Raj Nehal 4

What Happened
Raj Nehal, a director of TPG Inc. (TPG), was allocated 22,419 additional units of TPG Partner Holdings, L.P. ("TPH Units") on February 11, 2026. The units were reported at $0.00 (a non‑cash derivative award/assignment), not a purchase or sale. These TPH Units are a derivative form of equity that can be exchanged for cash or, at TPG’s election, one share of TPG Class A common stock per unit (subject to adjustments and restrictions).

Key Details

• Transaction date: February 11, 2026; Form filed February 13, 2026 (timely).
• Transaction type/code: Grant/award/acquisition (A) — 22,419 TPH Units reported at $0.00.
• Shares/units owned after transaction: Not specified in the filing.
• Footnotes of note:
  • F1: Units were automatically allocated upon forfeiture by a former partner of Partner Holdings.
  • F2: TPH Units are exchangeable one-for-one for cash or Class A shares per the November 2, 2023 Exchange Agreement; an equal number of certain common units and Class B shares held by related entities will be exchanged/cancelled. Class B shares carry voting power (10 votes each) but no economic rights.
  • F3/F4: Reporting person disclaims beneficial ownership except to the extent of any pecuniary interest; filing not an admission of beneficial ownership under Rule 16a‑1(a)(4).
• Signature/filing: Signed on behalf of Mr. Nehal by Jennifer Chu under a power of attorney dated Aug 16, 2025.

Context
This is a derivative unit award (not a cash purchase or sale). For retail investors: TPH Units are not immediate shares of TPG common stock but can be converted into cash or shares per the exchange agreement, so the economic impact depends on future exchanges and TPG’s election. The allocation resulted from a forfeiture by a former partner and may reflect partnership administrative adjustments rather than a direct insider market transaction.