Document:

Exhibit 10.49

 

FIRST AMENDMENT TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

Greg L. Armstrong

 

This First Amendment to Amended and Restated Employment Agreement (the “Amendment”)
is made as of the 4th day of December between
Plains All American GP LLC, a Delaware limited liability company (the “Company”)
and Greg L. Armstrong (“Employee”).

 

WHEREAS, on June 30, 2001, the Company and Employee entered into
that certain Amended and Restated Employment Agreement (the “Agreement”); and

 

WHEREAS, the Company and Employee desire to amend the Agreement to
comply with certain provisions of Section 409A of the Internal Revenue
Code of 1986, as amended;

 

NOW THEREFORE, in consideration of the premises and mutual covenants
and agreements contained herein and in the Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and Employee do hereby agree as follows:

 

1.             Section 7(f) of
the Agreement is hereby amended by adding the following sentence at the end
thereof:

 

“As used in this Agreement, a termination of
the Employee’s employment means a “separation from service,” for purposes of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”).”

 

2.             Section 8(a) of
the Agreement is hereby amended by adding the following sentence at the end
thereof:

 

“Such death benefit shall be paid as soon as reasonably practical and in
all events by the end of the year of the Employee’s death or, if later, within
21⁄2 months following his date of death.”

 

3.             Section 8(b) of
the Agreement is hereby amended to read in full as follows:

 

“(b)        During
any period that the Employee fails to perform his duties hereunder as a result
of disability (as defined in Section 409A of the Code) the Employee shall
continue to receive his full Base Salary at the rate then in effect prior to
the date of such disability until the Date of Termination if the Employee’s
employment is terminated pursuant to Section 7(b) hereof.”

 

1

 

4.             Section 8(g) of
the Agreement is hereby amended by adding the following sentence at the end
thereof:

 

“In all events, the Company’s reimbursement
of the Employee for payment of such excise tax shall be made as soon as
practicable following its payment and in no event later than ten days following
the date the Employee remits such excise tax to the proper governmental agency.”

 

5.             Section 9(a) of
the Agreement is hereby amended by replacing the second sentence thereof with
the following:

 

“Failure of the Company to obtain such
agreement prior to the effectiveness of any such succession shall be a breach
of this Agreement and shall constitute a Good Reason event under Section 7(d).”

 

6.             Other than as
amended hereby, the Agreement remains in full force and effect.

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first written above.

 

	
   

  	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PLAINS ALL AMERICAN GP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Tim Moore

  
	
   

  	
   

  	
  Name:

  	
  Tim Moore

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Greg L. Armstrong

  
	
   

  	
   

  	
  Greg L. Armstrong

  
					

 

2Exhibit 10.50

 

FIRST AMENDMENT TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

Harry N. Pefanis

 

This First Amendment to Amended and Restated Employment Agreement (the “Amendment”)
is made as of the 4th day of December between
Plains All American GP LLC, a Delaware limited liability company (the “Company”)
and Harry N. Pefanis (“Employee”).

 

WHEREAS, on June 30, 2001, the Company and Employee entered into
that certain Amended and Restated Employment Agreement (the “Agreement”); and

 

WHEREAS, the Company and Employee desire to amend the Agreement to
comply with certain provisions of Section 409A of the Internal Revenue
Code of 1986, as amended;

 

NOW THEREFORE, in consideration of the premises and mutual covenants
and agreements contained herein and in the Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company and Employee do hereby agree as follows:

 

1.             Section 7(f) of
the Agreement is hereby amended by adding the following sentence at the end
thereof:

 

“As used in this Agreement, a termination of
the Employee’s employment means a “separation from service,” for purposes of Section 409A
of the Internal Revenue Code of 1986, as amended (the “Code”).”

 

2.             Section 8(a) of
the Agreement is hereby amended by adding the following sentence at the end
thereof:

 

“Such death benefit shall be paid as soon as reasonably practical and in
all events by the end of the year of the Employee’s death or, if later, within
21⁄2 months following his date of death.”

 

3.             Section 8(b) of
the Agreement is hereby amended to read in full as follows:

 

“(b)        During
any period that the Employee fails to perform his duties hereunder as a result
of disability (as defined in Section 409A of the Code) the Employee shall
continue to receive his full Base Salary at the rate then in effect prior to
the date of such disability until the Date of Termination if the Employee’s
employment is terminated pursuant to Section 7(b) hereof.”

 

1

 

4.             Section 8(g) of
the Agreement is hereby amended by adding the following sentence at the end
thereof:

 

“In all events, the Company’s reimbursement
of the Employee for payment of such excise tax shall be made as soon as
practicable following its payment and in no event later than ten days following
the date the Employee remits such excise tax to the proper governmental agency.”

 

5.             Section 9(a) of
the Agreement is hereby amended by replacing the second sentence thereof with
the following:

 

“Failure of the Company to obtain such
agreement prior to the effectiveness of any such succession shall be a breach
of this Agreement and shall constitute a Good Reason event under Section 7(d).”

 

6.             Other than as
amended hereby, the Agreement remains in full force and effect.

 

IN WITNESS WHEREOF, the parties have executed this Amendment as of the
date first written above.

 

	
   

  	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  PLAINS ALL AMERICAN GP LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Tim Moore

  
	
   

  	
   

  	
  Name:

  	
  Tim Moore

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Harry N. Pefanis

  
	
   

  	
   

  	
  Harry N. Pefanis

  
					

 

2Exhibit 10.51

 

FIRST AMENDMENT TO

PLAINS ALL AMERICAN

2005 LONG-TERM INCENTIVE PLAN

 

December 4, 2008

 

By
resolution of the Compensation Committee of the Board of Directors of Plains
All American GP LLC, the Plains All American 2005 Long-Term Incentive Plan (the
“Plan”) is hereby amended as follows:

 

1.             Section 8(m) of
the Plan is hereby amended by adding the following language to the end thereof:

 

It is the intent that each Award
under this Plan shall either (i) qualify as a “short term deferral” as
such phrase is used in Section 409A of the Code or (ii) comply with
the requirements of Section 409A. 
In that regard, notwithstanding anything in any Award to the contrary, (i) in
no event shall payment of or under an Award be made later than 21⁄2 months
following the year in which such payment ceases to be subject to a substantial
risk of forfeiture for purposes of Section 409A; (ii) for any Award
in which all or a portion becomes “nonforfeitable” upon the occurrence of an
event, the relevant provisions of such Award shall be deemed to include a
proviso that (i) to the extent all requirements for vesting but for the
passage of time have been met as of the occurrence of such event, payment shall
be made as of the next following Distribution Date and (ii) to the extent
additional vesting would require the achievement of additional performance
thresholds (e.g. distribution or earnings levels), vesting shall occur and
payment made (if based on a distribution) on the Distribution Date on which the
threshold is achieved or (if based on earnings or other performance metric) the
next Distribution Date following the date on which the threshold is
achieved.  For this purpose, as used
herein and in any Award, the phrase “Distribution Date” shall mean the day in
February, May, August or November in any year (as such month and year
are specified in the Award or as context dictates; e.g., the “next following
Distribution Date” after the occurrence of an event) that is 45 days after the
end of a calendar quarter (or, if not a business day, the closest previous
business day).Exhibit 10.52

 

SECOND AMENDMENT TO

PLAINS ALL AMERICAN GP LLC

1998 LONG-TERM INCENTIVE PLAN

 

December 4, 2008

 

By resolution of the Compensation Committee of the Board of Directors
of Plains All American GP LLC, the Plains All American GP LLC 1998 Long-Term
Incentive Plan (the “Plan”) is hereby amended as follows:

 

1.             Section 8 of
the Plan is hereby amended by adding the following subsection (j) at the
end thereof:

 

(j)            Section 409A.  It is the intent that each Award under this
Plan shall either (i) qualify as a “short term deferral” as such phrase is
used in Section 409A of the Code or (ii) comply with the requirements
of Section 409A.  In that regard,
notwithstanding anything in any Award to the contrary, (i) in no event
shall payment of or under an Award be made later than 21⁄2 months following the
year in which such payment ceases to be subject to a substantial risk of
forfeiture for purposes of Section 409A; (ii) for any Award in which
all or a portion becomes “nonforfeitable” upon the occurrence of an event, the
relevant provisions of such Award shall be deemed to include a proviso that (i) to
the extent all requirements for vesting but for the passage of time have been
met as of the occurrence of such event, payment shall be made as of the next
following Distribution Date and (ii) to the extent additional vesting
would require the achievement of additional performance thresholds (e.g.
distribution or earnings levels), vesting shall occur and payment made (if
based on a distribution) on the Distribution Date on which the threshold is
achieved or (if based on earnings or other performance metric) the next
Distribution Date following the date on which the threshold is achieved.  For this purpose, as used herein and in any
Award, the phrase “Distribution Date” shall mean the day in February, May, August or
November in any year (as such month and year are specified in the Award or
as context dictates; e.g., the “next following Distribution Date” after the
occurrence of an event) that is 45 days after the end of a calendar quarter
(or, if not a business day, the closest previous business day).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00153-of-00352.parquet"}]]