Ellis Wendy 4

What Happened

• Wendy Ellis, Executive Vice President, General Counsel & Corporate Secretary of DT Midstream (DTM), had restricted stock units (RSUs) convert/exercise on February 1, 2026. The filing shows 4,628.92 shares were acquired via conversion (derivative exercise). To cover tax obligations, 2,267 shares were withheld/removed at $126.02 per share, totaling $285,687. The filing also records a separate derivative line showing 4,104 shares disposed with $0 cash proceeds (reported as a derivative disposition).

Key Details

• Transaction date: February 1, 2026; Form 4 filed February 3, 2026 (timely within reporting window).
• Conversion/exercise (code M): 4,628.92 shares acquired (no acquisition price reported on that line).
• Tax withholding/payment (code F): 2,267 shares withheld at $126.02/share = $285,687.
• Additional derivative disposition (code M): 4,104 shares reported as disposed at $0 cash proceeds (per filing).
• Footnotes: F2—each RSU represents a contingent right to one share; F3—this RSU vested Feb 1, 2026; F1 notes inclusion of dividend reinvestment plan shares where applicable.
• Shares owned after the transactions are not specified in the provided excerpt of the filing.

Context

• This appears to be an RSU vesting/settlement event rather than an open‑market purchase or sale for cash. Withholding shares to satisfy tax obligations (code F) is a common administrative step when RSUs vest and does not necessarily reflect a voluntary sale decision. The filing reports conversion/settlement of derivative awards and the tax‑withholding share disposition; no cash sale of remaining shares is reported.