Kenneth J. Nicholson - 20 Aug 2025 Form 4 Insider Report for FTAI Infrastructure Inc. (FIP)

Role: CEO and President
Signature: /s/ Kevin Krieger, as Attorney-in-fact
Issuer symbol: FIP
Transactions as of: 20 Aug 2025
Transactions value $: $2,706,523
Form type: 4
Filing time: 21 Aug 2025, 16:17:12 UTC
Previous filing: 22 May 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Nicholson Kenneth J.	CEO and President	1345 AVENUE OF THE AMERICAS 45TH FLOOR, NEW YORK	/s/ Kevin Krieger, as Attorney-in-fact	21 Aug 2025	0001672945

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FIP	Common Stock, par value $0.01 per share	Options Exercise	$2.71M	+1.09M	+99.85%	$2.49	2.18M	20 Aug 2025	Direct

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	FIP	Stock Option (right to buy)	Options Exercise	$0	-1.09M	-100%	$0.00	0	20 Aug 2025	Common Stock, par value $0.01 per share	1.09M	$2.49	Direct	F1, F2, F3

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

Explanation of Responses:

Id	Content
F1	Tandem awards correspond on a one-to-one basis with options granted to FIG LLC, the Company's manager (or an affiliate of the Company's manager), such that exercise by an employee of the tandem award would result in the corresponding option held by the manager being cancelled. Upon the grant of options to the manager (or an affiliate), such options are fully vested and become exercisable over a 30-month period (the "Total Exercisability Period") in monthly installments beginning on the first of each month following the month in which the options were granted.
F2	When tandem awards are granted with respect to manager options, the manager options become exercisable in monthly installments over a portion of the Total Exercisability Period equal to the product of (i) the ratio of tandem awards to the total number of related options (including options underlying such tandem awards) multiplied by (ii) 30 (such period, the "Manager Exercisability Period"). Following the Manager Exercisability Period, the tandem awards vest in monthly installments on the first of each month over the remainder of the Total Exercisability Period and become exercisable only at the end of the Total Exercisability Period.
F3	Represents the expiration date of the related manager option. In general, the expiration date of the tandem award occurs prior to the expiration date of the underlying option.