A Form 4 filed on August 17, 2026, discloses changes in beneficial ownership of Class A Shares and Phantom Class A Shares by director Lawrence Michael Ziemba of Plains GP Holdings LP, traded on NASDAQ:PAGP.

Key Highlights

  • Reporting person: Lawrence Michael Ziemba, identified as a Director of Plains GP Holdings LP.
  • Phantom share conversion: 7,400 Phantom Class A Shares were converted (transaction code M) on August 14, 2026, at a price of $0, resulting in the acquisition of 7,400 Class A Shares.
  • New phantom share grant: 6,150 Phantom Class A Shares were acquired (transaction code A) on August 13, 2026, at a price of $0, under the Long-Term Incentive Plan.
  • Resulting Class A ownership: Following the reported transactions, Ziemba directly holds 95,180 Class A Shares.
  • Remaining phantom shares: Ziemba directly holds 6,150 Phantom Class A Shares following the reported transactions.
  • Vesting condition: The newly granted Phantom Class A Shares vest upon termination of service as director, other than because of death, disability, or retirement, with an expiration date of August 13, 2027.

Director Ziemba's Long-Term Incentive Plan Transactions at Plains GP Holdings

According to the filing, two separate transactions involving Phantom Class A Shares were reported for director Lawrence Michael Ziemba of Plains GP Holdings LP. On August 14, 2026, 7,400 previously held Phantom Class A Shares were converted under transaction code M at a price of $0 per share, resulting in the acquisition of 7,400 Class A Shares. Following this conversion, Ziemba's direct beneficial ownership of Class A Shares stood at 95,180.

The filing also discloses that on August 13, 2026, Ziemba acquired 6,150 new Phantom Class A Shares under the company's Long-Term Incentive Plan, also at a price of $0. According to the filing's explanation of responses, these phantom shares include associated dividend equivalent rights payable in cash, and one Class A Share is deliverable for each Phantom Class A Share that vests. The vesting trigger for the newly acquired grant is termination of service as director, other than because of death, disability, or retirement, with an expiration date of August 13, 2027.

All securities reported are held directly by the reporting person. The form was signed by Ann F. Gullion as attorney-in-fact for Ziemba and filed on August 17, 2026. The earliest transaction date noted in the filing is August 13, 2026.

What Was Disclosed

The filing reports two Long-Term Incentive Plan transactions for Plains GP Holdings director Lawrence Michael Ziemba: the conversion of 7,400 Phantom Class A Shares into Class A Shares and the grant of 6,150 new Phantom Class A Shares, both at $0 per share.