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Exhibit 4.3




DCP Midstream Partners, LP

Long-Term Incentive Plan




Grant of Phantom Units




	 	 	 	 	 
	Grantee:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Grant Date:
	 	 	 	 
	 

	 	 	 	 






	1.	 	Grant of Phantom Units with DERs. DCP Midstream GP, LLC (the “Company”) hereby
grants to you                      Phantom Units under the DCP Midstream Partners, LP Long-Term Incentive
Plan (the “Plan”) on the terms and conditions set forth herein and in the Plan, which is
incorporated herein by reference as a part of this Agreement. This grant of Phantom Units
includes a tandem grant of DERs with respect to each Phantom Unit. The Company shall
establish a DER bookkeeping account for you with respect to each Phantom Unit granted that
shall be credited with an amount equal to any cash distributions made by the Partnership on a
Common Unit during the period such Phantom Unit is outstanding.






	2.	 	Vesting.






	 	(a)	 	Phantom Units. Except as otherwise provided in Paragraph 3 below, the
Phantom Units granted hereunder shall vest 100% on the third anniversary of the Grant
Date, and not before.
	 
	 	(b)	 	DERs. The amount credited to your tandem DER account periodically
shall be 100% vested. If a tandem Phantom Unit is forfeited, your tandem DER with
respect to such Phantom Unit shall be similarly forfeited at that time, but any amount
then credited to your DER account shall be paid to you.






	3.	 	Events Occurring Prior to Vesting.






	 	(a)	 	Death or Disability. If your employment with the Company terminates as
a result of your death or a disability that entitles you to benefits under the
Company’s long-term disability plan, the Phantom Units then held by you automatically
will become fully vested upon such termination.
	 
	 	(b)	 	Termination by the Company other than for Cause. If your employment is
involuntarily terminated by the Company for any reason other than “Cause,” as
determined by the Company in accordance with its employment policies, the Phantom
Units then held by you automatically will become fully vested upon such termination.




 









 






	 	(c)	 	Other Terminations. Except as provided in Paragraph 2 hereof, if you
terminate from the Company for any reason other than as provided in Paragraphs 3(a) and
(b) above, all unvested Phantom Units then held by you automatically shall be forfeited
without payment upon such termination.
	 
	 	(d)	 	Change of Control. All outstanding Phantom Units held by you
automatically shall become fully vested upon a Change of Control. For purposes of this
Agreement, a Change of Control means any person other than Duke Energy Field Services,
LLC and/or an affiliate thereof becomes the beneficial owner of more than 50% of the
combined voting power of the Company’s equity interests.






	4.	 	Payments.






	 	(a)	 	Phantom Units. As soon as administratively practicable after the
vesting of a Phantom Unit, you shall be entitled to receive from the Company one Unit;
provided, however, the Committee may, in its sole discretion, direct that a cash
payment be made to you in lieu of the delivery of such Unit. Any such cash payment
shall be equal to the Fair Market Value of the Unit on the payment date. If more than
one Phantom Unit vests at the same time, the Committee may elect to pay such vested
Award in Units, cash or any combination thereof, in its discretion.
	 
	 	(b)	 	DERs. As soon as practicable following the end of each calendar
quarter or your termination of employment, if earlier, the Company shall pay you an
amount of cash equal to the amount then credited to your tandem DER account.






	5.	 	Limitations Upon Transfer. All rights under this Agreement shall belong to you alone
and may not be transferred, assigned, pledged, or hypothecated by you in any way (whether by
operation of law or otherwise), other than by will or the laws of descent and distribution and
shall not be subject to execution, attachment, or similar process. Upon any attempt by you to
transfer, assign, pledge, hypothecate, or otherwise dispose of such rights contrary to the
provisions in this Agreement or the Plan, or upon the levy of any attachment or similar
process upon such rights, such rights shall immediately become null and void.






	6.	 	Restrictions. By accepting this grant, you agree that any Units which you may acquire
upon payment of this award will not be sold or otherwise disposed of in any manner which would
constitute a violation of any applicable federal or state securities laws. You also agree
that (i) the certificates representing the Units acquired under this award may bear such
legend or legends as the Committee deems appropriate in order to assure compliance with
applicable securities laws, (ii) the Company may refuse to register the transfer of the Units
to be acquired under this award on the transfer records of the Partnership if such proposed
transfer would in the opinion of counsel satisfactory to the
Partnership constitute a violation of any applicable securities law, and (iii) the
Partnership may give related instructions to its transfer agent, if any, to stop
registration of the transfer of the Units to be acquired under this award.




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	7.	 	Withholding of Taxes. To the extent that the vesting or payment of a Phantom Unit
or DER results in the receipt of compensation by you with respect to which the Company or an
Affiliate has a tax withholding obligation pursuant to applicable law, the Company or
Affiliate shall withhold from any cash payment such amount of money as may be required to meet
its withholding obligations under such applicable laws. No payment of a vested Phantom Unit
in the form of a Unit shall be made pursuant to this Agreement until you have paid or made
arrangements approved by the Company or the Affiliate to satisfy in full the applicable tax
withholding requirements of the Company or Affiliate with respect to such event.






	8.	 	Rights as Unitholder. You, or your executor, administrator, heirs, or legatees shall
have the right to vote and receive distributions on Units and all the other privileges of a
unitholder of the Partnership only from the date of issuance of a Unit certificate in your
name representing payment of a vested Phantom Unit.






	9.	 	Insider Trading Policy. The terms of the Company’s Insider Trading Policy are
incorporated herein by reference. The timing of the delivery of any Units pursuant to a
vested Phantom Unit shall be subject to and comply with such Policy.






	10.	 	Binding Effect. This Agreement shall be binding upon and inure to the benefit of any
successor or successors of the Company and upon any person lawfully claiming under you.






	11.	 	Entire Agreement. This Agreement constitutes the entire agreement of the parties
with regard to the subject matter hereof, and contains all the covenants, promises,
representations, warranties and agreements between the parties with respect to the Phantom
Units granted hereby. Without limiting the scope of the preceding sentence, all prior
understandings and agreements, if any, among the parties hereto relating to the subject matter
hereof are hereby null and void and of no further force and effect.






	12.	 	Modifications. Except as provided below, any modification of this Agreement shall be
effective only if it is in writing and signed by both you and an authorized officer of the
Company.






	13.	 	Governing Law. This grant shall be governed by, and construed in accordance with,
the laws of the State of Colorado, without regard to conflicts of laws principles thereof.






	14.	 	Conflicts. In the event of any conflict between the terms of this Agreement and the
Plan, the Plan shall control. Capitalized terms used in this Agreement but not defined herein
shall have the meanings ascribed to such terms in the Plan, unless the context requires
otherwise.





	 	 	 	 	 	 	 
	 	 	DCP MIDSTREAM GP, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	Grantee Acknowledgment and Acceptance	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	
	 	 

	 	 






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