Paa Natural Gas Storage LP Watch

from 10-Q 5 pages [Name and Address]

from 10-Q 5 pages «first_name» «last_name» «address_line_1» «city», «state» «zip_code» Re: Grant of Phantom Units Dear «first_name»

from 8-K 3 pages First Amendment to Promissory Note

from 10-K 4 pages 1. Subject to the Further Provisions of This Agreement, Your Phantom Units Shall Vest (Become Payable in the Form of One Common Unit of Paa Natural Gas Storage, L.P. for Each Phantom Unit) 100% as of the Date on Which All of the Series a Subordinated Units of the Partnership Convert Into Common Units. Any Phantom Units That Remain Outstanding as of January 1, 2018 Shall Expire Without Vesting on Such Date

from 10-K 4 pages «first_name» «last_name» Note: This Letter Replaces and Supersedes «address_line_1» Original Grant Letter Dated «city», «state» «zip_code» «modified» Re: Grant of Phantom Units (Category 1) Dear «first_name»

from 10-K 1 page Director Compensation Summary

from 8-K 6 pages Promissory Note

from 8-K 20 pages Common Unit Registration Rights Agreement by and Among Paa Natural Gas Storage, L.P. And. the Purchasers Party Hereto Dated as of [•], 2011 Registration Rights Agreement

from 8-K 33 pages Common Unit Purchase Agreement by and Among Paa Natural Gas Storage, L.P. and the Purchasers Party Hereto January 19, 2011 Common Unit Purchase Agreement

from 8-K 20 pages Common Unit Registration Rights Agreement by and Among Paa Natural Gas Storage, L.P. And. the Purchasers Party Hereto Dated as of [•], 2011 Registration Rights Agreement

from 8-K 26 pages Common Unit Purchase Agreement by and Among Paa Natural Gas Storage, L.P. and the Purchasers Party Hereto December 23, 2010 Common Unit Purchase Agreement

from 10-Q 4 pages [Name and Address] Note: This Letter Replaces and Supersedes Original Grant Letter Dated May 24, 2010 Re: Grant of Phantom Units Dear [Name]: I Am Pleased to Inform You That You Have Been Granted [Amount] Phantom Units as of the Above Date Pursuant to the Company’s 2010 Long-Term Incentive Plan (The “Plan”). the Terms and Conditions of This Grant Are as Set Forth Below

from 10-Q 11 pages Pngs GP LLC Class B Restricted Units Agreement

from 10-Q 3 pages Grantee Name Address City, State Zip Re: Grant of Phantom Units Dear Grantee: I Am Pleased to Inform You That You Have Been Granted Phantom Units as of the Above Date Pursuant to the Company’s 2010 Long-Term Incentive Plan (The “Plan”). the Terms and Conditions of This Grant Are as Set Forth Below

from 8-K 14 pages Tax Sharing Agreement by and Among Plains All American Pipeline, L.P. and Paa Natural Gas Storage, L.P. May 5, 2010 Tax Sharing Agreement by and Among Plains All American Pipeline, L.P. and Paa Natural Gas Storage, L.P

from 8-K 9 pages Paa Natural Gas Storage, L.P. 2010 Long Term Incentive Plan

from 8-K 15 pages R E C I T a L S

from 8-K 9 pages Contribution Agreement by and Among Paa Natural Gas Storage, L.P. Pngs GP LLC Plains All American Pipeline, L.P. Paa Natural Gas Storage, LLC Paa/Vulcan Gas Storage, LLC Plains Marketing, L.P. and Plains Marketing GP Inc. Dated as of April 29, 2010 Contribution Agreement

from S-1/A 7 pages A. Base Salary. a Monthly Salary of $20,833.33, Payable Semi-Monthly. B. Participation in a Fiscal Quarterly Bonus Pool (“Qbp”). the Qbp Will Be Determined by the President and/or the CEO of the Company Based on the Business Unit’s Financial Performance. in the Event That There Is a Loss in Any Quarter, Such Amount Shall Be Recouped Before Earnings in a Subsequent Quarter Are Eligible for Participation in the Qbp. the President and/or CEO of the Company Will Determine the Allocation of the Qbp Among the Employees in the Business Unit. Employee’s Participation in the Qbp Shall Be Guaranteed at a Minimum of $85,000 for Each of the First Four Quarters of Employment. C. Participation in the Company’s Discretionary Annual Bonus Pool (“Abp”). the Amount, if Any, of the Abp and the Amount Therefrom Allocable to Employee Shall Be Based on the Performance of Employee and Pvgs With a Target of 225% of the Annual Base Salary. Allocations From the Abp Will Be Payable, Assuming Continued Employment, in the Following Increments: Within 75 Days of the End of Any Storage Year (For Any Year, Defined as the Period Beginning April 1st and Ending March 31st), 60% of the Bonus Awarded for Such Storage Year; 20% of the Bonus for the Prior Storage Year, and 20% of the Bonus for the Storage Year Two Years Prior. D. Employee Will Receive a Grant of 60,000 Phantom Units Under the Company’s Long-Term Incentive Plan. the Grant Will Have Change of Control Language Consistent With the Grants to Senior Officers of the Company, Provided That the Vesting Upon the Occurrence of a Change of Control and a Change of Status Will

from S-1/A 7 pages A. Base Salary. a Monthly Salary of $16,666.67, Payable Semi-Monthly. B. a Discretionary Annual Bonus Based on the Performance of Employee and Pvgs With a Target of 150% of the Annual Base Salary. the Annual Bonus Will Be Payable, Assuming Continued Employment, in the Following Increments: Within 75 Days of the End of Any Storage Year (For Any Year, Defined as the Period Beginning April 1st and Ending March 31st), 60% of the Bonus Awarded for Such Storage Year; 20% of the Bonus for the Prior Storage Year, and 20% of the Bonus for the Storage Year Two Years Prior. the Annual Bonus for the First Full Storage Year Subject to This Agreement Shall Be at Least $300,000. the Annual Bonus for the Remainder of the Current Storage Year Shall Be a Pro-Rated Amount of at Least $150,000. C. Employee Will Receive a Grant of 36,000 Phantom Units Under the Company’s Long-Term Incentive Plan. the Grant Will Have Change of Control Language Consistent With the Grants to Senior Officers of the Company, Provided That the Vesting Upon the Occurrence of a Change of Control and a Change of Status Will Apply to (I) One-Third of the Phantom Units During the First Year of Service, (II) Two-Thirds During the Second Year of Service and (I) One Hundred Percent Starting in the Third Year of Service. the Grant Will Include Distribution Equivalent Rights (“Der”). the Phantom Units Will Vest in Increments Equal to 1/3 of the Original Grant on the Later to Occur of (I) October 1, 2011 and the Date on Which Plains All American Pipeline, L.P. (“Paa”) Pays a Distribution at an Annualized Rate of $3.80; (II) October 1, 2013 and the Date on Which Paa Pays a Distribution at An