Phillip David Bairrington - 20 Jan 2022 Form 4 Insider Report for PHILLIPS 66 PARTNERS LP

Role: Director
Signature: Julie P. Pradel, by Power of Attorney
Issuer symbol: N/A
Transactions as of: 20 Jan 2022
Net transactions value: -$68.32
Form type: 4
Filing time: 20 Jan 2022, 17:28:54 UTC
Next filing: 09 Mar 2022
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PSXP	Common Units (Limited Partner Interests)	Options Exercise	$0	+1,650	+3.8%	$0.000000	45,348	20 Jan 2022	Direct	F1
transaction	PSXP	Common Units (Limited Partner Interests)	Disposed to Issuer	$72,538	-1,650	-3.6%	$43.96	43,698	20 Jan 2022	Direct	F1, F2
transaction	PSXP	Common Units (Limited Partner Interests)	Purchase	$72,470	+1,630	+3.7%	$44.46	45,328	20 Jan 2022	Direct	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PSXP	Phantom Units	Options Exercise	$0	-1,650	-100%	$0.000000^*	0	20 Jan 2022	Common Units	1,650		Direct	F4, F5
transaction	PSXP	Phantom Units	Award	$0	+2,389		$0.000000	2,389	20 Jan 2022	Common Units	2,389		Direct	F4, F5, F6, F7, F8

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	These transactions do not represent the actual purchase and sale of common units by the reporting person. In accordance reporting requirements, they represent the cash settlement of a phantom unit award.
F2	The price reflected above is the average of the high and the low price of the Company's common unit on January 14, 2022.
F3	In accordance with Rule 10b5-1, on November 14, 2018, the reporting person gave instructions to purchase common units with the cash payment received upon settlement of the 1,650 phantom units reported on this Form 4.
F4	Each phantom unit is the economic equivalent of one common unit of Phillips 66 Partners LP.
F5	The phantom units do not have an expiration date.
F6	The plan actually dictates January 15th as the grant date, but due to that being a holiday weekend, the reporting person was not notified of the transaction until the 20th, which is the transaction date per Rule 16a-3(g).
F7	Annual grant to non-employee directors of phantom units.
F8	Phantom units vest on the third anniversary of the grant.