Attached files
file | filename |
---|---|
10-K - FORM 10-K - PAA NATURAL GAS STORAGE LP | h79893e10vk.htm |
EX-31.1 - EX-31.1 - PAA NATURAL GAS STORAGE LP | h79893exv31w1.htm |
EX-23.2 - EX-23.2 - PAA NATURAL GAS STORAGE LP | h79893exv23w2.htm |
EX-21.1 - EX-21.1 - PAA NATURAL GAS STORAGE LP | h79893exv21w1.htm |
EX-23.1 - EX-23.1 - PAA NATURAL GAS STORAGE LP | h79893exv23w1.htm |
EX-32.1 - EX-32.1 - PAA NATURAL GAS STORAGE LP | h79893exv32w1.htm |
EX-32.2 - EX-32.2 - PAA NATURAL GAS STORAGE LP | h79893exv32w2.htm |
EX-31.2 - EX-31.2 - PAA NATURAL GAS STORAGE LP | h79893exv31w2.htm |
Exhibit 10.15
Director Compensation Summary
Each director of PNGS GP LLC who is not an employee of Plains All American GP LLC is
reimbursed for
any travel, lodging and other out-of-pocket expenses related to meeting attendance or otherwise
related to service on the board (including, without limitation, reimbursement for continuing
education expenses). Each non-employee director is paid an annual retainer fee of $40,000. Messrs.
Armstrong, Pefanis, Swanson and Liollio are otherwise compensated for their services as employees
and therefore receive no separate compensation for their services as directors. In addition to the
annual retainer, the chairman of the audit committee receives $25,000 annually, and the other
members of the audit committee receive $15,000 annually, in each case, in addition to the annual
retainer. During 2010, Mr. Burk served as chairman of the audit committee.
Our non-employee directors receive LTIP awards as part of their compensation. The LTIP awards vest
annually in 25% increments over a four-year period and have an automatic re-grant feature such that
as they vest, an equivalent amount is granted. The awards have associated distribution equivalent
rights that are payable quarterly.
All LTIP awards held by a director vest in full upon the next following distribution date after the
death or
disability (as determined in good faith by the board) of the director. The awards also vest in full
if such director
(i) retires (no longer with full-time employment and no longer serving as an officer or director of
any public
company) or (ii) is removed from the board of directors or is not reelected to the board of
directors, unless such
removal or failure to reelect is for good cause, as defined in the letter granting the units.
Each director will be indemnified for his actions associated with being a director to the fullest
extent
permitted under Delaware law.