Bast Michael Scott 4

What Happened

• Michael Scott Bast, President and Chief Operating Officer of Hess Midstream (HESM), had phantom share awards settle on March 8, 2026. A total of 3,445 Class A shares were issued upon settlement (three lots: 1,327; 1,189; 929).
• No cash was paid to acquire the shares (derivative conversion, code M). To cover required tax withholding, 893 shares were surrendered (codes F) at $38.92 per share, totaling $34,755. Net shares received by Bast: 2,552 (3,445 issued − 893 withheld).
• Gross market value of the issued shares at $38.92 was about $134,079; net value after withholding was about $99,324. These transactions are routine compensation settlements rather than open‑market purchases or sales.

Key Details

• Transaction date: March 8, 2026; Form 4 filed March 10, 2026 (appears filed within the standard two‑business‑day window).
• Prices reported: derivative settlement at $0 (no exercise price); shares withheld taxed at $38.92 each.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: Shares were Class A shares acquired upon settlement of phantom shares granted under Hess Midstream’s 2017 Long Term Incentive Plan. The 2023 phantom shares vested on March 8, 2026. Remaining 2024 phantom shares vest March 8, 2027 (no expiration). Remaining 2025 phantom shares vest ratably on March 8, 2027 and March 8, 2028 (no expiration).
• Transaction codes explained: M = exercise/conversion of derivative (phantom share settlement); F = shares withheld to satisfy tax obligations.

Context

• This was a settlement of phantom (non‑tradable) share awards under the company LTIP, effectively converting units into actual Class A shares. Part of the issuance was immediately withheld to pay taxes (a cashless/withholding common in award settlements).
• Such compensation settlements are routine and do not necessarily signal insider confidence or a change in view of the company; purchases on the open market are generally more indicative of personal investment decisions.