[Form 4] DT Midstream, Inc. Insider Trading Activity

Rhea-AI Filing Summary

DT Midstream (DTM) Form 4: Director Elaine M. Pickle reported a single transaction dated 08/02/2025 (Code M).

• Shares acquired: 1,443 common shares issued upon conversion of restricted stock units (RSUs).
• RSUs exercised: 1,208.5 units; balance now 0.
• Total direct ownership: 4,308 DTM shares after the transaction.
• Vesting schedule: The underlying RSU grant vested 25 % on 8/2/23, 25 % on 8/2/24 and 50 % on 8/2/25, subject to continued service.

No shares were sold and no derivative positions remain, resulting in a net increase in insider equity exposure.

Positive

• Net insider share increase: Director acquired 1,443 shares, lifting direct ownership to 4,308, which can be viewed as a modest expression of confidence.

Negative

• Limited signal strength: Transaction arises from scheduled RSU vesting rather than discretionary open-market buying, and the share count is immaterial to overall float.

Insights

Securities Analyst

TL;DR: Small RSU conversion; director boosts stake but signal is limited.

The filing reflects a routine vesting/settlement of 1,208.5 RSUs that produced 1,443 new common shares, raising Pickle's direct holdings to 4,308 shares. Because the shares stem from an equity award rather than an open-market purchase, the informational value for outside investors is modest. The absolute size—well below 1 % of shares outstanding—suggests minimal impact on valuation or sentiment.

Corporate Governance Expert

TL;DR: Governance-neutral; standard equity-based compensation settlement.

The RSU program follows a typical three-year vesting pattern with service conditions. No change in board independence or control occurs. The absence of sales avoids negative optics, but the routine nature and small dollar value render the event governance-neutral.

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

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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^*

Pickle Elaine M

(Last) (First) (Middle)

500 WOODWARD AVE., 29TH FLOOR

(Street)

DETROIT MI 48226

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DT Midstream, Inc. [ DTM ]

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)
08/02/2025

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
Common Stock	08/02/2025		M		1,443(1)	A	(2)	4,308(1)	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
Restricted Stock Units	(2)	08/02/2025		M			1,208.5	(3)	(3)	Common Stock	1,208.5	$0	0	D

Explanation of Responses:

1. Includes shares of the Issuer's common stock acquired under the Issuer's dividend reinvestment plan.

2. Each restricted stock unit represents a contingent right to receive one share of the Issuer's common stock with any fractional shares being paid in cash.

3. This restricted stock unit vested 25% on August 2, 2023, 25% on August 2, 2024 and 50% on August 2, 2025, subject to the Reporting Person's continued service with the Issuer through the applicable vesting date.

	/s/ Andrew Hayner, Attorney-in-Fact	08/04/2025
	** 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.
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FAQ

How many DTM shares did Director Elaine M. Pickle acquire on 08/02/2025?

1,443 common shares were acquired through RSU conversion.

What is Director Pickle's total DTM ownership after the Form 4 transaction?

She now directly holds 4,308 shares of DT Midstream.

Were any DTM shares sold in this Form 4 filing?

No. The filing reports only an acquisition; no dispositions occurred.

What derivative securities were involved in the transaction?

1,208.5 restricted stock units were exercised, leaving zero RSUs outstanding.

What is the vesting schedule of the RSUs converted?

The RSU grant vested 25 % on 8/2/23, 25 % on 8/2/24, and 50 % on 8/2/25.