KAFU Holdings (QP), L.P. - Sep 30, 2021 Form 4 Insider Report for PLAINS ALL AMERICAN PIPELINE LP (PAA)

Role
Other*
Signature
/s/ Michael O'Neil
Stock symbol
PAA
Transactions as of
Sep 30, 2021
Transactions value $
$0
Form type
4
Date filed
10/4/2021, 04:08 PM
Previous filing
Jul 2, 2021
Next filing
Jan 3, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PAA Common Stock Other $0 +3.38M $0.00 3.38M Sep 30, 2021 See footnotes F1, F2, F3
transaction PAA Common Stock Other $0 -3.38M -100% $0.00* 0 Sep 30, 2021 See footnotes F1, F2, F3

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 Shares/Class A Units/GP Units Options Exercise $0 -3.38M -22.14% $0.00 11.9M Sep 30, 2021 Common Units 3.38M $0.00 See footnote F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

KAFU Holdings (QP), L.P. is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 The Eighth Amended and Restated limited partnership agreement of Plains AAP, L.P. ("AAP") provides that each limited partner holding Class A Units will have the right, subject to certain limitations, to redeem its Class A Units for common units ("Common Units") of Plains All American Pipeline, L.P. (the "Issuer") held by AAP on a one-for-one basis, by delivering Class A Units to AAP with the associated Class B Shares in Plains GP Holdings, L.P. ("PAGP") and GP Units in PAA GP Holdings LLC (if applicable), to PAGP (the "Redemption Right"). The Redemption Right does not expire. On September 30, 2021, KAFU Holdings (QP), L.P. exercised the Redemption Right with respect to an aggregate 3,381,046 Class A Units.
F2 KAFU Holdings (QP), L.P. ("KAFU") owns an equivalent number of Class A Units, Class B Shares and GP Units. KACALP is the managing member of the manager of KAFU and may be deemed to beneficially own the Class A Units, Class B Shares and GP Units held by KAFU.
F3 The reported transactions involve an in-kind distribution to redeeming limited partners of KAFU Holdings (QP), L.P.

Remarks:

As noted in the Issuer's press release dated August 24, 2021, KACALP's legacy contractual right to designate an individual to serve on the Plains Board has been eliminated effective August 19, 2021.