Goebel Jeremy L.

SEC source: 0001070423-26-000037 · form4.xml · derivative · entry 7

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 140,691 shares

Expires 2026-08-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

SEC source: 0001070423-26-000037 · form4.xml · derivative · entry 6

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 500,000 shares

Expires 2026-08-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

SEC source: 0001070423-26-000037 · form4.xml · nonDerivative · entry 5

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Indirect · By Family Limited Partnership

Disclosed balance after: 907,515

SEC source: 0001070423-26-000037 · form4.xml · nonDerivative · entry 4

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

SEC source: 0001070423-26-000037 · form4.xml · nonDerivative · entry 3

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 388,579

SEC source: 0001070423-26-000037 · form4.xml · nonDerivative · entry 2

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 640,691

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001070423-26-000037 · form4.xml · nonDerivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 500,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001070423-26-000037 · form4.xml · derivative · entry 8

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 113,600

Underlying: Common Units · 113,600 shares

Expires not disclosed

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.exercise_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 56,800 phantom units, will vest on the August 2029 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 28,400 phantom units (assuming 100% payout at target), will potentially vest on the August 2029 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2029 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and

F4 · derivative.exercise_date: (c) Tranche 3, consisting of 28,400 phantom units (assuming 100% payout at target), will potentially vest on the Aug. 2029 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumul. distributable cash flow (DCF) per common unit equivalent (CUE) of $9.10 over the 3-year period ending 6/30/29 (with payout equaling 100% at cumul. DCF/CUE over such period of $9.10 and being equal to 0% for cumul. DCF/CUE over such period of $8.19 or lower and 200% for cumul. DCF/CUE over such period of $10.01 or higher), with interpolation btw. such points, and with payout being subject to reduction by 25 basis pts. if PAA's leverage ratio (long term debt to adj. EBITDA as calculated pursuant to PAA's sr. unsecured revolving credit facility) as of 6/30/29 is greater than the leverage ratio that equals the upper end of our then applicable non-rating agency target leverage ratio range.

F5 · derivative.exercise_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2029 distribution date; beginning in November 2027, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2029 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2029 distribution date shall expire as of such date.

F3 · derivative.expiration_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 56,800 phantom units, will vest on the August 2029 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 28,400 phantom units (assuming 100% payout at target), will potentially vest on the August 2029 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2029 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and

F4 · derivative.expiration_date: (c) Tranche 3, consisting of 28,400 phantom units (assuming 100% payout at target), will potentially vest on the Aug. 2029 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumul. distributable cash flow (DCF) per common unit equivalent (CUE) of $9.10 over the 3-year period ending 6/30/29 (with payout equaling 100% at cumul. DCF/CUE over such period of $9.10 and being equal to 0% for cumul. DCF/CUE over such period of $8.19 or lower and 200% for cumul. DCF/CUE over such period of $10.01 or higher), with interpolation btw. such points, and with payout being subject to reduction by 25 basis pts. if PAA's leverage ratio (long term debt to adj. EBITDA as calculated pursuant to PAA's sr. unsecured revolving credit facility) as of 6/30/29 is greater than the leverage ratio that equals the upper end of our then applicable non-rating agency target leverage ratio range.

F5 · derivative.expiration_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2029 distribution date; beginning in November 2027, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2029 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2029 distribution date shall expire as of such date.

SEC source: 0001062993-25-014618 · form4.xml · derivative · entry 7

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 545,550

Underlying: Common Units · 545,550 shares

Expires 2030-08-14

F6 · security: Special long-term retention award of phantom units granted under Long-Term Incentive Plan (includes DERs payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

F7 · derivative.exercise_date: These phantom units will vest on the August 2030 distribution date assuming continued service through such date. 20% of the DERs associated with these phantom units will accrue for the first year and be paid in cash in a lump sum on the August 2026 distribution date; beginning in November 2026, this portion of the DERs will be paid quarterly until the phantom units vest or terminate. Beginning with the August 2026 distribution date, an additional 20% of the DERs will vest each year on the August distribution date (such that 100% of the DERs will have vested by the August 2029 distribution date) and will be paid quarterly until the phantom units vest or terminate.

SEC source: 0001062993-25-014618 · form4.xml · derivative · entry 6

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 144,900

Underlying: Common Units · 144,900 shares

Expires not disclosed

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.exercise_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 72,450 phantom units, will vest on the August 2028 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 36,225 phantom units (assuming 100% payout at target), will potentially vest on the August 2028 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2028 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and

F4 · derivative.exercise_date: (c) Tranche 3, consisting of 36,225 phantom units (assuming 100% payout at target), will potentially vest on the Aug. 2028 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumul. distributable cash flow (DCF) per common unit equivalent (CUE) of $8.40 over the 3-year period ending 6/30/28 (with payout equaling 100% at cumul. DCF/CUE over such period of $8.40 and being equal to 0% for cumul. DCF/CUE over such period of $7.56 or lower and 200% for cumul. DCF/CUE over such period of $9.24 or higher, with interpolation btw. such points, and with payout being subject to reduction by 25 basis pts. if PAA's leverage ratio (long term debt to adj. EBITDA as calculated pursuant to PAA's sr. unsecured revolving credit facility) as of 6/30/28 is greater than the leverage ratio that equals the upper end of our then applicable non-rating agency target leverage ratio range.

F5 · derivative.exercise_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2026 distribution date; beginning in November 2026, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2028 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2028 distribution date shall expire as of such date.

F3 · derivative.expiration_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 72,450 phantom units, will vest on the August 2028 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 36,225 phantom units (assuming 100% payout at target), will potentially vest on the August 2028 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2028 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and

F4 · derivative.expiration_date: (c) Tranche 3, consisting of 36,225 phantom units (assuming 100% payout at target), will potentially vest on the Aug. 2028 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumul. distributable cash flow (DCF) per common unit equivalent (CUE) of $8.40 over the 3-year period ending 6/30/28 (with payout equaling 100% at cumul. DCF/CUE over such period of $8.40 and being equal to 0% for cumul. DCF/CUE over such period of $7.56 or lower and 200% for cumul. DCF/CUE over such period of $9.24 or higher, with interpolation btw. such points, and with payout being subject to reduction by 25 basis pts. if PAA's leverage ratio (long term debt to adj. EBITDA as calculated pursuant to PAA's sr. unsecured revolving credit facility) as of 6/30/28 is greater than the leverage ratio that equals the upper end of our then applicable non-rating agency target leverage ratio range.

F5 · derivative.expiration_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2026 distribution date; beginning in November 2026, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2028 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2028 distribution date shall expire as of such date.

SEC source: 0001062993-25-014618 · form4.xml · derivative · entry 5

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 227,864 shares

Expires 2025-08-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

SEC source: 0001062993-25-014618 · form4.xml · nonDerivative · entry 4

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Indirect · By Family Limited Partnership

Disclosed balance after: 518,936

SEC source: 0001062993-25-014618 · form4.xml · nonDerivative · entry 3

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

SEC source: 0001062993-25-014618 · form4.xml · nonDerivative · entry 2

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 138,199

SEC source: 0001062993-25-014618 · form4.xml · nonDerivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 227,864

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001062993-24-015250 · form4.xml · derivative · entry 6

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 143,100

Underlying: Common Units · 143,100 shares

Expires not disclosed

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.exercise_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 71,550 phantom units, will vest on the August 2027 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 35,775 phantom units (assuming 100% payout at target), will potentially vest on the August 2027 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2027 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and

F4 · derivative.exercise_date: (c) Tranche 3, consisting of 35,775 phantom units (assuming 100% payout at target), will potentially vest on the Aug. 2027 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumul. distributable cash flow (DCF) per common unit equivalent (CUE) of $7.75 over the 3-year period ending 6/30/27 (with payout equaling 100% at cumul. DCF/CUE over such period of $7.75 and being equal to 0% for cumul. DCF/CUE over such period of $6.975 or lower and 200% for cumul. DCF/CUE over such period of $8.71875 or higher, with interpolation btw. such points, and with payout being subject to reduction by 25 basis pts. if PAA's leverage ratio (long term debt to adj. EBITDA as calculated pursuant to PAA's sr. unsecured revolving credit facility) as of 6/30/27 is greater than the leverage ratio that equals the upper end of our then applicable target leverage ratio range (e.g., 3.0x is the upper end of PAA's current target leverage ratio range of 2.5x to 3.0x).

F5 · derivative.exercise_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2025 distribution date; beginning in November 2025, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2027 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2027 distribution date shall expire as of such date.

F3 · derivative.expiration_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 71,550 phantom units, will vest on the August 2027 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 35,775 phantom units (assuming 100% payout at target), will potentially vest on the August 2027 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2027 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and

F4 · derivative.expiration_date: (c) Tranche 3, consisting of 35,775 phantom units (assuming 100% payout at target), will potentially vest on the Aug. 2027 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumul. distributable cash flow (DCF) per common unit equivalent (CUE) of $7.75 over the 3-year period ending 6/30/27 (with payout equaling 100% at cumul. DCF/CUE over such period of $7.75 and being equal to 0% for cumul. DCF/CUE over such period of $6.975 or lower and 200% for cumul. DCF/CUE over such period of $8.71875 or higher, with interpolation btw. such points, and with payout being subject to reduction by 25 basis pts. if PAA's leverage ratio (long term debt to adj. EBITDA as calculated pursuant to PAA's sr. unsecured revolving credit facility) as of 6/30/27 is greater than the leverage ratio that equals the upper end of our then applicable target leverage ratio range (e.g., 3.0x is the upper end of PAA's current target leverage ratio range of 2.5x to 3.0x).

F5 · derivative.expiration_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2025 distribution date; beginning in November 2025, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2027 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2027 distribution date shall expire as of such date.

SEC source: 0001062993-24-015250 · form4.xml · derivative · entry 5

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 167,378 shares

Expires 2024-08-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

SEC source: 0001062993-24-015250 · form4.xml · nonDerivative · entry 4

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Indirect · By Family Limited Partnership

Disclosed balance after: 380,737

SEC source: 0001062993-24-015250 · form4.xml · nonDerivative · entry 3

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

SEC source: 0001062993-24-015250 · form4.xml · nonDerivative · entry 2

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 101,514

SEC source: 0001062993-24-015250 · form4.xml · nonDerivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 167,378

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001062993-23-021301 · form4.xml · nonDerivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Indirect · By Family Limited Partnership

Disclosed balance after: 279,223

F1 · price: The price in column 4 reflects the weighted average sales price for the common units. The units were sold in multiple transactions at prices ranging from $15.50 to $15.60. The reporting person will provide upon request by the SEC staff the issuer or any security holder of the issuer full information regarding the number of units sold at each separate price.

SEC source: 0001062993-23-016954 · form4.xml · derivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 131,650

Underlying: Common Units · 131,650 shares

Expires not disclosed

F1 · security: Grant of Phantom Units under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.exercise_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 65,825 phantom units, will vest on the August 2026 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 32,912 phantom units (assuming 100% payout at target), will potentially vest on the August 2026 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2026 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and

F4 · derivative.exercise_date: c) Tranche 3, consisting of 32,913 phantom units (assuming 100% payout at target), will potentially vest on the August 2026 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumulative distributable cash flow (DCF) per common unit equivalent (CUE) of $7.45 over the three-year period ending June 30, 2026 (with payout equaling 100% at cumulative DCF/CUE over such period of $7.45 and being equal to 0% for cumulative DCF/CUE over such period of $6.705 or lower and 200% for cumulative DCF/CUE over such period of $8.38125 or higher, with interpolation between such points, and with payout being subject to reduction by 25 basis points if PAA's leverage ratio (long term debt/adjusted EBITDA) as of June 30, 2026 is greater than the leverage ratio that equals the upper end of our then applicable guidance range (e.g., 3.5x is the upper end of PAA's current public guidance range of 3.0x to 3.5x)).

F5 · derivative.exercise_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2024 distribution date; beginning in November 2024, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2026 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2026 distribution date shall expire as of such date.

F3 · derivative.expiration_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 65,825 phantom units, will vest on the August 2026 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 32,912 phantom units (assuming 100% payout at target), will potentially vest on the August 2026 distribution date at a scaled payout range of between 0% to 200% based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2026 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks, and with payout being subject to reduction by up to 25 basis points, but not below 100%, if actual TSR is negative); and

F4 · derivative.expiration_date: c) Tranche 3, consisting of 32,913 phantom units (assuming 100% payout at target), will potentially vest on the August 2026 distribution date at a scaled payout range of between 0% and 200% based on PAA achieving cumulative distributable cash flow (DCF) per common unit equivalent (CUE) of $7.45 over the three-year period ending June 30, 2026 (with payout equaling 100% at cumulative DCF/CUE over such period of $7.45 and being equal to 0% for cumulative DCF/CUE over such period of $6.705 or lower and 200% for cumulative DCF/CUE over such period of $8.38125 or higher, with interpolation between such points, and with payout being subject to reduction by 25 basis points if PAA's leverage ratio (long term debt/adjusted EBITDA) as of June 30, 2026 is greater than the leverage ratio that equals the upper end of our then applicable guidance range (e.g., 3.5x is the upper end of PAA's current public guidance range of 3.0x to 3.5x)).

F5 · derivative.expiration_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2024 distribution date; beginning in November 2024, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2026 distribution date with respect to each phantom unit that vests, if any, on such date. Any Tranche 2 or Tranche 3 phantom units that are determined to not have vested as of the August 2026 distribution date shall expire as of such date.

SEC source: 0001062993-23-016624 · form4.xml · derivative · entry 5

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 172,046 shares

Expires 2023-08-14

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

SEC source: 0001062993-23-016624 · form4.xml · nonDerivative · entry 4

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Indirect · By Family Limited Partnership

Disclosed balance after: 314,223

SEC source: 0001062993-23-016624 · form4.xml · nonDerivative · entry 3

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

SEC source: 0001062993-23-016624 · form4.xml · nonDerivative · entry 2

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 104,345

SEC source: 0001062993-23-016624 · form4.xml · nonDerivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 172,046

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001062993-23-000526 · form4.xml · derivative · entry 2

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,350

Underlying: Common Units · 35,350 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 37,552 vested Class B Units into 35,350 Class A Units and Class B shares.

F2 · derivative.exercise_date: Pursuant to the limited partnership agreement of AAP, Reporting Person has the right, at any time and from time to time, to redeem (the "Redemption Right") his Class A Units, together with a like number of Class B Shares, for common units of Plains All American Pipeline, L.P. on a one-for-one basis. The Reporting Person has not yet exercised the Redemption Right; the Redemption Right does not expire.

F2 · derivative.expiration_date: Pursuant to the limited partnership agreement of AAP, Reporting Person has the right, at any time and from time to time, to redeem (the "Redemption Right") his Class A Units, together with a like number of Class B Shares, for common units of Plains All American Pipeline, L.P. on a one-for-one basis. The Reporting Person has not yet exercised the Redemption Right; the Redemption Right does not expire.

SEC source: 0001062993-23-000526 · form4.xml · derivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Units/Class B Shares · 35,350 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 37,552 vested Class B Units into 35,350 Class A Units and Class B shares.

F1 · derivative.exercise_date: Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 37,552 vested Class B Units into 35,350 Class A Units and Class B shares.

F1 · derivative.expiration_date: Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 37,552 vested Class B Units into 35,350 Class A Units and Class B shares.

SEC source: 0001062993-23-000530 · form4.xml · derivative · entry 2

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 35,350

Underlying: Class A Shares · 35,350 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 37,552 vested Class B Units into 35,350 Class A Units and Class B shares.

F2 · derivative.exercise_date: Pursuant to the limited partnership agreement of AAP, Reporting Person has the right, at any time and from time to time, to exchange (the "Exchange Right") his Class A Units, together with a like number of Class B Shares, for Class A Shares of PAGP on a one-for-one basis. The Reporting Person has not yet exercised the Exchange Right; the Exchange Right does not expire.

F2 · derivative.expiration_date: Pursuant to the limited partnership agreement of AAP, Reporting Person has the right, at any time and from time to time, to exchange (the "Exchange Right") his Class A Units, together with a like number of Class B Shares, for Class A Shares of PAGP on a one-for-one basis. The Reporting Person has not yet exercised the Exchange Right; the Exchange Right does not expire.

SEC source: 0001062993-23-000530 · form4.xml · derivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Class A Units/Class B Shares · 35,350 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · kind: Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 37,552 vested Class B Units into 35,350 Class A Units and Class B shares.

F1 · derivative.exercise_date: Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 37,552 vested Class B Units into 35,350 Class A Units and Class B shares.

F1 · derivative.expiration_date: Pursuant to the limited partnership agreement of Plains AAP, L.P. ("AAP"), a holder of vested Class B Units of AAP, (the "Class B Units") may convert (the "Conversion Right"), at any time and from time to time, such Class B Units into Class A Units of AAP (the "Class A Units") and Class B Shares (the "Class B Shares") of Plains GP Holdings, L.P. ("PAGP"), at a conversion ratio of approximately 0.941 Class A Units and Class B Shares for each Class B Unit. The Conversion Right does not expire. On January 4, 2023, the Reporting Person exercised his right to convert 37,552 vested Class B Units into 35,350 Class A Units and Class B shares.

SEC source: 0001062993-23-000400 · form4.xml · derivative · entry 5

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 30,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common units is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.expiration_date: N/A.

SEC source: 0001062993-23-000400 · form4.xml · nonDerivative · entry 4

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Limited Partnership

Disclosed balance after: 209,878

SEC source: 0001062993-23-000400 · form4.xml · nonDerivative · entry 3

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

SEC source: 0001062993-23-000400 · form4.xml · nonDerivative · entry 2

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 22,003

SEC source: 0001062993-23-000400 · form4.xml · nonDerivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001062993-22-018423 · form4.xml · derivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 178,700

Underlying: Common Units · 178,700 shares

Expires not disclosed

F1 · security: Grant of Phantom Units under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.exercise_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 89,350 phantom units, will vest on the August 2025 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 44,675 phantom units (assuming 100% payout at target), will potentially vest on the August 2025 distribution date at a scaled payout range of between 0% to 200% (0 units to 89,350 units) based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2025 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks except that 0% payout for bottom two positions and 200% payout for top two positions, and with payout being subject to reduction by up to 25 basis points if actual TSR is negative); and

F4 · derivative.exercise_date: (c) Tranche 3, consisting of 44,675 phantom units (assuming 100% payout at target), will potentially vest on the August 2025 distribution date at a scaled payout range of between 0% to 200% (0 units to 89,350 units) based on PAA achieving cumulative distributable cash flow ("DCF") per common unit equivalent ("CUE") of $7.05 over the three-year period ending June 30, 2025 (with such payout equaling 100% at cumulative DCF/CUE over such period of $7.05 and being equal to 0% for cumulative DCF/CUE over such period of $6.35 or lower and 200% for cumulative DCF/CUE over such period of $7.93 or higher, with interpolation between such points, and with payout being subject to reduction by 25 basis points if PAA's leverage ratio (long term debt/adjusted EBITDA) as of June 30, 2025 is greater than 3.5x).

F5 · derivative.exercise_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2023 distribution date; beginning in November 2023, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2025 distribution date with respect to each phantom unit that vests, if any, on such date.

F3 · derivative.expiration_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 89,350 phantom units, will vest on the August 2025 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 44,675 phantom units (assuming 100% payout at target), will potentially vest on the August 2025 distribution date at a scaled payout range of between 0% to 200% (0 units to 89,350 units) based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2025 compared to the TSR of a selected peer group (payout based on numeric rank with 100% earned at median and interpolation between ranks except that 0% payout for bottom two positions and 200% payout for top two positions, and with payout being subject to reduction by up to 25 basis points if actual TSR is negative); and

F4 · derivative.expiration_date: (c) Tranche 3, consisting of 44,675 phantom units (assuming 100% payout at target), will potentially vest on the August 2025 distribution date at a scaled payout range of between 0% to 200% (0 units to 89,350 units) based on PAA achieving cumulative distributable cash flow ("DCF") per common unit equivalent ("CUE") of $7.05 over the three-year period ending June 30, 2025 (with such payout equaling 100% at cumulative DCF/CUE over such period of $7.05 and being equal to 0% for cumulative DCF/CUE over such period of $6.35 or lower and 200% for cumulative DCF/CUE over such period of $7.93 or higher, with interpolation between such points, and with payout being subject to reduction by 25 basis points if PAA's leverage ratio (long term debt/adjusted EBITDA) as of June 30, 2025 is greater than 3.5x).

F5 · derivative.expiration_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2023 distribution date; beginning in November 2023, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest or terminate. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2025 distribution date with respect to each phantom unit that vests, if any, on such date.

SEC source: 0001062993-22-018115 · form4.xml · derivative · entry 5

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,150

Underlying: Common Units · 25,150 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common units is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.expiration_date: N/A.

SEC source: 0001062993-22-018115 · form4.xml · nonDerivative · entry 4

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Limited Partnership

Disclosed balance after: 187,875

SEC source: 0001062993-22-018115 · form4.xml · nonDerivative · entry 3

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

SEC source: 0001062993-22-018115 · form4.xml · nonDerivative · entry 2

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 15,253

SEC source: 0001062993-22-018115 · form4.xml · nonDerivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 25,150

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001062993-22-000335 · form4.xml · derivative · entry 5

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,000

Underlying: Common Units · 30,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common units is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.expiration_date: N/A.

SEC source: 0001062993-22-000335 · form4.xml · nonDerivative · entry 4

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Indirect · By Family Limited Partnership

Disclosed balance after: 172,622

SEC source: 0001062993-22-000335 · form4.xml · nonDerivative · entry 3

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

SEC source: 0001062993-22-000335 · form4.xml · nonDerivative · entry 2

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 21,911

SEC source: 0001062993-22-000335 · form4.xml · nonDerivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 30,000

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001615619-21-000073 · edgar.xml · derivative · entry 1

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 120,200

Underlying: Common Units · 120,200 shares

Expires not disclosed

F1 · security: Grant of Phantom Units under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.exercise_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 60,100 phantom units, will vest on the August 2024 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 30,050 phantom units (assuming 100% payout at target), will potentially vest on the August 2024 distribution date at a scaled payout range of between 0% to 200% (0 units to 60,100 units) based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2024 compared to the TSR of a selected peer group; and (c) Tranche 3, consisting of 30,050 phantom units (assuming 100% payout at target), will potentially vest on the August 2024 distribution date at a scaled payout range of between 0% to 200% (0 units to 60,100 units) based on PAA achieving cumulative distributable cash flow per common unit equivalent of $6.00 over the three-year period ending June 30, 2024 (with such payout being subject to adjustment by plus or minus 50 gross percentage points (subject to a cap of 200%) based on the extent to which PAA achieves a leverage ratio as of June 30, 2024 that is less than or greater than, respectively, the target leverage ratio for such date assumed in PAA's long term plan as of August 2021, plus or minus .15x, as applicable).

F4 · derivative.exercise_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2022 distribution date; beginning in November 2022, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2024 distribution date with respect to each phantom unit that vests on such date.

F3 · derivative.expiration_date: These phantom units will vest as follows: (a) Tranche 1, consisting of 60,100 phantom units, will vest on the August 2024 distribution date assuming continued service through such date; (b) Tranche 2, consisting of 30,050 phantom units (assuming 100% payout at target), will potentially vest on the August 2024 distribution date at a scaled payout range of between 0% to 200% (0 units to 60,100 units) based on PAA's total shareholder return (TSR) over the three-year period ending June 30, 2024 compared to the TSR of a selected peer group; and (c) Tranche 3, consisting of 30,050 phantom units (assuming 100% payout at target), will potentially vest on the August 2024 distribution date at a scaled payout range of between 0% to 200% (0 units to 60,100 units) based on PAA achieving cumulative distributable cash flow per common unit equivalent of $6.00 over the three-year period ending June 30, 2024 (with such payout being subject to adjustment by plus or minus 50 gross percentage points (subject to a cap of 200%) based on the extent to which PAA achieves a leverage ratio as of June 30, 2024 that is less than or greater than, respectively, the target leverage ratio for such date assumed in PAA's long term plan as of August 2021, plus or minus .15x, as applicable).

F4 · derivative.expiration_date: DERs associated with Tranche 1 will accrue for the first year and be paid in cash in a lump sum on the August 2022 distribution date; beginning in November 2022, DERs associated with Tranche 1 will be paid quarterly until the phantom units vest. DERs associated with Tranches 2 and 3 will accrue during the three-year vesting period and be paid in cash in a lump sum on the August 2024 distribution date with respect to each phantom unit that vests on such date.

SEC source: 0001615619-21-000055 · edgar.xml · derivative · entry 5

Goebel Jeremy L. · CIK 0001769336 · EVP & CCO

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Units · 9,167 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · security: Phantom Units granted under Long-Term Incentive Plan (includes distribution equivalent rights payable in cash).

F2 · derivative.exercise_price: One common unit is deliverable, upon vesting, for each Phantom Unit that vests.

F3 · derivative.expiration_date: N/A