Plains GP director acquires 7,400 Class A shares

PLAINS GP HOLDINGS LP director John T. Raymond reported equity-based compensation and a related conversion.

Rhea-AI Filing Summary

PLAINS GP HOLDINGS LP director John T. Raymond reported equity-based compensation and a related conversion. On 2026-08-14 he exercised 7,400 Phantom Class A shares, resulting in the acquisition of 7,400 Class A Shares at $0.00 per share, bringing his direct Class A holdings to 322,794 shares. On 2026-08-13 he was granted 6,150 Phantom Class A shares under a Long-Term Incentive Plan, each linked 1:1 to a future Class A share upon vesting and including associated dividend equivalent rights payable in cash. The phantom award generally settles in shares upon termination of his service as director, other than because of death, disability, or retirement.

Insider Trade Summary

7,400 shares exercised/converted

Exercise 3 txns

Insider RAYMOND JOHN T

Role Director

Type	Security	Shares	Price	Value
Exercise	Phantom Class A Shares F1, F2	7,400	$0.00	$0.00
Exercise	Class A Shares	7,400	$0.00	$0.00
Grant/Award	Phantom Class A Shares F1, F2, F3	6,150	$0.00	$0.00

Holdings After Transaction: Phantom Class A Shares — 6,150 contracts (Direct); Class A Shares — 322,794 shares (Direct)

Footnotes (3)

1. F1. Phantom Class A shares granted under Long-Term Incentive Plan (includes associated dividend equivalent rights payable in cash).
2. F2. One Class A share is deliverable for each Phantom Class A share that vests.
3. F3. Upon termination of service as director, other than because of death, disability or retirement.

Key Figures

Phantom shares exercised: 7,400 Phantom Class A shares Class A Shares acquired: 7,400 Class A Shares Class A holdings after transaction: 322,794 Class A Shares +3 more

6 metrics

Phantom shares exercised 7,400 Phantom Class A shares Exercised on 2026-08-14 into Class A Shares

Class A Shares acquired 7,400 Class A Shares Received upon exercise of Phantom Class A shares on 2026-08-14 at $0.0000 per share

Class A holdings after transaction 322,794 Class A Shares Direct ownership following the 2026-08-14 exercise

New phantom award 6,150 Phantom Class A shares Grant on 2026-08-13 under Long-Term Incentive Plan

Conversion ratio 1 Class A share per 1 Phantom Class A share Delivery terms for vested Phantom Class A shares

Exercise price $0.0000 per share Price for the 7,400 Class A Shares received on exercise

Key Terms

Phantom Class A shares, Long-Term Incentive Plan, dividend equivalent rights, vests

4 terms

Phantom Class A shares financial

"Phantom Class A shares granted under Long-Term Incentive Plan"

Long-Term Incentive Plan financial

"Phantom Class A shares granted under Long-Term Incentive Plan"

A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.

dividend equivalent rights financial

"includes associated dividend equivalent rights payable in cash"

Dividend equivalent rights are promises that mirror the cash payments shareholders get from a company’s profits, but they are paid to holders of certain awards (like stock options or restricted stock units) rather than to actual shares. Think of them as a paycheck top‑up that matches dividends while the award is not yet a real stock, and they matter to investors because they add to employee compensation costs and potential share dilution, affecting company profitability and per‑share value.

vests financial

"One Class A share is deliverable for each Phantom Class A share that vests"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did PAGP director John T. Raymond report on this Form 4?

John T. Raymond reported exercising 7,400 Phantom Class A shares into 7,400 Class A Shares on 2026-08-14 and receiving a grant of 6,150 Phantom Class A shares on 2026-08-13 as part of equity-based compensation.

How many PAGP Class A Shares does John T. Raymond hold after these transactions?

After the reported transactions, John T. Raymond directly holds 322,794 Class A Shares of PLAINS GP HOLDINGS LP. This figure reflects the shares received from exercising 7,400 Phantom Class A shares on 2026-08-14 plus his prior holdings.

What are the terms of the 6,150 Phantom Class A shares granted to the PAGP director?

The director received 6,150 Phantom Class A shares under a Long-Term Incentive Plan, with one Class A share deliverable for each phantom share that vests, and the award includes dividend equivalent rights payable in cash tied to the underlying shares.

When do the newly granted Phantom Class A shares for PAGP generally settle into Class A Shares?

The 6,150 Phantom Class A shares generally settle in Class A Shares upon termination of service as director, in cases other than death, disability, or retirement, according to the award’s terms disclosed in the filing.

Was the PAGP director’s Form 4 filed under a Rule 10b5-1 trading plan?

The Form 4 indicates the Rule 10b5-1 checkbox as not affirmed (aff_10b5_one is false), meaning the reported transactions are not stated to have been executed under a Rule 10b5-1 trading plan in this disclosure.

Did the PAGP director sell any Class A Shares in these reported transactions?

No sales of Class A Shares were reported. The director acquired 7,400 Class A Shares through exercise of phantom units and received a grant of 6,150 Phantom Class A shares; no open-market or other sales were disclosed.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/17/2026 - 04:22 PM EDT Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

RAYMOND JOHN T

(Last) (First) (Middle)

2229 SAN FELIPE STREET

SUITE 1300

(Street)

HOUSTON TEXAS 77019

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
PLAINS GP HOLDINGS LP [ PAGP ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/13/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Shares	08/14/2026		M		7,400	A	$0	322,794	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Class A Shares(1)	(2)	08/14/2026		M			7,400	08/14/2026	08/14/2026	Class A Shares	7,400	$0	0	D
Phantom Class A Shares(1)	(2)	08/13/2026		A		6,150		08/13/2027	(3)	Class A Shares	6,150	$0	6,150	D

Explanation of Responses:

1. Phantom Class A shares granted under Long-Term Incentive Plan (includes associated dividend equivalent rights payable in cash).

2. One Class A share is deliverable for each Phantom Class A share that vests.

3. Upon termination of service as director, other than because of death, disability or retirement.

	/s/ Ann F. Gullion, as attorney-in-fact for Reporting Person	08/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)