Plains All American COO holds 344K common units
Three reported phantom-unit awards include performance-based payout tranches; another is scheduled to vest in August 2029 subject to continued service.
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Form Type
3
Rhea-AI Filing Summary
Plains All American Pipeline LP (PAA) reports EVP & COO Dean Liollio’s holdings dated October 2, 2026: 344,305 Common Units directly, plus 1,200 held by his spouse and 130 by his child. He also holds four direct Phantom Unit positions with disclosed underlying amounts of 56,100, 56,750, 44,600 and 150,000 Common Units; one Common Unit is deliverable upon vesting for each Phantom Unit that vests. Vesting dates range from August 2027 to August 2029, with continued-service or performance conditions depending on the award.
Insider Trade Summary
7 transactions reported
Mixed
7 txns
Insider
Liollio Dean
Role
EVP & COO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Phantom Units F1, F2, F3, F4, F5 | -- | -- | -- |
| holding | Phantom Units F1, F2, F6, F7, F8 | -- | -- | -- |
| holding | Phantom Units F1, F2, F9, F10, F11 | -- | -- | -- |
| holding | Phantom Units F1, F2, F12 | -- | -- | -- |
| holding | Common Units | -- | -- | -- |
| holding | Common Units | -- | -- | -- |
| holding | Common Units | -- | -- | -- |
Holdings After Transaction:
Phantom Units — 307,450 contracts (Direct);
Common Units — 344,305 shares (Direct);
Common Units — 1,200 shares (Indirect, By Spouse);
Common Units — 130 shares (Indirect, By Child)
Footnotes (12)
- F1. Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).
- F2. One common unit is deliverable, upon vesting, for each Phantom Unit that vests.
- F3. These phantom units will vest as follows: (a) Tranche 1, consisting of 28,050 phantom units, will vest on the August 2027 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 14,025 phantom units (assuming 100% payout at target), will potentially vest on the August 2027 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2027 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and
- F4. (c) Tranche 3, consisting of 14,025 phantom units (assuming 100% payout at target), will potentially vest on the Aug. 2027 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumul. distributable cash flow (DCF) per common unit equivalent (CUE) of $7.75 over the 3-year period ending 6/30/27 (with payout equaling 100% at cumul. DCF/CUE over such period of $7.75 and being equal to 0% for cumul. DCF/CUE over such period of $6.975 or lower and 200% for cumul. DCF/CUE over such period of $8.71875 or higher, with interpolation btw. such points, and with payout being subject to reduction by 25 basis pts. if PAA's leverage ratio (long term debt to adj. EBITDA as calculated pursuant to PAA's sr. unsecured revolving credit facility) as of 6/30/27 is greater than the leverage ratio that equals the upper end of our then applicable target leverage ratio range (e.g., 3.0x is the upper end of PAA's current target leverage ratio range of 2.5x to 3.0x).
- F5. DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2025 distribution date; beginning in November 2025, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2027 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2027 distribution date shall expire as of such date.
- F6. These phantom units will vest as follows: (a) Tranche 1, consisting of 28,375 phantom units, will vest on the August 2028 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 14,187 phantom units (assuming 100% payout at target), will potentially vest on the August 2028 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2028 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and
- F7. (c) Tranche 3, consisting of 14,188 phantom units (assuming 100% payout at target), will potentially vest on the Aug. 2028 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumul. distributable cash flow (DCF) per common unit equivalent (CUE) of $8.40 over the 3-year period ending 6/30/28 (with payout equaling 100% at cumul. DCF/CUE over such period of $8.40 and being equal to 0% for cumul. DCF/CUE over such period of $7.56 or lower and 200% for cumul. DCF/CUE over such period of $9.24 or higher, with interpolation btw. such points, and with payout being subject to reduction by 25 basis pts. if PAA's leverage ratio (long term debt to adj. EBITDA as calculated pursuant to PAA's sr. unsecured revolving credit facility) as of 6/30/28 is greater than the leverage ratio that equals the upper end of our then applicable non-rating agency target leverage ratio range.
- F8. DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2026 distribution date; beginning in November 2026, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2028 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2028 distribution date shall expire as of such date.
- F9. These phantom units will vest as follows: (a) Tranche 1, consisting of 22,300 phantom units, will vest on the August 2029 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 11,150 phantom units (assuming 100% payout at target), will potentially vest on the August 2029 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2029 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and
- F10. (c) Tranche 3, consisting of 11,150 phantom units (assuming 100% payout at target), will potentially vest on the Aug. 2029 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumul. distributable cash flow (DCF) per common unit equivalent (CUE) of $9.10 over the 3-year period ending 6/30/29 (with payout equaling 100% at cumul. DCF/CUE over such period of $9.10 and being equal to 0% for cumul. DCF/CUE over such period of $8.19 or lower and 200% for cumul. DCF/CUE over such period of $10.01 or higher), with interpolation btw. such points, and with payout being subject to reduction by 25 basis pts. if PAA's leverage ratio (long term debt to adj. EBITDA as calculated pursuant to PAA's sr. unsecured revolving credit facility) as of 6/30/29 is greater than the leverage ratio that equals the upper end of our then applicable non-rating agency target leverage ratio range.
- F11. DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2029 distribution date; beginning in November 2027, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2029 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2029 distribution date shall expire as of such date.
- F12. These phantom units will vest on the August 2029 distribution date (assuming continued service through such date). One-half of the DERs will accrue until the Aug 2027 distribution date and be paid in cash in a lump sum; beginning in Nov 2027, one-half of the DERs will be paid quarterly until the phantom units vest or terminate. An additional 25% of the DERs will vest on the Aug 2027 distribution date and be paid quarterly beginning with the Nov 2027 distribution until the phantom units vest or terminate. An additional 25% of the DERs will vest on the Aug 2028 distribution date and be paid quarterly beginning with the Nov 2028 distribution date until the phantom units vest or terminate.
Key Figures
Direct Common Units: 344,305 units
Common Units held by spouse: 1,200 units
Common Units held by child: 130 units
+4 more
7 metrics
Direct Common Units
344,305 units
Dean Liollio’s reported holdings dated October 2, 2026
Common Units held by spouse
1,200 units
Dean Liollio’s reported holdings dated October 2, 2026
Common Units held by child
130 units
Dean Liollio’s reported holdings dated October 2, 2026
Underlying Common Units for Phantom Units
56,100 units
One of four direct Phantom Unit positions reported October 2, 2026
Underlying Common Units for Phantom Units
56,750 units
One of four direct Phantom Unit positions reported October 2, 2026
Underlying Common Units for Phantom Units
44,600 units
One of four direct Phantom Unit positions reported October 2, 2026
Underlying Common Units for Phantom Units
150,000 units
One of four direct Phantom Unit positions reported October 2, 2026
Key Terms
Phantom Units, distribution equivalent rights, total shareholder return (TSR), distributable cash flow (DCF) per common unit equivalent (CUE)
4 terms
Phantom Units financial
"Phantom Units granted under Long-Term Incentive Plan"
Phantom units are a form of employee compensation that mimics ownership in a company without issuing real shares: recipients receive cash or stock value tied to the company’s share price or performance when the units vest. They matter to investors because phantom units align employee incentives with shareholder value while avoiding share dilution; however, they create future cash obligations and can affect a company’s financial statements and cash flow.
distribution equivalent rights financial
"distribution equivalent rights payable in cash"
distributable cash flow (DCF) per common unit equivalent (CUE) financial
"distributable cash flow (DCF) per common unit equivalent (CUE)"
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How many PAA Common Units does Dean Liollio hold?
Dean Liollio holds 344,305 Common Units directly, with 1,200 held by his spouse and 130 by his child. These holdings are reported as of October 2, 2026.
What DCF targets apply to Dean Liollio’s PAA phantom units?
The cumulative distributable cash flow per common unit equivalent targets are $7.75 for the three-year period ending June 30, 2027, $8.40 for the period ending June 30, 2028, and $9.10 for the period ending June 30, 2029.
AI-generated analysis. How Rhea-AI works. Not financial advice.
