Document:

Exhibit

Exhibit 10.2

2019 Regular Annual LTIP Grant
US Officers

August 15, 2019

«Officer»
«Address»

		
	Re:
	Grant of Phantom Units

Dear «Salutation»:

I am pleased to inform you that you have been granted «LTIP_Grant» Phantom Units as of the above date pursuant to the Company’s «LTIP_Plan» Long-Term Incentive Plan (the “Plan”).  In addition, in tandem with each Phantom Unit you have been granted a distribution equivalent right (a “DER”). A DER represents the right to receive a cash payment equivalent to the amount, if any, paid in cash distributions on one Common Unit of Plains All American Pipeline, L.P. (“PAA” or the “Partnership”) to the holder of such Common Unit.  The terms and conditions of this grant are as set forth below.

		
	1.
	Subject to the further provisions of this Agreement, your Phantom Units shall vest (become payable in the form of one Common Unit of PAA for each Phantom Unit) 50% on the August 2022 Distribution Date and 50% on the later of the August 2022 Distribution Date and the first Distribution Date following PAA’s achievement of distributable cash flow (“DCF”) per Common Unit on a trailing four quarter basis of at least $2.65 (such amount being subject to adjustment in the reasonable discretion of the CEO to account for significant asset sales). The applicable four quarter period for determining whether the requisite DCF per common unit has been achieved for vesting of your Phantom Units may not begin until after December 31, 2020.  Any remaining Phantom Units that have not vested by the August 2024 Distribution Date shall expire on such date.

		
	2.
	Subject to the further provisions of this Agreement, your DERs shall vest (become payable in cash) (i) 50% on the August 2020 Distribution Date and (ii) 50% on the first Distribution Date following January 1, 2021 on which PAA achieves DCF per common unit of at least $2.50 on a trailing four quarter basis.

		
	3.
	Your DERs shall not accrue payments prior to vesting. 

333 Clay Street, Suite 1600 (77002)      ■  P.O. Box 4648  ■  Houston, Texas  77210-4648  ■  713-646-4100

«Officer»
August 15, 2019
Page 2

		
	4.
	The number of Phantom Units subject to this award and the distributable cash flow level required for vesting under paragraphs 1 and 2 above shall be proportionately reduced or increased for any split or reverse split, respectively, of PAA Common Units, or any event or transaction having a similar effect.  

		
	5.
	Upon vesting of any Phantom Units, an equivalent number of DERs will expire.  Any such DERs that are payable on the Distribution Date on which the Phantom Units vest, shall be payable on such Distribution Date prior to their expiration.  

		
	6.
	In the event of the termination of your employment with the Company and its Affiliates for any reason (other than in connection with a Change in Status or by reason of your death or “disability,” as defined in paragraph 7 below), all of your then outstanding Phantom Units and DERs shall automatically be forfeited as of the date of termination; provided, however, that if the Company or its Affiliates terminate your employment other than as a result of a Termination for Cause, (i) all of your then outstanding Phantom Units shall be deemed nonforfeitable on the date of termination and shall vest on the next following Distribution Date, and (ii) any DERs associated with such unvested, nonforfeitable Phantom Units shall not be forfeited on the date of termination, but shall be payable and shall expire on the next following Distribution Date.  

		
	7.
	In the event of the termination of your employment with the Company and its Affiliates by reason of your death or your “disability” (a physical or mental infirmity that impairs your ability substantially to perform your duties for a period of eighteen months or that the Company otherwise determines constitutes a “disability”), the following provisions shall apply:  (i) if such termination takes place prior to the first anniversary of the date of this grant, all of your then outstanding Phantom Units and DERs shall automatically be forfeited as of the date of termination; and (ii) if such termination takes place on or after the first anniversary of the date of this grant, (x) all of your then outstanding Phantom Units shall be deemed nonforfeitable on the date of termination and shall vest on the next following Distribution Date, and (y) any DERs associated with such unvested, nonforfeitable Phantom Units shall not be forfeited on the date of termination, but shall be payable and shall expire on the next following Distribution Date.  As soon as administratively practicable after the vesting of any Phantom Units pursuant to this paragraph 7, payment will be made in cash in an amount equal to the Market Value of the number of Phantom Units vesting.  

«Officer»
August 15, 2019
Page 3

		
	8.
	In the event of a Change in Status, (i) all of your then outstanding Phantom Units shall be deemed nonforfeitable on such date and shall vest on the next following Distribution Date, and (ii) any DERs associated with such unvested, nonforfeitable Phantom Units shall not be forfeited on such date, but shall be payable and shall expire on the next following Distribution Date.  

		
	9.
	Upon payment pursuant to a DER, the Company will withhold any taxes due from your compensation as required by law.  Upon vesting of a Phantom Unit, the Company will withhold any taxes due from your compensation as required by law, which (in the sole discretion of the Company) may include withholding a number of Common Units otherwise payable to you.

As used herein, (i) the “Company” refers to Plains All American GP LLC; (ii) “Distribution Date” means the day in February, May, August or November in any year (as context dictates) that is 45 days after the end of the most recently completed calendar quarter (or, if not a business day, the closest previous business day); and (iii) “Market Value” means the average of the closing sales prices for a Common Unit on the New York Stock Exchange for the five trading days preceding the then most recent “ex dividend” date for payment of a distribution by the Partnership.

The phrase “Change in Status” means (A) the termination of your employment by the Company other than a Termination for Cause, within two and a half months prior to or one year following a Change of Control (the “Protected Period”), (B) the termination of your employment by you due to the occurrence during the Protected Period, without your written consent, of (i) any material diminution in your authority, duties or responsibilities, (ii) any material reduction in your base salary, or (iii) any other action or inaction that constitutes a material breach of this Agreement by the Company, or (C) the termination of your employment by you as a result of your retirement on terms and timing that are approved by the CEO.  A termination by you pursuant to (B) above shall not be a Change in Status unless (1) you provide written notice to the Company of the condition in (B)(i), (ii) or (iii) that would constitute a Change in Status within 90 days of the initial existence of the condition, and (2) the Company fails to remedy the condition within the 30-day period following such notice. 

The phrase “Change of Control” means, and shall be deemed to have occurred upon the occurrence of, one or more of the following events:

		
	(i)
	any Person (other than Plains GP Holdings, L.P. (“PAGP”) and any affiliate of PAGP that is controlled by PAGP) becomes the beneficial owner, directly or indirectly (in one transaction or a series of related transactions and whether by merger or otherwise), of 50% or more of the membership interest in PAA GP Holdings LLC, a Delaware limited liability company (“PAGP GP”);

«Officer»
August 15, 2019
Page 4

		
	(ii)
	any Person (other than PAGP GP, PAGP or any affiliate of PAGP that is controlled by PAGP) acquires (in one transaction or a series of related transactions and whether by merger or otherwise) direct or indirect control of the general partner interest of PAGP;

		
	(iii)
	PAGP ceases to retain direct or indirect control (in one transaction or a series of related transactions and whether by merger or otherwise) of the general partner of the Partnership; or

		
	(iv)
	the consummation of a reorganization, merger or consolidation with, or any direct or indirect sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Partnership to, one or more Persons (other than PAGP or any affiliates of PAGP that are controlled by PAGP). 

As used in this definition, “Person” shall include any “partnership, limited partnership, syndicate or other group” constituting a “person” within the meaning of such terms pursuant to Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended. 

The phrase “Termination for Cause” shall mean severance of your employment with the Company or its Affiliates based on your (i) failure to perform the duties and responsibilities of your position at an acceptable level as reasonably determined in good faith by the CEO of the Company, (ii) conviction of or guilty plea to the committing of an act or acts constituting a felony under the laws of the United States or any state thereof (or Canada or any province thereof) or any misdemeanor involving moral turpitude, or (iii) violation of the Company’s Code of Business Conduct (unless waived in accordance with the terms thereof), in the case of clauses (i) and (iii), with the specific failure or violation described to you in writing.

Terms used herein that are not defined herein shall have the meanings set forth in the Plan or, if not defined in the Plan, in the Seventh Amended and Restated Agreement of Limited Partnership of Plains All American Pipeline, L.P., as amended (the “Partnership Agreement”). 

This award is intended to either (i) qualify as a “short-term deferral” under Section 409A of the Internal Revenue Code of 1986, as amended, or (ii) comply with the provisions of Section 409A.  If it is determined that any payments or benefits to be made or provided under this Agreement do not comply with Section 409A, the parties agree to amend this Agreement or take such other actions as reasonably necessary or appropriate to comply with Section 409A while preserving the economic agreement of the parties.

By signing below, you agree that the Phantom Units and DERs granted hereunder are governed by the terms of the Plan.  Copies of the Plan and the Partnership Agreement are available upon request.  

    

«Officer»
August 15, 2019
Page 5

Please designate in the space provided below a beneficiary to receive benefits payable under this a grant in the event of your death.  Unless you indicate otherwise by checking the box below, the named beneficiaries on this form will serve as your beneficiaries for all previous LTIP grants.  Please execute and return a copy of this grant letter to me and retain a copy for your records.

PLAINS ALL AMERICAN PIPELINE, L.P.

By:    PAA GP LLC, its general partner
By:    PLAINS AAP, L.P., its sole member
By:    PLAINS ALL AMERICAN GP LLC, its general partner

		
	By:
	______________________________

		
	Name:
	Richard McGee

		
	Title:
	Executive Vice President & General Counsel

_____________________________
«Officer»

Units:       «LTIP_Grant»    

Dated:  _______________________

Beneficiary Designation
	
			
	Primary Beneficiary Name
	Relationship
	Percent (Must total 100%)

	 
	 
	 

	 
	 
	 

	 
	 
	 

	Secondary Beneficiary Name
	Relationship
	Percent (Must total 100%)

	 
	 
	 

	 
	 
	 

	 
	 
	 

o  Check this box only if this beneficiary designation does not apply to prior grants.Exhibit

Exhibit 10.3

2019 DIRECTOR GRANT

August 15, 2019

[Name]
[Address]

		
	Re:
	Grant of Phantom Class A Shares

Dear [Name]:

I am pleased to inform you that you have been granted [amount] Phantom Class A Shares as of the above date pursuant to the Plains GP Holdings, L.P. Long-Term Incentive Plan (the “Plan”).  In tandem with each Phantom Class A Share granted hereby you have been granted a distribution equivalent right (a “DER”). A DER represents the right to receive a cash payment equivalent to the amount, if any, paid in cash distributions on one Class A Share of Plains GP Holdings, L.P. (“PAGP” or the “Partnership”) to the holder of such Class A Share. The terms and conditions of this grant are as set forth below.

		
	1.
	Subject to the further provisions of this Agreement, your Phantom Class A Shares shall vest (become payable in the form of one Class A Share of PAGP for each Phantom Class A Share that vests) on the August 2023 Distribution Date.  

		
	2.
	Subject to the further provisions of this Agreement, your DERs shall be payable in cash substantially contemporaneously with each Distribution Date.

		
	3.
	Immediately after the vesting of any Phantom Class A Shares, an equal number of DERs shall expire.

		
	4.
	Upon any forfeiture of Phantom Class A Shares, an equal number of DERs shall expire.

		
	5.
	In the event that (i) you voluntarily terminate your service on the Board of Directors (other than for Retirement) or (ii) your service on the Board of Directors is terminated by the Board (by a majority vote of the remaining Directors) for Cause (as defined in the LLC Agreement), all unvested Phantom Class A Shares (and tandem DERs) shall be forfeited as of the date service terminates.  

333 Clay Street, Suite 1600   g  Houston, Texas 77002  g  713/646-4100 or 800-564-3036

	
			
	[Name]
	-2-
	August 15, 2019

        
    

		
	6.
	In the event your service on the Board of Directors is terminated (i) because of your death or disability (as determined in good faith by the Board), (ii) due to your Retirement, or (iii) for any reason other than as described in clauses (i) and (ii) of paragraph 5 above, all unvested Phantom Class A Shares (and any tandem DERs) shall immediately become nonforfeitable, and shall vest (or, in the case of DERs, be paid) in full as of the next following Distribution Date.  Upon such payment, the tandem DERs associated with the Phantom Class A Shares that are vesting shall expire.

		
	7.
	For the avoidance of doubt, to the extent the expiration of a DER relates to the vesting of a Phantom Class A Share on a Distribution Date, the intent is for the DER to be paid with respect to such Distribution Date before the DER expires.

As used herein, (i) “Company” refers to PAA GP Holdings LLC, (ii) “Distribution Date” means the day in February, May, August or November in any year (as context dictates) that is 45 days after the end of a calendar quarter (or, if not a business day, the closest previous business day), (iii) “Board of Directors” or “Board” means the Board of Directors of the Company, and (iv) “Retirement” means you have provided the Chairman of the Board of the Company with written notice indicating that (a) you have retired (or will retire within the next sixty days) from full-time employment and from service as a director of the Company, and (b) excluding director positions held by you at such time, you do not intend to serve as a director of any other public company.  

Terms used herein that are not defined herein shall have the meanings set forth in the Plan or, if not defined in the Plan, in the Second Amended and Restated Agreement of Limited Partnership of Plains GP Holdings, L.P., as amended (the “Partnership Agreement”) or the Third Amended and Restated Limited Liability Company Agreement of PAA GP Holdings LLC, as amended (the “LLC Agreement”). By signing below, you agree that the Phantom Class A Shares and DERs granted hereunder are governed by the terms of the Plan.  Copies of the Plan, the Partnership Agreement and the LLC Agreement are available upon request.  

    

	
			
	[Name]
	-3-
	August 15, 2019

        
    

Please designate in the space provided below a beneficiary to receive benefits payable under this a grant in the event of your death.  In addition, please execute and return a copy of this grant letter to me and retain a copy for your records.

PLAINS GP HOLDINGS, L.P.

By:  PAA GP HOLDINGS LLC

                        
		
	By:
	____________________________________

		
	Name:
	Richard McGee

		
	Title:
	Executive Vice President

Beneficiary Designation   
	
			
	Primary Beneficiary Name
	Relationship
	Percent (Must total 100%)

	 
	 
	 

	 
	 
	 

	 
	 
	 

	Secondary Beneficiary Name
	Relationship
	Percent (Must total 100%)

	 
	 
	 

	 
	 
	 

	 
	 
	 

	
		
	 
	 

[Name]

No. of Phantom Class A Shares:    [amount]    

Dated:

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