Micah Babinski,
I had to think about this question. Do not consider of Nullable and Required as related to each other as they serve totally different functions.
Nullable and Non-Nullable pertains to when a value is not provided for a field the database will automatically populate the field with a <NULL> for Nullable or a zero (0) for numbers and an empty string ("") for text for Non-Nullable fields.
Required pertains to the field (the column) in a table not the values stored in the field. When you select Required you cannot delete or remove the field or column from the table. The Delete Field option will be grayed out for this column in the table. The values in the field still can contain NULLs if the field is also set to Nullable or will contain 0 and "" for Non-Nullable. A good example of the use of Required would be to prevent a user from accidently deleting a field that is used by other functions or programs.
The image below shows a field in a table that is set to Required and Allow Nulls. You can see there are Null values in the table but if I try to delete the field, the option is disabled.