Plains GP (PAGP) Director Ellen DeSanctis Receives Award & Exercises Units

What Happened

• Ellen DeSanctis, a director of Plains GP Holdings LP (PAGP), received a grant of 6,150 Phantom Class A shares under the company’s Long-Term Incentive Plan on 2026-08-13 (reported as an A — award/grant). On 2026-08-14 the filing shows an exercise/conversion of 7,400 derivative units (code M) with a simultaneous reported disposition of 7,400 units. All transactions are listed at $0.00 consideration in the Form 4.

Key Details

• Transaction dates and types: 2026-08-13 — Grant of 6,150 Phantom Class A shares (A); 2026-08-14 — Exercise/conversion of 7,400 derivative units (M) and same-day disposition of 7,400 units (M).
• Price/Value: All entries show $0.00 as the reported price/consideration.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes from the filing:
  • F1: Phantom Class A shares granted under the LTIP; include dividend equivalent rights payable in cash.
  • F2: One Class A share is deliverable for each Phantom Class A share that vests.
  • F3: Vesting/forfeiture conditions tied to director service termination (except for death, disability, or retirement).
• Timeliness: Period of report 2026-08-13; Form 4 filed 2026-08-17. Filing appears timely (not marked late).

Context

• Phantom Class A units are derivative awards that convert into actual Class A shares (one-for-one when they vest) and often carry cash dividend equivalents; they are a form of compensation/long-term incentive rather than an open-market purchase. The filing shows an exercise/conversion with a matching same-day disposition of 7,400 units, but the Form 4 does not report cash consideration or further details about the nature of the disposition (e.g., sale, net settlement, or transfer).