Plains GP (PAGP) Director Victor Burk Receives Award, Exercises Phantom

What Happened Victor Burk, a director of Plains GP Holdings LP (PAGP), received a grant of 6,150 phantom Class A shares on 2026-08-13 and on 2026-08-14 recorded the exercise/conversion of 7,400 derivative (phantom) Class A share rights. All transactions show $0.00 per share (no cash purchase or sale). These are awards and derivative conversions rather than open-market purchases or sales.

Key Details

• Transaction dates: Grant 2026-08-13 (6,150 phantom shares, code A); Exercise/conversion 2026-08-14 (7,400 phantom derivative shares, code M — recorded as both acquired and disposed at $0.00).
• Price/value: $0.00 per share for both grant and conversion — no cash paid or received in the filings.
• Shares owned after transaction: Not specified in the data provided in this summary (check the full Form 4 for post-transaction holdings).
• Footnotes: F1 — these are Phantom Class A shares under the company’s Long-Term Incentive Plan and include dividend-equivalent rights payable in cash; F2 — one Class A share is deliverable for each Phantom Class A share that vests; F3 — references treatment upon termination of director service other than death, disability or retirement.
• Filing timeliness: Form 4 was filed on 2026-08-17 for transactions on 8/13 and 8/14 — the filing date is within the reporting deadlines (timely).

Context

• These are award and derivative-conversion events (phantom share grant and conversion), not open-market buys or sales. Phantom share grants and conversions commonly reflect compensation or plan mechanics rather than a direct trading signal.
• For retail investors, purchases (direct open-market buys) often carry more weight as a bullish signal; awards and internal conversions like these are routine compensation/administrative actions.