Brown Oscar K 4

What Happened
Oscar K. Brown, President & CEO and a director of Western Midstream Partners (WES), had derivative awards convert to common-unit equivalents and received new awards on Feb 12, 2026. The filing shows conversion/exercise of 24,022 derivative units into common-unit equivalents (acquired) and a tax-withholding disposition of 10,510 units at $42.35 each, yielding $445,099. In addition, Brown was granted a total of 188,903 derivative units that appear to be a mix of phantom and performance-based units (94,451 + 47,226 + 47,226).

Key Details

• Transaction date: 2026-02-12; Form filed 2026-02-13 (next-day filing).
• Converted/exercised: 24,022 derivative units into common-unit equivalents (reported as acquired at $0).
• Tax withholding sale: 10,510 units disposed at $42.35 each, total = $445,099 (code F — payment of exercise price or tax liability).
• Grants/awards: 94,451; 47,226; and 47,226 derivative units (reported as acquisitions at $0, codes A).
• Footnotes summary:
  • Phantom Units = economic equivalent of one WES common unit; on vesting can convert to a common unit or cash (F1).
  • Some phantom units vest ratably over 3 years and pay distribution equivalents in cash (F2, F3).
  • Performance-based units pay 0–200% of one common unit based on 3-year performance metrics (F4, F5).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Filing timeliness: filed the day after the transactions (appears timely).

Context

• This was largely an exercise/conversion and grant event (derivative vesting and new awards). The 10,510-unit disposition appears to be a tax-withholding action (cashless-type withholding) to satisfy tax obligations from the vesting/exercise rather than an open-market sell motivated by investment views.
• Phantom and performance-based awards are common long-term compensation tools; performance units may pay out between 0%–200% of target depending on future metrics, and some vest over multiple years.
• No indication in this filing of a 10b5-1 plan or of a late filing.