NIEMIEC DAVID W 4

What Happened

• David W. Niemiec, a member of the Board of Directors of Hess Midstream LP (HESM), reported the settlement/receipt of director compensation tied to phantom shares. The Form 4 shows a grant/award of 1,656 Class A shares (price $0.00) on March 8, 2026, reflecting settlement of phantom shares granted in 2025 that vested on that date. The filing also reports exercise/conversion and a simultaneous disposition of 1,612 derivative units (both at $0.00) on the same date. No cash consideration is shown for these reported derivative transactions.

Key Details

• Transaction date(s): March 8, 2026; Form 4 filed March 10, 2026 (timely filing).
• Reported items: Grant/award (A) — 1,656 shares acquired @ $0.00; Exercise/conversion (M) — 1,612 shares acquired @ $0.00 and 1,612 shares disposed @ $0.00 (derivative).
• Price/value: All reported transactions show $0.00 per share (these reflect settlement/conversion of phantom/derivative awards, not open-market purchases).
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes: The 1,656 Class A shares were issued upon settlement of phantom shares granted for 2025 director service; the 2025 phantom shares vested on March 8, 2026. Each phantom share is the economic equivalent of one Class A share. The filing also notes phantom shares that will vest on March 8, 2027 and have no expiration date.
• Exhibits: Exhibit 24 — Power of Attorney.

Context

• These entries reflect director compensation and derivative/phantom-share settlement rather than a market purchase or sale. Such awards are routine for non-employee directors and do not necessarily indicate a personal buy/sell sentiment. The simultaneous exercise/conversion and disposition of derivative units (reported at $0.00) commonly accompany vesting/settlement mechanics; the filing does not show a cash purchase or open-market sale.