Form 4: PAGP Director Increases Stake via Share Conversion

PLAINS GP HOLDINGS LP Director Victor Burk converted phantom shares into Class A shares and received a new grant of phantom shares, increasing his direct beneficial ownership.

Summary

• Director Victor Burk converted 19,550 phantom Class A shares (7,650 and 11,900 shares) into an equal number of Class A common shares.
• These conversions occurred on August 14, 2025, at an exercise price of $0 per share.
• Burk also received a new grant of 7,400 phantom Class A shares on August 14, 2025, under the Long-Term Incentive Plan.
• The newly granted phantom shares are scheduled to vest on August 14, 2026, or upon termination of service as a director under specific conditions.
• Following these transactions, Burk's direct beneficial ownership of Class A shares increased to 42,923.
• His direct beneficial ownership of phantom Class A shares is now 7,400.

Sentiment

Score: 7

Explanation: The filing indicates an increase in direct beneficial ownership by a director through the conversion of phantom shares and a new grant of incentive shares, which is generally viewed positively as it aligns management interests with shareholders.

Positives

• Director Victor Burk increased his direct beneficial ownership of Class A shares by converting 19,550 phantom shares, signaling confidence in the company.
• The director received a new grant of 7,400 phantom Class A shares, further aligning his interests with shareholders through long-term incentives.

Negatives

• NA

Risks

• NA

Future Outlook

The newly granted 7,400 phantom Class A shares are scheduled to vest on August 14, 2026, or upon termination of service as a director under specific conditions (other than death, disability, or retirement).

Management Comments

• NA

Industry Context

This insider transaction report reflects a routine change in beneficial ownership for a director within the energy infrastructure sector, specifically for a company involved in crude oil and NGL transportation and storage. Such transactions are common mechanisms for executive compensation and alignment of interests.

Comparison to Industry Standards

• NA

Management Changes

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• The transactions involve the grant and conversion of phantom shares under the company's Long-Term Incentive Plan, which are standard compensation arrangements for directors.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with shareholder value due to increased direct ownership and new incentive grants.

Next Steps

• The newly granted 7,400 phantom Class A shares are expected to vest on August 14, 2026.

Key Dates

Keywords

PLAINS GP HOLDINGS LP, PAGP, Victor Burk, Director, Insider Transaction, SEC Form 4, Equity Ownership, Phantom Shares, Long-Term Incentive Plan, Share Conversion