Essential Properties Realty Trust, Inc. (NYSE: EPRT) announced a series of executive leadership changes and the execution of new employment agreements on September 4, 2026. The company’s Board of Directors appointed R. Max Jenkins, the current Executive Vice President and Chief Operating Officer, to the position of President and Chief Operating Officer. Peter M. Mavoides will continue to serve as Chief Executive Officer. Concurrently, the Board approved the expansion of Robert W. Salisbury’s role from Executive Vice President, Chief Financial Officer and Secretary to Executive Vice President, Chief Financial Officer, Chief Strategy Officer and Secretary.
In connection with these changes, Messrs. Mavoides and Jenkins entered into amended and restated employment agreements effective September 8, 2026. These agreements have an initial term through March 31, 2031, subject to one-year automatic renewals. The agreements update each executive's compensation elements and modify severance terms. Specifically, the agreements state that the Company’s election to not renew the employment term will be treated as a termination without cause. Furthermore, executives are eligible for severance benefits if terminated without cause or due to good reason within a 60-day period prior to, or a 24-month period following, a change in control of the Company. Mr. Jenkins’ cash severance is set at two times his base salary for a qualifying termination not in connection with a change in control, and three times his base salary for a termination in connection with a change in control.
The Board also approved the promotion of Mr. Jenkins and Mr. Salisbury to long-term incentive plan units under the 2023 Incentive Plan. These grants have a target grant date value of $2,000,000 and vest 50% on each of the three-year and four-year anniversaries of the grant date.
Separately, the company announced the departure of A. Joseph Peil, the Executive Vice President and Chief Investment Officer, effective September 8, 2026. He will be eligible for severance benefits under the terms of his employment agreement for a qualifying termination without cause. The company appointed Craig Vachris as the new Executive Vice President and Chief Investment Officer. Mr. Vachris will lead the asset management and credit underwriting departments. The company noted that Mr. Vachris has over 20 years of experience in commercial real estate and net lease investing, most recently serving as Chief Credit Officer at W. P. Carey.
