ESTES SCOTT A 4

What Happened
Scott A. Estes, a director of Essential Properties Realty Trust, Inc. (EPRT), was granted 3,837 LTIP Units (a derivative award) on May 13, 2026. The units were reported as acquired at $0.00 per unit (total $0) and are recorded as a derivative interest (OP Units/LTIP Units), not immediate shares of common stock.

Key Details

• Transaction type: Award/Grant (Form 4 code A); derivative security (LTIP Units convertible to OP Units).
• Date of transaction: 2026-05-13; Form 4 filed: 2026-05-15 (reported within the typical two-business-day window).
• Quantity and price: 3,837 LTIP Units @ $0.00 (no cash paid).
• Shares owned after transaction: not specified in the reported transaction (filing does not list total holdings post-grant).
• Footnote highlights:
  • OP Units are limited partnership units of Essential Properties, L.P., redeemable for cash or exchangeable for common stock on a 1:1 basis (subject to anti-dilution adjustments).
  • LTIP Units represent contingent rights to receive OP Units upon vesting and are conditioned on certain tax capital account allocations.
  • Vesting: LTIP Units vest ratably on the earlier of (i) the first anniversary of the grant or (ii) the first annual meeting after grant, provided continued board service. There is no expiration date.
• Exhibit noted: Power of Attorney (Exhibit 24.1) incorporated by reference.

Context
This was a grant of long-term incentive units (derivative awards), not an open-market purchase or sale of common stock. Such awards are common for board compensation and vest over time; they do not represent immediately tradable shares unless and until they vest and are exchanged/redeemed per the partnership agreement. The filing appears timely (transaction 5/13, Form 4 filed 5/15).