REDDY J PATRICK 4

What Happened
J. Patrick Reddy, a director of Hess Midstream LP (HESM), settled 1,612 vested phantom shares into Class A common shares and received a new grant of 1,656 phantom shares. All transactions occurred on March 8, 2026, at $0.00 per share (no cash paid). The settlement converted derivative/phantom units into actual Class A shares; the new phantom-share grant is a compensation award that will vest in the future.

Key Details

• Transaction date: March 8, 2026; Form 4 filed March 10, 2026 (timely filing).
• Converted/settled: 1,612 phantom shares exercised/converted into Class A shares (reported as acquired at $0). A corresponding derivative line shows 1,612 derivative units disposed (reflecting conversion).
• Grant: 1,656 phantom shares awarded on the same date (reported at $0). According to filing footnotes, these new phantom shares will vest on March 8, 2027 and have no expiration date.
• Footnotes: Phantom shares are the economic equivalent of one Class A share and arose from a 2025 award that vested on 3/8/2026.
• Shares owned after transaction: Not specified in the provided excerpt.
• Exhibit: Exhibit 24 — Power of Attorney.

Context
Phantom-share settlements and director phantom-share grants are common forms of non-cash director compensation and do not represent an open-market purchase or sale. The conversion here reflects vesting/settlement (derivative converted into underlying shares) while the 1,656-unit grant is a forward-looking award that vests next year.