Willie Cw Chiang - 04 Jan 2023 Form 4 Insider Report for PLAINS ALL AMERICAN PIPELINE LP (PAA)

Role: Chairman & CEO, Director
Signature: /s/ Ann F. Gullion, as attorney-in-fact for Willie CW Chiang
Issuer symbol: PAA
Transactions as of: 04 Jan 2023
Net transactions value: $0
Form type: 4
Filing time: 05 Jan 2023, 17:19:11 UTC
Previous filing: 18 Aug 2022
Next filing: 08 May 2023
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	PAA	Class B Units	Options Exercise	$0	-375,521	-100%	$0.000000^*	0	04 Jan 2023	Class A Units/Class B Shares	353,489	$0.000000	Direct	F1
transaction	PAA	Class A Units/Class B Shares	Options Exercise	$0	+353,489		$0.000000	353,489	04 Jan 2023	Common Units	353,489	$0.000000	Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 375,521 vested Class B Units into 353,489 Class A Units and Class B shares.
F2	Pursuant to the limited partnership agreement of AAP, Reporting Person has the right, at any time and from time to time, to redeem (the "Redemption Right") his Class A Units, together with a like number of Class B Shares, for common units of Plains All American Pipeline, L.P. on a one-for-one basis. The Reporting Person has not yet exercised the Redemption Right; the Redemption Right does not expire.

Content

Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 375,521 vested Class B Units into 353,489 Class A Units and Class B shares.

Pursuant to the limited partnership agreement of AAP, Reporting Person has the right, at any time and from time to time, to redeem (the "Redemption Right") his Class A Units, together with a like number of Class B Shares, for common units of Plains All American Pipeline, L.P. on a one-for-one basis. The Reporting Person has not yet exercised the Redemption Right; the Redemption Right does not expire.