4//SEC Filing
Swanson Al 4
Accession 0001615619-21-000077
CIK 0001070423other
Filed
Aug 22, 8:00 PM ET
Accepted
Aug 23, 5:17 PM ET
Size
7.1 KB
Accession
0001615619-21-000077
Insider Transaction Report
Form 4
Swanson Al
Sr. VP & CFO
Transactions
- Award
Phantom Units
2021-08-19+120,200→ 120,200 total→ Common Units (120,200 underlying)
Footnotes (4)
- [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 60,100 phantom units, will vest on the August 2024 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 30,050 phantom units (assuming 100% payout at target), will potentially vest on the August 2024 distribution date at a scaled payout range of between 0% to 200% (0 units to 60,100 units) based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2024 compared to the TSR of a selected peer group; and (c) Tranche 3, consisting of 30,050 phantom units (assuming 100% payout at target), will potentially vest on the August 2024 distribution date at a scaled payout range of between 0% to 200% (0 units to 60,100 units) based on PAA achieving cumulative distributable cash flow per common unit equivalent of $6.00 over the three-year period ending June 30, 2024 (with such payout being subject to adjustment by plus or minus 50 gross percentage points (subject to a cap of 200%) based on the extent to which PAA achieves a leverage ratio as of June 30, 2024 that is less than or greater than, respectively, the target leverage ratio for such date assumed in PAA's long term plan as of August 2021, plus or minus .15x, as applicable).
- [F4]DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2022 distribution date; beginning in November 2022, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest. 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 2024 distribution date with respect to each phantom unit that vests on such date.
Documents
Issuer
PLAINS ALL AMERICAN PIPELINE LP
CIK 0001070423
Entity typeother
Related Parties
1- filerCIK 0001292270
Filing Metadata
- Form type
- 4
- Filed
- Aug 22, 8:00 PM ET
- Accepted
- Aug 23, 5:17 PM ET
- Size
- 7.1 KB