PAGP Director Gary Petersen Receives Award & Exercises Phantom Shares

What Happened

• Gary R. Petersen, a director of Plains GP Holdings LP (PAGP), received a grant of 6,150 Phantom Class A shares on 2026-08-13 (reported as an award, code A). The Form 4 also reports a conversion/exercise of 7,400 derivative shares on 2026-08-14 (code M). Both the grant and the exercise/conversion are recorded at $0.00 per share (no cash paid).

Key Details

• Transaction types: A = grant/award of phantom shares (6,150 on 2026-08-13); M = exercise/conversion of derivative (7,400 on 2026-08-14).
• Prices reported: $0.00 per share for both the grant and the conversion; total cash value shown = $0.
• Shares owned after transaction: Not provided in the excerpt of the Form 4.
• Filing timeliness: Report filed 2026-08-17 for transactions on 8/13–8/14; filing falls within the standard Form 4 reporting window (timely).
• Footnotes of note:
  • F1: These are Phantom Class A shares under the company’s Long-Term Incentive Plan; dividend equivalents are paid in cash.
  • F2: One Class A share is deliverable for each Phantom Class A share that vests (i.e., a one-for-one conversion).
  • F3: Addresses vesting/forfeiture conditions upon termination of service (other than death, disability or retirement).

Context

• These entries reflect an equity award and a derivative conversion rather than an open‑market buy or sale. The 0.00 price and the fact the conversion is reported as a derivative transaction are consistent with phantom‑share vesting/settlement under the company plan (not a cash purchase or routine market sale). The Form 4 does not show an open‑market sale of underlying Class A shares.