On December 20, 2022, EnLink Midstream, LLC (the “Company”) and each of GIP III Stetson I, L.P. and GIP III Stetson II, L.P. (together “GIP Entities”), the holders of approximately 41.5%, in the aggregate, of the outstanding common units of the Company (the “Common Units”) and, in the case of GIP III Stetson I, L.P., the owner of all of the equity interests in EnLink Midstream Manager, LLC, the managing member of the Company (the “Manager”), entered into a Unit Repurchase Agreement (the “Repurchase Agreement”) pursuant to which the Company agreed to repurchase, on a quarterly basis, a number of Common Units held by the GIP Entities (the “GIP Units”) based upon the number of Common Units repurchased from public unitholders by the Company during the applicable quarter under the Company’s 2023 common unit repurchase program, as described below. The Repurchase Agreement is substantially similar to the repurchase agreement entered into by the Company and the GIP Entities on February 15, 2022, which provided for proportional repurchases by the Company of GIP Units during 2022, and which agreement will terminate as of December 31, 2022 in accordance with its terms.
