Plains All American (NYSE: PAA) exec exercises 140K units, withholds 54K
Rhea-AI Filing Summary
PLAINS ALL AMERICAN PIPELINE LP reported that Sr. VP Finance & CAO Chris Herbold exercised 140,609 Phantom Units into an equal number of Common Units on August 14, 2026 under the Long-Term Incentive Plan. The Phantom Units were correspondingly disposed as derivatives. On the same date, 54,241 Common Units were delivered or withheld at $23.45 per unit for payment of exercise price or tax liability. The Rule 10b5-1 trading plan checkbox was not marked as being relied upon.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Buyer: 86,368 shares
Net Buy
5 txns
Insider
Herbold Chris
Role
Sr. VP Finance & CAO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Exercise | Phantom Units F1, F2 | 100,000 | $0.00 | $0.00 |
| Exercise | Phantom Units F1, F2 | 40,609 | $0.00 | $0.00 |
| Exercise | Common Units | 100,000 | $0.00 | $0.00 |
| Exercise | Common Units | 40,609 | $0.00 | $0.00 |
| Exercise Price or Tax Liability | Common Units | 54,241 | $23.45 | $1.27M |
Holdings After Transaction:
Phantom Units — 0 shares (Direct);
Common Units — 327,441 shares (Direct)
Footnotes (2)
- 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.
Key Figures
Phantom Units exercised: 140,609 units
First Phantom Unit exercise: 100,000 units
Second Phantom Unit exercise: 40,609 units
+2 more
5 metrics
Phantom Units exercised
140,609 units
Total Phantom Units converted into Common Units on August 14, 2026
First Phantom Unit exercise
100,000 units
Phantom Units exercised into Common Units on August 14, 2026
Second Phantom Unit exercise
40,609 units
Additional Phantom Units exercised into Common Units on August 14, 2026
Shares delivered/withheld for exercise price or tax liability
54,241 Common Units
Code F disposition on August 14, 2026
Per-unit value for exercise price or tax liability
$23.45 per Common Unit
Applied to 54,241 Common Units delivered or withheld
Key Terms
Phantom Units, Long-Term Incentive Plan, distribution equivalent rights, exercise price or tax liability
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.
Long-Term Incentive Plan financial
"Phantom Units granted under 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.
distribution equivalent rights financial
"includes distribution equivalent rights payable in cash"
exercise price or tax liability financial
"Payment of exercise price or tax liability by delivering or withholding securities"
FAQ
What transactions did PAA executive Chris Herbold report on August 14, 2026?
Chris Herbold exercised 140,609 Phantom Units into an equal number of Common Units and disposed of the Phantom Units. He also delivered or withheld 54,241 Common Units at $23.45 per unit to cover exercise price or tax liability.
Did PAA (ticker PAA) insider Chris Herbold sell Common Units in the open market?
The filing reports no code “S” open-market sales. It shows an option-like exercise of 140,609 Phantom Units into Common Units and a code “F” disposition of 54,241 Common Units to pay exercise price or tax liability, not a market sale.
How many Phantom Units did PAA’s Chris Herbold convert into Common Units?
Chris Herbold converted a total of 140,609 Phantom Units into 140,609 Common Units. This consisted of two derivative transactions of 100,000 and 40,609 Phantom Units, each delivering one Common Unit for every Phantom Unit that vested.
At what price were PAA Common Units used for tax or exercise payments?
The Common Units used for exercise price or tax liability were valued at $23.45 per unit. A total of 54,241 Common Units were delivered or withheld at this price to satisfy the payment obligation associated with the derivative exercise.
Were PAA insider transactions made under a Rule 10b5-1 trading plan?
The filing indicates the Rule 10b5-1 checkbox was not marked as being relied upon. There is no footnote stating that these transactions were executed pursuant to a pre-arranged Rule 10b5-1 trading plan.
AI-generated analysis. How Rhea-AI works. Not financial advice.
