HAN PATRICIA 4
4 · Empire State Realty Trust, Inc. · Filed May 19, 2026
Research Summary
AI-generated summary of this filing
Empire State Realty (ESRT) Director Patricia Han Receives LTIP Award
What Happened Patricia Han, a director of Empire State Realty Trust, Inc. (ESRT), received a grant of 23,856 long-term incentive plan units (LTIP Units) on 2026-05-15. The units were granted at $0.00 (an award/derivative grant), so there was no cash purchase. LTIP Units are a form of equity compensation that can convert into operating partnership units and ultimately into Class A common shares (or cash) on a one-for-one basis when vested.
Key Details
- Transaction date: 2026-05-15; Form 4 filed: 2026-05-19. (Form 4 was filed after the typical 2-business-day deadline.)
- Transaction type/code: A — Award/Grant of derivative LTIP Units.
- Amount: 23,856 LTIP Units; grant price reported as $0.00.
- Shares owned after transaction: Not specified in the filing.
- Footnotes: F1 — LTIP Units convert to Operating Partnership Units and are redeemable for Class A common stock (or cash) one-for-one; conversion/redeem rights do not expire. F2 — LTIP Units vest ratably over the first four anniversaries of the grant and are subject to an additional two-year holding period.
- Remark: Exhibit 24 (Power of Attorney) included with filing.
Context This was a compensation award, not an open-market purchase or sale, so it signals routine equity-based pay rather than an immediate bullish or bearish trading action. Because the units vest over four years and include an extra two-year holding period, these units are not freely tradable right away. The late filing may warrant attention for compliance reasons but does not itself indicate the insider’s view on the stock.
Insider Transaction Report
- Award
LTIP Units
[F1][F2]2026-05-15+23,856→ 149,979 total→ Class A Common Stock (23,856 underlying)
Footnotes (2)
- [F1]These represent long term incentive plan units ("LTIP Units"), a class of units of Empire State Realty OP, L.P. (the "Operating Partnership"). Conditioned upon sufficient allocations to the capital accounts of the LTIP Units for federal income tax purposes, LTIP Units are convertible by the Reporting Person, upon vesting, into an equivalent number of units of limited partnership interests ("Operating Partnership Units") of the Operating Partnership, which are redeemable by the holder for shares of Class A Common Stock of Empire State Realty Trust, Inc. (the "Issuer") on a one-for-one basis or the cash value of such shares, at the Issuer's option. The rights to convert LTIP Units into Operating Partnership Units and redeem Operating Partnership Units do not have expiration dates. These LTIP Units were granted under the Empire State Realty Trust, Inc. Empire State Realty OP, L.P. 2026 Equity Incentive Plan.
- [F2]These LTIP Units vest ratably on each of the first four anniversaries of the date of grant. Each of the LTIP Units is subject to a holding period for an additional two years following the applicable grant date of such LTIP Unit.