Plains All American redeems 20.4M Series A prefs

Rhea-AI Filing Summary

PLAINS ALL AMERICAN PIPELINE LP (PAA) reports that director John T. Raymond, through an affiliated entity, disposed of 20,376,259 Series A Convertible Preferred Units on September 14, 2026 via a redemption by the issuer at $28.875 per Preferred Unit, equal to 110% of their $26.25 face value, plus accrued and unpaid distributions; these preferred units, which were previously convertible into common units on a one-for-one basis, were fully redeemed and the reporting person now shows 0 such preferred units held indirectly.

Insider Trade Summary

Disposition: 20,376,259 shares

Disposition 1 txn

Insider RAYMOND JOHN T

Role Director

Type	Security	Shares	Price	Value
Disposition	Series A Convertible Preferred Units F1, F2, F3	20,376,259	$28.875	$588.36M

Holdings After Transaction: Series A Convertible Preferred Units — 0 contracts (Indirect, Through Entity)

Footnotes (3)

1. F1. Prior to their redemption by the Issuer on September 14, 2026, the Series A Convertible Preferred Units (the "Preferred Units") were convertible on a one-for-one basis by the holders of such Preferred Units or by the Issuer.
2. F2. In accordance with the terms of the Seventh Amended and Restated Agreement of Limited Partnership of the Issuer, dated as of October 10, 2017, the reported securities were redeemed by the Issuer on September 14, 2026 at a price equal to 110% of their face value of $26.25 ($28.875) per Preferred Unit, plus accrued and unpaid distributions to, but not including, the redemption date.
3. F3. Prior to their redemption by the Issuer on September 14, 2026, the Series A Convertible Preferred Units were held by EMG Fund IV PAA Holdings, LLC ("EMG"). The Reporting Person is the sole member of EMG Fund IV Management, LLC, the general partner of EMG Fund IV Management, LP, which is the manager of EMG, and therefore he may be deemed to be the beneficial owner of the interests held by EMG.

Key Figures

Series A Preferred Units Disposed: 20,376,259 units Redemption Price per Preferred Unit: $28.875 per unit Face Value per Preferred Unit: $26.25 per unit +3 more

6 metrics

Series A Preferred Units Disposed 20,376,259 units Redemption and disposition to issuer on September 14, 2026

Redemption Price per Preferred Unit $28.875 per unit Redeemed at 110% of $26.25 face value, plus accrued distributions

Face Value per Preferred Unit $26.25 per unit Basis for calculating 110% redemption price on September 14, 2026

Conversion Ratio 1.0 common unit per preferred unit Series A Convertible Preferred Units prior to redemption

Preferred Units Held After Transaction 0 units Indirect holdings of Series A Convertible Preferred Units following redemption

Redemption Date September 14, 2026 Date Series A Convertible Preferred Units were redeemed by issuer

Key Terms

Series A Convertible Preferred Units, redemption, face value, beneficial owner, +1 more

5 terms

Series A Convertible Preferred Units financial

"Prior to their redemption by the Issuer on September 14, 2026, the Series A Convertible Preferred Units"

redemption financial

"the reported securities were redeemed by the Issuer on September 14, 2026"

Redemption is when an issuer or holder settles a financial instrument by paying it off or returning it for cash, such as a bond being paid at maturity or a preferred share bought back by the company. It matters to investors because redemption changes when and how they get their money back, can cut off future income from the investment, and affects the issuer’s cash needs—think of it like a loan being paid off early or a store refunding a returned purchase.

face value financial

"redeemed by the Issuer on September 14, 2026 at a price equal to 110% of their face value of $26.25"

Face value is the printed, original value of a financial instrument—what is written on a bond or share certificate as the amount it represents, like the price shown on a ticket. For investors it matters because face value determines the principal amount repaid at maturity and the basis for interest or coupon payments on bonds, and it affects legal and accounting measures for shares even if market price moves above or below that printed number.

beneficial owner financial

"therefore he may be deemed to be the beneficial owner of the interests held by EMG"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

indirect ownership financial

"Prior to their redemption ... the Series A Convertible Preferred Units were held by EMG Fund IV PAA Holdings, LLC"

FAQ

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

What insider transaction did PAA disclose for John T. Raymond?

PAA disclosed that an entity associated with director John T. Raymond had 20,376,259 Series A Convertible Preferred Units redeemed by the issuer on September 14, 2026, resulting in zero such preferred units remaining held indirectly.

What price did PAA pay to redeem the Series A Convertible Preferred Units?

PAA redeemed the Series A Convertible Preferred Units at $28.875 per Preferred Unit, which equals 110% of their $26.25 face value, plus accrued and unpaid distributions to, but not including, the redemption date.

How many PAA Series A Convertible Preferred Units were involved in this Form 4?

The filing reports the redemption and disposition to the issuer of 20,376,259 Series A Convertible Preferred Units, all of which were previously held indirectly through EMG Fund IV PAA Holdings, LLC.

Were the PAA Series A preferred units convertible into common units before redemption?

Yes. Before their redemption on September 14, 2026, the Series A Convertible Preferred Units were convertible on a one-for-one basis into common units by the holders or by the issuer.

Did this PAA insider transaction occur under a Rule 10b5-1 trading plan?

No. The filing indicates the Rule 10b5-1 checkbox is not selected, and there is no footnote stating that the redemption-related disposition occurred pursuant to a Rule 10b5-1 or other pre-arranged trading plan.

Who actually held the redeemed PAA Series A preferred units?

The Series A Convertible Preferred Units were held by EMG Fund IV PAA Holdings, LLC. John T. Raymond is the sole member of the manager entities of EMG and may be deemed the beneficial owner of EMG’s interests.

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

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Available on EDGAR 09/16/2026 - 04:12 PM Accepted by SEC EDGAR 09/16/2026 - 04:11 PM 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^*

RAYMOND JOHN T

(Last) (First) (Middle)

2229 SAN FELIPE STREET

SUITE 1300

(Street)

HOUSTON TEXAS 77019

(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		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/14/2026

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

X	Form filed by One Reporting Person
	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

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
Series A Convertible Preferred Units	(1)	09/14/2026		D(2)			20,376,259	(1)	09/14/2026	Common Units	20,376,259	$28.875	0	I	Through Entity(3)

Explanation of Responses:

1. Prior to their redemption by the Issuer on September 14, 2026, the Series A Convertible Preferred Units (the "Preferred Units") were convertible on a one-for-one basis by the holders of such Preferred Units or by the Issuer.

2. In accordance with the terms of the Seventh Amended and Restated Agreement of Limited Partnership of the Issuer, dated as of October 10, 2017, the reported securities were redeemed by the Issuer on September 14, 2026 at a price equal to 110% of their face value of $26.25 ($28.875) per Preferred Unit, plus accrued and unpaid distributions to, but not including, the redemption date.

3. Prior to their redemption by the Issuer on September 14, 2026, the Series A Convertible Preferred Units were held by EMG Fund IV PAA Holdings, LLC ("EMG"). The Reporting Person is the sole member of EMG Fund IV Management, LLC, the general partner of EMG Fund IV Management, LP, which is the manager of EMG, and therefore he may be deemed to be the beneficial owner of the interests held by EMG.

	/s/ John T. Raymond	09/16/2026
	** 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)