SEC Contract Filing

Filing Date: 2018-05-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>6
<FILENAME>paaq12018exhibit105.htm
<DESCRIPTION>EXHIBIT 10.5
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2018 Workiva -->
 <title>Exhibit</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<div><a name="s7ece514e64804dc69a1d0f95bd8cd10d"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Exhibit 10.5</font></div><div style="line-height:138%;padding-bottom:13px;text-align:center;"><img src="paalogo.gif" alt="paalogo.gif" style="height:69px;width:233px;"></div></div><div><br></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div><a name="s59BD1C51618143D722CA2C48A0053997"></a></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">March 22, 2018</font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#171;Name&#187;</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">&#171;Address&#187;</font></div><div style="line-height:100%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;">Re:</font></div></td><td style="vertical-align:top;"><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Grant of Phantom Units</font></div></td></tr></table><div style="line-height:100%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear &#171;Salutation&#187;:</font></div><div style="line-height:120%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:125%;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">I am pleased to inform you that you have been granted &#171;Amount&#187; Phantom Units as of the above date pursuant to the Company&#8217;s &#171;LTIP_Plan&#187; Long-Term Incentive Plan (the &#8220;Plan&#8221;). In addition, in tandem with each Phantom Unit you have been granted a distribution equivalent right (a &#8220;DER&#8221;). 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. (&#8220;PAA&#8221; or the &#8220;Partnership&#8221;) to the holder of such Common Unit. The terms and conditions of this grant are as set forth below.</font></div><div style="line-height:125%;text-align:justify;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:77px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:125%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;">1.</font></div></td><td style="vertical-align:top;padding-left:78.66666666666667px;"><div style="line-height:125%;text-align:justify;font-size:12pt;text-indent:-78.66666666666667px;"><font style="font-family:inherit;font-size:12pt;">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) on the May 2021 Distribution Date, assuming your continued service through such date; however, 50% of such Phantom Units may vest prior to the May 2021 Distribution Date if and when PAA shall have generated distributable cash flow per Common Unit on a trailing four quarter basis of at least $2.30 (such amount being subject to adjustment in the reasonable discretion of the CEO to account for significant asset sales).</font></div></td></tr></table><div style="line-height:125%;text-align:justify;padding-left:78px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:77px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:125%;font-size:12pt;padding-left:48px;"><font style="font-family:inherit;font-size:12pt;">2.</font></div></td><td style="vertical-align:top;padding-left:78.66666666666667px;"><div style="line-height:125%;text-align:justify;font-size:12pt;text-indent:-78.66666666666667px;"><font style="font-family:inherit;font-size:12pt;">Subject to the further provisions of this Agreement, your DERs shall vest (become payable in cash) upon and effective with the May 2018 Distribution Date.</font></div></td></tr></table><div style="line-height:125%;text-align:justify;padding-left:78px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:77px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:125%;font-size:12pt;paddin