Green Catherine A. 4

What Happened

• Catherine A. Green, SVP & Chief Accounting Officer of Western Midstream Partners (WES), exercised/converted multiple equity-based awards on Feb 12, 2026 and immediately had shares withheld/sold to satisfy tax/exercise obligations. The filing shows exercises/conversions totaling 63,315 units (various derivative awards) and tax/exercise-related dispositions of about 24,994 shares with reported proceeds of roughly $42.5M — dominated by a single reported disposition of $41,757,444. She also received three new awards totaling 47,225 units (23,613 + 11,806 + 11,806) reported as phantom/performance-based units.

Key Details

• Transaction date: February 12, 2026; filing date: February 13, 2026 (appears timely).
• Exercises/conversions (code M): multiple entries totaling 63,315 units acquired (as reported).
• Tax/exercise withholdings/dispositions (code F): ~24,994 shares disposed; proceeds reported ≈ $42.54M (includes one line reporting $41,757,444).
• Per-share prices reported in the filing: several withholdings at $42.35; one line reports $6,462.00 per share for the large disposition (reported as filed).
• Awards (code A): three grants totaling 47,225 units (phantom units and performance-based units).
• Shares owned after transaction: not specified in the provided filing excerpt.
• Footnotes: Phantom units are economic equivalents to WES common units and vest ratably over three years with distribution-equivalent cash rights (F1–F2). Performance-based units pay 0–200% of a unit (or cash) based on 3-year goals (F3–F4).
• Transaction codes: M = exercise/conversion of derivative; F = payment of exercise price/tax withholding; A = grant/award.

Context

• This appears to be a cashless-style exercise/settlement where shares were converted and a portion withheld or sold to cover taxes/exercise costs. For derivative filings, that pattern (exercise + immediate withholding/sale) is common and typically reflects tax/payment mechanics rather than an open-market investment decision.
• The large reported $41.8M disposition line is shown as filed; amounts and per-share prices reflect the SEC filing as reported.