BROWN PETER C 4

What Happened

• Peter C. Brown, a director of EPR Properties (EPR), recorded derivative activity and new awards on 2026-06-01. The Form 4 shows an exercise/conversion of 3,518 derivative units (code M) and a reported disposition of those 3,518 derivative units at $0.00. On the same date he received two grants (code A) totaling 3,406 Restricted Share Units (2,358 and 1,048) reported at $0.00 each. The awards were issued as part of the company’s trustee compensation program and no cash proceeds are reported in the filing.

Key Details

• Transaction date: 2026-06-01; Form 4 filed: 2026-06-02 (appears timely).
• Derivative activity: 3,518 units exercised/converted (M); disposition of 3,518 units at $0.00.
• Grants: 2,358 RSUs and 1,048 RSUs (total 3,406 RSUs) at $0.00 (A).
• Shares owned after transaction: not disclosed in the provided filing excerpt.
• Footnotes summary:
  • F1/F2/F4: Each RSU is a contingent right to one common share; these RSUs were issued under the 2016 Equity Incentive Plan as part of the annual trustee retainer.
  • F3: RSUs vest at the earlier of June 1, 2027, or a Change of Control; settlement/delivery occurs per the reporting person’s instructions.
• Transaction codes: M = exercise/conversion of derivative; A = grant/award.

Context

• These entries reflect compensation and a derivative conversion rather than an open-market purchase or sale of company stock. The RSUs are not immediately tradable — they are contingent awards that vest in the future (by 6/1/2027 or upon a change of control). For retail investors, compensation grants are routine and do not necessarily signal insider bullishness in the same way outright purchases can.