Plains (PAA) Director Raymond John T Sells 20.38M Preferred Units

What Happened Raymond John T, a director of Plains All American Pipeline LP (PAA), reported a disposition to the issuer on Sep 14, 2026: 20,376,259 Series A Convertible Preferred Units were redeemed at $28.88 per unit, producing gross proceeds of approximately $588,364,479. The filing reports this as a derivative disposition (transaction code D) because these were preferred units rather than common shares.

Key Details

• Transaction date and price: September 14, 2026; redeemed at $28.88 per Preferred Unit (filing notes redemption price equals 110% of $26.25 = $28.875 plus accrued distributions).
• Quantity and value: 20,376,259 Preferred Units; total ≈ $588,364,479.
• Security type & code: Series A Convertible Preferred Units; disposition to issuer (D), reported as a derivative.
• Beneficial ownership note: The Preferred Units were held by EMG Fund IV PAA Holdings, LLC (EMG). The reporting person is sole member of the manager of EMG and therefore may be deemed the beneficial owner of EMG’s interests (see footnote F3).
• Shares owned after transaction: not specified in the provided filing.
• Filing date / timeliness: Form 4 filed Sep 16, 2026 for a Sep 14, 2026 transaction — appears timely (Form 4 is generally due within two business days).

Context

• These were not an open-market sale by the insider but a redemption by the issuer under the partnership agreement (footnotes F1–F2). Prior to redemption the Preferred Units were convertible on a one-for-one basis, but the issuer redeemed them at the specified redemption price.
• This is a cash-generating disposition due to issuer redemption rather than a typical insider-initiated sale; it does not by itself indicate insider sentiment about the common stock.