Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 34

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 34
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 encountered during the year. The CEO also assesses the individual performance and contributions of each NEO (other than himself) towards the satisfaction of the various goals and 32 TABLE OF CONTENTS objectives established at the beginning of the year. The CEO submits his report and the supporting detail to the Compensation Committee and Board for review and comment. Based on the conclusions set forth in the annual performance assessment, the CEO submits to the Compensation Committee the results of the formulaic bonus calculations, along with any recommendations for adjustments, for all Named Executive Officers other than himself. In connection with his assessment of Company and individual performance, the CEO also considers various factors, including: • whether or not we achieved the goals established for the year and any notable shortfalls relative to expectations; • the level of difficulty associated with achieving such objectives based on the opportunities and challenges encountered during the year; • current year operating and financial performance relative to both public guidance and prior year’s performance; • significant transactions or accomplishments for the period not included in the goals for the year; • our relative prospects at the end of the year with respect to future growth and performance; and • our equity price performance and returns during the year and our positioning at the end of the year with respect to our targeted leverage metrics and credit profile. The Compensation Committee may adjust the CEO’s recommendations upward or downward in its discretion. The Compensation Committee’s recommendations are then submitted to the Board for final review and approval. As noted above, the CEO does not make a recommendation with respect to his own bonus. The Compensation Committee assesses the CEO’s performance and contributions toward meeting the goals and objectives established at the beginning of the year, and then recommends to the Board a total bonus payout for the CEO that it believes to be commensurate with such performance and contributions. Long-Term Incentive Awards. We use performance and time-based phantom unit grants issued under our Long-Term Incentive Plans to incentivize and retain our executive officers and encourage and reward timely achievement of targeted metrics designed to align the long-term interests of the Named Executive Officers with those of our unitholders. 2024 Annual LTIP Award; Determination of Units for Annual Grants NEOs are eligible to receive an annual grant of phantom units based on a formula tied to base salary and PAA’s unit price. The size of the annual grant for a specified individual is based on a designated target percentage of their base salary that takes into account their expected contribution in respect of longer-term performance objectives. Based on Meridian’s compensation comparison study and as a