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[Form 4] Plains All American Pipeline, L.P. Insider Trading Activity

Filing Impact
(Low)
Filing Sentiment
(Neutral)
Form Type
4
Rhea-AI Filing Summary

Plains All American Pipeline, L.P. (PAA) filed a Form 4 reporting issuance of equity tied to a long-term incentive plan. On 08/14/2025, 144,500 Class A shares of Plains GP Holdings, L.P. were issued upon vesting of LTIP awards. Pursuant to an Omnibus Agreement, an equal number of AAP Class A units were issued to Plains GP Holdings, L.P., and PAA issued an equal number of Common Units to Plains AAP, L.P. After the transaction, the reporting group beneficially owns 233,000,430 Common Units indirectly through the described ownership chain. The filing is signed by Ann F. Gullion on 08/18/2025.

Plains All American Pipeline, L.P. (PAA) ha presentato un Modulo 4 segnalando l'emissione di azioni correlate a un piano di incentivi a lungo termine. In data 14/08/2025 sono state assegnate 144.500 azioni di Classe A di Plains GP Holdings, L.P. in seguito alla maturazione delle sovvenzioni LTIP. In base a un Accordo Omnibus 猫 stato emesso lo stesso numero di quote AAP di Classe A a Plains GP Holdings, L.P., mentre PAA ha emesso lo stesso numero di Unit脿 Common a Plains AAP, L.P. Dopo l'operazione, il gruppo esaminato detiene indirettamente la propriet脿 beneficiaria di 233.000.430 Unit脿 Common attraverso la catena di partecipazione descritta. Il documento 猫 firmato da Ann F. Gullion in data 18/08/2025.

Plains All American Pipeline, L.P. (PAA) present贸 un Formulario 4 informando la emisi贸n de acciones vinculadas a un plan de incentivos a largo plazo. El 14/08/2025 se emitieron 144.500 acciones Clase A de Plains GP Holdings, L.P. tras el vencimiento de adjudicaciones LTIP. Conforme a un Acuerdo Omnibus, se emiti贸 el mismo n煤mero de unidades AAP Clase A a Plains GP Holdings, L.P., y PAA emiti贸 el mismo n煤mero de Unidades Comunes a Plains AAP, L.P. Tras la transacci贸n, el grupo declarante posee de forma beneficiaria e indirecta 233.000.430 Unidades Comunes a trav茅s de la cadena de propiedad descrita. La presentaci贸n est谩 firmada por Ann F. Gullion el 18/08/2025.

Plains All American Pipeline, L.P. (PAA)電� 鞛リ赴 鞚胳劶韹半笇 瓿勴殟瓿� 甏�霠悳 歆�攵� 氚滍枆鞚� 氤搓碃頃� Form 4毳� 鞝滌稖頄堨姷雼堧嫟. 2025-08-14鞐� LTIP 靾橃棳攵勳潣 氩犾姢韺呾棎 霐半澕 Plains GP Holdings, L.P.鞚� Class A 欤检嫕 144,500欤缄皜 氚滍枆霅橃棃鞀惦媹雼�. 齑濌磩 頃╈潣(Omnibus Agreement)鞐� 霐半澕 霃欖澕 靾橃潣 AAP Class A 鞙犽嫑鞚� Plains GP Holdings, L.P.鞐� 氚滍枆霅橃棃瓿�, PAA電� 霃欖澕 靾橃潣 Common Units毳� Plains AAP, L.P.鞐� 氚滍枆頄堨姷雼堧嫟. 氤� 瓯半灅 鞚错泟 氤搓碃 攴鸽９鞚� 靹る獏霅� 靻岇湢 甑“毳� 韱淀暣 臧勳爲鞝侅溂搿� 233,000,430臧滌潣 Common Units鞚� 鞁れ鞝侅溂搿� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 頃措嫻 靹滊電� 2025-08-18鞐� Ann F. Gullion鞚� 靹滊獏頄堨姷雼堧嫟.

Plains All American Pipeline, L.P. (PAA) a d茅pos茅 un Formulaire 4 signalant l'茅mission de titres li茅s 脿 un plan d'incitation 脿 long terme. Le 14/08/2025, 144 500 actions de Classe A de Plains GP Holdings, L.P. ont 茅t茅 茅mises lors de la lev茅e des attributions LTIP. Conform茅ment 脿 un accord omnibus, le m锚me nombre d'unit茅s AAP de Classe A a 茅t茅 attribu茅 脿 Plains GP Holdings, L.P., et PAA a 茅mis le m锚me nombre d'Unit茅s Common 脿 Plains AAP, L.P. Apr猫s la transaction, le groupe d茅clarant d茅tient indirectement 脿 titre b茅n茅ficiaire 233 000 430 Unit茅s Common via la cha卯ne de d茅tention d茅crite. Le dossier est sign茅 par Ann F. Gullion le 18/08/2025.

Plains All American Pipeline, L.P. (PAA) hat ein Formular 4 eingereicht und die Ausgabe von Aktien im Zusammenhang mit einem langfristigen Anreizprogramm gemeldet. Am 14.08.2025 wurden 144.500 Class-A-Aktien von Plains GP Holdings, L.P. bei Vesting der LTIP-Zuweisungen ausgegeben. Gem盲脽 einer Omnibus-Vereinbarung wurden dieselbe Anzahl AAP Class-A-Einheiten an Plains GP Holdings, L.P. ausgegeben, und PAA gab dieselbe Anzahl Common Units an Plains AAP, L.P. aus. Nach der Transaktion h盲lt die meldende Gruppe indirekt wirtschaftlich 233.000.430 Common Units 眉ber die beschriebene Eigent眉merkette. Die Einreichung ist datiert und von Ann F. Gullion am 18.08.2025 unterzeichnet.

Positive
  • LTIP awards vested, demonstrating the company's compensation plan functioning as designed
  • Equivalent unit issuance across entities under the Omnibus Agreement preserved the structured alignment between parent awards and PAA Common Units
Negative
  • None.

Insights

TL;DR: Executive compensation vested; matching unit issuances increased reported indirect holdings to 233,000,430 Common Units.

The Form 4 documents routine vesting under the disclosed LTIP and the mechanical issuance of equivalent units through the negotiated Omnibus Agreement. The transaction increases reported indirect beneficial ownership of PAA Common Units to 233,000,430, reflecting the pass-through structure among PAGP GP, PAGP, GP LLC and AAP. No cash consideration was reported for the issuance, consistent with vesting of compensation awards.

TL;DR: Governance arrangement enforces aligned issuance across related entities; transaction appears procedurally consistent with LTIP terms.

The filing explains the Omnibus Agreement that causes parallel issuances across the related entities when LTIP awards vest. This shows an established mechanism for converting parent LTIP vesting into limited partner units in PAA via intermediate entities. The reporting persons disclose their director status and 10% ownership classification per Section 16 reporting requirements.

Plains All American Pipeline, L.P. (PAA) ha presentato un Modulo 4 segnalando l'emissione di azioni correlate a un piano di incentivi a lungo termine. In data 14/08/2025 sono state assegnate 144.500 azioni di Classe A di Plains GP Holdings, L.P. in seguito alla maturazione delle sovvenzioni LTIP. In base a un Accordo Omnibus 猫 stato emesso lo stesso numero di quote AAP di Classe A a Plains GP Holdings, L.P., mentre PAA ha emesso lo stesso numero di Unit脿 Common a Plains AAP, L.P. Dopo l'operazione, il gruppo esaminato detiene indirettamente la propriet脿 beneficiaria di 233.000.430 Unit脿 Common attraverso la catena di partecipazione descritta. Il documento 猫 firmato da Ann F. Gullion in data 18/08/2025.

Plains All American Pipeline, L.P. (PAA) present贸 un Formulario 4 informando la emisi贸n de acciones vinculadas a un plan de incentivos a largo plazo. El 14/08/2025 se emitieron 144.500 acciones Clase A de Plains GP Holdings, L.P. tras el vencimiento de adjudicaciones LTIP. Conforme a un Acuerdo Omnibus, se emiti贸 el mismo n煤mero de unidades AAP Clase A a Plains GP Holdings, L.P., y PAA emiti贸 el mismo n煤mero de Unidades Comunes a Plains AAP, L.P. Tras la transacci贸n, el grupo declarante posee de forma beneficiaria e indirecta 233.000.430 Unidades Comunes a trav茅s de la cadena de propiedad descrita. La presentaci贸n est谩 firmada por Ann F. Gullion el 18/08/2025.

Plains All American Pipeline, L.P. (PAA)電� 鞛リ赴 鞚胳劶韹半笇 瓿勴殟瓿� 甏�霠悳 歆�攵� 氚滍枆鞚� 氤搓碃頃� Form 4毳� 鞝滌稖頄堨姷雼堧嫟. 2025-08-14鞐� LTIP 靾橃棳攵勳潣 氩犾姢韺呾棎 霐半澕 Plains GP Holdings, L.P.鞚� Class A 欤检嫕 144,500欤缄皜 氚滍枆霅橃棃鞀惦媹雼�. 齑濌磩 頃╈潣(Omnibus Agreement)鞐� 霐半澕 霃欖澕 靾橃潣 AAP Class A 鞙犽嫑鞚� Plains GP Holdings, L.P.鞐� 氚滍枆霅橃棃瓿�, PAA電� 霃欖澕 靾橃潣 Common Units毳� Plains AAP, L.P.鞐� 氚滍枆頄堨姷雼堧嫟. 氤� 瓯半灅 鞚错泟 氤搓碃 攴鸽９鞚� 靹る獏霅� 靻岇湢 甑“毳� 韱淀暣 臧勳爲鞝侅溂搿� 233,000,430臧滌潣 Common Units鞚� 鞁れ鞝侅溂搿� 氤挫湢頃橁碃 鞛堨姷雼堧嫟. 頃措嫻 靹滊電� 2025-08-18鞐� Ann F. Gullion鞚� 靹滊獏頄堨姷雼堧嫟.

Plains All American Pipeline, L.P. (PAA) a d茅pos茅 un Formulaire 4 signalant l'茅mission de titres li茅s 脿 un plan d'incitation 脿 long terme. Le 14/08/2025, 144 500 actions de Classe A de Plains GP Holdings, L.P. ont 茅t茅 茅mises lors de la lev茅e des attributions LTIP. Conform茅ment 脿 un accord omnibus, le m锚me nombre d'unit茅s AAP de Classe A a 茅t茅 attribu茅 脿 Plains GP Holdings, L.P., et PAA a 茅mis le m锚me nombre d'Unit茅s Common 脿 Plains AAP, L.P. Apr猫s la transaction, le groupe d茅clarant d茅tient indirectement 脿 titre b茅n茅ficiaire 233 000 430 Unit茅s Common via la cha卯ne de d茅tention d茅crite. Le dossier est sign茅 par Ann F. Gullion le 18/08/2025.

Plains All American Pipeline, L.P. (PAA) hat ein Formular 4 eingereicht und die Ausgabe von Aktien im Zusammenhang mit einem langfristigen Anreizprogramm gemeldet. Am 14.08.2025 wurden 144.500 Class-A-Aktien von Plains GP Holdings, L.P. bei Vesting der LTIP-Zuweisungen ausgegeben. Gem盲脽 einer Omnibus-Vereinbarung wurden dieselbe Anzahl AAP Class-A-Einheiten an Plains GP Holdings, L.P. ausgegeben, und PAA gab dieselbe Anzahl Common Units an Plains AAP, L.P. aus. Nach der Transaktion h盲lt die meldende Gruppe indirekt wirtschaftlich 233.000.430 Common Units 眉ber die beschriebene Eigent眉merkette. Die Einreichung ist datiert und von Ann F. Gullion am 18.08.2025 unterzeichnet.

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*
PAA GP Holdings LLC
(Last) (First) (Middle)
333 CLAY STREET
SUITE 1600
(Street)
HOUSTON TX 77002
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
PLAINS ALL AMERICAN PIPELINE LP [ PAA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
X Director X 10% Owner
Officer (give title below) Other (specify below)
3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
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
Common Units (Limited Partner Interests) 08/14/2025 A(1) 144,500 A $0(1) 233,000,430 I By Plains AAP, L.P.(2)
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
1. Name and Address of Reporting Person*
PAA GP Holdings LLC
(Last) (First) (Middle)
333 CLAY STREET
SUITE 1600
(Street)
HOUSTON TX 77002
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Plains AAP, L.P.
(Last) (First) (Middle)
333 CLAY STREET
SUITE 1600
(Street)
HOUSTON TX 77002
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
Plains All American GP LLC
(Last) (First) (Middle)
333 CLAY STREET
SUITE 1600
(Street)
HOUSTON TX 77002
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
1. Name and Address of Reporting Person*
PLAINS GP HOLDINGS LP
(Last) (First) (Middle)
333 CLAY STREET
SUITE 1600
(Street)
HOUSTON TX 77002
(City) (State) (Zip)
Relationship of Reporting Person(s) to Issuer
X Director X 10% Owner
Officer (give title below) Other (specify below)
Explanation of Responses:
1. Pursuant to that certain Omnibus Agreement (the "Omnibus Agreement") dated November 15, 2016, by and among PAA GP Holdings LLC ("PAGP GP"), Plains GP Holdings, L.P. ("PAGP"), Plains All American GP LLC ("GP LLC"), Plains AAP, L.P. ("AAP"), PAA GP LLC and Plains All American Pipeline, L.P. ("PAA"), AAP is obligated to issue to PAGP a number of AAP Class A units equal to the number of PAGP Class A shares issued upon vesting of awards under PAGP's long-term incentive plan. The Omnibus Agreement also provides that immediately following such issuance, PAA is obligated to issue to AAP an equivalent number of PAA Common Units. On August 14, 2025, a total of 144,500 PAGP Class A shares were issued in connection with the vesting of outstanding LTIP awards under PAGP's long-term incentive plan. An equal number of AAP Class A units was issued to PAGP and an equal number of PAA Common Units was issued to AAP.
2. PAGP GP is the general partner of PAGP, which is the managing member of GP LLC, which is the general partner of AAP. Each of PAGP GP, PAGP and GP LLC may be deemed to indirectly beneficially own the Common Units directly held by AAP, but disclaim beneficial ownership of such Common Units except to the extent of their respective pecuniary interests therein.
/s/ Ann F. Gullion, Assistant Secretary 08/18/2025
** 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.

Source:

FAQ

What did the PAA Form 4 filed on 08/18/2025 report?

The Form 4 reported that 144,500 PAGP Class A shares were issued upon LTIP vesting on 08/14/2025, triggering equivalent AAP Class A units and PAA Common Units issuances.

How many PAA Common Units are beneficially owned after the reported transaction?

The reporting group beneficially owns 233,000,430 PAA Common Units indirectly following the reported transaction.

Were any cash proceeds reported for the issued units?

No cash price was reported; the Form 4 states the units were issued in connection with vesting of LTIP awards and shows a $0 price for the AAP issuance.

Who signed the Form 4 for the reporting persons?

The Form 4 was signed by Ann F. Gullion, Assistant Secretary on 08/18/2025.

What entities are involved in the ownership chain described in the filing?

The Omnibus Agreement and ownership chain include PAA GP Holdings LLC (PAGP GP), Plains GP Holdings, L.P. (PAGP), Plains All American GP LLC (GP LLC), Plains AAP, L.P. (AAP) and Plains All American Pipeline, L.P. (PAA).
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Plains All Amer

NASDAQ:PAA

PAA Rankings

#804 Ranked by Market Cap
#277 Ranked by Dividends

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PAA Latest SEC Filings

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[Form 4] Plains All American Pipeline, L.P. Insider Trading Activity
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[Form 4] Plains All American Pipeline, L.P. Insider Trading Activity

PAA Stock Data

12.27B
462.92M
34.14%
40.28%
2.16%
Oil & Gas Midstream
Pipe Lines (no Natural Gas)
United States
HOUSTON