Phantom Unit Award Agreement Sample Contracts
MPLX LP PHANTOM UNIT AWARD AGREEMENT SENIOR LEADERS (CEO, DESIGNATED POSITIONS & EXECUTIVE RESOURCES)Phantom Unit Award Agreement • May 6th, 2025 • Marathon Petroleum Corp • Petroleum refining
As evidenced by this Award Agreement and under the MPLX LP 2018 Incentive Compensation Plan, as amended (the “Plan”), MPLX GP LLC, a Delaware limited liability company (the “Company”), the general partner of MPLX LP, a Delaware limited partnership (the “Partnership”) has granted to {Participant Name} (the “Participant”), an Employee and/or Officer of the Company, Partnership or an Affiliate, on {Grant Date} (the “Grant Date”), {Number of Awards Granted} Phantom Units (the “Award”), with each Phantom Unit representing the right to receive a Unit of the Partnership, subject to the terms and conditions in the Plan and this Award Agreement. The number of Phantom Units awarded is subject to adjustment as provided in the Plan, and the Phantom Units hereby granted are also subject to the following terms and conditions:
MPLX LP 2012 INCENTIVE COMPENSATION PLAN PHANTOM UNIT AWARD AGREEMENT OFFICER – GRANT (3-year pro-rata vesting)Phantom Unit Award Agreement • April 30th, 2018 • MPLX Lp • Pipe lines (no natural gas)
As evidenced by this Award Agreement and under the MPLX LP 2012 Incentive Compensation Plan (the “Plan”), MPLX GP LLC, a Delaware limited liability company (the “Company”), the general partner of MPLX LP, a Delaware limited partnership (the “Partnership”) has granted to [NAME] (the “Participant”), an officer of the Company, on [DATE] (the “Grant Date”), [NUMBER] Phantom Units, with each Phantom Unit representing the right to receive a Unit of the Partnership, subject to the terms and conditions in the Plan and this Award Agreement. The number of Phantom Units awarded is subject to adjustment as provided in the Plan, and the Phantom Units hereby granted are also subject to the following terms and conditions:
PHANTOM UNIT AWARD AGREEMENT MATADOR RESOURCES COMPANYPhantom Unit Award Agreement • July 30th, 2021 • Matador Resources Co • Crude petroleum & natural gas
HI-CRUSH PARTNERS LP FIRST AMENDED AND RESTATED LONG-TERM INCENTIVE PLAN PHANTOM UNIT AWARD AGREEMENT (TIME BASED VESTING)Phantom Unit Award Agreement • October 30th, 2018 • Hi-Crush Partners LP • Mining & quarrying of nonmetallic minerals (no fuels) • Delaware
This Phantom Unit Award Agreement (this “Agreement”) is made and entered into by and between Hi-Crush GP LLC, a Delaware limited liability company (the “General Partner”), and [[FIRSTNAME]] [[LASTNAME]] (“Participant”). This Agreement is effective as of [[GRANTDATE]] (the “Grant Date”). Capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings ascribed to such terms in the Hi-Crush Partners LP First Amended and Restated Long-Term Incentive Plan (as amended from time to time, the “Plan”), unless the context requires otherwise.
QUEST ENERGY PARTNERS, L.P. PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • December 11th, 2009 • Quest Resource Corp • Crude petroleum & natural gas • Delaware
THIS AGREEMENT, dated as of December 7, 2009, is between Quest Energy GP, LLC, a Delaware limited liability company (the "Company"), and _____________ ("Recipient").
VANGUARD NATURAL RESOURCES, LLC LONG-TERM INCENTIVE PLAN PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • August 4th, 2010 • Vanguard Natural Resources, LLC • Crude petroleum & natural gas • Delaware
THIS PHANTOM UNIT AWARD AGREEMENT (the “Agreement”) is made as of June 18, 2010 between Vanguard Natural Resources, LLC (the “Company”), and Britt Pence (the “Executive”) pursuant to the terms and conditions of the Company’s Long-Term Incentive Plan (the “Plan”) and that certain Employment Agreement between Executive and the Company effective as of May 15, 2010 (the “Employment Agreement”). A copy of the Plan is being furnished to the Executive concurrently with the execution of this Agreement which shall be deemed a part of this Agreement as if fully set forth herein. By the execution of this Agreement, the Executive acknowledges receipt of a copy of the Plan. Unless the context otherwise requires, all terms defined in the Plan shall have the same meaning when used herein.
VANGUARD NATURAL RESOURCES, LLC LONG-TERM INCENTIVE PLAN PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • March 22nd, 2016 • Vanguard Natural Resources, LLC • Crude petroleum & natural gas • Delaware
THIS PHANTOM UNIT AWARD AGREEMENT (the “Agreement”) is made as of _____________ between Vanguard Natural Resources, LLC (the “Company”), and(“Executive”), pursuant to the terms and conditions of the Vanguard Natural Resources, LLC Long-Term Incentive Plan, as the same may be amended from time to time (the “Plan”), and that certain Amended and Restated Employment Agreement between Executive and the Company dated January 1, 2016, as the same may be amended from time to time (the “Employment Agreement”). A copy of the Plan has been furnished to Executive, which shall be deemed a part of this Agreement as if fully set forth herein. By the execution of this Agreement, Executive acknowledges receipt of a copy of the Plan. Unless the context otherwise requires, all terms defined in the Plan shall have the same meaning when used herein.
Form of Phantom Unit Award Agreement (Non-Employee Director with Deferral)Phantom Unit Award Agreement • February 27th, 2020 • Natural Resource Partners Lp • Bituminous coal & lignite surface mining • Delaware
This Phantom Unit Award Agreement (this “Agreement”) is made and entered into as of [●] (the “Date of Grant”) by and between GP Natural Resource Partners LLC, a Delaware limited liability company (“GP LLC”), and [●] (“you” or “Service Provider”). Capitalized terms used but not specifically defined herein shall have the meanings specified in the Natural Resource Partners L.P. 2017 Long Term Incentive Plan (the “Plan”).
CHENIERE ENERGY, INC. PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • April 30th, 2015 • Cheniere Energy Inc • Natural gas distribution • Delaware
VANGUARD NATURAL RESOURCES, LLC LONG-TERM INCENTIVE PLAN PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • August 6th, 2012 • Vanguard Natural Resources, LLC • Crude petroleum & natural gas • Delaware
THIS PHANTOM UNIT AWARD AGREEMENT (the “Agreement”) is made as of August 1, 2012 between Vanguard Natural Resources, LLC (the “Company”), and Richard Robert (the “Executive”), pursuant to the terms and conditions of the Vanguard Natural Resources, LLC Long-Term Incentive Plan, as the same may be amended from time to time (the “Plan”) and that certain Second Amended and Restated Employment Agreement between Executive and the Company dated January 1, 2010, as the same may be amended from time to time (the “Employment Agreement”). A copy of the Plan is being furnished to the Executive concurrently with the execution of this Agreement, which shall be deemed a part of this Agreement as if fully set forth herein. By the execution of this Agreement, the Executive acknowledges receipt of a copy of the Plan. Unless the context otherwise requires, all terms defined in the Plan shall have the same meaning when used herein.
Form of Phantom Unit Award Agreement (Non-Employee Director without Deferral Election)Phantom Unit Award Agreement • February 27th, 2020
This Phantom Unit Award Agreement (this “Agreement”) is made and entered into as of [ ] (the “Date of Grant”) by and between GP Natural Resource Partners LLC, a Delaware limited liability company (“GP LLC”), and [ ] (“you” or “Service Provider”). Capitalized terms used but not specifically defined herein shall have the meanings specified in the Natural Resource Partners
EX-10.3.(3) 11 d216692dex1033.htm FORM OF PHANTOM UNIT AWARD AGREEMENT Rose Rock Midstream Equity Incentive Plan PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • May 5th, 2020 • Delaware
THIS PHANTOM UNIT AWARD AGREEMENT (this “Agreement”) is made effective as of , 20 (the “Date of Grant”) by and between Rose Rock Midstream GP, LLC, a Delaware limited liability company (the “General Partner”), and (the “Participant”).
FORM OF AWARD NOTICE AND AGREEMENT PHANTOM UNITS WITH DERSPhantom Unit Award Agreement • February 24th, 2016 • Archrock Partners, L.P. • Natural gas transmission
Archrock GP LLC (the “Company”), as general partner of Archrock General Partner, L.P. (the general partner of Archrock Partners, L.P. (the “Partnership”)), has granted to you (the “Participant”) Phantom Units under the Archrock Partners, L.P. Long-Term Incentive Plan, as amended (the “Plan”), subject to the terms and conditions set forth in this Award Notice and Agreement (this “Notice”) and the Plan. Each Phantom Unit shall be issued in tandem with a corresponding DER, which shall entitle you to payments in an amount equal to Partnership distributions in accordance with Section 2 below. Unless otherwise defined herein, capitalized terms in this Notice have the same meaning ascribed to them in the Plan.
Letter Regarding Phantom Unit Award UnderPhantom Unit Award Agreement • February 7th, 2018 • CNX Midstream Partners LP • Natural gas transmission • Delaware
CNX Midstream GP LLC (the “Company”), as the general partner of CNX Midstream Partners LP (the “Partnership”), hereby grants to the individual identified in the Grant Notice below (the “Participant”) the following award of Phantom Units (“Phantom Units”), pursuant and subject to the terms and conditions hereof (the “Agreement”) and the Plan, the terms and conditions of which are hereby incorporated into this Agreement by reference.
MARTIN MIDSTREAM PARTNERS L.P. 2025 PHANTOM UNIT PLAN PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • February 18th, 2025 • Martin Midstream Partners L.P. • Wholesale-petroleum bulk stations & terminals • Delaware
This Award Agreement (this “Agreement”) is entered into between Martin Midstream Partners L.P., a Delaware limited partnership (the “Partnership”) and _________________ (the “Participant”), an employee of Martin Resource Management Corporation, a Martin Group entity (the “Employer”), effective [●] (the “Date of Grant”). Capitalized terms used but not defined in this Agreement have the respective meanings provided in the Martin Midstream Partners L.P. 2025 Phantom Unit Plan (the “Plan”).
CHENIERE ENERGY, INC. PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • April 30th, 2015 • Cheniere Energy Inc • Natural gas distribution • Delaware
PHANTOM UNIT AWARD AGREEMENT [U.S.]Phantom Unit Award Agreement • February 23rd, 2017 • NuStar GP Holdings, LLC • Pipe lines (no natural gas) • Texas
This Phantom Unit agreement (“Agreement”), effective as of [GRANT DATE] (“Grant Date”), is between NuStar GP Holdings, LLC (the “Company”) and the recipient of this Agreement (“Participant”), a participant in the NuStar GP Holdings, LLC Long-Term Incentive Plan, as the same may be amended (the “Plan”), pursuant to and subject to the provisions of the Plan. All capitalized terms contained in this Agreement shall have the same definitions as are set forth in the Plan unless otherwise defined herein. The terms governing this Award are set forth below. Certain provisions applicable to this Agreement are set forth on Appendix A.
MPLX LP 2018 INCENTIVE COMPENSATION PLAN PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • November 4th, 2019 • MPLX Lp • Pipe lines (no natural gas)
As evidenced by this Award Agreement and pursuant to the MPLX LP 2018 Incentive Compensation Plan (the “Plan”), MPLX GP LLC, a Delaware limited liability company (the “Company”), the general partner of MPLX LP, a Delaware limited partnership (the “Partnership”), grants to [NAME] (the “Participant”) on [MONTH AND DAY], 2019 (the “Grant Date”), (i) [NUMBER] Phantom Units, with each Phantom Unit representing the right to receive a Unit of the Partnership, and (ii) tandem DERs as set forth in Paragraph 3 below, each subject to the terms and conditions of this Award Agreement and the Plan, the terms and conditions of which are incorporated by reference in this Award Agreement. The following terms and conditions apply to this Award made to the Participant:
MPLX LP PHANTOM UNIT AWARD AGREEMENT MARATHON PETROLEUM CORPORATION OFFICERPhantom Unit Award Agreement • May 9th, 2013 • MPLX Lp • Pipe lines (no natural gas)
Pursuant to this Award Agreement and the MPLX LP 2012 Incentive Compensation Plan (the “Plan”), MPLX GP LLC, a Delaware limited liability company (the “Company”), the general partner of MPLX LP, a Delaware limited partnership (the “Partnership”) hereby grants to [NAME] (the “Participant”), an officer of Marathon Petroleum Corporation, the parent corporation of the Company (“MPC”) for benefits conferred on the Company and the Partnership for their service as an officer of MPC, on [DATE] (the “Grant Date”), [NUMBER] phantom partnership units (“Phantom Units”) representing the right to receive a Common Unit of the Partnership. The number of Phantom Units awarded is subject to adjustment as provided in the Plan, and the Phantom Units hereby granted are also subject to the following terms and conditions:
Dear :Phantom Unit Award Agreement • May 10th, 2021 • Western Midstream Operating, LP • Natural gas transmission
We value your contributions and are therefore pleased to grant you the award of performance- based Phantom Units (the “PA”) described below. The PA is granted under the Western Gas Partners, LP 2017 Long-Term Incentive Compensation Plan (the “Plan”) and is subject to all terms and conditions of the Plan and the provisions of this agreement (this “Award Agreement”). Unless defined herein, capitalized terms shall have the meaning assigned to them under the Plan. For the avoidance of doubt, references in the Plan to (i) the “Company” mean Western Midstream Holdings, LLC and (ii) the “Partnership” mean Western Midstream Partners, LP.
PHOENIX EQUITY HOLDINGS, LLC PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • April 1st, 2025 • Phoenix Energy One, LLC • Crude petroleum & natural gas
Phoenix Equity Holdings, LLC (the “Company”) hereby grants to [ ] (the “Participant”) the following award of Phantom Units (the “Phantom Unit Award”). The Phantom Unit Award represents the right to receive certain cash payments from the Company or one of its Subsidiaries or Affiliates in the amounts and at the times specified in this Phantom Unit Award Agreement (this “Agreement”), pursuant and subject to the terms and conditions of this Phantom Unit Award Agreement and the Phoenix Equity Holdings, LLC 2024 Long-Term Incentive Plan (the “Plan”), the terms and conditions of which are hereby incorporated into this Agreement by reference. In the event of any conflict between the terms of this Agreement and the Plan, the terms of the Plan shall control. Except as otherwise expressly provided herein, all capitalized terms used in this Agreement, but not defined, shall have the meanings provided in the Plan.
FORM OF HI-CRUSH PARTNERS LP LONG-TERM INCENTIVE PLAN PHANTOM UNIT AWARD AGREEMENT (TIME BASED VESTING)Phantom Unit Award Agreement • August 5th, 2014 • Hi-Crush Partners LP • Mining & quarrying of nonmetallic minerals (no fuels) • Delaware
This Phantom Unit Award Agreement (this “Agreement”) is made and entered into by and between Hi-Crush GP LLC, a Delaware limited liability company (the “General Partner”), and [__________] (the “Participant”). This Agreement is effective as of [__________] (the “Grant Date”). Capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings ascribed to such terms in the Hi-Crush Partners LP Long Term Incentive Plan (the “Plan”), unless the context requires otherwise.
TREDEGAR CORPORATION PHANTOM UNIT AWARD Notice of Phantom Unit AwardPhantom Unit Award Agreement • May 9th, 2024 • Tredegar Corp • Rolling drawing & extruding of nonferrous metals
Subject to the terms and conditions of this Notice of Phantom Unit Award (this "Notice") and the attached Tredegar Corporation Phantom Unit Award Agreement (the "Award Agreement"), Tredegar Corporation, a Virginia corporation (the "Company") hereby grants you (the "Participant") the number of Phantom Units (the "Units") set forth below. Unless otherwise specifically indicated, all terms used in this Notice shall have the meaning set forth in the Award Agreement, and if not defined therein, then as so defined in the Tredegar Corporation 2018 Equity Incentive Plan, as amended and restated effective May 6, 2021 (the "Equity Plan").
OILTAKING NORTH AMERICA, LLC LONG-TERM INCENTIVE PLANPhantom Unit Award Agreement • August 8th, 2013 • Oiltanking Partners, L.P. • Pipe lines (no natural gas) • Delaware
THIS PHANTOM UNIT AWARD AGREEMENT (the “Agreement”) is made as of the Date of Grant between Oiltanking North America, LLC, a Delaware limited liability company (the “Company”), an Affiliate of OTLP GP, LLC, a Delaware limited liability company (the “General Partner”), the general partner of Oiltanking Partners, L.P., a Delaware limited partnership (the “Partnership”), and __________ (the “Participant”) pursuant to the terms and conditions of the Oiltanking North America, LLC Long-Term Incentive Plan (the “Plan”). A copy of the Plan is being furnished to the Participant concurrently with the execution of this Agreement which shall be deemed a part of this Agreement as if fully set forth herein. By the execution of this Agreement, the Participant acknowledges receipt of a copy of the Plan. Unless the context otherwise requires, all terms defined in the Plan shall have the same meaning when used herein.
AB ACQUISITION LLC PHANTOM UNIT PLAN AWARD AGREEMENTPhantom Unit Award Agreement • May 19th, 2017 • Safeway Stores 42, Inc. • Retail-grocery stores • Delaware
This Award Agreement (this “Agreement”) is made and entered into as of [•] (the “Grant Date”), by and between AB Acquisition LLC, a Delaware limited liability company (the “Company”) and [•] (the “Participant”).
AWARD NOTICE AND AGREEMENT PHANTOM UNIT AWARD WITH DERS FOR NON-EMPLOYEE DIRECTORSPhantom Unit Award Agreement • May 2nd, 2017 • Archrock Partners, L.P. • Natural gas transmission
Archrock GP LLC (the “Company”), as general partner of Archrock General Partner, L.P., which is the general partner of Archrock Partners, L.P. (the “Partnership”), has granted to you (the "Participant") Phantom Units under the Archrock Partners, L.P. 2017 Long-Term Incentive Plan (as may be amended from time to time, the “Plan”), subject to the terms and conditions set forth in this Award Notice and Agreement (the "Award Notice") and the Plan. Each Phantom Unit shall be issued in tandem with a corresponding DER, which shall entitle you to payments in an amount equal to Partnership distributions in accordance with Section 2 below. Unless otherwise defined herein, capitalized terms used in this Award Notice shall have the respective meanings ascribed to them in the Plan.
CHENIERE ENERGY, INC. PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • April 30th, 2015 • Cheniere Energy Inc • Natural gas distribution • Delaware
Form of Lehigh Gas Partners LP 2012 Incentive Award Plan Award Agreement for Phantom UnitsPhantom Unit Award Agreement • October 4th, 2012 • Lehigh Gas Partners LP • Wholesale-petroleum & petroleum products (no bulk stations) • Delaware
QUEST ENERGY PARTNERS, L.P. PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • December 11th, 2009 • Quest Energy Partners, L.P. • Crude petroleum & natural gas • Delaware
THIS AGREEMENT, dated as of December 7, 2009, is between Quest Energy GP, LLC, a Delaware limited liability company (the "Company"), and _____________ ("Recipient").
MPLX LP Amendment to Outstanding Phantom Unit Award AgreementPhantom Unit Award Agreement • February 28th, 2014 • MPLX Lp • Pipe lines (no natural gas)
THIS AMENDMENT is adopted this November 18, 2013, by MPLX GP LLC, a Delaware limited liability company (the "Company"), the general partner of MPLX LP, a Delaware limited partnership (the "Partnership").
QUICKSILVER GAS SERVICES LP PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • July 17th, 2007 • Quicksilver Gas Services LP • Natural gas transmission
OASIS PETROLEUM INC. AMENDED AND RESTATEDPhantom Unit Award Agreement • March 1st, 2019 • Oasis Petroleum Inc. • Crude petroleum & natural gas
Pursuant to the terms and conditions of the Oasis Petroleum Inc. Amended and Restated 2010 Long Term Incentive Plan, attached as Appendix A (the “Plan”), and the associated Phantom Unit Award Agreement, attached as Appendix B (the “Agreement”), Oasis Petroleum Inc., a Delaware corporation (the “Company”), hereby grants to the individual listed below (“you” or “Service Provider”) the number of Phantom Units set forth below. Capitalized terms used but not defined herein shall have the meanings set forth in the Plan. This Phantom Unit Award (as defined below) is subject to the terms and conditions set forth herein as a well as the terms and conditions set forth in the Agreement and the Plan, each of which is incorporated herein by reference.
K-SEA TRANSPORTATION PARTNERS L.P. LONG-TERM INCENTIVE PLAN DIRECTOR PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • December 20th, 2010 • K-Sea Transportation Partners Lp • Water transportation • Delaware
THIS AGREEMENT (“Agreement”), effective as of the [ ] day of [ ], 2010 (the “Grant Date”), evidences an award by K-Sea General Partner GP LLC, a Delaware limited liability company (the “Company”) and general partner of the general partner of K-Sea Transportation Partners L.P., a Delaware limited partnership (the “Partnership”), to [ ] (the “Grantee”) pursuant to the Amended and Restated K-Sea Transportation Partners L.P. Long-Term Incentive Plan (the “Plan”). Capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them in the Plan.
CRESTWOOD MIDSTREAM PARTNERS LP PHANTOM UNIT AWARD AGREEMENTPhantom Unit Award Agreement • February 25th, 2011 • Crestwood Midstream Partners LP • Natural gas transmission
JONES ENERGY HOLDINGS, LLC MONARCH EQUITY PLAN AWARD AGREEMENTPhantom Unit Award Agreement • June 28th, 2013 • Jones Energy, Inc. • Crude petroleum & natural gas
Jones Energy Holdings, LLC (the “Company”), hereby grants, effective as of [ ], 2013 (the “Grant Date”) to [ ] (the “Participant”), [ ] Phantom Units, as defined in the Jones Energy Holdings, LLC Monarch Equity Plan, as established effective as of May 7, 2013, and thereafter amended from time to time (the “Plan”), subject to the following terms and conditions: