PAA GP Holdings LLC - 14 Aug 2025 Form 4 Insider Report for PLAINS ALL AMERICAN PIPELINE LP (PAA)

Role: Director, 10%+ Owner
Signature: /s/ Ann F. Gullion, Assistant Secretary
Issuer symbol: PAA
Transactions as of: 14 Aug 2025
Net transactions value: $0
Form type: 4
Filing time: 18 Aug 2025, 17:09:35 UTC
Previous filing: 15 Aug 2024
SEC: View on sec.gov

Reporting Owners (4)

Name	Relationship	Address	Signature	Signature date	CIK
PAA GP Holdings LLC	Director, 10%+ Owner	333 CLAY STREET, SUITE 1600, HOUSTON	/s/ Ann F. Gullion, Assistant Secretary	18 Aug 2025	0001581928
Plains AAP, L.P.	Director, 10%+ Owner	333 CLAY STREET, SUITE 1600, HOUSTON	/s/ Ann F. Gullion, Assistant Secretary	18 Aug 2025	0001490401
Plains All American GP LLC	Director, 10%+ Owner	333 CLAY STREET, SUITE 1600, HOUSTON	/s/ Ann F. Gullion, Assistant Secretary	18 Aug 2025	0001490402
PLAINS GP HOLDINGS LP	Director, 10%+ Owner	333 CLAY STREET, SUITE 1600, HOUSTON	/s/ Ann F. Gullion, Assistant Secretary	18 Aug 2025	0001581990

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PAA	Common Units (Limited Partner Interests)	Award	$0	+144,500	+0.06%	$0.000000	233,000,430	14 Aug 2025	By Plains AAP, L.P.	F1, F2

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

Explanation of Responses:

Id	Content
F1	Pursuant to that certain Omnibus Agreement (the "Omnibus Agreement") dated November 15, 2016, by and among PAA GP Holdings LLC ("PAGP GP"), Plains GP Holdings, L.P. ("PAGP"), Plains All American GP LLC ("GP LLC"), Plains AAP, L.P. ("AAP"), PAA GP LLC and Plains All American Pipeline, L.P. ("PAA"), AAP is obligated to issue to PAGP a number of AAP Class A units equal to the number of PAGP Class A shares issued upon vesting of awards under PAGP's long-term incentive plan. The Omnibus Agreement also provides that immediately following such issuance, PAA is obligated to issue to AAP an equivalent number of PAA Common Units. On August 14, 2025, a total of 144,500 PAGP Class A shares were issued in connection with the vesting of outstanding LTIP awards under PAGP's long-term incentive plan. An equal number of AAP Class A units was issued to PAGP and an equal number of PAA Common Units was issued to AAP.
F2	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.

Content

Pursuant to that certain Omnibus Agreement (the "Omnibus Agreement") dated November 15, 2016, by and among PAA GP Holdings LLC ("PAGP GP"), Plains GP Holdings, L.P. ("PAGP"), Plains All American GP LLC ("GP LLC"), Plains AAP, L.P. ("AAP"), PAA GP LLC and Plains All American Pipeline, L.P. ("PAA"), AAP is obligated to issue to PAGP a number of AAP Class A units equal to the number of PAGP Class A shares issued upon vesting of awards under PAGP's long-term incentive plan. The Omnibus Agreement also provides that immediately following such issuance, PAA is obligated to issue to AAP an equivalent number of PAA Common Units. On August 14, 2025, a total of 144,500 PAGP Class A shares were issued in connection with the vesting of outstanding LTIP awards under PAGP's long-term incentive plan. An equal number of AAP Class A units was issued to PAGP and an equal number of PAA Common Units was issued to AAP.

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.