Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 32

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 32
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TABLE OF CONTENTS

2024 Independent Study of Executive Compensation and TSR Peer Group Compensation Peer Comparison Study. With respect to our 2024 executive compensation program, our Compensation Committee engaged Meridian to provide independent counsel, including a peer comparison review of our executive officer compensation. In connection with its engagement of Meridian, the Compensation Committee evaluated and confirmed Meridian’s independence relative to existing PAA or PAGP relationships or potential conflicts, in line with Nasdaq requirements. Business consolidation and unique operating models create some challenges in identifying directly comparable peer companies. Accordingly, we take a broad view of comparability to include organizations that are similar to ours and that we believe we compete with for attracting and retaining executive talent. Our primary compensation comparison peer group for 2024 included 11 companies across a wide range of revenues, asset values and enterprise values that are primarily engaged in the midstream business in the United States. The entities in the 2024 compensation comparison peer group are listed in the table below. Meridian utilized publicly available information to analyze compensation practices of the companies in the comparison peer group, including how overall compensation is divided among long-term incentives, annual incentives and base salary. Meridian also compared the amount and structure of compensation for our executive officers to the comparison peer group. To provide a broader context to the Compensation Committee, Meridian also provided the Committee with relevant data from six additional midstream companies, nine upstream companies (used exclusively for pay mix comparison purposes), and relevant survey data (used as a secondary reference for additional context); however, the compensation comparison peer group listed in the table below served as the primary source of external comparative information. Meridian’s study, which was completed in November 2023 and considered in detail by the Compensation Committee in February 2024, included the following summary findings: • Total target compensation for all NEOs (other than the CEO) on average was generally competitive with peers; and • Total target compensation for the CEO was below the median relative to peers. TSR Comparator Peer Group. For a portion (25%) of the long-term incentive awards granted to our executive officers in 2024, we included relative TSR as a performance metric for the three-year performance period ending June 30, 2027. The entities in our TSR Comparator Peer Group for the 2024 long-term incentive awards are listed in the table below.

| ​ | ​ | Entity/Index Name (Ticker)             | ​ | ​ | ​ | 2024 CompensationComparisonPeer Group | ​ | ​ | ​ | 2024