Document:

exv10w1

 

Exhibit 10.1

Calumet GP, LLC

Long-Term Incentive Plan

Grant of Phantom Units with DERs

	 	 	 	 	 
	Grantee:
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Grant Date:

	 	_______________, 200___	 	 

	1.	 	Grant of Phantom Units with DERs. Calumet GP, LLC (the “Company”) hereby grants to
you ______Phantom Units under the Calumet GP, LLC 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. Beginning effective ______this grant of Phantom Units
also includes a tandem grant of a DER with respect to each Phantom Unit. You shall not be
credited with DERs for any distributions made with respect to a Unit prior to ______.
	 
	2.	 	Vesting.

	 	(a)	 	Phantom Units. Except as otherwise provided in Paragraph 3 below, the
Phantom Units granted hereunder shall vest 25% on the first ______ following the
Grant Date and an additional 25% shall vest on each subsequent ______ with final
vesting occurring on the fourth ______ following the Grant Date.
	 
	 	(b)	 	DERs. The right to receive DERs on and after ______shall be 100%
vested on and after that date. If a tandem Phantom Unit is forfeited, your tandem DER
with respect to such Phantom Unit shall automatically terminate at that time.

	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 is expected to be permanent or of long term
duration, as determined by the Board, all outstanding Phantom Units
then held by you automatically shall become fully vested.
	 
	 	(b)	 	Other Terminations from the Company. If your employment with the
Company terminates for any reason other than as provided in Paragraph 3(a) above, all
unvested Phantom Units then held by you automatically shall be forfeited without
payment upon such termination.
	 
	 	(c)	 	Change of Control. All outstanding Phantom Units held by you
automatically shall become fully vested upon a Change of Control.
	 
	 	For purposes of this Paragraph 3, “employment with the Company” shall include being an
employee or a director of, or a consultant to, the Company. However, if your Award is subject to Section 409A of the Code, whether your employment with the
Company has terminated will be determined in accordance with the regulations issued under
Section 409A.

 

 

	4.	 	Payments.

	 	(a)	 	Phantom Units. As soon as administratively practicable after the
vesting of a Phantom Unit, you shall receive from the Company one
Unit for each such vested Phantom 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. On or as soon as practicable following the date a cash
distribution is made by the Partnership with respect to a Unit,
provided such cash distribution is made on or after ______, the Company shall pay
you with respect to each Phantom Unit then held by you, an amount of cash equal to the
amount of cash distributed with respect to a Unit.

	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.
	 
	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, which may include the Company withholding a number of Units having a
value equal to the amount of its tax withholding obligation.

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	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 Delaware, 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.

	 	 	 	 	 
	 	 	CALUMET GP, LLC
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

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EXHIBIT
10.1

FIRST AMENDMENT OF EMPLOYMENT AGREEMENT

          This First Amendment (this “Amendment”) is entered into as of November 15, 2006, by and
between United Surgical Partners International, Inc., a Delaware corporation (“USPI”), and William
H. Wilcox (“Employee”), with reference to the following facts:

RECITALS

          A. The parties hereto have entered into that certain Employment Agreement, dated as of
November 15, 2002 (the “Agreement”). The capitalized terms used in this Amendment and not
otherwise defined herein shall have the meanings given to them in the Agreement.

          B. The parties desire to amend the Agreement as described herein.

          THEREFORE, the parties hereto agree as follows:

AGREEMENT

          1. Section 1 of the Agreement is amended and restated in full to read as follows:

“1. Employment. USPI hereby employs Employee as the President and Chief
Executive Officer of USPI.”

          2. The second sentence of Section 2 of the Agreement is amended and restated in full to read
as follows:

“Employee shall report to the Board of Directors of USPI and shall have such
duties, responsibilities and authority as are set forth in the Bylaws of
USPI or as determined by the Board of Directors from time to time.”

          3. The first sentence of Section 3(a) of the Agreement is amended to replace “$415,000” with
“$575,000.”

          4. Except as expressly amended herein, the terms and provisions of the Agreement are hereby
ratified and confirmed and shall remain in full force and effect, and the parties acknowledge that
the Agreement has been renewed for a two-year term ending on November 15, 2008.

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          IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	UNITED SURGICAL PARTNERS INTERNATIONAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Paul B. Queally
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Paul B. Queally	 	 
	 

	 	 	 	Chairman, Options and Compensation Committee	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ William H. Wilcox	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	William H. Wilcox	 	 

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