Company: PAGP
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001581990-25-000006
Chunk: 176

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 176
---
itures of awards when they occur. Our LTIP awards contain (i) time-based vesting criteria, (ii) performance conditions, (iii) market conditions or (iv) a combination of time-based vesting criteria and performance conditions. For awards with performance conditions, expense is accrued over the service period only if the performance condition is considered probable of occurring. When awards with performance conditions that were previously considered improbable become probable, we incur additional expense in the period that the probability assessment changes. This is necessary to bring the accrued obligation associated with these awards up to the level it would have been if we had been accruing for these awards since the grant date. For awards with market conditions, the probable outcomes are determined on the respective dates that the fair values are calculated, and the resulting expense is accrued over the service period.

F-49

Table of ContentsIndex to Financial StatementsPLAINS GP HOLDINGS, L.P. AND SUBSIDIARIESNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

The following is a summary of the awards authorized under our LTIPs as of December 31, 2024 (in millions):LTIPLTIP Awards AuthorizedPlains GP Holdings, L.P. Long-Term Incentive Plan3.8 Plains All American 2021 Long-Term Incentive Plan28.8 Plains All American PNG Successor Long-Term Incentive Plan1.3 Plains All American GP LLC 2006 Long-Term Incentive Tracking Unit Plan13.4 Total (1)47.3 (1)Of the 47.3 million total awards authorized, 19.1 million awards are currently available for future grant. The remaining balance has already vested or is currently outstanding.As of December 31, 2024, 10.5 million PAA LTIP awards and 0.1 million PAGP LTIP awards were outstanding. Of the awards outstanding, 8.6 million PAA LTIP awards and 0.1 million PAGP LTIP awards include associated DERs. At December 31, 2024, certain of the outstanding LTIP awards were considered probable of vesting and such awards are expected to vest at various dates between August 2025 and August 2028. As of December 31, 2024, the outstanding awards that are considered probable of vesting have a remaining unrecognized fair value of approximately $65 million.

Note 18—Commitments and Cont