| Type | Sym | Class | Transaction | Value $ | Shares | Change % | * Price $ | Shares After | Date | Underlying Class | Amount | Exercise Price | Ownership | Footnotes |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| transaction | PAA | Phantom Units | Award | $0 | +51.6K | $0.00 | 51.6K | Aug 18, 2022 | Common Units | 51.6K | Direct | F1, F2, F3, F4, F5 |
| Id | Content |
|---|---|
| F1 | Grant of Phantom Units under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash). |
| F2 | One common unit is deliverable, upon vesting, for each Phantom Unit that vests. |
| F3 | These phantom units will vest as follows: (a) Tranche 1, consisting of 25,800 phantom units, will vest on the August 2025 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 12,900 phantom units (assuming 100% payout at target), will potentially vest on the August 2025 distribution date at a scaled payout range of between 0% to 200% (0 units to 25,800 units) based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2025 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks except that 0% payout for bottom two positions and 200% payout for top two positions, and with payout being subject to reduction by up to 25 basis points if actual TSR is negative); and |
| F4 | (c) Tranche 3, consisting of 12,900 phantom units (assuming 100% payout at target), will potentially vest on the August 2025 distribution date at a scaled payout range of between 0% to 200% (0 units to 25,800 units) based on PAA achieving cumulative distributable cash flow ("DCF") per common unit equivalent ("CUE") of $7.05 over the three-year period ending June 30, 2025 (with such payout equaling 100% at cumulative DCF/CUE over such period of $7.05 and being equal to 0% for cumulative DCF/CUE over such period of $6.35 or lower and 200% for cumulative DCF/CUE over such period of $7.93 or higher, with interpolation between such points, and with payout being subject to reduction by 25 basis points if PAA's leverage ratio (long term debt/adjusted EBITDA) as of June 30, 2025 is greater than 3.5x). |
| F5 | DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2023 distribution date; beginning in November 2023, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2025 distribution date with respect to each phantom unit that vests, if any, on such date. |