Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 42

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 42
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, and applicable stock exchange listing standards. Copies of our Insider Trading Policies were filed as Exhibits 19.1 and 19.2 to our 2024 Annual Report. In addition, with regard to the Company’s trading in its own securities, it is the Company’s policy and practice to comply with U.S. federal securities laws as well as applicable stock exchange rules and regulations. Clawback Policy. Since November 2020, we have had in place a Clawback Policy to further align the interests of our executive officers with the interests of our unitholders, incentivize appropriate behaviors and discourage excessive risk taking. The Clawback Policy was amended and restated in

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TABLE OF CONTENTS November 2023 to conform to Nasdaq listing standards adopted pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. As amended and restated, the Clawback Policy includes the following clawback triggers and related recoveries: • Material financial restatements that result in over-payment of incentive-based compensation (Company must seek recovery of any excess compensation awarded or paid); and • Detrimental conduct that results in significant financial, reputational or other harm to the Company (Company may seek recovery or forfeiture of any performance-based compensation or time-based equity awards granted or paid during the 3-year period prior to discovery of the misconduct). Change in Control and Other Accelerated Vesting Triggers. Our long-term incentive plan grants provide for accelerated vesting upon a change of control (as defined in such agreements), but such vesting becomes operative only if the change in control is accompanied by a “change in status” (which includes termination of employment under certain circumstances). We believe this “double trigger” arrangement is appropriate because it provides assurance to the executive but does not offer a windfall to the executive when there has been no real change in employment status in connection with a change of control. In addition, the provisions in Mr. Pefanis’ legacy employment agreement provide for a severance payment if he terminates employment within three months following a change in control. Mr. Pefanis agreed to a conditional waiver of these provisions with respect to all prior qualifying transactions. The provision of severance or equity acceleration for certain terminations and change of control transactions helps to create a retention tool by assuring the executive that the benefit of the employment arrangement will be at least partially realized despite the occurrence of an event that could materially alter the employment arrangement. Our long-term incentive plan grants for our NEOs also provide for accelerated vesting in the