O'Shea Donald C 4
4 · PAA NATURAL GAS STORAGE LP · Filed Feb 6, 2012
Insider Transaction Report
Form 4
O'Shea Donald C
Chief Accounting Officer
Transactions
- Award
Phantom Units
2012-02-02+7,500→ 7,500 total→ Common Units (7,500 underlying) - Disposition to Issuer
Phantom Units
2012-02-02−7,500→ 0 total→ Common Units (7,500 underlying) - Award
Phantom Units
2012-02-02+7,500→ 7,500 total→ Common Units (7,500 underlying) - Disposition to Issuer
Phantom Units
2012-02-02−7,500→ 0 total→ Common Units (7,500 underlying)
Footnotes (4)
- [F1]The terms of these outstanding phantom units have been modified, resulting in the deemed cancellation of the original phantom units and a grant of replacement phantom units described below. The original phantom units were granted on November 2, 2010.
- [F2]One Common Unit is deliverable, upon vesting, for each phantom units that vests.
- [F3]As modified, these phantom unit awards will vest 30% on the date the Issuer pays an annualized distribution of $1.45 per unit; 30% on the date the Issuer pays an annualized distribution of $1.50 per unit; and 40% on the date the Issuer pays an annualized distribution of $1.55 per unit. Fifty percent of any unvested phantom units that remain outstanding as of the November 2016 distribution date will vest on such date and the remaining 50% will be forfeited.
- [F4]As modified, 100% of these phantom units will vest upon conversion of the Issuer's Series A Subordinated Units into Common Units. Conversion of the Series A Subordinated Units is subject to certain performance conditions set forth in the Issuer's Second Amended and Restated Agreement of Limited Partnership, as amended.