Einstein's two-part publication in 1912 (and before in 1908) is really only important for historical reasons. By then he knew of the gravitational redshift and the deflection of light. He had realized that Lorentz transformations are not generally applicable, but retained them. The theory states that the speed of light is constant in free space but varies in the presence of matter. The theory was only expected to hold when the source of the gravitational field is stationary. It includes the principle of least action :