Letwin Stephen J J 4

What Happened

• Stephen J. J. Letwin, a director of Hess Midstream LP (HESM), settled vested phantom-share awards on March 8, 2026. The Form 4 reports an exercise/conversion of 1,612 derivative phantom shares (M) and the grant/settlement acquisition of 1,656 Class A shares (A). All transactions show a $0.00 per-share price, indicating these were compensation/settlement transactions rather than open-market purchases or sales. Combined, 3,268 economic shares were involved in the filings.

Key Details

• Transaction date: March 8, 2026. Filing date: March 10, 2026 (timely).
• Reported prices: $0.00 per share for all entries (no cash paid or received).
• Shares reported: 1,612 exercised/converted (derivative) and 1,656 acquired via settlement; total involved = 3,268 shares.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: phantom shares were granted in 2025 and vested on March 8, 2026 (F1–F3). A separate tranche of phantom shares is scheduled to vest on March 8, 2027 and has no expiration (F4).
• Filing status: appears timely (filed within two business days of the March 8 transaction).

Context

• These entries reflect settlement/compensation (phantom-share awards) and a conversion/exercise of derivative phantom shares (code M), not an open-market buy or a sale. Phantom shares are economic equivalents of Class A shares: when they vest they are settled into Class A stock (or cash equivalent depending on plan), so this should be viewed as director compensation rather than a market signal.