UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported) — September 26, 2018

 

Plains All American Pipeline, L.P.

(Exact name of registrant as specified in its charter)

 

DELAWARE
(State or other jurisdiction of
incorporation)

 

1-14569
(Commission File Number)

 

76-0582150
(IRS Employer Identification No.)

 

333 Clay Street, Suite 1600, Houston, Texas 77002

(Address of principal executive offices) (Zip Code)

 

713-646-4100

(Registrant’s telephone number, including area code)

 

 

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o                                     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o                                     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o                                     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o                                     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  o

 

 

 



 

Item 5.03.                                         Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.

 

On September 26, 2018, Amendment No. 1 (the “ AAP Amendment ”) to the Eighth Amended and Restated Limited Partnership Agreement of Plains AAP, L.P. (the “ AAP LP Agreement ”) was executed by its general partner, Plains All American GP LLC, to revise the definition of the term “Permitted Transfer” thereunder to allow any existing owner of less than 0.50% of the Partnership Group Interests (as defined in the AAP LP Agreement) to make transfers of their Partnership Group Interests (i) to certain family members, trusts and partnerships if such existing owner is a natural person, and (ii) to beneficial owners of such existing owner if such existing owner is not a natural person.  Any such transfers will require approval of the board of directors of PAA GP Holdings LLC.

 

The foregoing description is qualified in its entirety by reference to the full text of the AAP Amendment, which is filed as Exhibit 3.1 hereto and is incorporated herein by reference.

 

ITEM 9.01.                                Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit 3.1

 

Amendment No. 1 dated September 26, 2018 to the Eighth Amended and Restated Limited Partnership Agreement of Plains AAP, L.P. dated November 15, 2016.

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

PLAINS ALL AMERICAN PIPELINE, L.P.

 

 

 

Date: October 2, 2018

By:

PAA GP LLC, its general partner

 

 

 

 

By:

Plains AAP, L.P., its sole member

 

 

 

 

By:

Plains All American GP LLC, its general partner

 

 

 

 

 

 

 

By:

/s/ Richard McGee

 

 

Name: Richard McGee

 

 

Title:   Executive Vice President

 

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Exhibit 3.1

 

AMENDMENT NO. 1 TO THE

EIGHTH AMENDED AND RESTATED
LIMITED PARTNERSHIP AGREEMENT OF
PLAINS AAP, L.P.

 

This Amendment No. 1 (this “Amendment”) to the Eighth Amended and Restated Limited Partnership Agreement of Plains AAP, L.P., a Delaware limited partnership (the “Company”), dated as of November 15, 2016 (the “LP Agreement”), is made and entered into as of September 26, 2018.  Capitalized terms used but not defined herein shall have the meaning given such terms in the LP Agreement.

 

WHEREAS , Section 11.2(a) of the LP Agreement provides that, except as otherwise expressly provided, the LP Agreement may not be amended, modified, superseded or restated without the approval of the General Partner, subject to specified exceptions requiring the approval of certain Partners;

 

WHEREAS , the changes contemplated by this Amendment do not require separate approval beyond that of the General Partner; and

 

WHEREAS , the Board of Directors of Holdings GP, acting on behalf of the General Partner, has approved this Amendment;

 

NOW, THEREFORE , pursuant to Section 11.2(a) of the Agreement, the Agreement is hereby amended as follows:

 

Section 1 .                                           The definition of Permitted Transfer in Article 1 of the LP Agreement is hereby amended and restated to read as follows:

 

Permitted Transfer ” shall mean:

 

(a)                                  with respect to a Partnership Group Interest, a Transfer by any Partner who is a natural person to (i) such Partner’s spouse, children (including legally adopted children and stepchildren), spouses of children or grandchildren or spouses of grandchildren; (ii) a trust for the benefit of the Partner and/or any of the Persons described in clause (i); or (iii) a limited partnership or limited liability company whose sole partners or members, as the case may be, are the Partner and/or any of the Persons described in clause (i) or clause (ii); provided , that in any of clauses (i), (ii) or (iii), the Partner transferring such Partnership Group Interest retains exclusive power to exercise all rights under this Agreement;

 

(b)                                  a Transfer of a Partnership Group Interest by any Partner to the Partnership;

 

(c)                                   with respect to a Partnership Group Interest, a Transfer by a Partner to any Affiliate of such Partner; provided, however , that such transfer shall be a Permitted Transfer only so long as such Partnership Group Interest or is held by such Affiliate or is otherwise transferred in another Permitted Transfer;

 



 

(d)                                  with respect to Class B Units, a Transfer permitted under the applicable Class B Restricted Unit Agreement and any Transfer of Vested Units in accordance with applicable securities laws;

 

(e)                                   with respect to a Partnership Group Interest, (i) a Transfer by either of EMG or Kayne Anderson to one of its members or partners, as applicable or (ii) a Transfer by a Partner that has been approved by the Board and is being made in order to facilitate a bona fide charitable contribution or estate planning transaction; provided , in each case that such transferee agrees as a condition to such Transfer to effect, and actually effects, a substantially concurrent Exchange of such Partnership Group Interest;

 

(f)                                    a Transfer by PAGP of Class A Units to an Affiliate of PAGP;

 

(g)                                   a Transfer by PAA Management, L.P. of Partnership Group Interests to its partners or a Transfer by PAA Management, LLC of Partnership Group Interests to its members, in each case, pursuant to a voluntary dissolution and winding up process;

 

(h)                                  a Transfer by a De Minimis Qualifying Partner of all or any portion of such De Minimis Qualifying Partner’s Partnership Group Interest to (i) in the case of a De Minimis Qualifying Partner who is a natural person, the individuals and entities described in clauses (a)(i)-(iii) immediately above (it being understood that the term “spouse” shall include an ex-spouse if such Transfer is being made in connection with a divorce proceeding or settlement), and (ii) in the case of a De Minimis Qualifying Partner who is not a natural person, a Person who is a beneficial owner of such De Minimis Qualifying Partner and who is receiving such Transfer in respect of such beneficial ownership interest; provided, in each case, that such Transfer has been approved by the Board (as used herein, the term “De Minimis Qualifying Partner” shall mean any Partner that is a natural person and any Partner that is not a natural person who owns less than 0.50% of the total number of issued and outstanding Partnership Group Interests at such time); and

 

(i)                                      a Transfer in accordance with the provisions of Section 7.8 , Section 7.9 , Section 7.10 or Section 7.11 ;

 

provided, however , that no Permitted Transfer shall be effective unless and until the transferee of the Partnership Group Interest or Class B Units so Transferred complies with Section 7.1(b) .  Except in the case of a Permitted Transfer pursuant to clause (a) and (b) above, and subject to compliance with Section 7.3 , a Permitted Transferee of the Partnership Group Interest or Class B Units subject to a Permitted Transfer shall become a substitute Limited Partner as described in Section 7.4 . No Permitted Transfer shall conflict with or result in any violation of any judgment, order, decree, statute, law, ordinance, rule or regulation or require the Partnership, if not currently subject, to become subject, or if currently subject, to become subject to a greater extent, to any statute, law, ordinance, rule or regulation, excluding matters of a ministerial nature that are not materially burdensome to the Partnership.

 

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Section 2 .                                           Except as hereby amended, the LP Agreement shall remain in full force and effect.

 

Section 3 .                                           This Amendment shall be governed by, and interpreted in accordance with, the laws of the State of Delaware, all rights and remedies being governed by such laws without regard to principles of conflicts of laws.

 

Section 4 .                                           If any provision of this Amendment is or becomes invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein shall not be effected thereby.

 

IN WITNESS WHEREOF , this Amendment has been executed by the General Partner as of September 26, 2018.

 

 

PLAINS ALL AMERICAN GP LLC

 

 

 

 

 

 

 

By:

/s/ Richard K. McGee

 

Name:

Richard K. McGee

 

Title:

Executive Vice President

 

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