Brown William P 4

What Happened

• William P. Brown, a director of EPR Properties (EPR), received awards and reported a derivative conversion on June 1, 2026. He was granted three Restricted Share Unit (RSU) awards totaling 4,978 RSUs (2,358 + 1,965 + 655) at $0.00 (code A). The filing also shows an exercise/conversion of 2,729 derivative units (code M) with a matching reported disposition of 2,729 derivative units at $0.00. No cash value was reported for the awards or the derivative disposition.

Key Details

• Transaction date: June 1, 2026; Form 4 filed: June 2, 2026 (appears timely).
• Grants: 2,358 RSUs, 1,965 RSUs, and 655 RSUs — total 4,978 RSUs (awards, $0.00).
• Derivative conversion: 2,729 shares reported as exercised/converted (M) and a matching disposition of 2,729 derivative units at $0.00.
• Shares owned after the transactions: not specified in the filing.
• Footnotes: RSUs are contingent rights to receive one common share each (F1/F2/F4/F5). Vesting is generally the earlier of June 1, 2027 or a Change of Control (F3). RSUs were issued under the 2016 Equity Incentive Plan as part of trustee compensation and in lieu of retainer/chair fees.

Context

• RSUs are awards, not open-market purchases or sales; they represent a future right to receive shares if/when they vest. Because these RSUs vest in the future (or upon a change of control), they do not represent immediate share purchases or liquidating sales.
• The M-code conversion and the matching $0.00 disposition indicate a derivative conversion event was reported, but the filing does not provide settlement/holding details (e.g., whether shares were withheld for taxes). No dollar amounts or immediate open-market sales were reported.