Plains All American grants 59,200 partnership units

PLAINS ALL AMERICAN PIPELINE LP reported an indirect grant/award acquisition of 59,200 Common Units of limited partner interests.

Rhea-AI Filing Summary

PLAINS ALL AMERICAN PIPELINE LP reported an indirect grant/award acquisition of 59,200 Common Units of limited partner interests. These units were issued to Plains AAP, L.P. under an Omnibus Agreement that links issuances of PAA units to vesting of Plains GP Holdings, L.P. long-term incentive plan awards. Following this transaction, Plains AAP, L.P. indirectly held 233,059,630 PAA Common Units, with related entities disclaiming beneficial ownership beyond their respective pecuniary interests.

Insider Trade Summary

Grant/Award: 59,200 shares

Grant/Award 1 txn

Insider PAA GP Holdings LLC, Plains AAP, L.P., Plains All American GP LLC, PLAINS GP HOLDINGS LP

Role Director, 10% Owner | Director, 10% Owner | Director, 10% Owner | Director, 10% Owner

Type	Security	Shares	Price	Value
Grant/Award	Common Units (Limited Partner Interests) F1, F2	59,200	$0.00	$0.00

Holdings After Transaction: Common Units (Limited Partner Interests) — 233,059,630 shares (Indirect, By Plains AAP, L.P.)

Footnotes (2)

1. F1. 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, 2026, a total of 59,200 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. F2. 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.

Key Figures

Units acquired: 59,200 Common Units Price per unit: $0.0000 Units held after transaction: 233,059,630 Common Units +1 more

4 metrics

Units acquired 59,200 Common Units Grant/award acquisition on 2026-08-14

Price per unit $0.0000 Reported transaction price per Common Unit for the grant/award

Units held after transaction 233,059,630 Common Units Indirectly held by Plains AAP, L.P. following the reported acquisition

PAGP Class A shares vested 59,200 shares PAGP Class A shares issued upon LTIP vesting, triggering corresponding PAA units

Key Terms

Omnibus Agreement, long-term incentive plan, pecuniary interests, beneficially own

4 terms

Omnibus Agreement regulatory

"Pursuant to that certain Omnibus Agreement dated November 15, 2016"

An omnibus agreement is a single master contract that bundles multiple related services, transactions or parties under common terms so that one document governs many smaller arrangements. For investors, it matters because it centralizes legal responsibilities, record-keeping and fees—reducing administrative friction but also concentrating risk and control—much like consolidating several utility bills into one contract that makes payments easier but means a problem with the master account can affect everything.

long-term incentive plan financial

"issued upon vesting of awards under PAGP's long-term incentive plan"

A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.

pecuniary interests financial

"disclaim beneficial ownership of such Common Units except to the extent of their respective pecuniary interests"

beneficially own financial

"may be deemed to indirectly beneficially own the Common Units directly held by AAP"

Beneficially own means having the economic rights and risks of a security—such as the right to receive dividends, sell the shares, or profit from price changes—whether or not your name appears on the official share register. Think of it like renting a car: you use it and reap the benefits even if the title lists someone else. Investors care because beneficial ownership determines who truly controls value, must be disclosed under securities rules, and can signal potential influence or trading activity that affects a stock’s price.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did PAA report in this Form 4 filing?

PAA reported an indirect grant/award acquisition of 59,200 Common Units by Plains AAP, L.P. The issuance occurred under an Omnibus Agreement tied to vesting awards in Plains GP Holdings, L.P.’s long-term incentive plan.

How many PAA units does Plains AAP, L.P. hold after this transaction?

After the transaction, Plains AAP, L.P. indirectly held 233,059,630 PAA Common Units. This figure reflects the updated total position following the 59,200-unit grant reported in the Form 4 filing.

What triggered the issuance of the 59,200 PAA Common Units reported for PAA?

The issuance of 59,200 PAA Common Units was triggered when 59,200 PAGP Class A shares vested under Plains GP Holdings, L.P.’s long-term incentive plan, as provided for in the Omnibus Agreement among the related entities.

Who is considered to beneficially own the PAA units reported in this Form 4 for PAA?

The Common Units are directly held by Plains AAP, L.P.. PAGP GP, PAGP and GP LLC may be deemed to indirectly beneficially own them but disclaim beneficial ownership except to the extent of their respective pecuniary interests.

Was the PAA Form 4 transaction a market purchase or part of a compensation arrangement?

The transaction was a grant/award acquisition at a per-unit price of $0.00, arising from a contractual Omnibus Agreement and related long-term incentive plan vesting, rather than a market purchase on an exchange.

Does the PAA Form 4 indicate use of a Rule 10b5-1 trading plan?

The filing indicates the Rule 10b5-1 checkbox is not affirmatively checked (aff_10b5_one is false). The transaction stems from the Omnibus Agreement and incentive plan vesting, not from a disclosed 10b5-1 trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/17/2026 - 04:32 PM EDT Learn about SEC filing dates

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 TEXAS 77002

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	08/14/2026		A(1)		59,200	A	$0(1)	233,059,630	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 TEXAS 77002

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 77002

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 77002

(City) (State) (Zip)

UNITED STATES

(Country)

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 TEXAS 77002

(City) (State) (Zip)

UNITED STATES

(Country)

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, 2026, a total of 59,200 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	08/17/2026
	** 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.
* Form 4: SEC 1474 (03-26)