Plains All American (PAA) CEO Willie Chiang Exercises Units, Sells for Taxes

What Happened
Willie Chiang, Chairman & CEO of Plains All American Pipeline LP (PAA), received a grant of 373,000 phantom units on Aug 13, 2026 and on Aug 14, 2026 converted/exercised 346,357 of those derivative units into common units (no cash exercise price). To satisfy tax withholding, 136,292 shares were surrendered/disposed at $23.45 per share, generating approximately $3,196,047. After withholding, roughly 210,065 common units would have been delivered from that conversion (346,357 converted minus 136,292 withheld).

Key Details

• Filing date: Aug 17, 2026. Report period transactions occurred Aug 13–14, 2026.
• Grant: 373,000 phantom units (coded A) awarded on 2026-08-13; exercise/conversion of 346,357 phantom units on 2026-08-14 (coded M).
• Tax withholding: 136,292 shares disposed @ $23.45 to cover tax liability (coded F) = $3,196,047.
• Exercise price: $0.00 (phantom units / DERs convert without cash exercise).
• Footnotes: Phantom Units are Long-Term Incentive Plan awards that (1) deliver one common unit per phantom unit upon vesting and (2) include distribution equivalent rights (DERs) payable in cash. Vesting is split into three tranches with time- and performance-based conditions (Tranche 1 time-based to Aug 2029; Tranches 2–3 performance-based tied to TSR and cumulative distributable cash flow over three years). DER payment timing varies by tranche.
• Shares owned after transaction: not specified in the supplied filing excerpt.

Context / What this means for investors

• This was an award and conversion of company-issued phantom units and a routine tax-withholding disposal—not an open-market sale indicating a directional bet. The disposal was to satisfy tax obligations (common practice on equity awards).
• The awarded phantom units largely vest in Aug 2029 and include performance metrics that will determine final payout for Tranches 2 and 3, so value is contingent on future performance and continued service.