0001615619-20-000091.txt : 20200817
0001615619-20-000091.hdr.sgml : 20200817
20200817194240
ACCESSION NUMBER: 0001615619-20-000091
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20200813
FILED AS OF DATE: 20200817
DATE AS OF CHANGE: 20200817
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: McGee Richard K.
CENTRAL INDEX KEY: 0001490023
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-14569
FILM NUMBER: 201111384
MAIL ADDRESS:
STREET 1: 333 CLAY STREET
STREET 2: SUITE 1500
CITY: HOUSTON
STATE: TX
ZIP: 77002
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
2020-08-13
0001070423
PLAINS ALL AMERICAN PIPELINE LP
PAA
0001490023
McGee Richard K.
333 CLAY STREET, SUITE 1600
HOUSTON
TX
0
1
0
0
EVP, General Counsel & Sec.
Common Units
2020-08-14
4
M
0
23000
0
A
263473
D
Common Units
2020-08-14
4
F
0
9051
7.97
D
254422
D
Phantom Units
2020-08-14
4
M
0
23000
0
D
2020-08-14
Common Units
23000
23000
D
Phantom Units
2020-08-13
4
A
0
150380
0
A
Common Units
150380
150380
D
Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).
One common unit is deliverable, upon vesting, for each Phantom Unit that vests.
N/A
These phantom units will vest as follows: (a) Tranche 1, consisting of 75,190 phantom units, will vest on the August 2023 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 37,595 phantom units (assuming 100% payout at target), will potentially vest on the August 2023 distribution date at a scaled payout range of between 0% to 200% (0 units to 75,190 units) based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2023 compared to the TSR of a selected peer group; and (c) Tranche 3, consisting of 37,595 phantom units (assuming 100% payout at target), will potentially vest on the August 2023 distribution date at a scaled payout range of between 0% to 200% (0 units to 75,190 units) based on (i) PAA achieving cumulative distributable cash flow per common unit equivalent of $6.00 over the three-year period ending June 30, 2023 and (ii) PAA achieving a leverage ratio as of June 30, 2023 consistent with the leverage ratio assumed in its long term plan as of August 2020.
DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2021 distribution date; beginning in November 2021, 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 2023 distribution date with respect to each phantom unit that vests on such date.
/s/ Ann F. Gullion, as attorney-in-fact for Richard K. McGee
2020-08-17