PAA GP Holdings LLC - Oct 13, 2023 Form 4 Insider Report for PLAINS ALL AMERICAN PIPELINE LP (PAA)

Signature
/s/ Ann F. Gullion, Assistant Secretary
Stock symbol
PAA
Transactions as of
Oct 13, 2023
Transactions value $
$0
Form type
4
Date filed
10/16/2023, 05:12 PM
Previous filing
Oct 2, 2023
Next filing
Aug 15, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PAA Common Units (Limited Partner Interests) Other $0 -6.35M -2.66% $0.00 233M Oct 13, 2023 By Plains AAP, L.P. F1, F2, F3
* 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"), each limited partner of AAP, other than Plains GP Holdings, L.P. ("PAGP") and Plains All American GP LLC ("GP LLC"), has the right, from time to time, to cause AAP to redeem and cancel such partner's AAP Class A units in exchange for the distribution of an equal number of common units representing limited partner interests ("Common Units") of Plains All American Pipeline, L.P. ("PAA") held by AAP (the "Redemption Right"). In connection with the exercise of a Redemption Right, such limited partner must also surrender to PAGP an equal number of Class B shares of PAGP and, if applicable, Company Units of PAA GP Holdings LLC ("PAGP GP").
F2 Effective October 13, 2023, certain limited partners of AAP exercised their Redemption Right with respect to an aggregate of 6,353,042 AAP Class A units, resulting in the cancellation of such AAP Class A units and the distribution of an aggregate of 6,353,042 Common Units from AAP to the redeeming partner.
F3 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.