Holderman Daniel P. 4

What Happened

• Daniel P. Holderman, Chief Operating Officer of Western Midstream Partners (WES), exercised/converted multiple derivative awards on Feb 12, 2026. The filings show conversions totaling 91,788 derivative units into common units (recorded as acquisitions at $0) and tax/withholding dispositions of 36,152 common units at $42.35 per unit, totaling ~$1.53M. He was also granted 70,839 new derivative awards (time-based phantom units and performance-based units).

Key Details

• Transaction date: February 12, 2026; Form 4 filed February 13, 2026 (timely).
• Conversions/exercises: 10,819 + 14,940 + 10,009 + 25,316 + 30,704 = 91,788 derivative units converted (acquired at $0).
• Tax withholding: 4,258 + 5,879 + 3,939 + 9,962 + 12,114 = 36,152 units withheld/disposed at $42.35 each = ~$1,531,038.
• Net common units likely issued to Holderman: ~91,788 − 36,152 = ~55,636 units (approximate, based on entries).
• New awards granted same day: 35,419 phantom units (time-based) and two grants of 17,710 performance-based units (total 70,839 units).
• Relevant footnotes:
  • Phantom Units = economic equivalent of one common unit; upon vesting may be settled in units or cash (F1).
  • Phantom units vest ratably over three years and pay distribution equivalents in cash (F2).
  • Performance units vest after a 3‑year performance period and may pay 0%–200% of one unit depending on results; may be settled in units or cash (F3, F4).
• Filing: Appears timely (filed next business day); no indication of a 10b5-1 plan or late filing in supplied data.

Context

• These were not open-market purchases or discretionary sales. Holderman converted/vested derivative awards and had shares withheld to cover tax obligations (common net settlement practice). Such exercises and awards are routine compensation events for executives; they do not, by themselves, indicate a buy/sell signal in the market. For precise post-transaction beneficial ownership, see the full Form 4 filing.