Sautel Stephen D 4

What Happened
Stephen D. Sautel, a director of Essential Properties Realty Trust, Inc. (EPRT), received awards of partnership/derivative units on May 13, 2026. The Form 4 reports two items: 2,938 LTIP Units valued at $31.27 each (total ≈ $91,871) and 3,837 OP Units reported at $0.00. These were granted as derivative interests (LTIP Units/OP Units) rather than open-market stock purchases. The award reflects an election to receive equity in lieu of his cash director retainer.

Key Details

• Transaction date: 2026-05-13; Form 4 filed 2026-05-15 (appears timely within the standard 2-business-day window).
• Items reported: 2,938 LTIP Units @ $31.27 = $91,871 (derivative); 3,837 OP Units @ $0.00 (derivative).
• Shares owned after transaction: Not specified in the filing.
• Notable footnotes:
  • F1: OP Units are limited partnership units of Essential Properties, L.P.; redeemable for cash or exchangeable 1:1 for company common stock (subject to adjustments).
  • F2: LTIP Units are a special class that convert to OP Units upon vesting (contingent right).
  • F3: LTIP Units vest ratably on the earlier of the first anniversary of grant or the first annual meeting after grant, subject to continued board service; no expiration.
  • F4: The LTIP Units were elected in lieu of a $87,500 cash retainer; the LTIP plan provides a 5% premium for directors taking equity (explains the ~$91.9K value).
• Filing remarks: Power of Attorney referenced (Exhibit 24.1).

Context
These are equity awards/derivative units rather than open-market purchases or sales. LTIP Units confer a contingent right to OP Units (and ultimately common stock or cash) upon vesting, so this is a compensation/election-related grant — routine for directors electing equity in lieu of cash. Such grants are informative about director compensation but do not by themselves indicate near-term buying or selling of common shares.