Document:

EX-10.5

 Exhibit 10.5 

ESSENTIAL PROPERTIES L.P. 

PRIVATE PLACEMENT PURCHASE AGREEMENT 

PRIVATE PLACEMENT PURCHASE AGREEMENT (this “Agreement”) made as of [    ], 2018, by and between Essential
Properties, L.P., a Delaware limited partnership (the “Partnership”), and Security Benefit Life Insurance Company, a Kansas stock insurance company (the “Purchaser”). 

WHEREAS, the Purchaser has a substantive, pre-existing relationship with the Partnership; 

WHEREAS, Essential Properties Realty Trust, Inc., a Maryland corporation (the “Company”) has filed a registration statement
on Form S-11 (File No. 333-225215) (the “Registration Statement”) under the Securities Act of 1933, as amended (the “Securities
Act”) with the Securities and Exchange Commission (the “SEC”) in connection with a proposed initial public offering (the “IPO”) of 32,500,000 shares of the Company’s common stock, $0.01 par value per
share (the “Common Stock”); and 
 WHEREAS, the Partnership desires to issue and sell, and the Purchaser desires to
purchase, upon the terms and conditions set forth in this Agreement, [     ] units of limited partnership interest in the Partnership (“OP Units”), having a value of $[    ] million,
based upon the initial public offering price of per share of Common Stock in the IPO (the “Private Placement Units” and each, a “Private Placement Unit”). 

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as
follows: 
 1. Sale and Purchase of Private Placement Units. On
[                ], 2018, the Partnership shall issue and sell to the Purchaser and the Purchaser shall purchase from the Partnership, at a purchase price per Private
Placement Unit equal to the public offering price per share of Common Stock in the IPO, [        ] OP Units constituting the Private Placement Units. 

2. Closing. The closing of the purchase and sale of the Private Placement Units hereunder, including payment for and
delivery of the Private Placement Units, will take place at the offices of the Partnership or the Partnership’s legal counsel concurrently with, and shall be subject to, the completion of the IPO. 

3. Representations and Warranties of the Partnership. In connection with the issuance and sale of the Private Placement
Units, the Partnership hereby represents and warrants to the Purchaser the following: 
 3.1 The Partnership is a limited
partnership duly formed, validly existing and in good standing under the laws of the State of Delaware and the Partnership has all necessary power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.

 3.2 All action necessary to be taken by the Partnership to authorize the
execution, delivery and performance of this Agreement and all other agreements and instruments delivered by the Partnership in connection with the transactions contemplated hereby has been duly and validly taken and this Agreement has been duly
executed and delivered by the Partnership. This Agreement constitutes the valid, binding and enforceable obligation of the Partnership, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforcement is
sought in a proceeding at law or in equity). The issuance and sale by the Partnership of the Private Placement Units does not conflict with its organizational documents or any material contract by which the Partnership or its property or assets is
bound, or any federal or state laws or regulations or decree, ruling or judgment of any United States or state court applicable to the Partnership or its property or assets. 

3.3 Upon issuance in accordance with, and payment pursuant to, the terms hereof, the Purchaser will have good title to the
Private Placement Units free and clear of all liens, claims and encumbrances of any kind, other than transfer restrictions hereunder and under other agreements contemplated hereby. 

3.4 The Partnership has a substantive, pre-existing relationship with the Purchaser.
The Partnership (i) did not identify or contact the Purchaser through the marketing of the IPO and (ii) was not independently contacted by the Purchaser as a result of the general solicitation by means of the Registration Statement. 

4. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Partnership
that: 
 4.1 The Purchaser is an “accredited investor” as that term is defined in Rule 501 of Regulation D
promulgated under the Securities Act. The Purchaser has accurately completed the Accredited Investor Questionnaire attached hereto as Exhibit A indicating the basis for such Purchaser’s accredited investor status. 

4.2 The Private Placement Units are being acquired for the Purchaser’s own account, only for investment purposes and not
with a view to, or for resale in connection with, any public distribution or public offering thereof within the meaning of the Securities Act. 

4.3 The Purchaser is a limited liability company duly formed, validly existing and in good standing under the laws of the State
of Delaware. The Purchaser has all necessary power and authority to enter into this Agreement and to consummate the transactions contemplated hereby. 

  
 -2- 

 4.4 All action necessary to be taken by the Purchaser to authorize the execution,
delivery and performance of this Agreement and all other agreements and instruments delivered by the Purchaser in connection with the transactions contemplated hereby has been duly and validly taken and this Agreement has been duly executed and
delivered by the Purchaser. This Agreement constitutes the valid, binding and enforceable obligation of the Purchaser, enforceable in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer or similar laws of general application now or hereafter in effect affecting the rights and remedies of creditors and by general principles of equity (regardless of whether enforcement is sought in a
proceeding at law or in equity). The purchase by the Purchaser of the Private Placement Units does not conflict with the organizational documents of the Purchaser or with any material contract by which the Purchaser or its property or assets is
bound, or any laws or regulations or decree, ruling or judgment of any court applicable to the Purchaser or its property or assets. 

4.5 The Purchaser understands and acknowledges that the offering of the Private Placement Units pursuant to this Agreement will
not be registered under the Securities Act on the grounds that the offering and sale of the Private Placement Units is exempt from registration under the Securities Act pursuant to Rule 506 of Regulation D thereof and exempt from registration
pursuant to applicable state securities or blue sky laws and, therefore, the Private Placement Units will be characterized as “restricted securities” under the Securities Act and such laws and may not be sold unless the Private Placement
Units are subsequently registered under the Securities Act and qualified under state law or unless an exemption from such registration and such qualification is available. 

4.6 The Purchaser has a substantive, pre-existing relationship with the Partnership.
The Purchaser (i) was not identified or contacted through the marketing of the IPO and (ii) did not independently contact the Partnership as a result of the general solicitation by means of the Registration Statement. 

4.7 The Purchaser (i) has such knowledge and experience in financial and business matters as to be capable of evaluating
the merits and risks of the Purchaser’s prospective investment in the Private Placement Units; (ii) has the ability to bear the economic risks of the Purchaser’s prospective investment; and (iii) has not been offered the Private
Placement Units by any form of advertisement, article, notice, or other communication published in any newspaper, magazine, or similar medium; or broadcast over television or radio; or any seminar or meeting whose attendees have been invited by any
such medium. 
 5. Registration Rights Agreements. As a further inducement for the Purchaser to purchase the Private
Placement Units, at the time of the completion of the IPO, the Company and the Purchaser shall enter into a registration rights agreement, pursuant to which the Company will grant certain registration rights to the Purchaser relating to shares of
Common Stock that may be received upon exchange of the Purchaser’s Private Placement Units from time to time in accordance with the terms of the Amended and Restated Agreement of Limited Partnership to be dated [
        ], 2018. 

  
 -3- 

 6. Successors and Assigns. Except as otherwise expressly provided herein,
all covenants and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing
or anything to the contrary herein, the parties may not assign this Agreement or their obligations hereunder. 
 7.
Amendments. This Agreement may not be amended, modified or waived, in whole or in part, except by an agreement in writing signed by each of the parties hereto. 

8. Counterparts; Facsimile. This Agreement may be executed in any number of counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This Agreement or any counterpart may be executed via facsimile transmission, and any such executed facsimile copy shall be treated as an
original. 
 9. Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed
in accordance with the laws of the State of New York. The parties hereby agree that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New
York or the United States District Court for the Southern District of New York, and irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive. The parties hereby waive any objection to such exclusive jurisdiction and agree not
to plead or claim that such courts represent an inconvenient forum. 
 10. Third Party Beneficiaries. This Agreement
is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person. 

11. Legends. Each certificate, if any, representing the Private Placement Units shall be endorsed with the following
legend or a substantially similar legend: 
 “The securities represented by this certificate have not been registered under the
Securities Act of 1933, as amended, and are “restricted securities” as defined in Rule 144 promulgated under the Securities Act. The securities may not be sold or offered for sale or otherwise distributed except (i) in
conjunction with an effective registration statement for the shares under the Securities Act of 1933, as amended, or (ii) pursuant to an opinion of counsel, satisfactory to the company, that such registration or compliance is not required as to
said sale, offer, or distribution.” 
 12. Severability. In case any provision of this Agreement shall be found
by a court of law to be invalid, illegal, or unenforceable, the validity, legality, and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby. 

13. Entire Agreement. This Agreement and the other documents delivered pursuant hereto constitute the full and entire
understanding and agreement between the parties with regard to the subjects hereof and thereof and they supersede, merge, and render void every other prior written and/or oral understanding or agreement among or between the parties hereto. 

  
 -4- 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written
above. 
  

			
	ESSENTIAL PROPERTIES L.P.
		
	By:	 	Essential Properties OP G.P., LLC, its General Partner
		
	By:	 	  

		 	Name:
		 	Title:

 (Signatures Continue on Next Page) 

[Signature Page to Private Placement Purchase Agreement] 

  

 
			
	SECURITY BENEFIT LIFE INSURANCE COMPANY,
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Private Placement Purchase Agreement] 

  

 EXHIBIT A 

ACCREDITED INVESTOR QUESTIONNAIRE 

ACCREDITED INVESTOR STATUS FOR ENTITIES 

(Please check the applicable boxes): 
 1.
☒ A bank as defined in Section 3(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”) acting in its individual or fiduciary capacity; a savings and loan association or other institution as defined in
Section 3(a)(5)(A) of the Securities Act acting in its individual or fiduciary capacity; a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act of 1934, as amended; an insurance company as defined in section
2(13) of the Securities Act; an investment company registered under the Investment Company Act of 1940, as amended, or a business development company as defined in Section 2(a)(48) of the Securities Act; a small business investment company
licensed by the U.S. Small Business Administration under Section 301(c) or (d) of the Small Business Investment Act of 1958; an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of
1974, as amended (“ERISA”) and (i) the investment decision is made by a plan fiduciary, as defined in Section 3(21) of ERISA, which is either a bank, savings and loan association, insurance company or registered investment
adviser, or (ii) the employee benefit plan has total assets over $5,000,000, or (iii) the employee benefit plan is self directed and its investment decisions are made solely by persons that are accredited investors (within the meaning of
Rule 501(a) under the Securities Act); a plan established and maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions for the benefit of its employees, and such plan has
assets in excess of $5,000,000. 
 2. ☐ A private business development company as defined in Section 202(a)(22) of the Investment Advisers Act of
1940, as amended. 
 3. ☐ An organization described in Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, a corporation, a
Massachusetts or similar business trust, or a partnership, not formed for the specific purpose of acquiring the Private Placement Units, with total assets in excess of $5,000,000. 

4. ☐ A trust with total assets in excess of $5,000,000, that was not formed for the specific purpose of purchasing the Private Placement Units and whose
purchase is directed by a sophisticated person as described in Rule 506(b)(2)(ii). 
 5. ☐ An entity in which all of the equity owners are
accredited investors (within the meaning of Rule 501(a) under the Securities Act). 
  

  
 Exh. A-1EX-10.11

 Exhibit 10.11 

ESSENTIAL PROPERTIES REALTY TRUST, INC. 

2018 INCENTIVE PLAN 

Restricted Stock Award Notice 
 [Name
of Holder] 
 You have been awarded shares of restricted stock of Essential Properties Realty Trust, Inc., a Delaware corporation (the
“Company”), pursuant to the terms and conditions of the Essential Properties Realty Trust, Inc. 2018 Incentive Plan (the “Plan”) and the Restricted Stock Award Agreement (together with this Award Notice, the
“Agreement”). Capitalized terms not defined herein shall have the meanings specified in the Plan or the Agreement. 
  

			
	Restricted Stock:	  	You have been awarded [    ] restricted shares of Common Stock, par value $0.01 per share, subject to adjustment as provided in Section 6.1 of the Agreement.
		
	Grant Date:	  	[            ,        ]
		
	Vesting Schedule:	  	Except as otherwise provided in the Plan or the Agreement, the Award shall vest [in one-third annual installments on each of the first, second and third anniversaries of the Grant Date][on the
one-year anniversary of the Grant Date] if, and only if, Holder is, and has been, continuously serving as a Non-Employee Director from the date of this Agreement through
and including such date.

  

			
	ESSENTIAL PROPERTIES REALTY TRUST, INC.
		
	By:	 	                                     
                               
	Name:	 	[                                      
  ]
	Title:	 	[                                      
          ]

 Acknowledgment, Acceptance and Agreement: 

By signing below and returning this Award Notice to Essential Properties Realty Trust, Inc., I hereby acknowledge receipt of the Agreement and the Plan, accept
the Award granted to me and agree to be bound by the terms and conditions of this Award Notice, the Agreement and the Plan. 
  

	
	  

	 Holder

	
	  

	 Date

 Signature Page to Restricted Stock Agreement 

 ESSENTIAL PROPERTIES REALTY TRUST, INC. 

2018 INCENTIVE PLAN 

RESTRICTED STOCK AWARD AGREEMENT 

Essential Properties Realty Trust, Inc., a Delaware corporation (the “Company”), hereby grants to the individual (the
“Holder”) named in the award notice attached hereto (the “Award Notice”) as of the date set forth in the Award Notice (the “Grant Date”), pursuant to the provisions of the Essential Properties
Realty Trust, Inc. 2018 Incentive Plan (the “Plan”), a restricted stock award (the “Award”) for the number of shares of the Company’s Common Stock, par value $0.01 per share (“Stock”) set forth
in the Award Notice, upon and subject to the restrictions, terms and conditions set forth in the Plan and this agreement (the “Agreement”). 

1. Award Subject to Acceptance of Agreement. The Award shall be null and void unless the Holder (a) accepts this Agreement by
executing the Award Notice in the space provided therefor and returning an original execution copy of the Award Notice to the Company (or electronically accepts this Agreement within the Holder’s stock plan account with the Company’s stock
plan administrator according to the procedures then in effect), (b) if required by the Company, executes and returns one or more irrevocable stock powers to facilitate the transfer to the Company (or its assignee or nominee) of all or a portion of
the shares of Stock subject to the Award if any shares of Stock are forfeited pursuant to Section 4 or if required under applicable laws or regulations and (c) agrees to abide by all administrative procedures
established by the Company or its stock plan administrator, including any procedures requiring the Holder to notify the Company of any proposed sale of any Stock acquired upon the vesting of this Award. As soon as practicable after the Holder has
executed such documents and returned them to the Company, the Company shall cause to be issued in the Holder’s name the total number of shares of Stock subject to the Award. 

2. Rights as a Stockholder. Except as otherwise provided in this Agreement, the Holder shall have all rights as a holder of the Stock
subject to the Award, including, without limitation, voting rights, the right to receive dividends and other distributions thereon, and the right to participate in any capital adjustment applicable to all holders of Stock unless and until such
shares are forfeited pursuant to Section 4 hereof; provided, however, that a distribution with respect to shares of Stock (including, without limitation, a stock dividend or stock split), other than a
regular cash dividend, shall be delivered to the Company (and the Holder shall, if requested by the Company, execute and return one or more irrevocable stock powers related thereto) and shall be subject to the same restrictions as the shares of
Stock with respect to which such dividend or other distribution was made. 
 3. Custody and Delivery of Shares. The shares of Stock
subject to the Award shall be held by the Company or by a custodian in book entry form, with restrictions on the shares of Stock duly noted, until such Award shall have vested, in whole or in part, pursuant to Section 4
hereof, and as soon thereafter as practicable, the vested Stock shall be delivered to the Holder as the Holder shall direct. Alternatively, in the sole discretion of the Company, the Company shall hold a certificate or certificates representing the
shares of Stock subject to the 

 
Award until such Award shall have vested, in whole or in part, pursuant to Section 4 hereof, and the Company shall as soon thereafter as practicable, deliver the
certificate or certificates for the vested Stock to the Holder and destroy the stock power or powers relating to the vested Stock delivered by the Holder pursuant to Section 1 hereof. If such stock power or powers also
relate to unvested Stock, the Company may require, as a condition precedent to delivery of any certificate pursuant to this Section 3, the execution and delivery to the Company of one or more stock powers relating to such
unvested Stock. 
 4. Restriction Period and Vesting. 

4.1. Service-Based Vesting Condition. Except as otherwise provided in this Section 4, the Award shall vest in
accordance with the vesting schedule set forth in the Award Notice if, and only if, the Holder is, and has been, continuously serving as a Non-Employee Director from the date of this Agreement through and
including such date. The period of time prior to the vesting shall be referred to herein as the “Restriction Period.” 

4.2. Termination of Service due to Death or Disability. If the Holder’s service with the Company terminates prior to the end of the
Restriction Period by reason of the Holder’s death or Disability, then in either such case the Award shall become [fully vested][vested as of the date of termination with respect to a number of additional shares of Stock that would have become
vested during the one-year period following the date of such termination if the Holder’s service with the Company had continued through such date and the remainder of the Award that was not vested
immediately prior to Holder’s death or termination due to Disability and which did not otherwise become vested pursuant to this Section 4.2 shall be immediately forfeited by the Holder and cancelled by the Company].
For purposes of this Award, “Disability” shall mean Holder’s inability, due to illness, accident, injury, physical or mental incapacity or other disability, to carry out effectively Holder’s duties and obligations to the
Company for a period of at least 90 consecutive days or for shorter periods aggregating at least 120 days (whether or not consecutive) during any twelve month period, as determined in the reasonable judgment of the Board. 

4.3. Termination Other than for Death or Disability. If the Holder’s service with the Company terminates prior to the end of the
Restriction Period for any reason other than death or Disability, then the portion of the Award that was not vested immediately prior to such termination of service shall be immediately forfeited by the Holder and cancelled by the Company. 

5. Transfer Restrictions and Investment Representation. 

5.1. Nontransferability of Award. During the Restriction Period, the shares of Stock subject to the Award and not then vested may not be
offered, sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) by the Holder or be subject to execution, attachment or similar process other than by will, the laws of
descent and distribution or pursuant to beneficiary designation procedures approved by the Company. Any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of such shares shall be null and void. 

  
 2 

 5.2. Investment Representation. The Holder hereby represents and covenants that
(a) any share of Stock acquired upon the vesting of the Award will be acquired for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”),
unless such acquisition has been registered under the Securities Act and any applicable state securities laws; (b) any subsequent sale of any such shares shall be made either pursuant to an effective registration statement under the Securities
Act and any applicable state securities laws, or pursuant to an exemption from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Holder shall submit a written statement, in form
satisfactory to the Company, to the effect that such representation (x) is true and correct as of the date of vesting of any shares of Stock hereunder or (y) is true and correct as of the date of any sale of any such share, as applicable.
As a further condition precedent to the delivery to the Holder of any shares of Stock subject to the Award, the Holder shall comply with all regulations and requirements of any regulatory authority having control of or supervision over the issuance
or delivery of the shares and, in connection therewith, shall execute any documents which the Board shall in its sole discretion deem necessary or advisable. 

5.3. Legends. The Holder understands and agrees that the Company shall cause the legends set forth below or legends substantially
equivalent thereto, to be placed upon any certificate(s) evidencing ownership of the Stock together with any other legends that may be required by the Company or by state or federal securities laws: 

THE TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS (INCLUDING
FORFEITURE) OF A RESTRICTED STOCK AGREEMENT ENTERED INTO BETWEEN THE REGISTERED OWNER AND ESSENTIAL PROPERTIES REALTY TRUST, INC. A COPY OF SUCH AGREEMENT IS ON FILE IN THE OFFICES OF, AND WILL BE MADE AVAILABLE FOR A PROPER PURPOSE BY, THE
CORPORATE SECRETARY OF ESSENTIAL PROPERTIES REALTY TRUST, INC. 
 5.4. Stop-Transfer Notices. The Holder agrees that in order to
ensure compliance with the restrictions referred to herein, the Company may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own securities, it may make appropriate
notations to the same effect in its own records. 
 5.5. Refusal to Transfer. The Company shall not be required (i) to transfer
on its books any shares of Stock that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Stock or to accord the right to vote or pay dividends to any purchaser or
other transferee to whom such shares of Stock shall have been so transferred. 

  
 3 

 6. Additional Terms and Conditions of Award. 

6.1. Adjustment. In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting
Standards Codification Topic 718, Compensation—Stock Compensation) that causes the per share value of shares of Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary
dividend, the terms of this Award, including the number and class of securities subject hereto, shall be appropriately adjusted by the Committee. In the event of any other change in corporate capitalization, including a merger, consolidation,
reorganization, or partial or complete liquidation of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable by the Committee to prevent dilution or enlargement of rights
of the Holder. The decision of the Committee regarding any such adjustment shall be final, binding and conclusive. 
 6.2. Compliance with
Applicable Law. The Award is subject to the condition that if the listing, registration or qualification of the shares of Stock subject to the Award upon any securities exchange or under any law, or the consent or approval of any governmental
body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the vesting or delivery of shares hereunder, the shares of Stock subject to the Award shall not vest or be delivered, in whole or in part,
unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company agrees to use reasonable efforts to effect or obtain any such
listing, registration, qualification, consent, approval or other action. 
 6.3. Delivery of Stock. Upon the vesting of the Award, in
whole or in part, the Company shall deliver or cause to be delivered to the Holder the vested shares of Stock in accordance with Section 3. The Company shall pay all original issue or transfer taxes and all fees and
expenses incident to such delivery. 
 6.4. Award Confers No Rights to Continued Service. In no event shall the granting of the Award
or its acceptance by the Holder, or any provision of the Agreement or the Plan, give or be deemed to give the Holder any right to continued service with the Company. 

6.5. Decisions of Board or Committee. The Board or the Committee shall have the right to resolve all questions which may arise in
connection with the Award. Any interpretation, determination or other action made or taken by the Board or the Committee regarding the Plan or this Agreement shall be final, binding and conclusive. 

6.6. Successors. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and any
person or persons who shall, upon the death of the Holder, acquire any rights hereunder in accordance with this Agreement or the Plan. 

6.7. Taxation; Section 83(b) Election. The Holder understands that the Holder is solely responsible for all tax
consequences to the Holder in connection with this Award. The Holder represents that the Holder has consulted with any tax consultants the Holder deems advisable in connection with the Award and that the Holder is not relying on the Company for any
tax advice. By accepting this Agreement, the Holder acknowledges his or her understanding that the Holder may file with the Internal Revenue Service an election pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended (the
“Code”) (a “Section 83(b) Election”), not later than 30 days after the Grant Date, to include in the Holder’s gross income the Fair Market Value of the unvested shares of Stock subject to the
Award as of such date. Before filing a Section 83(b) Election with the Internal Revenue Service, the Holder shall notify the Company of such election by delivering to the Company a copy of the fully-executed Section 83(b) Election Form
attached hereto as Exhibit A. 

  
 4 

 6.8. Notices. All notices, requests or other communications provided for in this Agreement
shall be made, if to the Company, to Essential Properties Realty Trust, Inc., Attn:
[                                         
               ], and if to the Holder, to the last known mailing address of the Holder contained in the records of the Company. All notices, requests or other communications
provided for in this Agreement shall be made in writing either (a) by personal delivery, (b) by facsimile or electronic mail with confirmation of receipt, (c) by mailing in the United States mails or (d) by express
courier service. The notice, request or other communication shall be deemed to be received upon personal delivery, upon confirmation of receipt of facsimile or electronic mail transmission or upon receipt by the party entitled thereto if by United
States mail or express courier service; provided, however, that if a notice, request or other communication sent to the Company is not received during regular business hours, it shall be deemed to be received on the next succeeding
business day of the Company. 
 6.9. Governing Law. This Agreement, the Award and all determinations made and actions taken pursuant
hereto and thereto, to the extent not governed by the laws of the United States, shall be governed by the laws of the State of Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws. 

6.10. Agreement Subject to the Plan. This Agreement is subject to the provisions of the Plan and shall be interpreted in accordance
therewith. In the event that the provisions of this Agreement and the Plan conflict, the Plan shall control. The Holder hereby acknowledges receipt of a copy of the Plan. 

6.11. Entire Agreement. This Agreement and the Plan constitute the entire agreement of the parties with respect to the shares of Stock
subject to this Award and supersede in their entirety all prior undertakings and agreements of the Company and the Holder with respect to such shares of Stock, and may not be modified adversely to the Holder’s interest except by means of a
writing signed by the Company and the Holder. 
 6.12. Partial Invalidity. The invalidity or unenforceability of any particular
provision of this Agreement shall not affect the other provisions hereof and this Agreement shall be construed in all respects as if such invalid or unenforceable provision was omitted. 

6.13. Amendment and Waiver. The provisions of this Agreement may be amended or waived only by the written agreement of the Company and
the Holder, and no course of conduct or failure or delay in enforcing the provisions of this Agreement shall affect the validity, binding effect or enforceability of this Agreement. 

6.14. Counterparts. The Award Notice may be executed in two counterparts, each of which shall be deemed an original and both of which
together shall constitute one and the same instrument. 

  
 5 

 EXHIBIT A 

ELECTION TO INCLUDE VALUE OF RESTRICTED PROPERTY 

IN GROSS INCOME 
 IN YEAR
OF TRANSFER UNDER CODE SECTION 83(b) 
 The undersigned hereby elects pursuant to Section 83(b) of the Internal Revenue Code
of 1986, as amended (the “Code”), to include the value of the property described below in gross income in the year of transfer and supplies the following information in accordance with the regulations promulgated thereunder: 

 

	1.	The name, address and social security number of the undersigned: 

 [Name] 

[Address] 
 [Social Security
Number] 
  

	2.	A description of the property with respect to which the election is being made:                      shares of Common
Stock, par value $0.01 per share, of Essential Properties Realty Trust, Inc., a Delaware corporation, granted to the undersigned as restricted stock. 

  

	3.	The date on which the property was transferred:                     ,
20        . The taxable year for which such election is made: calendar 20    . 

  

	4.	The restrictions to which the property is subject: If the service of the undersigned terminates prior to specified dates, the undersigned will forfeit the property transferred to the undersigned. 

 

	5.	The fair market value on                     , 20         of the property with
respect to which the election is being made: $             per share. 

  

	6.	The amount paid for such property: $             per share. 

A copy of this election has been furnished to the Secretary of the Company pursuant to Treasury Regulations
§1.83-2(d). 
  

					
		 		 	                                      
                              
	 Dated:
                    , 20        
	 		 	 «Name»

  
 6

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