Form 4: MPLX LP Director Helms Acquires Common Units as Part of Equity Retainer Award

Director Christopher A. Helms of MPLX LP acquired common units as part of his equity retainer award, while disposing of other units.

Summary

• On April 1, 2025, Christopher A. Helms, a director of MPLX LP, acquired 192.026 common units at $0 per unit as part of his second quarter equity retainer award.
• This award was prorated for the period beginning April 1, 2025, and ending April 30, 2025.
• Helms also disposed of 73,180.32 common units.
• Following the transaction, Helms beneficially owns 73,180.32 common units.
• 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.

Sentiment

Score: 7

Explanation: The document reflects standard director compensation practices and equity ownership disclosures, indicating a neutral to slightly positive sentiment due to alignment of director and shareholder interests.

Positives

• The equity retainer award aligns the interests of non-management directors with those of the shareholders.
• The annual equity retainer of $125,000 for non-management directors demonstrates a commitment to attracting and retaining qualified board members.

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.

Management Comments

• The Reporting Person is a Director of MPLX GP LLC, the general partner of the Issuer.
• The Issuer is managed by the directors and executive officers of MPLX GP LLC.

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 unitholders.

Comparison to Industry Standards

• Equity-based compensation for directors is a common practice among publicly traded companies, including those in the energy and midstream sectors.
• Companies like Enterprise Products Partners (EPD) and Energy Transfer LP (ET) also utilize equity grants as part of their director compensation packages.
• The $125,000 annual equity retainer is within the typical range for director compensation at similar-sized companies in the industry.

Stakeholder Impact

• The equity retainer award aligns the interests of the director with those of the unitholders, potentially leading to better governance and decision-making.
• The disclosure provides transparency to unitholders regarding director compensation.

Key Dates

Keywords

MPLX LP, Christopher A. Helms, common units, equity retainer, director, beneficial ownership, Form 4