PAGP Director Raymond John T Receives Award, Exercises Derivatives

What Happened

• Raymond John T, 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 had conversion/exercise activity for 7,400 derivative units. The exercise/conversion transactions show both an acquisition and an immediate disposition of 7,400 shares at $0.00 per share (derivative transactions), and the grant is recorded at $0.00 as well.

Key Details

• Transaction types/codes: A = Award/Grant (6,150 phantom shares, 2026-08-13); M = Exercise/Conversion of derivative (7,400 acquired and 7,400 disposed, 2026-08-14).
• Prices and values: All transactions reported at $0.00 per share; no cash value recorded on the Form 4.
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes:
  • F1 — Phantom Class A shares under the Long-Term Incentive Plan, which include dividend equivalent rights payable in cash.
  • F2 — One Class A share is deliverable for each Phantom Class A share that vests.
  • F3 — The phantom shares are subject to continued service conditions and relevant termination provisions (may be forfeited on termination other than death, disability or retirement).
• Filing timeliness: Report filed 2026-08-17 for transactions on 2026-08-13 and 2026-08-14; this meets the Form 4 two-business-day filing requirement (timely).

Context

• These were derivative/award-related transactions (phantom share grant and conversion/exercise), not open-market purchases or sales. The zero-dollar exercise/conversion typically reflects conversion/settlement mechanics for plan awards rather than a cash purchase; the filing shows an immediate disposition of the exercised units but does not provide details on the recipient or cash consideration. As with most awards and plan-based conversions, this is routine compensation-related insider activity and does not, by itself, indicate the director’s market view.