Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 80

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 80
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 Committee may, in its discretion, allow a participant to transfer an option or a share appreciation right without consideration to an immediate family member or a related family trust, limited partnership, or similar entity on the terms and conditions established by the Board or the Compensation Committee from time to time. Omnibus Agreement In connection with the Simplification Transactions completed in November 2016, we entered into an omnibus agreement (the “Omnibus Agreement”) with PAA, PAGP GP, Plains AAP, PAA GP LLC and GP LLC (collectively with us, the “Plains Entities”), which provides, among other things, that all direct or indirect expenses of any of the Plains Entities will be paid by PAA, other than income taxes, if any, of PAGP GP, PAGP, GP LLC, Plains AAP and PAA GP LLC. Such direct or indirect expenses include, but are not limited to, (i) compensation and expense reimbursements for the directors of PAGP GP, (ii) director and officer liability insurance, (iii) listing exchange fees, (iv) investor relations expenses, and (v) fees related to legal, tax, financial advisory and accounting services. PAA paid $4.3 million of such expenses in 2024. Other In December 2024, a subsidiary of the Plains Oryx Permian Basin LLC joint venture entered into an agreement to purchase for $161 million (approximately $105 million net to our interest) an entity that owns a crude oil gathering and transportation business in the Delaware Basin from companies affiliated with EMG, which is associated with John Raymond. The transaction closed in early January. Based on information provided by representatives of EMG, our allocable share of the purchase price did not exceed 5% of EMG’s consolidated gross revenues for 2024. In January 2025, we acquired for approximately $475 million an entity that owns a gathering system in the Eagle Ford Basin from EnCap Flatrock Midstream. Also in January 2025, in a separate transaction, we repurchased from EnCap Flatrock Midstream approximately 12.7 million Series A preferred units for approximately $343 million, which amount included accrued and unpaid distributions. EnCap Flatrock Midstream is associated with EnCap, which is associated with Gary Petersen. Based on information provided by representatives of EnCap, Mr. Petersen is not an executive officer, general partner or controlling shareholder of EnCap Flatrock Midstream, nor did he have a material interest