0001615619-21-000069.txt : 20210823
0001615619-21-000069.hdr.sgml : 20210823
20210823170651
ACCESSION NUMBER: 0001615619-21-000069
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20210819
FILED AS OF DATE: 20210823
DATE AS OF CHANGE: 20210823
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Chiang Willie CW
CENTRAL INDEX KEY: 0001421559
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-14569
FILM NUMBER: 211197642
MAIL ADDRESS:
STREET 1: 370 17TH STREET
STREET 2: SUITE 2775
CITY: DENVER
STATE: CO
ZIP: 80202
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: PLAINS ALL AMERICAN PIPELINE LP
CENTRAL INDEX KEY: 0001070423
STANDARD INDUSTRIAL CLASSIFICATION: PIPE LINES (NO NATURAL GAS) [4610]
IRS NUMBER: 760582150
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 333 CLAY STREET
STREET 2: SUITE 1600
CITY: HOUSTON
STATE: TX
ZIP: 77002
BUSINESS PHONE: 7136544100
MAIL ADDRESS:
STREET 1: 333 CLAY STREET
STREET 2: SUITE 1600
CITY: HOUSTON
STATE: TX
ZIP: 77002
4
1
edgar.xml
PRIMARY DOCUMENT
X0306
4
2021-08-19
0001070423
PLAINS ALL AMERICAN PIPELINE LP
PAA
0001421559
Chiang Willie CW
333 CLAY ST., STE. 1600
HOUSTON
TX
77002
1
1
0
0
Chairman and CEO
Phantom Units
2021-08-19
4
A
0
300600
0
A
Common Units
300600
300600
D
Grant of phantom units under Long-Term Incentive Plan (includes associated distribution equivalent rights (payable in cash)).
One common unit is deliverable, upon vesting, for each Phantom Unit that vests.
These phantom units will vest as follows: (a) Tranche 1, consisting of 150,300 phantom units, will vest on the August 2024 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 75,150 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 150,300 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 75,150 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 150,300 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).
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.
/s/ Ann F. Gullion, as attorney-in-fact for Willie CW Chiang
2021-08-23