FTAI Infrastructure Inc. — Director's Dealing 2025

May 28, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FTAI Infrastructure Inc. (FIP)
CIK: 0001899883
Period of Report: 2025-05-27

Reporting Person: Adams Joseph P. Jr. (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-05-27	Common Stock, par value $0.01 per share	M	543479	$2.49	Acquired	943044	Direct
2025-05-27	Common Stock, par value $0.01 per share	F	217917	$6.21	Disposed	725127	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-05-27	Stock Option (right to buy)	$2.49	M	543479	Disposed	2025-12-31	Common Stock, par value $0.01 per share (543479)	Direct

Footnotes

F1: No shares were sold. Reflects deemed surrender of shares to satisfy the exercise price due upon exercise of the associated options.

F2: 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. (Continued in Footnote 3)

F3: 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 manager options not subject to corresponding tandem options to the total number of manager options (including manager options underlying such tandem awards subject to corresponding tandem options) 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.

F4: 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.