Trujillo David 4

What Happened
David Trujillo, a director of TPG Inc. (TPG), was automatically allocated 37,089 units of TPG Partner Holdings, L.P. ("TPH Units") on February 11, 2026. The Form 4 reports the award/acquisition at $0.00 (derivative award), not a purchase or sale — the units were allocated following forfeiture by a former partner.

Key Details

• Transaction date and price: 2026-02-11, 37,089 TPH Units, $0.00 per unit (reported as an award/derivative "A").
• Shares owned after transaction: Not specified in the filing.
• Footnote F1: Units were allocated automatically upon forfeiture by a former partner of Partner Holdings.
• Footnote F2: TPH Units are exchangeable one-for-one for cash or, at TPG's election, shares of TPG Class A common stock (subject to customary adjustments and transfer restrictions); an exchange triggers related unit/share cancellations in affiliated holding entities.
• Filing timeliness: Reported period 2026-02-11 and filed 2026-02-13 — filed within the Form 4 reporting window.
• Signature/authorization: Filing signed on behalf of Mr. Trujillo by Jennifer Chu under a power of attorney dated Aug 16, 2025.

Context
This was an automatic allocation of partnership units (a derivative interest), not an open-market purchase or sale. TPH Units carry economic value because they can be exchanged 1:1 for cash or Class A shares of TPG (subject to the Amended and Restated Exchange Agreement), so the allocation represents additional convertible economic exposure rather than immediate stock acquisition. This type of administrative allocation is common after forfeitures and does not, by itself, indicate the insider’s intent to buy or sell TPG stock.