Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 35

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 35
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 part of the market-based review by the Compensation Committee in February 2024, the annual LTIP targets (as a percentage of base salary) for all NEOs, other than Mr. Pefanis, were increased as follows: from 600% to 750% for Mr. Chiang; from 275% to 350% for Messrs. Swanson and McGee; and from 325% to 425% for Messrs. Chandler and Goebel. Annual equity grants typically require minimum service periods of three years in order to encourage long-term retention. A phantom unit grant provides the holder with the right to receive, upon the 33

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satisfaction of vesting criteria specified in the grant, a PAA common unit (or cash equivalent). We do not use options as a form of incentive compensation. Terms of phantom unit grants may vary, but generally phantom units vest upon the later of achievement of designated performance thresholds and continued employment for a full three-year period. Phantom unit grants for the Named Executive Officers typically include DERs, and for awards granted in 2024, DERs on the performance-based portion of such awards accrue from the grant date and will be payable only if and to the extent the underlying phantom units vest at the end of the three-year performance period. DERs on the time-based portion of such awards accrue for the first year following the grant date, with such accrued amount being paid out on the first anniversary of the grant date, and then are paid on a quarterly basis thereafter. Our long-term incentive plan grants for our NEOs also provide for accelerated vesting in the event their employment is terminated as a result of or in connection with death, disability, termination without cause, change of control or retirement on terms and timing that are approved by the CEO (or by the Board in the case of the CEO). See “— Potential Payments Upon Termination or Change-in-Control.” 2024 Performance Overview and Specific Application of Compensation Elements in 2024 At the beginning of 2024, we established key quantitative financial, safety and environmental objectives, along with several qualitative goals. These objectives and goals are summarized in the table below.

| ​ | ​ | 2024 Performance Objectives and Results (all figures rounded)                                                                                                                                                                                                                                                                                                                                            |   |   |   |                                                |   |   |   |                                                | ​ | ​ |
| ​ | ​ | Quantitative Goals                                                                                                                                                                                                                                                                                                                                                                                       |   |   |   |                                                |   |