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If the form is filed by more than one reporting person, see Instruction 5(b)(v). |
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Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). |
(1) |
Grant of phantom units under Long-Term Incentive Plan (includes associated dividend equivalent rights (payable in cash)). |
(2) |
Phantom units vest 50% on August 2019 distribution date and 50% on August 2020 distribution date. |
(3) |
One common unit is deliverable for each common unit that vests. |
(4) |
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 generates distributable cash flow ("DCF") on a trailing four-quarter basis of at least $2.50 per unit; however, in the event the $2.50 DCF 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 generated DCF on a trailing four-quarter basis of at least $2.30 per unit, and |
(5) |
(v) one-sixth shall vest on the date on which the Partnership generates DCF on a trailing four-quarter baisis of at least $2.65 per unit; however, in the event the $2.65 DCF 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 generated DCF on a trailing four-quarter basis of at least $2.30 per unit. Any phantom units that have not vested as of the August 2022 distribution date will be forfeited. |
(6) |
Phantom units vest as follows: 25% each on January 1, 2020, 2021, 2022 and 2023. |
(7) |
Phantom units vest on the May 2021 distribution date. |
(8) |
The Class B Units in Plains AAP, L.P. represent a profits interest. 25% of the Class B Units will become earned (entitled to receive distributions) when Plains All American Pipeline, L.P. ("PAA") generates DCF on a trailing four-quarter basis of $2.50 per unit. The remaining 75% of the Class B Units are already earned. The Class B Units are subject to a call right in the event Reporting Person's employment is terminated under certain circumstances prior to December 31, 2022. If Reporting Person remains employed after such date, the Class B Units will be deemed to have vested. |
(9) |
Reporting Person has the right to convert his vested Class B Units into Class A Units in Plains AAP, L.P. and Class B Shares in Plains GP Holdings, L.P. at a conversion ratio of approximately 0.941:1. Following any such conversion, the resulting Class A Units and Class B Shares are redeemable for common units of PAA on a one-for-one basis. |