WINKELRIED JON 4

What Happened

• Jon Winkelried, CEO of TPG Inc. (TPG), was granted a total of 98,894 derivative units of TPG Partner Holdings, L.P. on February 11, 2026. The Form 4 reports three award line items: 67,353 units, 21,032 units and 10,509 units, each recorded at $0.00 (transaction code A — award/grant).
• These are partnership units (derivative interests) rather than direct shares of TPG Class A common stock; the filing shows no cash paid for these units.

Key Details

• Transaction date: February 11, 2026; Form 4 filed February 13, 2026 (timely filing).
• Reported items: 67,353 units @ $0.00; 21,032 units @ $0.00; 10,509 units @ $0.00 — total 98,894 units.
• Shares/units owned after transaction: Not specified in the provided filing excerpt.
• Notable footnotes:
  • F1: Units were automatically allocated following forfeiture by a former partner of Partner Holdings.
  • F2: Under an exchange agreement, these TPH Units are exchangeable one-for-one for cash or, at TPG’s election, Class A common stock (subject to adjustments and transfer restrictions). Exchange of units also triggers related common unit exchanges and cancellation of Class B shares (Class B has voting but no economic rights).
  • F3/F4: The reporting person may be deemed to beneficially own these securities only to the extent of any pecuniary interest and disclaims ownership beyond that.
  • Remarks: Filing signed by Jennifer Chu under power of attorney for Mr. Winkelried.

Context

• These were awarded partnership units (derivative securities), not an open‑market purchase or sale of Class A shares. Such awards can be administrative (e.g., reallocation on forfeiture) and do not necessarily indicate a personal purchase decision.
• Because the units are exchangeable into cash or Class A shares under the exchange agreement, their eventual economic value will depend on TPG’s election and customary conversion mechanics.