PLAINS ALL AMERICAN PIPELINE LP 4
4 · PLAINS ALL AMERICAN PIPELINE LP · Filed Nov 17, 2016
Insider Transaction Report
Form 4
vonBerg John
Sr. VP - Commercial Activities
Transactions
- Other
Class B Shares/Class A Units/GP Units
2016-11-15+344,451→ 344,451 total(indirect: See footnote (1)(2))Exercise: $0.00→ Common Units (344,451 underlying)
Footnotes (3)
- [F1]The limited partnership agreement of Plains AAP, L.P. ("AAP") was amended and restated on November 15, 2016 to provide, among other things, that each limited partner of AAP holding Class A Units, including the Reporting Person, will have the right, subject to certain limitations, to redeem its Class A Units in AAP (the "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 such Class A Units to Plains AAP along with the associated Class B Shares (the "Class B Shares") in Plains GP Holdings, L.P. ("PAGP") and GP Units (the "GP Units") in PAA GP Holdings LLC (if applicable), to PAGP (the "Redemption Right").
- [F2]PAA Management, L.P. ("PAA Management") is a limited partner of AAP and may from time to time exercise the Redemption Right with respect to its Class A Units. The Reporting Person is a member of PAA Management LLC, the general partner of PAA Management, and a limited partner of PAA Management. Therefore he may be deemed to be a beneficial owner of the interests held by PAA Management. The Reporting Person disclaims beneficial ownership of the securities held by PAA Management, except to the extent of his pecuniary interest therein.
- [F3]Pursuant to the limited partnership agreement of AAP, prior to November 15, 2017, PAA Management may not exercise its Redemption Right with respect to Class A Units attributable to the interest of the Reporting Person if such exercise would result in the redemption (taken together with any previous redemptions attributable to the interest of the Reporting Person) of more than 78% of the Class A Units attributable to the Reporting Person through PAA Management as of November 15, 2016. Pursuant to the limited partnership agreement of AAP, the Redemption Right does not expire.