PAA EVP/CCO Jeremy Goebel Exercises Derivatives, Sells 252K Shares

What Happened

• Jeremy L. Goebel, EVP & Chief Commercial Officer of Plains All American Pipeline (PAA), converted/exercised derivative awards and had 252,112 common units surrendered/withheld to cover tax obligations, generating $5,912,026 (priced at $23.45). The filing also shows a grant of 113,600 phantom units on Aug 13, 2026 and transfers/gifts totaling 388,579 shares.
• Several entries list exercises/conversions of derivative awards (codes M) for 500,000 and 140,691 units and corresponding dispositions; one entry (code F) shows the tax-withholding sale of 252,112 shares at $23.45; gift entries (code G) show 388,579 shares transferred; an award/grant (code A) of 113,600 phantom units was reported on 2026-08-13.

Key Details

• Transaction dates: grant on 2026-08-13; exercises/conversions and transfers dated 2026-08-14; Form 4 filed 2026-08-17.
• Tax withholding sale: 252,112 shares disposed at $23.45 each = $5,912,026 (code F).
• Grants/derivatives: 113,600 phantom units granted (code A) on 8/13/2026; exercises/conversions of 500,000 and 140,691 derivative units (codes M) reported 8/14/2026.
• Gifts: 388,579 shares reported as gifted (code G) — gift entries do not necessarily reflect market sentiment.
• Footnotes: phantom units are LTIP "Phantom Units" with distribution-equivalent rights (DERs). One common unit is deliverable upon vesting for each phantom unit. Vesting and payout for tranches are performance- and time-based, primarily targeting an August 2029 distribution date with payout ranges tied to TSR and cumulative distributable cash flow; DERs accrue and are paid as described in the filing (see F1–F5).
• Shares owned after transaction: not specified in the excerpt provided.
• Timeliness: Form filed Aug 17, 2026 covering activity Aug 13–14, 2026; filing date shown in the report and not marked as late in the provided details.

Context / What this means for investors

• These are largely compensation- and plan-related transactions (derivative exercises, grant of phantom units, tax-withholding and an internal gift/transfer) rather than open-market buys or discretionary sales. Such transactions typically reflect routine management compensation mechanics rather than a direct signal of insider sentiment.
• The exercise/conversion and immediate surrender of shares to cover taxes (cashless-like tax withholding) is common when equity awards vest or are settled. The newly granted 113,600 phantom units are subject to multi-year vesting and performance conditions through mid-2029.