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Director at Hess Midstream (NYSE: HESM) gains Class A and phantom shares

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Hess Midstream LP director David W. Niemiec reported routine equity compensation activity. He exercised 1,612 2025 phantom shares, receiving 1,612 Class A shares, with each phantom share economically equivalent to one Class A share. The 2025 phantom shares vested on March 8, 2026.

On the same date, he was granted 1,656 2026 phantom shares for his service as director. These phantom shares will vest on March 8, 2027 and have no expiration date. Following these transactions, Niemiec directly holds 50,527 Class A shares and 1,656 phantom shares.

Positive

  • None.

Negative

  • None.
Insider NIEMIEC DAVID W
Role Director
Type Security Shares Price Value
Exercise 2025 Phantom Shares 1,612 $0.00 --
Grant/Award 2026 Phantom Shares 1,656 $0.00 --
Exercise Class A Shares 1,612 $0.00 --
Holdings After Transaction: 2025 Phantom Shares — 0 shares (Direct); 2026 Phantom Shares — 1,656 shares (Direct); Class A Shares — 50,527 shares (Direct)
Footnotes (1)
  1. Class A shares acquired upon settlement of phantom shares granted in 2025 for service as director. Each phantom share is the economic equivalent of one Class A share. The 2025 phantom shares vested on March 8, 2026. Each phantom share is the economic equivalent of one Class A share. The phantom shares will vest on March 8, 2027 and have no expiration date.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
NIEMIEC DAVID W
(Last) (First) (Middle)
1400 SMITH STREET
(Street)
HOUSTON TX 77002
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Hess Midstream LP [ HESM ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
03/08/2026
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Class A Shares 03/08/2026 M(1) 1,612 A $0 50,527 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
2025 Phantom Shares $0 03/08/2026 M 1,612 (2) (2) Class A Shares 1,612 $0 0 D
2026 Phantom Shares (3) 03/08/2026 A 1,656 (4) (4) Class A Shares 1,656 $0 1,656 D
Explanation of Responses:
1. Class A shares acquired upon settlement of phantom shares granted in 2025 for service as director. Each phantom share is the economic equivalent of one Class A share.
2. The 2025 phantom shares vested on March 8, 2026.
3. Each phantom share is the economic equivalent of one Class A share.
4. The phantom shares will vest on March 8, 2027 and have no expiration date.
Remarks:
Exhibit List: Exhibit 24 - Power of Attorney
/s/ Jessica Cauley, Attorney-in-Fact for David W. Niemiec 03/10/2026
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Hess Midstream (HESM) disclose for David W. Niemiec?

Hess Midstream reported that director David W. Niemiec exercised 1,612 2025 phantom shares into 1,612 Class A shares and received a new grant of 1,656 2026 phantom shares. These transactions reflect routine equity compensation for board service, not open-market buying or selling.

How many Hess Midstream Class A shares does David W. Niemiec hold after this Form 4?

After the reported transactions, David W. Niemiec directly holds 50,527 Class A shares of Hess Midstream and 1,656 phantom shares. The filing shows his equity exposure increased through the settlement of 2025 phantom shares and the grant of additional 2026 phantom share awards.

What are Hess Midstream phantom shares and how do they work for HESM directors?

The filing explains that each phantom share is the economic equivalent of one Class A share. Phantom shares are a form of equity-based compensation for directors, settling in Class A shares upon vesting, aligning director pay with unitholder value without immediate cash transactions or open-market trades.

When do David W. Niemiec’s Hess Midstream phantom shares vest?

The 2025 phantom shares vested on March 8, 2026, triggering delivery of 1,612 Class A shares. The new 2026 phantom share grant of 1,656 units will vest on March 8, 2027 and has no expiration date, providing a defined future vesting event for this compensation.

Does the Hess Midstream Form 4 show any stock sales by David W. Niemiec?

No sales are reported. The Form 4 shows only acquisitions through derivative exercises and a grant: settlement of 1,612 2025 phantom shares into Class A shares and an award of 1,656 2026 phantom shares. These are compensation-related, not open-market sale transactions.

Is the Hess Midstream (HESM) Form 4 for David W. Niemiec a routine filing?

Yes, the transactions appear routine. They involve exercising 1,612 phantom shares that had vested for 2025 service and receiving a 1,656 phantom share grant for 2026 service. Such equity awards are typical board compensation mechanisms rather than discretionary trading decisions.