Essential Properties Realty ( (EPRT) ) has shared an update.
Essential Properties Realty Trust, Inc. has renewed its employment agreement with CFO Mark E. Patten, guaranteeing his position until at least the end of 2028, with potential for automatic yearly extensions. Patten’s compensation includes a $520,000 minimum annual salary and eligibility for performance-based bonuses and long-term incentives. Upon termination without cause or resignation for a good reason, Patten is entitled to substantial severance benefits, especially if the termination coincides with a company change in control. The agreement also imposes a 12-month non-competition clause post-employment, ensuring Patten’s commitment to the company’s future success.
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