PLAINS ALL AMERICAN PIPELINE LP 4
4 · PLAINS ALL AMERICAN PIPELINE LP · Filed Aug 29, 2016
Insider Transaction Report
Form 4
Nerbonne Daniel J
EVP - Operations & Engineering
Transactions
- Award
Phantom Units
2016-08-25+25,000→ 25,000 total→ Common Units (25,000 underlying) - Award
Phantom Units
2016-08-25+95,000→ 95,000 total→ Common Units (95,000 underlying)
Footnotes (5)
- [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]The phantom units will vest as follows: (i) one-third shall vest on the August 2019 distribution date, (ii) one-sixth shall vest on the August 2020 distribution date, (iii) one-sixth shall vest on the August 2021 distribution date, (iv) one-sixth shall vest on the date on which the Partnership pays an annualized quarterly distribution of at least $2.50 per unit; however, in the event the $2.50 distribution threshold is not met prior to the August 2022 distribution date, the applicable phantom units will vest on such distribution date provided that on or prior to such date, PAA shall have achieved a minimum annualized distribution rate of $2.30 per unit, and
- [F4](v) one-sixth shall vest on the date on which the Partnership pays an annualized quarterly distribution of at least $2.65 per unit; however, in the event the $2.65 distribution threshold is not met prior to the August 2022 distribution date, the applicable phantom units will vest on such distribution date provided that on or prior to such date, PAA shall have achieved a minimum annualized distribution rate of $2.30 per unit. Any phantom units that have not vested as of the August 2022 distribution date will be forfeited.
- [F5]These phantom units will vest 100% on the August 2018 distribution date.