[Form 4] Kinder Morgan, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Form 4 – Kinder Morgan, Inc. (KMI)

Executive Vice President Dax Sanders reported two same-day transactions on 31 Jul 2025:

• Code “M”: 108,319 restricted stock units automatically converted into Class P common shares at $0 exercise cost, lifting his direct holdings to 364,388 shares.
• Code “F”: 42,261 of those shares were immediately withheld by the issuer to satisfy tax obligations at the closing price of $28.06, reducing his direct holdings to 322,127 shares.

No open-market purchase or sale occurred and no derivative positions remain outstanding post-settlement. The net result is an incremental ownership increase of 66,058 shares, reflecting routine equity-compensation vesting rather than a discretionary insider buy or sell decision. Material impact on KMI’s share supply or insider-sentiment interpretation is therefore limited.

Insights

Securities Analyst

TL;DR: Routine RSU vesting; neutral signal for investors.

The filing shows automatic conversion of previously granted RSUs and tax withholding, typical for executive compensation cycles. Because no open-market trade was made, the action provides little insight into management’s valuation view. The net share increase (≈66 k) is immaterial versus KMI’s 2.2 bn shares outstanding, so supply-dilution risk is negligible. Overall impact on valuation or sentiment is neutral.

Corporate Governance Expert

TL;DR: Demonstrates ongoing equity alignment but not a strategic move.

The executive retains over 322 k shares post-transaction, keeping meaningful skin in the game and aligning interests with shareholders. However, because the conversion was scheduled and mandated by the compensation plan, it does not signal confidence or concern. Governance implications remain unchanged.

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^*

Sanders Dax

(Last) (First) (Middle)

1001 LOUISIANA, SUITE 1000

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KINDER MORGAN, INC. [ KMI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Executive Vice President

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

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
Class P Common Stock	07/31/2025		M(1)		108,319	A	$0	364,388	D
Class P Common Stock	07/31/2025		F(2)		42,261	D	$28.06(3)	322,127	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 Unit	(4)	07/31/2025		M			108,319	(5)	(5)	Class P Common Stock	108,319	$0	0	D

Explanation of Responses:

1. This transaction represents the settlement of restricted stock units in shares of Class P Common Stock on their scheduled vesting date.

2. Represents shares withheld by the issuer to satisfy tax withholding obligations upon the reported vesting of restricted stock units.

3. Closing price of Class P Common Stock on the date of vesting.

4. Each restricted stock unit represents the right to receive, at settlement, one share of Class P Common Stock.

5. These restricted stock units vested on July 31, 2025.

Remarks:

	/s/ Dax Sanders	08/01/2025
	** 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.
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.

FAQ

What insider activity did Kinder Morgan (KMI) disclose on the latest Form 4?

EVP Dax Sanders converted 108,319 RSUs into common shares and had 42,261 shares withheld for taxes.

How many Kinder Morgan shares does Dax Sanders now directly own?

After the RSU vesting and tax withholding, he directly owns 322,127 Class P common shares.

Was an open-market purchase or sale involved in the KMI Form 4 filing?

No. The transactions were automatic settlement of RSUs and share withholding for taxes, not discretionary market trades.

What price was used for the tax-withheld shares?

The issuer valued the withheld shares at the $28.06 closing price on 31 Jul 2025.

Does the Form 4 signal a bullish or bearish insider view on KMI?

The filing is neutral; it reflects scheduled equity-compensation vesting, not an opinion-based buy or sell.