August 14, 2025 · Form 4 insider transaction
Chiang Willie CW bought 500,000 shares of Plains All American Pipeline, L.P. at $0.00 per share, a transaction worth N/A. The trade was recorded as grant or award and disclosed on an SEC Form 4, filed 4 days after the transaction.
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.; One common unit is deliverable, upon vesting, for each Phantom Unit that vests.; 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.