Document:

EX-10.2

 Exhibit 10.2 

STOCKHOLDERS AGREEMENT 

among 
 ESSENTIAL
PROPERTIES REALTY TRUST, INC., 
 ELDRIDGE INDUSTRIES, LLC 

and 
 THE OTHER
STOCKHOLDERS FROM TIME TO TIME 
 PARTY HERETO 

Dated as of [                    ], 2018

 THIS STOCKHOLDERS AGREEMENT (as amended, modified or supplemented in accordance with the terms hereof, this
“Agreement”) is entered into as of [                    ], 2018, by and among Essential Properties Realty Trust, Inc., a Maryland
corporation (the “Company”), Eldridge Industries, LLC, a Delaware limited liability company (“Eldridge”), and any other stockholders that may from time to time become party hereto (together with Eldridge,
collectively, the “Sponsor Stockholders”). 
 RECITALS 

WHEREAS, this Agreement is being made in connection with, among other things, Eldridge’s investment in an aggregate of
$[            ] in shares of the Company’s common stock, par value $0.01 per share (the “Common Stock”), and common units of partnership interest in Essential
Properties, L.P., a Delaware limited partnership (the “Operating Partnership”), at a price per share and per unit equal to the initial public offering price per share of Common Stock offered to the public pursuant to the initial
public offering of the Common Stock; and 
 WHEREAS, in connection with the consummation of the foregoing transactions, the Company and
Eldridge wish to set forth certain understandings and agreements, including with respect to corporate governance matters relating to the Company. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the mutual covenants and agreements contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement, intending to be legally
bound, hereby agree as follows: 

 ARTICLE I 

DEFINITIONS 
 Section 1.1.
Certain Defined Terms. As used herein, the following terms shall have the meanings as set forth below: 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control
with such Person. For the purposes of this definition, “control”, when used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of
such Person, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the
foregoing; provided, however, that notwithstanding the foregoing, neither the Company nor any of its subsidiaries, including the Operating Partnership, shall be deemed an Affiliate of any of the Sponsor Stockholders,
including Eldridge. 
 “Aggregate Stock Ownership Limit” has the meaning set forth in the Charter. 

“Agreement” has the meaning set forth in the Preamble. 

“Beneficial Owner”, “Beneficially Own” and “Beneficial Ownership” have the meanings set
forth in the Charter. 
 “Board” means the Board of Directors of the Company. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in the city of New York, New
York are obligated by law to close. 
 “Bylaws” means the Bylaws of the Company, as the same may be amended, modified or
restated from time to time. 
 “Capital Stock” has the meaning set forth in the Charter. 

“Charter” means the charter of the Company. 

“Code” means the Internal Revenue Code of 1986, as amended, and the rules and regulations promulgated thereunder, as the same
may be amended from time to time. 
 “Common Stock” has the meaning set forth in the Recitals. 

“Common Stock Ownership Limit” has the meaning set forth in the Charter. 

“Company” has the meaning set forth in the Preamble. 

“Eldridge” has the meaning set forth in the Preamble. 

“Eldridge Nominees” has the meaning set forth in Section 2.1(a). 

  
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 “Excepted Holder Limit” has the meaning set forth in the Charter. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder,
as the same may be amended from time to time. 
 “Increase Request” has the meaning set forth in Section 3.1. 

“Joinder Agreement” means the joinder agreement in form and substance attached hereto as Exhibit A. 

“Nomination Information” has the meaning set forth in Section 2.1(b). 

“Nomination Termination Date” has the meaning set forth in Section 2.1(g)(iv). 

“NYSE” means the New York Stock Exchange, or successor thereto. 

“Operating Partnership” has the meaning set forth in the Recitals. 

“Outstanding Voting Power” means the voting power of all outstanding shares of Common Stock entitled to vote generally in the
election of directors. 
 “Own” means, with respect to shares of Common Stock, actual, beneficial or record ownership of
such shares of Common Stock. 
 “Person” means an individual or a corporation, partnership, limited liability company,
association, trust, or any other entity or organization, including a government or political subdivision or an agency or instrumentality thereof. 

“REIT” means a real estate investment trust within the meaning of the Code. 

“REIT Status Determination” has the meaning set forth in Section 3.1 

“Representatives” of a Person means such Person’s officers or directors (or Persons serving similar functions),
employees, members, agents, partners, attorneys, accountants, actuaries, consultants and financial advisors. 
 “Sponsor
Stockholders” has the meaning set forth in the Preamble. 
 “Supplemental Information Request” has the meaning set
forth in Section 3.2. 
 Section 1.2. Construction. Unless the context requires otherwise, the gender of all words used in
this Agreement includes the masculine, feminine and neuter forms and the singular form of words shall include the plural and vice versa. Unless otherwise noted, all references to Articles and Sections refer to articles and sections of this
Agreement. Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation” (except to the extent the context otherwise
provides). This Agreement shall be construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 

  
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 ARTICLE II 

CORPORATE GOVERNANCE 

Section 2.1. Board Nomination Rights. 

(a) The Company agrees, to the fullest extent permitted by applicable law (including with respect to any standard of conduct required of
directors under Maryland law), to include in the slate of nominees recommended by the Board, or its Nominating and Corporate Governance Committee, for election at any annual or special meeting of stockholders of the Company at which directors are to
be elected (or consent in lieu of such a meeting) the individuals designated by Eldridge for election pursuant to this Section 2.1 (each, an “Eldridge Nominee” and collectively, the “Eldridge Nominees”), and to
nominate, recommend and use its reasonable best efforts to solicit the vote of stockholders of the Company to elect the Eldridge Nominees (which efforts shall, to the fullest extent permitted by applicable law, include the inclusion in any proxy
statement prepared, used, delivered or publicly filed by the Company to solicit the vote of its stockholders in connection with any such meeting of the recommendation of the Board that the stockholders of the Company vote in favor of the Eldridge
Nominee(s)); provided, however, that no such action with respect to a particular Eldridge Nominee shall be required if the Board reasonably determines, after consultation with outside legal counsel, that such Eldridge Nominee has been
involved in any of the events enumerated in Items 2(d) or (e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K under the Exchange Act, or any comparable successor provision, or is
subject to any order, decree or judgment of any governmental authority prohibiting service as a director of any public company, in which case Eldridge shall withdraw the designation of such Eldridge Nominee and shall designate another individual as
an Eldridge Nominee, which replacement will also be subject to the requirements of this Section 2.1(a). 
 (b) For any meeting (or
consent in lieu of meeting) of the Company’s stockholders for the purpose of electing directors, among other purposes, the Board, or its Nominating and Corporate Governance Committee, shall not nominate, in the aggregate, a number of nominees
greater than the then-current number of director positions on the Board. 
 (c) Eldridge will take all necessary action to cause each
Eldridge Nominee to consent to all reference and background checks and to provide such information (including information necessary to determine such Eldridge Nominee’s independence status as well as information necessary to determine any
disclosure obligations of the Company) as the Board, or its Nominating and Corporate Governance Committee, may reasonably request in connection with the Company’s disclosure obligations or in connection with the Company’s legal, regulatory
or stock exchange requirements (collectively, the “Nomination Information”), which requests shall be of the same type and scope as the Company requests of all other nominees to the Board. 

  
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 (d) Eldridge shall provide notice to the Company identifying each such Eldridge Nominee, together
with all Nomination Information about such proposed Eldridge Nominee as shall be reasonably requested by the Board, or its Nominating and Corporate Governance Committee, no later than the earlier of (i) fifteen Business Days following the
written request of the Company and (ii) the time by which such information is reasonably requested by the Board (or the Nominating and Corporate Governance Committee thereof) to be delivered (which time shall be concurrent with the request for
such information from and otherwise consistent with the request for such information from the other nominees). If Eldridge fails to designate all of the Eldridge Nominees it is entitled to designate prior to such time, then the Eldridge Nominee(s)
previously designated by Eldridge and then serving on the Board (if any) shall be the proposed Eldridge Nominee(s). 
 (e) Prior to the
Nomination Termination Date, Eldridge shall have the exclusive right to designate a nominee to fill any and all vacancies created by reason of the death, resignation or removal of any Eldridge Nominee, and such nominee will be promptly elected to
serve until the next annual meeting of stockholders and until his or her successor is duly elected and qualifies; provided, however, that no such action with respect to a particular Eldridge Nominee shall be required if the Board
reasonably determines, after consultation with outside legal counsel, that such Eldridge Nominee has been involved in any of the events enumerated in Items 2(d) or (e) of Schedule 13D under the Exchange Act or Item 401(f) of Regulation S-K under the Exchange Act, or any comparable successor provision, or is subject to any order, decree or judgment of any governmental authority prohibiting service as a director of any public company, in which case
Eldridge shall withdraw the designation of such Eldridge Nominee and shall designate another individual as an Eldridge Nominee, which replacement will also be subject to the requirements of this Section 2.1(e). 

(f) Each Eldridge Nominee serving as a director shall be subject to the policies and requirements of the Company and the Board, including the
Company’s Corporate Governance Guidelines and the Company’s Code of Business Conduct and Ethics, in a manner consistent with the application of such policies and requirements to other members of the Board, and shall be entitled to the same
rights, privileges and compensation applicable to all other members of the Board generally or to which all such members of the Board are entitled. In furtherance of the foregoing, the Company shall indemnify, exculpate, and reimburse fees and
expenses of the Eldridge Nominees (including by entering into an indemnification agreement in a form substantially similar to the Company’s form director indemnification agreement) and provide the Eldridge Nominees with director and officer
insurance to the same extent it indemnifies, exculpates, reimburses and provides insurance for the other members of the Board pursuant to the Charter, the Bylaws, applicable law or otherwise. 

(g) The obligations of the Company pursuant to this Section 2.1 shall be subject to the following: 

(i) so long as Eldridge and its Affiliates Own, in the aggregate, shares of Common Stock representing at least 15% of the Outstanding Voting
Power, the number of Eldridge Nominees which may be designated pursuant to this Section 2.1 shall equal the lowest whole number of directors that is at least 40% of the total number of directors; 

  
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 (ii) in the event that Eldridge and its Affiliates Own, in the aggregate, shares of Common Stock
representing less than 15% but greater than or equal to 10% of the Outstanding Voting Power, the number of Eldridge Nominees which may be designated by Eldridge pursuant to this Section 2.1 shall be equal to the lowest whole number of directors
that is at least 25% of the total number of directors; 
 (iii) in the event that Eldridge and its Affiliates Own, in the aggregate, shares
of Common Stock representing less than 10% but greater than or equal to 5% of the Outstanding Voting Power, the number of Eldridge Nominees which may be designated by Eldridge pursuant to this Section 2.1 shall be equal to the lowest whole
number of directors that is at least 10% of the total number of directors; and 
 (iv) all obligations of the Company under this
Section 2.1 shall terminate, and Eldridge shall have no further rights to designate any Eldridge Nominees, at such time as Eldridge and its Affiliates shall Own, in the aggregate, shares of Common Stock representing less than 5% of the
Outstanding Voting Power (the date of termination of the obligations of the Company under this Section 2.1, the “Nomination Termination Date”). 

As of the date of this Agreement, Eldridge has designated
[                    ] as the initial Eldridge Nominees, and the Company has determined that such Eldridge Nominees satisfy the requirements of this
Section 2.1. 
 Section 2.2. Committee Representation Rights. Until Eldridge and its Affiliates own, in the aggregate,
shares of Common Stock representing less than 10% of the Outstanding Voting Power, subject to the satisfaction by the applicable Eldridge Nominee of the independence requirements of the Exchange Act and the requirements to qualify as an
“independent director” under the rules of the NYSE and any other requirements or qualifications for directors serving on such committees imposed by the Company’s legal, regulatory or stock exchange requirements, or its corporate
governance polices or committee charters generally applicable to directors serving on such committees, the Company shall appoint one Eldridge Nominee then serving on the Board, designated by Eldridge, to serve on each of the Audit Committee, the
Compensation Committee and the Nominating and Corporate Governance Committee of the Board. Eldridge may, but need not, designate a different Eldridge Nominee to serve on each of the Audit Committee, the Compensation Committee and the Nominating and
Corporate Governance Committee of the Board and may modify such designations, which shall be promptly effected by the Company. 

Section 2.3. Eldridge Consent Rights. In addition to any approval or authorization of the Board or the stockholders of the Company
required by law, the Charter or the Bylaws, the prior consent of Eldridge shall be required, until the Nomination Termination Date, to: 

(a) Remove any Eldridge Nominee as a director; 

(b) Increase the number of directors of the Company; 

  
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 (c) Amend Section 5.7, Section 5.8 or the last sentence of Article VIII of the Charter;

 (d) Amend Section 2(a) or Section 2(b) of Article III, Section 1 of Article IV or the final proviso of Article XIII of the
Bylaws; or 
 (e) Determine that the Company will no longer operate in such a manner as to qualify, or attempt to qualify, as a REIT. 

ARTICLE III 
 OWNERSHIP WAIVER
INCREASE 
 Section 3.1. Request for Increase. If Eldridge requests an increase in its Excepted Holder Limit (any such request,
an “Increase Request”), and, if the Board timely makes a Supplemental Information Request (as defined in Section 3.2) and Eldridge provides all requested information, the Company shall increase the Excepted Holder Limit granted
to Eldridge within 60 days of receipt of such Increase Request or, if a Supplemental Information Request is timely made in accordance with Section 3.2, within 60 days of receipt of all requested information unless, before such date, the Board,
after consultation with nationally-recognized tax counsel, determines (a “REIT Status Determination”) that such an increase to Eldridge’s Excepted Holder Limit could permit five or fewer Persons to Beneficially Own, in the
aggregate, more than 49.9% in value of the outstanding Capital Stock (for this purpose, each individual who Beneficially Owns shares of Capital Stock Beneficially Owned by Eldridge shall count as a separate Person, and Eldridge shall not be counted
as a Person) or otherwise jeopardize the Company’s ability to qualify as a REIT. 
 Section 3.2. Supplemental Increase
Request. In connection with any Increase Request, the Board may, within 30 days of receipt of any Increase Request, request from Eldridge such information, agreements or representations as are necessary or appropriate, in the sole
discretion of the Board, in order for the Board to make a determination as to the Company’s ability to qualify as a REIT (any such request, a “Supplemental Information Request”). Eldridge agrees to fully cooperate with the
Board and provide such information and access to its personnel as necessary, in the sole discretion of the Board, for the Board to make such a determination. 

ARTICLE IV 
 REPRESENTATIONS AND
COVENANTS 
 Section 4.1. Organization, Authority and Binding Effect. 

(a) The Company is a corporation validly existing and in good standing under the laws of the State of Maryland. The Company has all requisite
corporate power, capacity and authority to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby have been duly authorized by all necessary corporate action on the part of the Company and the Board. This 

  
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Agreement has been duly executed and delivered by the Company and constitutes the valid and binding obligation of the Company, enforceable against it in accordance with its terms (except as such
enforcement may be subject to any applicable bankruptcy, insolvency, reorganization, moratorium or other laws now or hereafter in effect relating to or limiting creditors’ rights generally and except as the remedy of specific performance and
injunctive and other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceedings therefor may be brought). 

(b) Each Sponsor Stockholder that is an entity is validly existing and in good standing under the laws of its state of formation. Each Sponsor
Stockholder has all requisite entity power, capacity and authority, as applicable, to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated hereby. For each Sponsor Stockholder that
is an entity, the execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby have been duly authorized by all necessary entity action on the part of each Sponsor Stockholder. This Agreement has
been duly executed and delivered by each Sponsor Stockholder party hereto, and constitutes the valid and binding obligation of each Sponsor Stockholder party hereto, enforceable against it in accordance with its terms (except as such enforcement may
be subject to any applicable bankruptcy, insolvency, reorganization, moratorium or other laws now or hereafter in effect relating to or limiting creditors’ rights generally and except as the remedy of specific performance and injunctive and
other forms of equitable relief may be subject to equitable defenses and to the discretion of the court before which any proceedings therefor may be brought). 

Section 4.2. Cooperation for Tax Purposes. Each Sponsor Stockholder seeking an exemption from the Aggregate Stock Ownership
Limit or the Common Stock Ownership Limit, or seeking to establish or increase the Excepted Holder Limit shall: 
 (a) furnish a letter to
the Board and/or its Representatives, which letter shall include such information and covenants (including representations as to its Beneficial Ownership, representations as to its ownership interests in other entities, covenants to refrain from
obtaining ownership interests in certain entities, and any representations and covenants necessary to avoid the Company being treated as receiving income from a related Person) as the Board deems appropriate in order to conclude that granting the
exemption and/or establishing or increasing the Excepted Holder Limit will not cause the Company to lose its status as a REIT. 
 (b) provide
the Board and/or its Representatives with access to Representatives of such Sponsor Stockholder, as the Board deems appropriate in order to conclude that granting the exemption and/or establishing or increasing the Excepted Holder Limit will not
cause the Company to lose its status as a REIT. 
 (c) provide such representations and undertakings, and cooperate with the Board and its
Representatives (i) in such a manner as the Board deems appropriate in order to conclude that granting the exemption and/or establishing or increasing the Excepted Holder Limit will not cause the Company to lose its status as a REIT or
(ii) in connection with the issuance of opinions by the Company’s advisors concerning the qualification of the Company as a REIT (including, without limitation, confirmation that the Company is not, by virtue of the ownership of any Tenant
by such Sponsor Stockholder, receiving rent from any person related to the REIT within the meaning of Section 856(d)(2)(B) of the Code). 

  
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 ARTICLE V 

MISCELLANEOUS 
 Section 5.1.
Termination. This Agreement shall automatically terminate and be of no further force and effect at the Nomination Termination Date. 

Section 5.2. Sponsor Stockholder Actions. Any determination, consent or approval of, or notice or request delivered by, or any
other action of, any Sponsor Stockholder shall be made by, and shall be valid and binding upon, all Sponsor Stockholders, if made by Eldridge. 

Section 5.3. Further Assurances. Each of the parties hereto agrees that it shall use reasonable best efforts to take, or cause to
be taken, all actions necessary, proper or advisable to give effect to the obligations of the parties hereunder, including by executing and delivering such additional documents as may be reasonably necessary or desirable to effectuate this
Agreement. 
 Section 5.4. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be
deemed an original but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page to this Agreement by facsimile, portable document format (.pdf) or other electronic means shall be
effective as delivery of a manually executed counterpart to this Agreement. 
 Section 5.5. Consents, Designations and Notices.
All consents, designations, notices, requests, demands, claims and other communications which are required or permitted under this Agreement shall be in writing and shall be deemed to have been duly given when received if personally delivered, when
transmitted if transmitted by facsimile (with written confirmation of transmission) or electronic mail (read-receipt requested and received), and the Business Day after it is sent, if sent for next day delivery to a domestic address by recognized
overnight delivery service (e.g., Federal Express). In each case notice shall be sent to: 
  

	 	(a)	If to the Company: 

 Essential Properties Realty Trust, Inc. 

47 Hulfish Street 

Suite 210 

Princeton, New Jersey 08542 

Attention:     Peter M. Mavoides 

E-mail:
        pmavoides@essentialproperties.com 
 with a copy (which shall not
constitute notice) to: 
 Sidley Austin LLP 

787 Seventh Avenue 

  
 9 

 New York, New York 10019 

Attention:         J. Gerard Cummins 

Facsimile:         (212) 839-5599 

E-mail:            
jcummins@sidley.com 
  

	 	(b)	If to the Sponsor Stockholders: 

 Eldridge Industries, LLC 

600 Steamboat Road 

Greenwich, CT 06830 

Attention:         Legal Department 

E-mail:
            legal@eldridge.com 
 Any party hereto may change the address, electronic mail
address or facsimile number to which consents, demands, notices, requests, demands, claims, and other communications hereunder are to be delivered by giving each other party hereto notice in the manner herein set forth. 

Section 5.6. Governing Law; Judicial Proceedings; Waiver of Jury Trial. This Agreement shall be governed by and construed in
accordance with the laws of the State of Maryland, without regard to principles of conflicts of laws thereof. In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties
unconditionally submits to the exclusive jurisdiction and venue in the Circuit Court for Baltimore City, Maryland, or if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of
Maryland, and the appellate courts to which orders and judgments thereof may be appealed. In any such judicial proceeding, the parties agree (a) to consent to the assignment of any proceeding in the Circuit Court for Baltimore City, Maryland to
the Business and Technology Case Management Program pursuant to Maryland Rule 16-205 (or any successor thereof); and (b) that in addition to any method for the service of process permitted or required by
such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the directions in Section 5.5. EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY
JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

Section 5.7. Enforcement. Each of the parties hereto acknowledges and agrees that the other parties would be damaged irreparably,
and in a manner for which monetary damages would not be an adequate remedy, in the event any of the provisions of this Agreement are not performed in accordance with its specific terms or otherwise are breached. Accordingly, each of the parties
hereto agrees that the other parties shall be entitled to an injunction or injunctions to prevent breaches of the provisions of this Agreement and to enforce specifically this Agreement and the terms and provisions hereof in any action instituted as
provided in Section 5.6, in addition to any other remedy to which they may be entitled, at law or in equity and that each party hereto agrees to waive any requirements for the securing or posting of any bond or other security in connection with
such remedy. 

  
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 Section 5.8. Amendment and Modification; Waiver. This Agreement may not be amended,
modified or supplemented, except by an instrument in writing signed on behalf of each of the parties hereto and any party subsequently made a party hereto. Any agreement on the part of a party hereto to any waiver of any obligation of the other
parties shall be valid only if set forth in an instrument in writing signed on behalf of such waiving party. The failure of any party hereto to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights,
nor shall any single or partial exercise by any party hereto of any of its rights under this Agreement preclude any other or further exercise of such rights or any other rights under this Agreement. 

Section 5.9. Assignment. None of the rights, privileges, or obligations set forth in, arising under, or created by this Agreement
may be assigned or transferred without the prior consent in writing of each of the Company and Eldridge. 
 Section 5.10.
Joinder. Upon the transfer of shares of Common Stock from Eldridge or another Sponsor Stockholder to an Affiliate of Eldridge, such Affiliate shall execute a Joinder Agreement to this Agreement. Following such transfer and the execution of a
Joinder Agreement, such Affiliate of Eldridge shall be a Sponsor Stockholder pursuant to the terms of this Agreement, with all of the rights, privileges and obligations of a Sponsor Stockholder hereunder and shall be fully bound by, and subject to,
all of the covenants, terms and conditions of this Agreement as though an original party hereto. 
 Section 5.11. Severability.
If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (a) the remainder of this Agreement shall not be affected
thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (b) as to such Person or circumstance or in such jurisdiction such provision shall be reformed to be valid and enforceable to the
fullest extent permitted by law and (c) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby. 

Section 5.12. Headings and Captions. The headings, subheadings and captions contained in this Agreement are included for
convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof. 

Section 5.13. Entire Agreement; Third Party Beneficiaries. This Agreement, as well the terms and conditions of any increased
Excepted Holder Limit granted by the Company to Eldridge pursuant to Article III, (a) constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, among the parties hereto and their Affiliates
with respect to the subject matter hereof and thereof and (b) is not intended to confer any rights, benefits, remedies, obligations or liabilities upon any Person other than the parties hereto and thereto, as the case may be, and their
respective successors and permitted assigns. 
 Section 5.14. Certain Transactions. In the event of any stock split, reverse
stock split, stock dividend or distribution, subdivision, or any change in the Common Stock by reason of any recapitalization, combination, reclassification, exchange of shares or similar transaction, the term “Common Stock” used herein
shall be deemed to refer to and include all such dividends and distributions and any other securities into which or for which any or all of such securities may be changed or exchanged or which are received in such transaction. 

[Signature Page Follows] 

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

	
	COMPANY:
	
	Essential Properties Realty Trust, Inc.
	
	By:
                                         
                                   
	Name:
	Title:
	
	ELDRIDGE:
	
	Eldridge Industries, LLC
	  

	Name:
	Title:

 
			
	  
 [SUBSIDIARY ENTITY]:

 

		 	By: Eldridge Industries, LLC, its sole member
		
		 	  

		 	Name:
		 	Title:

 - Signature Page to Stockholders Agreement – Essential Properties Realty Trust, Inc. - 

 EXHIBIT A 

JOINDER AGREEMENT 

Reference is hereby made to the Stockholders Agreement, dated as of
                    , 2018 (as amended from time to time, the “Stockholders Agreement”), by and among Essential Properties Realty Trust,
Inc., a Maryland corporation, Eldridge Industries, LLC, a Delaware limited liability company, and any other stockholders that may from time to time become party thereto. Pursuant to and in accordance with Section 5.10 of the Stockholders
Agreement, the undersigned hereby agrees that, upon the execution of this Joinder Agreement, [he/she/it] shall become a party to the Stockholders Agreement and shall be deemed to be, and treated as, a Sponsor Stockholder pursuant to the terms of the
Stockholders Agreement, with all of the rights, privileges and obligations of a Sponsor Stockholder thereunder and shall be fully bound by, and subject to, all of the covenants, terms and conditions of the Stockholders Agreement as though an
original party thereto. 
 Capitalized terms used herein without definition shall have the meanings ascribed thereto in the Stockholders
Agreement. 
 IN WITNESS WHEREOF, the parties hereto have executed this Joinder Agreement as of the
         day of                             ,
            . 
  

	
	[STOCKHOLDER]
	
	By:                                     
                                         
                  
	Name:
	Title:EX-10.6

 Exhibit 10.6 

FORM OF INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (“Agreement”) is made and entered into as of the
                 day of            , 20    , by and between Essential Properties Realty
Trust, Inc., a Maryland corporation (the “Company”), and
                                    (“Indemnitee”). 

WHEREAS, at the request of the Company, Indemnitee currently serves as [a director] [and] [an officer] of the Company and may,
therefore, be subjected to claims, suits or proceedings arising as a result of such service; 
 WHEREAS, as an inducement to Indemnitee to
serve or continue to serve in such capacity, the Company has agreed to indemnify Indemnitee and to advance expenses and costs incurred by Indemnitee in connection with any such claims, suits or proceedings, to the maximum extent permitted by law;
and 
 WHEREAS, the parties by this Agreement desire to set forth their agreement regarding indemnification and advance of expenses; 

NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree
as follows: 
 Section 1. Definitions. For purposes of this Agreement: 

(a) “Change in Control” means a change in control of the Company occurring after the Effective Date of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), whether or not the Company is then subject to such reporting requirement; provided, however, that, without limitation, such a Change in Control shall be deemed to have occurred if, after the Effective Date (i) any
“person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Company representing 25% or more of the combined voting power of all of the Company’s then-outstanding securities entitled to vote generally in the election of directors without the prior approval of at least two-thirds of the members of the Board of Directors in office immediately prior to such person’s attaining such percentage interest; (ii) the Company is a party to a merger, consolidation, sale of assets,
plan of liquidation or other reorganization not approved by at least two-thirds of the members of the Board of Directors then in office, as a consequence of which members of the Board of Directors in office
immediately prior to such transaction or event constitute less than a majority of the Board of Directors thereafter; or (iii) at any time, a majority of the members of the Board of Directors are not individuals (A) who were directors as of
the Effective Date or (B) whose election by the Board of Directors or nomination for election by the Company’s stockholders was approved by the affirmative vote of at least two-thirds of the
directors then in office who were directors as of the Effective Date or whose election or nomination for election was previously so approved. 

 (b) “Corporate Status” means the status of a person as a present or
former director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company,
joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company. As a clarification and without limiting the circumstances in which Indemnitee may be serving at the
request of the Company, service by Indemnitee shall be deemed to be at the request of the Company: (i) if Indemnitee serves or served as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any
corporation, partnership, limited liability company, joint venture, trust or other enterprise (1) of which a majority of the voting power or equity interest is or was owned directly or indirectly by the Company or (2) the management of
which is controlled directly or indirectly by the Company and (ii) if, as a result of Indemnitee’s service to the Company or any of its affiliated entities, Indemnitee is subject to duties by, or required to perform services for, an
employee benefit plan or its participants or beneficiaries, including as deemed fiduciary thereof. 
 (c) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification and/or advance of Expenses is sought by Indemnitee. 

(d) “Effective Date” means the date set forth in the first paragraph of this Agreement. 

(e) “Expenses” means any and all reasonable and
out-of-pocket attorneys’ fees and costs, retainers, court costs, arbitration and mediation costs, transcript costs, fees of experts, witness fees, travel expenses,
duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA
excise taxes and penalties and any other disbursements or expenses incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in or otherwise participating in a Proceeding.
Expenses shall also include Expenses incurred in connection with any appeal resulting from any Proceeding including, without limitation, the premium, security for and other costs relating to any cost bond, supersedeas bond or other appeal bond or
its equivalent. 
 (f) “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in
matters of corporation law and neither is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning Indemnitee under
this Agreement or of other indemnitees under similar indemnification agreements), or (ii) any other party to or participant or witness in the Proceeding giving rise to a claim for indemnification or advance of Expenses hereunder.
Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or
Indemnitee in an action to determine Indemnitee’s rights under this Agreement. 

  
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 (g) “Proceeding” means any threatened, pending or completed action,
suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing, claim, demand, discovery request or any other actual, threatened or completed proceeding, whether brought by or in the right of the Company or
otherwise and whether of a civil (including intentional or unintentional tort claims), criminal, administrative or investigative (formal or informal) nature, including any appeal therefrom, except one pending or completed on or before the Effective
Date, unless otherwise specifically agreed in writing by the Company and Indemnitee. If Indemnitee reasonably believes that a given situation may lead to or culminate in the institution of a Proceeding, such situation shall also be considered a
Proceeding. 
 Section 2. Services by Indemnitee. Indemnitee will serve in the capacity or capacities set forth in the first
WHEREAS clause above. However, this Agreement shall not impose any independent obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company. This Agreement shall not be deemed an employment contract between the
Company (or any other entity) and Indemnitee. 
 Section 3. General. The Company shall indemnify, and advance Expenses to,
Indemnitee (a) as provided in this Agreement and (b) otherwise to the maximum extent permitted by Maryland law in effect on the Effective Date and as amended from time to time; provided, however, that no change in Maryland law shall have
the effect of reducing the benefits available to Indemnitee hereunder based on Maryland law as in effect on the Effective Date. The rights of Indemnitee provided in this Section 3 shall include, without limitation, the rights set forth in the
other sections of this Agreement, including any additional indemnification permitted by the Maryland General Corporation Law (the “MGCL”), including, without limitation, Section 2-418 of the
MGCL. 
 Section 4. Standard for Indemnification. If, by reason of Indemnitee’s Corporate Status, Indemnitee is, or is
threatened to be, made a party to any Proceeding, the Company shall indemnify Indemnitee against all judgments, penalties, fines and amounts paid in settlement and all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s
behalf in connection with any such Proceeding unless it is established that (a) the act or omission of Indemnitee was material to the matter giving rise to the Proceeding and (i) was committed in bad faith or (ii) was the result of
active and deliberate dishonesty, (b) Indemnitee actually received an improper personal benefit in money, property or services or (c) in the case of any criminal Proceeding, Indemnitee had reasonable cause to believe that Indemnitee’s
conduct was unlawful. 
 Section 5. Certain Limits on Indemnification. Notwithstanding any other provision of this
Agreement (other than Section 6), Indemnitee shall not be entitled to: 
 (a) indemnification hereunder if the
Proceeding was one by or in the right of the Company and Indemnitee is adjudged, in a final adjudication of the Proceeding not subject to further appeal, to be liable to the Company; 

  
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 (b) indemnification hereunder if Indemnitee is adjudged, in a final adjudication
of the Proceeding not subject to further appeal, to be liable on the basis that personal benefit was improperly received in any Proceeding charging improper personal benefit to Indemnitee, whether or not involving action in the Indemnitee’s
Corporate Status; or 
 (c) indemnification or advance of Expenses hereunder if the Proceeding was brought by Indemnitee,
unless: (i) the Proceeding was brought to enforce indemnification under this Agreement, and then only to the extent in accordance with and as authorized by Section 12 of this Agreement, or (ii) the Company’s charter or Bylaws, a
resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors or an agreement approved by the Board of Directors to which the Company is a party expressly provide otherwise. 

Section 6. Court-Ordered Indemnification. Notwithstanding any other provision of this Agreement, a court of appropriate
jurisdiction, upon application of Indemnitee and such notice as the court shall require, may order indemnification of Indemnitee by the Company in the following circumstances: 

(a) if such court determines that Indemnitee is entitled to reimbursement under
Section 2-418(d)(1) of the MGCL, the court shall order indemnification, in which case Indemnitee shall be entitled to recover the Expenses of securing such reimbursement; or 

(b) if such court determines that Indemnitee is fairly and reasonably entitled to indemnification in view of all the relevant
circumstances, whether or not Indemnitee (i) has met the standards of conduct set forth in Section 2-418(b) of the MGCL or (ii) has been adjudged liable for receipt of an improper personal
benefit under Section 2-418(c) of the MGCL, the court may order such indemnification as the court shall deem proper without regard to any limitation on such court-ordered indemnification contemplated by Section 2-418(d)(2)(ii) of the MGCL. 
 Section 7. Indemnification for Expenses of an
Indemnitee Who is Wholly or Partially Successful. Notwithstanding any other provision of this Agreement, and without limiting any such provision, to the extent that Indemnitee was or is, by reason of Indemnitee’s Corporate Status, made a
party to (or otherwise becomes a participant in) any Proceeding and is successful, on the merits or otherwise, in the defense of such Proceeding, the Company shall indemnify Indemnitee for all Expenses actually and reasonably incurred by Indemnitee
or on Indemnitee’s behalf in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the
Company shall indemnify Indemnitee under this Section 7 for all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with each such claim, issue or matter, allocated on a reasonable and
proportionate basis. For purposes of this Section 7 and, without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim,
issue or matter. 

  
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 Section 8. Advance of Expenses for Indemnitee. If, by reason of Indemnitee’s
Corporate Status, Indemnitee is, or is threatened to be, made a party to any Proceeding, the Company shall, without requiring a preliminary determination of Indemnitee’s ultimate entitlement to indemnification hereunder, advance all Expenses
incurred by or on behalf of Indemnitee in connection with such Proceeding. The Company shall make such advance within ten days after the receipt by the Company of a statement or statements requesting such advance from time to time, whether prior to
or after final disposition of such Proceeding and may be in the form of, in the reasonable discretion of the Indemnitee (but without duplication) (a) payment of such Expenses directly to third parties on behalf of Indemnitee, (b) advance
of funds to Indemnitee in an amount sufficient to pay such Expenses or (c) reimbursement to Indemnitee for Indemnitee’s payment of such Expenses. Such statement or statements shall reasonably evidence the Expenses incurred by Indemnitee
and shall include or be preceded or accompanied by a written affirmation by Indemnitee and a written undertaking by or on behalf of Indemnitee, in substantially the form attached hereto as Exhibit A or in such form as may be required under
applicable law as in effect at the time of the execution thereof. To the extent that Expenses advanced to Indemnitee do not relate to a specific claim, issue or matter in the Proceeding, such Expenses shall be allocated on a reasonable and
proportionate basis. The undertaking required by this Section 8 shall be an unlimited general obligation by or on behalf of Indemnitee and shall be accepted without reference to Indemnitee’s financial ability to repay such advanced
Expenses and without any requirement to post security therefor. 
 Section 9. Indemnification and Advance of Expenses as a Witness
or Other Participant. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee is or may be, by reason of Indemnitee’s Corporate Status, made a witness or otherwise asked to participate in any Proceeding, whether
instituted by the Company or any other person, and to which Indemnitee is not a party, Indemnitee shall be advanced and indemnified against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection
therewith within ten days after the receipt by the Company of a statement or statements requesting any such advance or indemnification from time to time, whether prior to or after final disposition of such Proceeding. Such statement or statements
shall reasonably evidence the Expenses incurred by Indemnitee. In connection with any such advance of Expenses, the Company may require Indemnitee to provide an undertaking and affirmation substantially in the form attached hereto as Exhibit A. 

Section 10. Procedure for Determination of Entitlement to Indemnification. 

(a) To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith
such documentation and information as is reasonably available to Indemnitee and is reasonably necessary or appropriate to determine whether and to what extent Indemnitee is entitled to indemnification. Indemnitee may submit one or more such requests
from time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion. The officer of the Company receiving any such request from Indemnitee shall, promptly upon receipt of such a request for indemnification,
advise the Board of Directors in writing that Indemnitee has requested indemnification. 
 (b) Upon written request by Indemnitee for
indemnification pursuant to Section 10(a) above, a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall promptly be made in the specific case: (i) if a Change in Control has occurred, by
Independent Counsel, in a written opinion to the Board of Directors, a copy of which shall be 

  
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delivered to Indemnitee, which Independent Counsel shall be selected by the Indemnitee and approved by the Board of Directors in accordance with
Section 2-418(e)(2)(ii) of the MGCL, which approval shall not be unreasonably withheld; or (ii) if a Change in Control has not occurred, (A) by a majority vote of the Disinterested Directors or,
by the majority vote of a group of Disinterested Directors designated by the Disinterested Directors to make the determination, (B) if Independent Counsel has been selected by the Board of Directors in accordance with Section 2-418(e)(2)(ii) of the MGCL and approved by the Indemnitee, which approval shall not be unreasonably withheld or delayed, by Independent Counsel, in a written opinion to the Board of Directors, a copy
of which shall be delivered to Indemnitee or (C) if so directed by the Board of Directors, by the stockholders of the Company, other than directors or officers who are parties to the Proceeding. If it is so determined that Indemnitee is
entitled to indemnification, the Company shall make payment to Indemnitee within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making such determination with respect to Indemnitee’s entitlement
to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably available to Indemnitee
and reasonably necessary or appropriate to such determination in the discretion of the Board of Directors or Independent Counsel if retained pursuant to clause (ii)(B) of this Section 10(b). Any Expenses incurred by Indemnitee in so cooperating
with the person, persons or entity making such determination shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to indemnification) and the Company shall indemnify and hold Indemnitee harmless
therefrom. 
 (c) The Company shall pay the reasonable fees and expenses of Independent Counsel, if one is appointed. 

Section 11. Presumptions and Effect of Certain Proceedings. 

(a) In making any determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such
determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 10(a) of this Agreement, and the Company shall have the burden
of overcoming that presumption in connection with the making of any determination contrary to that presumption. 
 (b) The termination of any
Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, upon a plea of nolo contendere or its equivalent, or entry of an order of probation prior to judgment, does not create a presumption that
Indemnitee did not meet the requisite standard of conduct described herein for indemnification. 
 (c) The knowledge and/or actions, or
failure to act, of any other director, officer, employee or agent of the Company or any other director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership,
limited liability company, joint venture, trust, employee benefit plan or other enterprise shall not be imputed to Indemnitee for purposes of determining any other right to indemnification under this Agreement. 

  
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 Section 12. Remedies of Indemnitee. 

(a) If (i) a determination is made pursuant to Section 10(b) of this Agreement that Indemnitee is not entitled to indemnification
under this Agreement, (ii) advance of Expenses is not timely made pursuant to Sections 8 or 9 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10(b) of this Agreement
within 60 days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Sections 7 or 9 of this Agreement within ten days after receipt by the Company of a written request
therefor, or (v) payment of indemnification pursuant to any other section of this Agreement or the charter or Bylaws of the Company is not made within ten days after a determination has been made that Indemnitee is entitled to indemnification,
Indemnitee shall be entitled to an adjudication in an appropriate court located in the State of Maryland, or in any other court of competent jurisdiction, or in an arbitration conducted by a single arbitrator pursuant to the Commercial Arbitration
Rules of the American Arbitration Association, of Indemnitee’s entitlement to indemnification or advance of Expenses. Indemnitee shall commence a proceeding seeking an adjudication or an award in arbitration within 180 days following the date
on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a); provided, however, that the foregoing clause shall not apply to a proceeding brought by Indemnitee to enforce Indemnitee’s rights under
Section 7 of this Agreement. Except as set forth herein, the provisions of Maryland law (without regard to its conflicts of laws rules) shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration. 
 (b) In any judicial proceeding or arbitration commenced pursuant to this Section 12, Indemnitee
shall be presumed to be entitled to indemnification or advance of Expenses, as the case may be, under this Agreement and the Company shall have the burden of proving that Indemnitee is not entitled to indemnification or advance of Expenses, as the
case may be. If Indemnitee commences a judicial proceeding or arbitration pursuant to this Section 12, Indemnitee shall not be required to reimburse the Company for any advances pursuant to Section 8 of this Agreement until a final
determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all rights of appeal have been exhausted or lapsed). The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in
any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that
the Company is bound by all of the provisions of this Agreement. 
 (c) If a determination shall have been made pursuant to
Section 10(b) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification that was not disclosed in connection with the determination.

  
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 (d) In the event that Indemnitee is successful in seeking, pursuant to this Section 12, a
judicial adjudication of or an award in arbitration to enforce Indemnitee’s rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Company, and shall be indemnified by the Company
for, any and all Expenses actually and reasonably incurred by Indemnitee in such judicial adjudication or arbitration. If it shall be determined in such judicial adjudication or arbitration that Indemnitee is entitled to receive part but not all of
the indemnification or advance of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 

(e) Interest shall be paid by the Company to Indemnitee at the maximum rate allowed to be charged for judgments under the Courts and Judicial
Proceedings Article of the Annotated Code of Maryland for amounts which the Company pays or is obligated to pay for the period (i) commencing with either the tenth day after the date on which the Company was requested to advance Expenses in
accordance with Sections 8 or 9 of this Agreement or the 60th day after the date on which the Company was requested to make the determination of entitlement to indemnification under
Section 10(b) of this Agreement, as applicable, and (ii) ending on the date such payment is made to Indemnitee by the Company. 

Section 13. Defense of the Underlying Proceeding. 

(a) Indemnitee shall notify the Company promptly in writing upon being served with any summons, citation, subpoena, complaint, indictment,
request or other document relating to any Proceeding which may result in the right to indemnification or the advance of Expenses hereunder and shall include with such notice a description of the nature of the Proceeding and a summary of the facts
underlying the Proceeding. The failure to give any such notice shall not disqualify Indemnitee from the right, or otherwise affect in any manner any right of Indemnitee, to indemnification or the advance of Expenses under this Agreement unless the
Company’s ability to defend in such Proceeding or to obtain proceeds under any insurance policy is materially and adversely prejudiced thereby, and then only to the extent the Company is thereby actually so prejudiced. 

(b) Subject to the provisions of the last sentence of this Section 13(b) and of Section 13(c) below, the Company shall have the right
to defend Indemnitee in any Proceeding which may give rise to indemnification hereunder; provided, however, that the Company shall notify Indemnitee of any such decision to defend within 15 calendar days following receipt of notice of any such
Proceeding under Section 13(a) above. The Company shall not, without the prior written consent of Indemnitee, which shall not be unreasonably withheld or delayed, consent to the entry of any judgment against Indemnitee or enter into any
settlement or compromise which (i) includes an admission of fault of Indemnitee, (ii) does not include, as an unconditional term thereof, the full release of Indemnitee from all liability in respect of such Proceeding, which release shall
be in form and substance reasonably satisfactory to Indemnitee, or (iii) would impose any Expense, judgment, fine, penalty or limitation on Indemnitee. This Section 13(b) shall not apply to a Proceeding brought by Indemnitee under
Section 12 of this Agreement. 
 (c) Notwithstanding the provisions of Section 13(b) above, if in a Proceeding to which Indemnitee
is a party by reason of Indemnitee’s Corporate Status, (i) Indemnitee reasonably concludes, based upon an opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that Indemnitee may have
separate 

  
 8 

 
defenses or counterclaims to assert with respect to any issue which may not be consistent with other defendants in such Proceeding, (ii) Indemnitee reasonably concludes, based upon an
opinion of counsel approved by the Company, which approval shall not be unreasonably withheld or delayed, that an actual or apparent conflict of interest or potential conflict of interest exists between Indemnitee and the Company, or (iii) if
the Company fails to assume the defense of such Proceeding in a timely manner, Indemnitee shall be entitled to be represented by separate legal counsel of Indemnitee’s choice, subject to the prior approval of the Company, which approval shall
not be unreasonably withheld or delayed, at the expense of the Company. In addition, if the Company fails to comply with any of its obligations under this Agreement or in the event that the Company or any other person takes any action to declare
this Agreement void or unenforceable, or institutes any Proceeding to deny or to recover from Indemnitee the benefits intended to be provided to Indemnitee hereunder, Indemnitee shall have the right to retain counsel of Indemnitee’s choice,
subject to the prior approval of the Company, which approval shall not be unreasonably withheld or delayed, at the expense of the Company (subject to Section 12(d) of this Agreement), to represent Indemnitee in connection with any such matter.

 Section 14. Non-Exclusivity; Survival of Rights; Subrogation. 

(a) The rights of indemnification and advance of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to
which Indemnitee may at any time be entitled under applicable law, the charter or Bylaws of the Company, any agreement or a resolution of the stockholders entitled to vote generally in the election of directors or of the Board of Directors, or
otherwise. Unless consented to in writing by Indemnitee, no amendment, alteration or repeal of the charter or Bylaws of the Company, this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in
respect of any action taken or omitted by such Indemnitee in Indemnitee’s Corporate Status prior to such amendment, alteration or repeal, regardless of whether a claim with respect to such action or inaction is raised prior or subsequent to
such amendment, alteration or repeal. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right or remedy shall be cumulative and in addition to every other right or remedy given hereunder or
now or hereafter existing at law or in equity or otherwise. The assertion of any right or remedy hereunder, or otherwise, shall not prohibit the concurrent assertion or employment of any other right or remedy. 

(b) The Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of expenses and/or insurance
provided by Eldridge Industries, LLC and certain of its affiliates (collectively, the “Eldridge Indemnitors”). The Company hereby agrees (i) that, as between the Company and the Eldridge Indemnitors, the Company is the indemnitor of
first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Eldridge Indemnitors to advance Expenses or to provide indemnification for the same Expenses or liabilities incurred by Indemnitee are secondary), (ii)
that the Company shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and
as required by the terms of this Agreement and the charter or Bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Eldridge Indemnitors, and, (iii) that
the Company irrevocably waives, relinquishes and releases the Eldridge Indemnitors from any and all claims 

  
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against the Eldridge Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof. The Company further agrees that no advancement or payment by the Eldridge
Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from the Company shall affect the foregoing and the Eldridge Indemnitors shall have a right of contribution and/or be subrogated to the
extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and Indemnitee agree that the Eldridge Indemnitors are express third party beneficiaries of the terms of this Section 14. 

(c) In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of
recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

Section 15. Insurance. 

(a) The Company will use its reasonable best efforts to acquire directors and officers liability insurance, on terms and conditions deemed
appropriate by the Board of Directors, with the advice of counsel, covering Indemnitee or any claim made against Indemnitee by reason of Indemnitee’s Corporate Status and covering the Company for any indemnification or advance of Expenses made
by the Company to Indemnitee for any claims made against Indemnitee by reason of Indemnitee’s Corporate Status. In the event of a Change in Control, the Company shall maintain in force any and all directors and officers liability insurance
policies that were maintained by the Company immediately prior to the Change in Control for a period of six years with the insurance carrier or carriers and through the insurance broker in place at the time of the Change in Control; provided,
however, (i) if the carriers will not offer the same policy and an expiring policy needs to be replaced, a policy substantially comparable in scope and amount shall be obtained and (ii) if any replacement insurance carrier is necessary to
obtain a policy substantially comparable in scope and amount, such insurance carrier shall have an AM Best rating that is the same or better than the AM Best rating of the existing insurance carrier; provided, further, however, in no event shall the
Company be required to expend in the aggregate in excess of 250% of the annual premium or premiums paid by the Company for directors and officers liability insurance in effect on the date of the Change in Control. In the event that 250% of the
annual premium paid by the Company for such existing directors and officers liability insurance is insufficient for such coverage, the Company shall spend up to that amount to purchase such lesser coverage as may be obtained with such amount. 

(b) Without in any way limiting any other obligation under this Agreement, the Company shall indemnify Indemnitee for any payment by Indemnitee
which would otherwise be indemnifiable hereunder arising out of the amount of any deductible or retention and the amount of any excess of the aggregate of all judgments, penalties, fines, settlements and Expenses incurred by Indemnitee in connection
with a Proceeding over the coverage of any insurance referred to in Section 15(a). The purchase, establishment and maintenance of any such insurance shall not in any way limit or affect the rights or obligations of the Company or Indemnitee
under this Agreement except as expressly provided herein, and the execution and delivery of this Agreement by the Company and the Indemnitee shall not in any way limit or affect the rights or 

  
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obligations of the Company under any such insurance policies. If, at the time the Company receives notice from any source of a Proceeding to which Indemnitee is a party or a participant (as a
witness or otherwise) the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. 

(c) The Indemnitee shall cooperate with the Company or any insurance carrier of the Company with respect to any Proceeding. 

Section 16. Coordination of Payments. The Company shall not be liable under this Agreement to make any payment of amounts
otherwise indemnifiable or payable or reimbursable as Expenses hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 

Section 17. Contribution. If the indemnification provided in this Agreement is unavailable in whole or in part and may not be paid
to Indemnitee for any reason, other than for failure to satisfy the standard of conduct set forth in Section 4 or due to the provisions of Section 5, then, in respect to any Proceeding in which the Company is jointly liable with Indemnitee
(or would be if joined in such Proceeding), to the fullest extent permissible under applicable law, the Company, in lieu of indemnifying and holding harmless Indemnitee, shall pay, in the first instance, the entire amount incurred by Indemnitee,
whether for Expenses, judgments, penalties, and/or amounts paid or to be paid in settlement, in connection with any Proceeding without requiring Indemnitee to contribute to such payment, and the Company hereby waives and relinquishes any right of
contribution it may have at any time against Indemnitee. 
 Section 18. Reports to Stockholders. To the extent required by the
MGCL, the Company shall report in writing to its stockholders the payment of any amounts for indemnification of, or advance of Expenses to, Indemnitee under this Agreement arising out of a Proceeding by or in the right of the Company with the notice
of the meeting of stockholders of the Company next following the date of the payment of any such indemnification or advance of Expenses or prior to such meeting. 

Section 19. Duration of Agreement; Binding Effect. 

(a) This Agreement shall continue until and terminate on the later of (i) the date that Indemnitee shall have ceased to
serve as a director, officer, employee or agent of the Company or as a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, real estate
investment trust, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company and (ii) the date that Indemnitee is no
longer subject to any actual or possible Proceeding (including any rights of appeal thereto and any Proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement). 

(b) The indemnification and advance of Expenses provided by, or granted pursuant to, this Agreement shall be binding upon and
be enforceable by the parties hereto and their respective successors and assigns (including any direct or indirect 

  
 11 

 
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a
director, officer, employee or agent of the Company or a director, trustee, officer, partner, manager, managing member, fiduciary, employee or agent of any other foreign or domestic corporation, partnership, limited liability company, joint venture,
trust, employee benefit plan or other enterprise that such person is or was serving in such capacity at the request of the Company, and shall inure to the benefit of Indemnitee and Indemnitee’s spouse, assigns, heirs, devisees, executors and
administrators and other legal representatives. 
 (c) The Company shall require and cause any successor (whether direct or
indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and
agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

(d) The Company and Indemnitee agree that a monetary remedy for breach of this Agreement, at some later date, may be
inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific
performance hereof, without any necessity of showing actual damage or irreparable harm and that by seeking injunctive relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which
Indemnitee may be entitled. Indemnitee shall further be entitled to such specific performance and injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or
other undertakings in connection therewith. The Company acknowledges that, in the absence of a waiver, a bond or undertaking may be required of Indemnitee by a court, and the Company hereby waives any such requirement of such a bond or undertaking.

 Section 20. Severability. If any provision or provisions of this Agreement shall be held to be invalid, void, illegal or
otherwise unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement
containing any such provision held to be invalid, illegal or unenforceable that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by
law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any Section, paragraph or sentence of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby. 

  
 12 

 Section 21. Counterparts. This Agreement may be executed in one or more counterparts,
(delivery of which may be by facsimile, or via e-mail as a portable document format (.pdf) or other electronic format), each of which will be deemed to be an original and it will not be necessary in making
proof of this agreement or the terms of this Agreement to produce or account for more than one such counterpart. One such counterpart signed by the party against whom enforceability is sought shall be sufficient to evidence the existence of this
Agreement. 
 Section 22. Headings. The headings of the paragraphs of this Agreement are inserted for convenience only and shall
not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 Section 23. Modification and
Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of
any other provisions hereof (whether or not similar) nor, unless otherwise expressly stated, shall such waiver constitute a continuing waiver. 

Section 24. Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to
have been duly given if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, on the day of such delivery, or (ii) mailed by certified or registered mail with postage
prepaid, on the third business day after the date on which it is so mailed: 
 (a) If to Indemnitee, to the address set forth
on the signature page hereto. 
 (b) If to the Company, to: 

Essential Properties Realty Trust, Inc. 

47 Hulfish Street 
 Suite 210

 Princeton, New Jersey 08542 
 or to such
other address as may have been furnished in writing to Indemnitee by the Company or to the Company by Indemnitee, as the case may be. 

Section 25. Governing Law. This Agreement shall be governed by, and construed and enforced in accordance with, the laws of the
State of Maryland, without regard to its conflicts of laws rules. 
 [SIGNATURE PAGE FOLLOWS] 

  
 13 

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

			
	COMPANY:
	
	Essential Properties Realty Trust, Inc.

 
			
		
	By:	 	              

	Name:	 	
	Title:	 	

 
			
	
	INDEMNITEE
	
	  

	Name:	 	
	Address:	 	

 EXHIBIT A 

AFFIRMATION AND UNDERTAKING TO REPAY EXPENSES ADVANCED 

To: The Board of Directors of Essential Properties Realty Trust, Inc. 

Re: Affirmation and Undertaking 
 Ladies and Gentlemen: 

This Affirmation and Undertaking is being provided pursuant to that certain Indemnification Agreement dated the
             day of                         ,
20        , by and between Essential Properties Realty Trust, Inc., a Maryland corporation (the “Company”), and the undersigned Indemnitee (the “Indemnification Agreement”), pursuant to
which I am entitled to advance of Expenses in connection with [Description of Proceeding] (the “Proceeding”). 
 Terms used
herein and not otherwise defined shall have the meanings specified in the Indemnification Agreement. 
 I am subject to the Proceeding by
reason of my Corporate Status or by reason of alleged actions or omissions by me in such capacity. I hereby affirm my good faith belief that at all times, insofar as I was involved as [a director] [and] [an officer] of the
Company, in any of the facts or events giving rise to the Proceeding, I (1) did not act with bad faith or active or deliberate dishonesty, (2) did not receive any improper personal benefit in money, property or services and (3) in the
case of any criminal proceeding, had no reasonable cause to believe that any act or omission by me was unlawful. 
 In consideration of the
advance by the Company for Expenses incurred by me in connection with the Proceeding (the “Advanced Expenses”), I hereby agree that if, in connection with the Proceeding, it is established that (1) an act or omission by me was
material to the matter giving rise to the Proceeding and (a) was committed in bad faith or (b) was the result of active and deliberate dishonesty or (2) I actually received an improper personal benefit in money, property or services
or (3) in the case of any criminal proceeding, I had reasonable cause to believe that the act or omission was unlawful, then I shall promptly reimburse the portion of the Advanced Expenses relating to the claims, issues or matters in the
Proceeding as to which the foregoing findings have been established. 
 IN WITNESS WHEREOF, I have executed this Affirmation and Undertaking
on this              day of
                                        ,
20            . 
  

			
	Name:

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