Plains GP director gets 6,150 phantom share grant

PLAINS GP HOLDINGS LP director Victor Burk reported equity compensation and a related derivative exercise in Class A equity.

Rhea-AI Filing Summary

PLAINS GP HOLDINGS LP director Victor Burk reported equity compensation and a related derivative exercise in Class A equity. On 2026-08-13 he received 6,150 Phantom Class A shares under a Long-Term Incentive Plan, each paired with cash dividend equivalent rights and deliverable as one Class A share upon vesting, generally in connection with termination of service as director under specified conditions. On 2026-08-14 he exercised 7,400 Phantom Class A shares into 7,400 Class A shares at a stated price of $0.00 per share, resulting in 50,323 Class A shares held directly after the transaction.

Insider Trade Summary

7,400 shares exercised/converted

Exercise 3 txns

Insider Burk Victor

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 — 50,323 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 shares Class A shares acquired: 7,400 shares Class A shares held after transaction: 50,323 shares +3 more

6 metrics

Phantom shares exercised 7,400 shares Phantom Class A shares exercised or converted on 2026-08-14

Class A shares acquired 7,400 shares Class A shares received from derivative exercise on 2026-08-14

Class A shares held after transaction 50,323 shares Direct Class A holdings following 2026-08-14 exercise

New Phantom Class A grant 6,150 shares Phantom Class A shares granted on 2026-08-13 under Long-Term Incentive Plan

Exercise price per share $0.00 Stated transaction price per share for 7,400-share exercise on 2026-08-14

Phantom grant vesting reference date 2027-08-13 Exercise date field associated with the 6,150 Phantom Class A shares grant

Key Terms

Phantom Class A shares, Long-Term Incentive Plan, dividend equivalent rights, Exercise or conversion of derivative security

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.

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

FAQ

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

What did PAGP director Victor Burk report in this Form 4?

Victor Burk reported an equity award and a derivative exercise involving Phantom Class A shares of PAGP. He received 6,150 phantom shares on 2026-08-13 and exercised 7,400 phantom shares into 7,400 Class A shares on 2026-08-14, ending with 50,323 Class A shares held directly.

How many PAGP Class A shares does Victor Burk hold after these transactions?

After the reported transactions, Victor Burk directly holds 50,323 Class A shares of PAGP. This figure reflects the acquisition of 7,400 Class A shares through the exercise of phantom units on 2026-08-14 as disclosed in the filing.

What Phantom Class A share grant did Victor Burk receive from PAGP?

On 2026-08-13, Victor Burk received a grant of 6,150 Phantom Class A shares of PAGP. These were granted under a Long-Term Incentive Plan and include dividend equivalent rights payable in cash, with one Class A share deliverable for each phantom share that vests.

How do Victor Burk’s Phantom Class A shares in PAGP convert into Class A shares?

Each of Victor Burk’s Phantom Class A shares is structured so that one Class A share is deliverable for each phantom share that vests. The grant also carries dividend equivalent rights payable in cash, as specified in the long-term incentive award footnotes.

When do Victor Burk’s newly granted Phantom Class A shares for PAGP generally vest?

The 6,150 newly granted Phantom Class A shares generally vest upon termination of service as director, other than due to death, disability, or retirement. This vesting condition and delivery timing are tied to his director service status, according to the award footnotes.

Did the PAGP Form 4 indicate trading under a Rule 10b5-1 plan?

The filing’s Rule 10b5-1 checkbox is not marked as an affirming trading plan; the aff_10b5_one flag is false. The reported transactions relate to equity compensation grants and derivative exercise events rather than open-market buying or selling under a stated plan.

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

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Accepted by SEC EDGAR 08/17/2026 - 04:10 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^*

Burk Victor

(Last) (First) (Middle)

333 CLAY STREET

SUITE 1600

(Street)

HOUSTON TEXAS 77002

(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	50,323	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)