Plains All American Pipeline, L.P. (NYSE:PAA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Plains All American Pipeline, L.P. (NYSE:PAA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

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On July 5, 2017, the board of directors of PAA GP Holdings LLC, the general partner of Plains GP Holdings, L.P., the sole member of Plains All American GP LLC, the general partner of Plains AAP, L.P., the sole member of PAA GP LLC, the general partner of Plains All American Pipeline, L.P. (the “Partnership” or “PAA”), approved various changes to the compensation arrangements for Named Executive Officers. These changes reflect a recognition of current and expected market conditions and are designed to ensure top level performance in an uncertain environment.

The changes approved by the board included the following grants of phantom units to our Named Executive Officers under our Long-Term Incentive Plans:

NameandTitle

No.ofPhantomUnitsGranted

Wilfred (Willie) C. Chiang, Executive Vice President and Chief Operating Officer (U.S.)

65,000

Al Swanson, Executive Vice President and Chief Financial Officer

35,000

Richard McGee, Executive Vice President, General Counsel and Secretary

35,000

Daniel J. Nerbonne, Executive Vice President — Operations and Engineering

35,000

The phantom units will vest (become payable 1-for-1 in PAA common units) in full on the May2019 distribution date and include tandem distribution equivalent rights.

In connection with the intent to lower annual bonus awards, the board also approved salary increases for our Named Executive Officers (other than Mr. Armstrong) in amounts ranging from $100,000 to $150,000.

For more information regarding compensation of our Named Executive Officers and our equity compensation plans, please see our 2016 Annual Report on Form10-K filed with the SEC on February23, 2017.


About Plains All American Pipeline, L.P. (NYSE:PAA)

Plains All American Pipeline, L.P. owns and operates midstream energy infrastructure and provide logistics services for crude oil, natural gas liquids (NGL), natural gas and refined products. The Company operates through three segments: Transportation, Facilities, and Supply and Logistics. Its Transportation segment operations consist of activities associated with transporting crude oil and NGL on pipelines, gathering systems, trucks and barges. Its Facilities segment operations consist of activities associated with providing storage, terminalling and throughput services for crude oil, refined products, NGL and natural gas, as well as NGL fractionation and isomerization services and natural gas and condensate processing services. Its supply and logistics segment operations consist of the merchant-related activities, including sale of gathered and bulk-purchased crude oil, as well as sales of NGL volumes purchased from suppliers and natural gas sales attributable to the activities.

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