ALBERT CONRAD P 4

What Happened

• Director Albert Conrad converted/ exercised phantom unit derivatives and sold 2,500 underlying Common Units — Class A to the issuer on July 1, 2026 for $14.77 each, totaling $36,925. The filing also shows a related exercise/conversion entry for derivative units and a grant of 2,976 new phantom units (awarded as a derivative).

Key Details

• Transaction date: July 1, 2026; filing date: July 2, 2026 (timely).
• Sale: 2,500 Common Units - Class A at $14.77 per unit; proceeds reported $36,925 (disposition to issuer, not an open-market sale).
• Award: 2,976 phantom units granted (derivative award).
• Shares owned after transaction: not specified in the provided filing summary.
• Footnotes: F1–F4 indicate (a) cash payment of phantom units is treated as an exchange for and simultaneous disposition of underlying units to the issuer; (b–c) phantom unit payouts are cash-settled based on the 20-trading-day average closing price prior to vesting; (d) awards include tandem distribution-equivalent rights that accrue and pay distributions over the vesting period.
• Transaction type: derivative exercise/cash-settlement and issuer buyback (common for compensation/tax purposes).

Context

• This was a cash-settled conversion of phantom (derivative) units with the underlying units surrendered to the partnership for cash — functionally similar to exercising and immediately selling, not an open-market trade. Such transactions typically reflect compensation or vesting mechanics rather than a directional bet on the stock.