Plains All American Pipeline LP

1. 1

   Election of Class I Directors

   ManagementBoard: FOR

   Election of four Class I directors (Willie Chiang, Ellen DeSanctis, Alexandra Pruner and Lawrence Ziemba) to serve on the board until the 2029 annual meeting.

2. 2

   Ratification of Appointment of Independent Registered Public Accounting Firm

   ManagementBoard: FOR

   Ratify the appointment of PricewaterhouseCoopers LLP as the Partnership’s independent registered public accounting firm for the fiscal year ending December 31, 2026.

3. 3

   Advisory Vote to Approve 2025 Named Executive Officer Compensation (Say-on-Pay

   ManagementBoard: FOR

   Non-binding, advisory vote to approve the compensation of the Partnership’s 2025 named executive officers as disclosed in the proxy statement (the say-on-pay vote).

   More detail

   This management proposal requests a non-binding advisory (say-on-pay) approval of the Partnership’s 2025 named executive officer compensation as disclosed in the proxy statement. Management seeks this advisory approval to confirm unitholder support for its pay decisions and to demonstrate alignment between executive pay and unitholder interests. The Compensation Committee describes a pay-for-performance structure with approximately 92% of the CEO’s target pay and ~84% of other NEOs’ target pay at risk, combining annual formulaic cash incentives tied to Adjusted EBITDA, DCF per CUE and HSE metrics with long-term phantom unit awards split 50/50 between time-based and performance-based awards (TSR and cumulative DCF/CUE) and accompanied by Distribution Equivalent Rights (DERs). In 2025 the committee also granted retention awards and extended the CEO’s 2018 promotional grant to support succession and retain key leaders, and retained an independent consultant (Meridian) to benchmark pay. The Board’s recommendation to vote FOR is justified by high levels of disclosed investor engagement and prior unitholder support (approximately 98% say-on-pay approval in 2025), the use of multi-year performance metrics with leverage and negative-TSR modifiers to mitigate risk, equity ownership guidelines, a clawback policy, and other governance features intended to align management and unitholders. The proposal is advisory only and does not change pay terms directly, but a FOR vote signals unitholder acceptance; conversely, a substantial vote against would prompt the Compensation Committee to evaluate potential changes. Key contextual considerations include recent material transactions (e.g., EPIC acquisition and pending Canadian NGL sale) that influenced payouts and discretionary adjustments (the committee applied a 15-percentage-point discretionary uplift to company performance scoring in calculating 2025 bonuses). Overall, the proposal asks unitholders to endorse a compensation program emphasizing retention, alignment through equity and DERs, and formulaic performance measures while retaining typical board discretion to adjust payouts.

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When is the Plains All American Pipeline LP 2026 annual meeting?

Plains All American Pipeline LP (PAA) holds its 2026 annual shareholder meeting on Wednesday, May 20, 2026.

What is the record date for the Plains All American Pipeline LP 2026 meeting?

The record date for the Plains All American Pipeline LP 2026 meeting is Monday, March 23, 2026. Shareholders of record on or before that date are eligible to vote.

Who are the director nominees for Plains All American Pipeline LP's 2026 meeting?

The board is presenting 4 director nominees at the Plains All American Pipeline LP 2026 meeting, listed with their independence status and background.

What proposals will shareholders vote on at the Plains All American Pipeline LP 2026 meeting?

Shareholders will vote on 3 proposals at the Plains All American Pipeline LP 2026 meeting, each tagged with who proposed it and the board's recommendation.