X0303 4 2011-05-15 0001297067 Copano Energy, L.L.C. CPNO 0001307964 NORTHCUTT R BRUCE 2727 ALLEN PARKWAY SUITE 1200 HOUSTON TX 77019 1 1 President & CEO Common Units 2011-05-15 4 M 0 1122 A 228825 D Common Units 2011-05-15 4 M 0 3867 A 232692 D Common Units 2011-05-15 4 M 0 1376 A 234068 D Common Units 2011-05-15 4 M 0 714 A 234782 D Common Units 2011-05-15 4 M 0 1760 A 236542 D Common Units 2011-05-15 4 F 0 3219 32.34 D 233323 D Phantom Units 2011-05-15 4 M 0 1122 D Common Units 1122 1122 D Phantom Units 2011-05-15 4 M 0 3867 D Common Units 3867 7733 D Phantom Units 2011-05-15 4 M 0 1376 D Common Units 1376 1377 D Phantom Units 2011-05-15 4 M 0 714 D Common Units 714 1428 D Phantom Units 2011-05-15 4 M 0 1760 D Common Units 1760 5280 D Phantom Units 2011-05-17 4 A 0 13530 0 A Common Units 13530 13530 D Phantom Units 2011-05-17 4 A 0 13530 0 A 2014-05-15 Common Units 13530 13530 D Each phantom unit is the economic equivalent of one common unit. Phantom units are settled in common units on the date of vesting. Each performance unit is the economic equivalent of one common unit. Performance units that vest are settled in common units on the date of vesting. These common units were withheld to cover taxes payable upon vesting of phantom units reported in Table II. Closing price for the issuer's common units on the last trading day before the vesting date. Phantom units vest in five equal annual installments commencing May 15, 2008. Phantom units vest in three equal annual installments commencing May 15, 2011. Vesting is scheduled to occur in three equal annual installments commencing May 15, 2009 and is contingent on attainment of performance goals based on the market price for the issuer's common units. On each vesting date, a percentage of the vesting performance units (ranging from 0% to 100%) will actually vest, depending on the level of performance attained. In addition, at the last vesting date, the grantee may achieve a bonus consisting of 50% of the total units originally granted, contingent upon attaining an additional performance goal based on the issuer's market price over the term of the award. Performance units that do not vest will be forfeited. Phantom units vest in five equal annual installments commencing May 15, 2009. Phantom units vest in five equal annual installments commencing May 15, 2010. Phantom units vest in three equal annual installments commencing May 15, 2012. Performance units will cliff vest on May 15, 2014, provided that the performance goal, which is declaration of a specified annualized distribution per common unit, is met at any time during the vesting period. The number of performance units to vest can range from 50% to 200% of the award depending on the level of achievement of the performance goal. Performance units that do not vest will be forfeited. /s/ Angela S. Teer, attorney-in-fact 2011-05-17