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

Rhea-AI Filing Summary

Willie C.W. Chiang, Chairman & CEO and director of Plains All American Pipeline, L.P. (PAA), reported multiple transactions on 08/14/2025. He acquired 561,055 common-unit-equivalent phantom units under the Long-Term Incentive Plan and had 561,055 phantom units deemed cancelled in a related adjustment. He disposed of 220,776 common units at $17.78 each and, following the transactions, reported beneficial ownership of 1,186,791 common units. The phantom units convert 1:1 to common units upon vesting and include distribution equivalent rights payable in cash. Several phantom-unit tranches have vesting schedules tied to service, PAA total shareholder return versus peers, and cumulative distributable cash flow per unit targets, with certain expiration and DER payment terms.

Insights

Corporate Governance Expert

TL;DR: Routine executive equity activity combining a cash-settled exercise and performance-based long-term grants tied to TSR and cash-flow metrics.

The filing documents standard insider activity: a disposition of 220,776 common units at $17.78 and the grant and restructuring of multiple phantom unit awards under the company’s long-term incentive plan. Vesting conditions link pay to multi-year performance metrics (TSR and cumulative distributable cash flow) and include distribution equivalent rights. The filing is informational for governance oversight but does not indicate unusual related-party transactions or immediate corporate governance concerns based on disclosed terms.

Compensation Analyst

TL;DR: Compensation mix emphasizes multi-year performance metrics with time and service vesting components; dilution risk exists if phantom units convert.

The phantom-unit structure shows a mix of service-based vesting and performance-based tranches payable in common units 1:1 upon vesting, with DERs payable in cash. Tranche payouts range 0%–200% based on TSR ranking and tiered payouts tied to cumulative DCF per unit, which aligns executive reward with distributable cash generation and shareholder-relative returns. The extension of original phantom-unit expirations and replacement grants is disclosed; conversion mechanics imply potential future unit issuance if awards vest.

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

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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^*

Chiang Willie CW

(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		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman & CEO

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)

X	Form filed by One Reporting Person
	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	08/14/2025		M		561,055	A	$0	1,407,567	D
Common Units	08/14/2025		F		220,776	D	$17.78	1,186,791	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 Units(1)	(2)	08/14/2025		M			561,055	08/14/2025	08/14/2025	Common Units	561,055	$0	0	D
Phantom Units(1)	(2)	08/14/2025		A		417,350		(3)(4)(5)	(3)(4)(5)	Common Units	417,350	$0	417,350	D
Phantom Units(6)	(2)	08/14/2025		D			500,000	(7)	(7)	Common Units	500,000	$0	0	D
Phantom Units(6)	(2)	08/14/2025		A		500,000		(7)	(7)	Common Units	500,000	$0	500,000	D

Explanation of Responses:

1. Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights ("DER") payable in cash).

2. One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

3. These phantom units will vest as follows: (a) Tranche 1, consisting of 208,675 phantom units, will vest on the August 2028 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 104,337 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

4. (c) Tranche 3, consisting of 104,338 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.

5. 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 2026 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.

6. The expiration date of these outstanding phantom units has been extended from October 2025 to October 2030, resulting in the deemed cancellation of the original phantom units and deemed grant under the Long-Term Incentive Plan of replacement phantom units described in footnote 7 below. The original phantom units were granted in August 2018. The phantom units include associated DERs payable in cash.

7. Although the expiration date of the original phantom units has been extended from Oct. 2025 to Oct. 2030, the other vesting terms remain the same. The phantom units will vest (i) 25% on the first distribution date on which PAA has generated DCF per common unit (DCF/CU) of at least $3.00 on a trailing four quarter basis (TFQB), and (ii) 75% on the first distribution date on which PAA has generated DCF/CU of at least $3.50 on a TFQB. DERs associated with these phantom units have vested or will vest as follows: (i) 1/3 vested on the May 2019 distribution date, (ii) 1/3 will vest on the first distribution date on which PAA generates DCF/CU of at least $2.60 on a TFQB, and (iii) 1/3 will vest on the first distribution date on which PAA generates DCF/CU of at least $2.80 on a TFQB. The phantom units and associated DERs also vest upon termination of employment under certain circumstances. Any phantom units and associated DERs that have not vested by 10-1-2030 will expire at that time.

	/s/ Ann F. Gullion, as attorney-in-fact for Willie CW Chiang	08/18/2025
	** Signature of Reporting Person	Date
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FAQ

What transactions did Willie C.W. Chiang report on Form 4 for PAA?

He acquired 561,055 phantom units and sold 220,776 common units at $17.78 on 08/14/2025, resulting in beneficial ownership of 1,186,791 common units following the transactions.

How do the phantom units disclosed convert to PAA common units?

One phantom unit is deliverable for one common unit upon vesting, and the phantom units include distribution equivalent rights (DERs) payable in cash.

What performance metrics determine vesting for the phantom unit tranches?

Tranche 2 vests based on PAA total shareholder return versus peers over three years; Tranche 3 vests based on cumulative distributable cash flow per unit targets ($7.56–$9.24 scale, 100% at $8.40) over three years.

Are there time-based vesting or expiration terms for these phantom units?

Yes; some phantom units vest with continued service (e.g., Tranche 1 vests on the August 2028 distribution date) and certain original phantom units had their expiration extended from October 2025 to October 2030 with replacement grants.

What cash payments are associated with the phantom units?

The phantom units include DERs that accrue and are paid in cash: DERs for Tranche 1 accrue for the first year with lump-sum and quarterly payments, while DERs for Tranches 2 and 3 accrue during vesting and are paid in a lump sum if units vest.