Form 4: Genesis Energy LP Director Kenneth M. Jastrow II Reports Transactions in Common Units and Phantom Units

Director Kenneth M. Jastrow II of Genesis Energy LP reported transactions involving common units and phantom units, including the vesting and cash settlement of phantom units.

Summary

• Kenneth M. Jastrow II, a director at Genesis Energy LP, reported several transactions on January 2, 2025.
• These transactions involved both common units and phantom units of the company.
• Specifically, 2,810 phantom units vested and were settled in cash, which is treated as a disposition of the phantom units and a simultaneous disposition of the underlying common units.
• The cash payment was based on the average closing price of the Common Units Class A for the 20 trading days prior to vesting.
• Additionally, 3,851 phantom units were awarded to Mr. Jastrow, which will vest on January 2, 2026, and will also be paid in cash based on the average closing price of the Common Units Class A for the 20 trading days prior to the vesting date.
• Following these transactions, Mr. Jastrow beneficially owns 150,000 common units and 12,579 phantom units.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing insider transactions, which is neither positive nor negative in itself. It is a neutral event.

Future Outlook

The newly awarded phantom units will vest on January 2, 2026, and will be paid in cash based on the average closing price of the Common Units Class A for the 20 trading days prior to the vesting date.

Industry Context

This filing is a routine disclosure of insider transactions, which is common for publicly traded companies. It provides transparency into the trading activities of company directors.

Comparison to Industry Standards

• Form 4 filings are standard practice for publicly traded companies in the US, ensuring transparency of insider transactions.
• The vesting and cash settlement of phantom units is a common form of executive compensation, similar to practices at other energy companies such as Enterprise Products Partners (EPD) and Kinder Morgan (KMI).
• The reporting of both common unit and phantom unit transactions is consistent with SEC regulations and industry norms.

Stakeholder Impact

• The transactions reported in this filing provide transparency to shareholders regarding the trading activities of company directors.
• The vesting of phantom units and their cash settlement is part of the company's compensation structure for its executives.

Key Dates

Keywords

Genesis Energy LP, GEL, Kenneth M. Jastrow II, Form 4, insider trading, phantom units, common units, vesting, director