	73.34	—