O'Shea Donald C 4
4 · PAA NATURAL GAS STORAGE LP · Filed Nov 3, 2010
Insider Transaction Report
Form 4
O'Shea Donald C
Chief Accounting Officer
Transactions
- Award
Phantom Units
2010-11-02+7,500→ 7,500 total→ Common Units (7,500 underlying) - Award
Phantom Units
2010-11-02+7,500→ 7,500 total→ Common Units (7,500 underlying)
Footnotes (7)
- [F1]Grant of phantom units under Long-Term Incentive Plan (includes associated 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 in equal 1/3 increments as follows: one-third will vest upon the later of the May 2012 distribution date and the date the Issuer pays a quarterly distribution of at least $0.3875 per unit; one-third will vest upon the later of the May 2013 distribution date and the date the Issuer pays a quarterly distribution of at least $0.450 per unit; and one-third will vest upon the later of the May 2014 distribution date and the date the Issuer pays a quarterly distribution of at least $0.475 per unit. The associated DERs will vest in equal 25% increments upon achieving quarterly distribution levels of $0.370, $0.390, $0.440 and $0.475 per unit.
- [F4]Any Phantom Units that have not vested as of the May 2015 distribution date, and any associated DERs, shall expire on such date.
- [F5]Grant of Phantom Units under Long-Term Incentive Plan.
- [F6]These Phantom Units will vest in equal 20% increments as follows: 20% will vest as of the date on which the Issuer's Series A Subordinated Units convert into Common Units; 20% will vest as of the date on which the first tranche of the Issuer's Series B Subordinated Units convert into Series A Subordinated Units or Common Units; 20% will vest as of the date on which the second tranche of the Issuer's Series B Subordinated Units convert into Series A Subordinated Units or Common Units; 20% will vest as of the date on which the third tranche of the Issuer's Series B Subordinated Units convert into Series A Subordinated Units or Common Units; and 20% will vest as of the date on which the fourth tranche of the Issuer's Series B Subordinated Units onvert into Series A Subordinated Units or Common Units. Converstion of the Series A Subordinated Units and Series B Subordinated Units is subject to certain performance conditions set forth in the Issuer's Second Amended and Restated Agreement of Limited Partnership.
- [F7]Any Phantom Units that remain outstanding as of January 1, 2018 shall expire without vesting on such date.