Plains GP (PAGP) Director Bobby Shackouls Receives Award, Exercises Derivatives

What Happened Bobby S. Shackouls, 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 (reported 2026-08-13) and on 2026-08-14 reported the exercise/conversion of 7,400 derivative units (filing shows both an acquisition and a corresponding disposition of 7,400 derivative units at $0). All reported transactions show a $0 per-share price and $0 total cash value. These are award/derivative transactions rather than an open‑market purchase or cash sale and do not necessarily signal a buy or sell in the market.

Key Details

• Transactions reported:
  • 2026-08-13: Grant/Award (code A) — 6,150 Phantom Class A shares @ $0.00 (acquired).
  • 2026-08-14: Exercise/Conversion (code M) — 7,400 derivative units @ $0.00 (acquired).
  • 2026-08-14: Exercise/Conversion (code M) — 7,400 derivative units @ $0.00 (disposed; derivative).
• Reported dollar amounts: $0 per share; $0 total value shown for each line.
• Shares owned after the transactions: not specified in the provided filing excerpt.
• Footnotes:
  • 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 condition referenced on termination of service other than death, disability, or retirement.
• Filing timing: Form 4 filed 2026-08-17 for transactions on 2026-08-13 and 08-14 — this appears later than the typical 2-business-day Form 4 deadline and may be a late filing.

Context These entries reflect an award of phantom (restricted/phantom) share units and the exercise/conversion of derivative units, not an open-market buy or sale. Phantom shares typically convert to one Class A share upon vesting (per footnote) and include cash dividend equivalents; the M-code entries showing both acquisition and disposition of 7,400 derivative units at $0 likely represent conversion/settlement of derivative interests rather than a cash transaction or market sale. As with most awards and derivative exercises, these are more about compensation and vesting mechanics than an immediate trading stance.