ALBERT CONRAD P 4

What Happened
Director Albert Conrad P executed and settled derivative/phantom-unit compensation on April 1, 2026. He converted/exercised 2,491 phantom/derivative units that resulted in the disposition of 2,491 Common Units - Class A to the issuer at $17.88 per unit, generating $44,539 in cash proceeds. The filing also shows a grant/award of 2,393 phantom units (derivative) to Mr. Conrad.

Key Details

• Transaction date: 2026-04-01; Form 4 filed: 2026-04-02 (filed within the normal 2-business-day window).
• Sale/disposition: 2,491 Common Units - Class A to the issuer at $17.88 each = $44,539 total. (Code D = disposition to issuer)
• Derivative activity: records show exercise/conversion of 2,491 derivative/phantom units (codes M), and a separate grant of 2,393 phantom units (code A).
• Shares owned after the transaction: not specified in the provided filing summary.
• Notable footnotes:
  • The cash payment of phantom units is treated as a disposition of the phantom units, an acquisition of the underlying Common Units, and a simultaneous disposition of those underlying units to the issuer (F1).
  • Phantom-unit cash payments are based on the average closing price of the Common Units - Class A for the 20 trading days immediately prior to vesting (F2, F3).
  • The award includes tandem distribution-equivalent rights accruing quarterly over the vesting period (F4).

Context

• This was essentially a cash settlement of phantom/derivative compensation, not an open-market sale. The derivative/phantom units were converted/settled and the resulting underlying units were transferred back to the issuer for cash (a common compensation/settlement mechanism).
• The transaction is modest in dollar size (~$44.5k) and reflects routine compensation settlement rather than a straightforward insider purchase or open-market sale.