MALKIN ANTHONY E 4

What Happened
Anthony E. Malkin, Chairman & CEO and a director of Empire State Realty Trust (ESRT), was granted a total of 1,200,517 long-term incentive plan units ("LTIP Units") on 2026-03-13. The grants consist of 601,384 LTIP Units and 599,133 LTIP Units, each shown at $0.00 (derivative awards, not open-market purchases). LTIP Units are convertible, upon vesting and subject to tax allocation conditions, into Operating Partnership Units and ultimately redeemable for one share of Class A common stock (or cash) at the issuer’s option.

Key Details

• Transaction date: March 13, 2026; Filing date: March 17, 2026 (timely).
• Grants: 601,384 LTIP Units (A @ $0.00) and 599,133 LTIP Units (A @ $0.00). Total = 1,200,517 LTIP Units.
• Reported value: $0.00 per unit in the Form 4 (these are restricted/derivative awards, not purchases).
• Vesting/holding:
  • The 601,384 units vest ratably over the first four anniversaries of Jan 1, 2026, subject to continued employment, plus a two‑year holding period after each vesting date.
  • The 599,133 units vest ratably over the first three anniversaries of Jan 1, 2026 (issued in lieu of the 2025 cash annual incentive bonus), plus a two‑year holding period after each vesting date.
• Conversion: LTIP Units convert to Operating Partnership Units and are redeemable one-for-one for Class A shares (or cash) at the issuer’s option; conversion/ redemption rights do not expire.
• Shares owned after transaction: not specified in the filing.
• Filing timeliness: filed within required Form 4 timeframe (not marked late).

Context
These are equity-based compensation awards (derivative LTIP Units) rather than open-market purchases or sales. Because they vest over multiple years and carry additional holding restrictions, they do not represent immediately tradable shares and do not by themselves signal an immediate change in insider selling/buying behavior. One portion was granted in exchange for the CEO’s election to take his 2025 cash bonus as LTIP Units.