Company: PAGP
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0001104659-25-033938
Chunk: 40

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 40
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 measured over the three-year period ending June 30, 2027 compared to the TSR of the TSR Comparator Peer Group identified on page 31 (if PAA’s relative TSR results in a payout of over 100%, but actual TSR is negative, the payout on this portion of the award will be reduced by 25 basis points, but not below 100%); and (ii) DCF per CUE with Leverage Modifier (50% weighting) : PAA achieving cumulative DCF per CUE of $7.75 over the three-year period ending June 30, 2027 (payout may be decreased by 25 basis points if PAA’s leverage ratio as of June 30, 2027 is higher than the leverage ratio that equals the upper end of our then applicable leverage guidance range). DERs associated with the time-based phantom units will accrue for the first year and such accrued amount will be paid in cash in a lump sum on the August 2025 distribution date; beginning in

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November 2025, DERs on such time-based phantom units will be paid quarterly until the associated phantom units vest. DERs associated with the performance-based phantom units will accrue during the three-year performance period and be paid in cash in a lump sum on the August 2027 distribution date with respect to the number of such phantom units, if any, that vest on such date. See the “Grants of Plan Based Awards Table” below for additional information regarding the 2024 annual grants. Other Compensation Related Matters Equity Ownership. Our Named Executive Officers and directors collectively own substantial equity interests in PAA and PAGP including unvested long-term equity awards. As of March 24, 2025, the Named Executive Officers beneficially owned, in the aggregate, approximately 13.2 million units of equity interests in PAA and/or PAGP with an approximate market value of $265 million, and all executive officers and directors beneficially owned, in the aggregate, approximately 56.2 million units of equity interests in PAA and/or PAGP with an approximate market value of $1.1 billion. Equity Ownership Guidelines. We maintain Equity Ownership Guidelines to further align the interests of our executive officers and directors with the interests of our unitholders by requiring each to achieve and maintain a minimum equity ownership level. Under these guidelines, each executive officer and director is expected to continuously own PAA and/or PAGP securities with a value equal to a