PAGP Director Ziemba Receives Award, Exercises Derivative

What Happened

• Lawrence Michael Ziemba, a director of Plains GP Holdings LP (PAGP), was granted 6,150 Phantom Class A shares on 2026-08-13 (award recorded at $0). On 2026-08-14 the filing shows an exercise/conversion of 7,400 derivative units (transaction code M) with acquisition and disposition entries both at $0. No cash was reported as paid or received in these entries — these are award/derivative settlement events rather than open-market purchases or reported cash sales.

Key Details

• Transaction dates and prices:
  • 2026-08-13: Grant/award of 6,150 Phantom Class A shares @ $0.00 (A).
  • 2026-08-14: Exercise/conversion of 7,400 derivative units @ $0.00 — listed as both acquired and disposed (M).
• Shares owned after the transactions: not specified in this Form 4.
• Footnotes:
  • F1: Phantom Class A shares granted under the Long-Term Incentive Plan; include dividend-equivalent rights payable in cash.
  • F2: One Class A share is deliverable for each Phantom Class A share that vests.
  • F3: Forfeiture or other conditions apply upon termination of service other than death, disability or retirement.
• Filing timeliness: Form 4 filed 2026-08-17 for transactions on 8/13–8/14 — appears timely (filed within the SEC’s two business-day window).
• Notes for investors: These transactions reflect compensation/derivative settlement activity (awards and conversions), not an open-market buy or sale that would signal immediate insider market sentiment. The paired acquisition and disposition entries for 7,400 units suggest a conversion/settlement rather than a sale with proceeds reported.