SEC Form 4 · accession 0001615619-18-000074
PLAINS ALL AMERICAN PIPELINE LP · PAA
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Chris Herbold
Officer — Sr. VP and Chief Acctg Officer
Period of report
Aug 16, 2018
Accepted (ET)
Aug 20, 2018 · 6:43 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001070423
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Phantom UnitsF1,F2,F3,F4 | — | Aug 16, 2018 | A | 9,000 | A | — | — | Common Units | 9,000 | 9,000 | D |
Explanation of responses
- F1Grant of Phantom Units under Long-Term Incentive Plan (includes associated distribution equivalent rights payable in cash).
- F2One common unit is deliverable, upon vesting, for each phantom unit that vests.
- F3The phantom units will vest as follows: (i) one-third on the August 2019 distribution date, (ii) one-sixth on the August 2020 distribution date, (iii) one-sixth on the August 2021 distribution date, (iv) one-sixth on the date on which PAA generates distributable cash flow ("DCF") of at least $2.50 per common unit on a trailing four quarter basis; however, in the event such $2.50 DCF per common unit threshold is not met on or prior to the August 2022 distribution date, the applicable phantom units will vest on such distribution date provided that on or prior to such date, PAA shall have achieved a trailing four quarter DCF per common unit of at least $2.30, and
- F4(v) one-sixth on the date on which PAA generates DCF of at least $2.65 per common unit on a trailing four quarter basis; however, in the event such $2.65 DCF per common unit threshold is not met on or prior to the August 2022 distribution date, the applicable phantom units will vest on such distribution date provided that on or prior to such date, PAA shall have achieved a trailing four quarter DCF per common unit of at least $2.30. Any phantom units that have not vested as of the August 2022 distribution date will expire at that time.