Form 4: MPLX LP Director Frank M. Semple Reports Changes in Beneficial Ownership

Director Frank M. Semple reports acquisition of common units in MPLX LP due to an equity retainer award.

Summary

• Frank M. Semple, a director of MPLX LP, filed a Form 4 indicating changes in beneficial ownership.
• On April 1, 2025, Semple acquired 220.446 common units due to an equity retainer award.
• The acquisition price was $0.
• Following the transaction, Semple directly owns 51,079.232 common units.
• Semple also indirectly owns 333,337 common units through the Frank M. Semple Revocable Trust, 111,180 through the Robin Y Semple 2012 Dynasty Trust, and 48,777 through EK Holdings LLC.
• The equity retainer award is prorated for the period beginning April 1, 2025, and ending April 30, 2025.
• Beginning in May 2025, non-management directors will receive an annual equity retainer of $125,000.

Sentiment

Score: 7

Explanation: The document reflects a standard director compensation practice, indicating stable corporate governance. The sentiment is neutral to slightly positive.

Positives

• The equity retainer award aligns director compensation with company performance.

Future Outlook

Beginning in May 2025, MPLX's non-management directors will receive an annual equity retainer consisting of one grant in the amount of $125,000, generally made on the day following the annual meeting of shareholders of Marathon Petroleum Corporation.

Industry Context

This filing is a routine disclosure related to director compensation and equity ownership, common in publicly traded partnerships like MPLX LP. It reflects standard practices for aligning director interests with those of shareholders.

Comparison to Industry Standards

• Equity-based compensation for board members is a common practice among publicly traded companies, including those in the energy and midstream sectors.
• Companies like Enterprise Products Partners (EPD) and Kinder Morgan (KMI) also utilize equity grants as part of their director compensation packages.
• The specific amount and vesting schedules can vary based on company size, performance, and industry benchmarks.
• A $125,000 annual equity retainer is within the typical range for companies of MPLX's size and market capitalization.

Stakeholder Impact

• The equity retainer award aligns director interests with shareholder value.

Key Dates

Keywords

MPLX LP, Frank M. Semple, Form 4, Beneficial Ownership, Common Units, Equity Retainer, Director, MPLX GP LLC