Vazquez-Ubarri Anilu 4

What Happened
Anilu Vazquez-Ubarri, Chief Operating Officer of TPG Inc., was allocated 9,110 additional TPH units of TPG Partner Holdings, L.P. on February 11, 2026. The Form 4 reports the acquisition as an award/other acquisition (code A) at $0.00 (derivative), reflecting an automatic allocation after those units were forfeited by a former partner.

Key Details

• Transaction date: February 11, 2026; Form 4 filed February 13, 2026 (filed within the standard two-business-day window).
• Transaction type/code: Award/other acquisition (A) of 9,110 units; reported dollar price $0.00 because this was an allocated derivative award.
• Shares/units owned after transaction: Not specified in the filing.
• Footnote highlights:
  • F1: Units were automatically allocated under Partner Holdings' limited partnership agreement following forfeiture by a former partner.
  • F2: The TPH units are ultimately exchangeable one-for-one (subject to customary adjustments and restrictions) for cash or, at TPG’s election, Class A common shares under the Issuer’s exchange agreement; related common units and Class B shares held by affiliated entities are adjusted/cancelled upon exchange.
• Filing signature: Submitted by Jennifer Chu under a power of attorney for Ms. Vazquez-Ubarri.

Context
This is a derivative award/allocation rather than an open-market purchase or sale — no cash changed hands at grant. TPH units can be converted later into cash or Class A shares (or retained as partnership units), so the economic impact depends on any future exchange. Awards like this increase insider economic exposure but are not direct market purchases or dispositions.