Document:

Exhibit 4.4

 

Form for Employees

 

ANTERO MIDSTREAM PARTNERS LP

LONG-TERM INCENTIVE PLAN

 

PHANTOM UNIT GRANT NOTICE

 

Pursuant to the terms and conditions of the Antero Midstream Partners LP Long-Term Incentive Plan, as amended from time to time (the “Plan”), Antero Resources Midstream Management LLC, a Delaware limited liability company (the “General Partner”), hereby grants to the individual listed below (“you” or the “Participant”) the number of Phantom Units set forth below.  This award of Phantom Units (this “Award”) is subject to the terms and conditions set forth herein, in the Phantom Unit Agreement attached hereto as Exhibit A (the “Agreement”) and the Plan, each of which is incorporated herein by reference.  Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

 

	
Participant:
    	
 
    	
[·]
    
	
 
    	
 
    	
 
    
	
Date   of Grant:
    	
 
    	
[·]
    
	
 
    	
 
    	
 
    
	
Total   Number of Phantom Units:
    	
 
    	
[·]
    
	
 
    	
 
    	
 
    
	
Vesting   Commencement Date:
    	
 
    	
[·]
    
	
 
    	
 
    	
 
    
	
Vesting   Schedule:
    	
 
    	
Subject   to the Agreement, the Plan and the other terms and conditions set forth   herein, 25% of the Phantom Units (rounded to the nearest whole number of   Phantom Units, except in the case of the final vesting date) shall vest on   each of the first, second, third and fourth anniversaries of the Vesting   Commencement Date identified above so long as you remain continuously   employed by Antero Resources Corporation (“Antero”) from the Date of   Grant through each such anniversary date. Notwithstanding anything in the   preceding sentence to the contrary, the Phantom Units granted hereunder shall   immediately become fully vested if Employee’s employment with Antero   terminates by reason of Employee’s disability (within the meaning of section   22(e)(3) of the Code) or death so long as Employee remains continuously   employed by Antero from the Date of Grant through the date of such   termination.
    

 

By your signature below, you agree to be bound by the terms and conditions of the Plan, the Agreement and this Phantom Unit Grant Notice (this “Grant Notice”).  You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice.  You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee

 

 

regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice.  This Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 

[Remainder of Page Intentionally Blank;

Signature Page Follows]

 

2

 

IN WITNESS WHEREOF, the General Partner has caused this Grant Notice to be executed by an officer thereunto duly authorized, and the Participant has executed this Grant Notice, effective for all purposes as provided above.

 

 

	
 
    	
ANTERO   MIDSTREAM PARTNERS LP
    
	
 
    	
 
    
	
 
    	
By:   Antero Resources Midstream Management LLC, its general partner
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARTICIPANT
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Name   of Employee]
    

 

SIGNATURE PAGE TO

PHANTOM UNIT GRANT NOTICE

 

 

EXHIBIT A

 

PHANTOM UNIT AGREEMENT

 

This Phantom Unit Agreement (this “Agreement”) is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached (the “Date of Grant”) by and between Antero Resources Midstream Management LLC, a Delaware limited liability company (the “General Partner”), and [·] (“Employee”).  Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

 

1.                                      Award.  Effective as of the Date of Grant, the General Partner hereby grants to Employee the number of Phantom Units set forth in the Grant Notice on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.  To the extent vested, each Phantom Unit represents the right to receive one Common Unit, subject to the terms and conditions set forth in the Grant Notice, this Agreement and the Plan.  Unless and until the Phantom Units have become vested in the manner set forth in the Grant Notice, Employee will have no right to receive any Common Units or other payments in respect of the Phantom Units.  Prior to settlement of this Award, the Phantom Units and this Award represent an unsecured obligation of Antero Midstream Partners LP (the “Partnership”), payable only from the general assets of the Partnership.

 

2.                                      Vesting of Phantom Units.  The Phantom Units shall vest in accordance with the vesting schedule set forth in the Grant Notice.  Unless and until the Phantom Units have vested in accordance with such vesting schedule, Employee will have no right to receive any distributions with respect to the Phantom Units. In the event of the termination of Employee’s employment prior to the vesting of all of the Phantom Units (but after giving effect to any accelerated vesting pursuant to the Grant Notice), any unvested Phantom Units (and all rights arising from such Phantom Units and from being a holder thereof) will terminate automatically without any further action by the General Partner or the Partnership and will be forfeited without further notice.

 

3.                                      Settlement of Phantom Units.  As soon as administratively practicable following the vesting of Phantom Units pursuant to Section 2, but in no event later than 30 days after such vesting date, Employee (or Employee’s permitted transferee, if applicable) shall be issued a number of Common Units equal to the number of Phantom Units subject to this Award that become vested on the applicable vesting date and cash equal to any DERs credited with respect to such vested Phantom Units or, at the discretion of the Committee, Common Units having a Fair Market Value equal to such DERs as of the applicable vesting date. Any fractional Phantom Unit that becomes vested hereunder shall be rounded down at the time Common Units are issued in settlement of such Phantom Unit.  No fractional Common Units, nor the cash value of any fractional Common Units, will be issuable or payable to Employee pursuant to this Agreement.  All Common Units issued hereunder shall be delivered either by delivering one or more certificates for such Common Units to Employee or by entering such Common Units in book-entry form, as determined by the Committee in its sole discretion.  The value of Common Units

 

Exhibit A-1

 

shall not bear any interest owing to the passage of time.  Neither this Section 3 nor any action taken pursuant to or in accordance with this Agreement shall be construed to create a trust or a funded or secured obligation of any kind.

 

4.                                      DERs.  Each Phantom Unit subject to this Award is hereby granted in tandem with a corresponding DER, which shall remain outstanding from the Date of Grant until the earlier of the settlement or forfeiture of the Phantom Unit to which it corresponds. Each vested DER shall entitle Employee to receive payments, subject to and in accordance with this Agreement, in an amount equal to any cash distributions paid by the Partnership in respect of the underlying the Phantom Units to which such DER relates. The General Partner shall establish, with respect to each Phantom Unit, a separate DER bookkeeping account for such Phantom Unit (a “DER Account”), which shall be credited (without interest) on the applicable record dates for such distributions with an amount equal to the aggregate cash distribution that would have been paid to Employee if Employee were the record owner, as of the record date of such distribution, of a number of Common Units equal to the number of Phantom Units granted hereunder.  Upon the vesting of a Phantom Unit, the DER (and the DER Account) with respect to such vested Phantom Unit shall also become vested. Similarly, upon the forfeiture of a Phantom Unit, the DER (and the DER Account) with respect to such forfeited Phantom Unit shall also be forfeited. DERs shall not entitle Employee to any payments relating to distributions paid after the earlier to occur of the applicable Phantom Unit settlement date or the forfeiture of the Phantom Unit underlying such DER.

 

5.                                      Rights as Unitholder.  Neither Employee nor any person claiming under or through Employee shall have any of the rights or privileges of a holder of Common Units in respect of any Common Units that may become deliverable hereunder unless and until certificates representing such Common Units have been issued or recorded in book entry form on the records of the Partnership or its transfer agents or registrars, and delivered in certificate or book entry form to Employee or any person claiming under or through Employee.

 

6.                                      Tax Withholding.  Upon any taxable event arising in connection with the Phantom Units, the General Partner shall have the authority and the right to deduct or withhold (or cause Antero or one of its Affiliates to deduct or withhold), or to require Employee to remit to the General Partner (or Antero or one of its Affiliates), an amount sufficient to satisfy all applicable federal, state and local taxes (based on the minimum statutory withholding rates) required by law to be withheld with respect to such event. Employee acknowledges and agrees that none of the Board, the Committee, the General Partner, the Partnership, Antero or any of their respective Affiliates have made any representation or warranty as to the tax consequences to Employee as a result of the receipt of the Phantom Units, the vesting of the Phantom Units or the forfeiture of any of the Phantom Units.  Employee represents that he is in no manner relying on the Board, the Committee, the General Partner, the Partnership, Antero or any of their respective Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences. Employee represents that he has consulted with any tax consultants that Employee deems advisable in connection with the Phantom Units.

 

Exhibit A-2

 

7.                                      Non-Transferability.  During the lifetime of Employee, the Phantom Units may not be sold, pledged, assigned or transferred in any manner other than by will or the laws of descent and distribution, unless and until the Common Units underlying the Phantom Units have been issued, and all restrictions applicable to such Common Units have lapsed.  Neither the Phantom Units nor any interest or right therein shall be liable for the debts, contracts or engagements of Employee or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect, except to the extent that such disposition is permitted by the preceding sentence.

 

8.                                      Compliance with Securities Law.  Notwithstanding any provision of this Agreement to the contrary, the issuance of Common Units hereunder will be subject to compliance with all applicable requirements of applicable law with respect to such securities and with the requirements of any securities exchange or market system upon which the Common Units may then be listed.  No Common Units will be issued hereunder if such issuance would constitute a violation of any applicable law or regulation or the requirements of any securities exchange or market system upon which the Common Units may then be listed.  In addition, Common Units will not be issued hereunder unless (a) a registration statement under the Securities Act of 1933, as amended (the “Securities Act”) is in effect at the time of such issuance with respect to the Common Units to be issued or (b) in the opinion of legal counsel to the Partnership, the Common Units to be issued are permitted to be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities Act.  The inability of the Partnership to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Partnership’s legal counsel to be necessary for the lawful issuance and sale of any Common Units hereunder will relieve the Partnership of any liability in respect of the failure to issue such Common Units as to which such requisite authority has not been obtained.  As a condition to any issuance of Common Units hereunder, the General Partner or the Partnership may require Employee to satisfy any requirements that may be necessary or appropriate to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect to such compliance as may be requested by the General Partner or the Partnership.

 

9.                                      Execution of Receipts and Releases.  Any payment of cash or any issuance or transfer of Common Units or other property to Employee or Employee’s legal representative, heir, legatee or distributee, in accordance with this Agreement shall be in full satisfaction of all claims of such person hereunder.  As a condition precedent to such payment or issuance, the General Partner may require Employee or Employee’s legal representative, heir, legatee or distributee to execute a release and receipt therefor in such form as it shall determine appropriate; provided, however, that any review period under such release will not modify the date of settlement with respect to vested Phantom Units.

 

Exhibit A-3

 

10.                               No Right to Continued Employment or Awards.

 

(a)                                 For purposes of this Agreement, Employee shall be considered to be employed by Antero as long as Employee remains an Employee, or an employee of a corporation or other entity (or a parent or subsidiary of such corporation or other entity) assuming or substituting a new award for this Award.  Without limiting the scope of the preceding sentence, it is specifically provided that Employee shall be considered to have terminated employment at the time of the termination of the “Affiliate” status of the entity or other organization that employs Employee.  Nothing in the adoption of the Plan, nor the award of the Phantom Units thereunder pursuant to the Grant Notice and this Agreement, shall confer upon Employee the right to continued employment by, or a continued service relationship with, Antero or any of its Affiliates, or any other entity, or affect in any way the right of Antero or any such Affiliate, or any other entity to terminate such employment at any time.  Unless otherwise provided in a written employment agreement or by applicable law, Employee’s employment by Antero, or any such Affiliate, or any other entity shall be on an at-will basis, and the employment relationship may be terminated at any time by either Employee or Antero, or any such Affiliate, or other entity for any reason whatsoever, with or without cause or notice.  Any question as to whether and when there has been a termination of such employment, and the cause of such termination, shall be determined by the Committee or its delegate, and such determination shall be final, conclusive and binding for all purposes.

 

(b)                                 The grant of the Phantom Units is a one-time Award and does not create any contractual or other right to receive a grant of Awards or benefits in lieu of Awards in the future. Future Awards will be at the sole discretion of the Committee.

 

11.                               Notices.  Any notices or other communications provided for in this Agreement shall be sufficient if in writing.  In the case of Employee, such notices or communications shall be effectively delivered if hand delivered to Employee at Employee’s principal place of employment or if sent by registered or certified mail to Employee at the last address Employee has filed with Antero.  In the case of the Partnership or General Partner, such notices or communications shall be effectively delivered if sent by registered or certified mail to the General Partner at its principal executive offices.

 

12.                               Agreement to Furnish Information.  Employee agrees to furnish to the General Partner all information requested by the General Partner to enable it to comply with any reporting or other requirement imposed upon the General Partner by or under any applicable statute or regulation.

 

13.                               Entire Agreement; Amendment.  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; provided ̧ however, that the terms of this Agreement shall not modify and shall be subject to the terms and conditions of any employment and/or severance agreement between the Partnership, the General Partner, Antero or any of their respective Affiliates and Employee in effect as of the date a determination is to be made under this Agreement.  Without limiting the scope of the preceding sentence, except as provided therein, all

 

Exhibit A-4

 

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.  The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Employee shall be effective only if it is in writing and signed by both Employee and an authorized officer of the General Partner.

 

14.                               Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof.

 

15.                               Successors and Assigns.  The General Partner may assign any of its rights under this Agreement without Employee’s consent.  This Agreement will be binding upon and inure to the benefit of the successors and assigns of the General Partner.  Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon Employee and Employee’s beneficiaries, executors, administrators and the person(s) to whom the Phantom Units may be transferred by will or the laws of descent or distribution.

 

16.                               Clawback.  Notwithstanding any provision in this Agreement, the Grant Notice or the Plan to the contrary, to the extent required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by the Board from time to time, all Common Units issued hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply with such law(s) and/or policy.

 

17.                               Counterparts.  The Grant Notice may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.  Delivery of an executed counterpart of the Grant Notice by facsimile or pdf attachment to electronic mail shall be effective as delivery of a manually executed counterpart of the Grant Notice.

 

18.                               Severability.  If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect.

 

19.                               Code Section 409A. None of the Phantom Units, DERs or any amounts payable pursuant to this Agreement are intended to constitute or provide for a deferral of compensation that is subject to Section 409A of the Code and the Treasury regulations and other interpretive guidance issued thereunder (collectively, “Section 409A”). Nevertheless, to the extent that the Committee determines that the Phantom Units or DERs may not be exempt from Section 409A, then, if Employee is deemed to be a “specified employee” within the meaning of Section 409A, as determined by the Committee, at a time when Employee becomes eligible for settlement of the Phantom Units upon his “separation from service” within the meaning of Section 409A, then to

 

Exhibit A-5

 

the extent necessary to prevent any accelerated or additional tax under Section 409A, such settlement will be delayed until the earlier of: (a) the date that is six months following Employee’s separation from service and (b) Employee’s death.  Notwithstanding the foregoing, neither the Partnership, the General Partner, Antero or any of their respective Affiliates makes any representations that the payments provided under this Agreement are exempt from or compliant with Section 409A and in no event shall the Partnership, the General Partner, Antero or any of their respective Affiliates be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by Employee on account of non-compliance with Section 409A.

 

[Remainder of Page Intentionally Blank]

 

Exhibit A-6Exhibit 4.5

 

Form for Non-Employee Directors

 

ANTERO MIDSTREAM PARTNERS LP

LONG-TERM INCENTIVE PLAN

 

RESTRICTED UNIT GRANT NOTICE

 

Pursuant to the terms and conditions of the Antero Midstream Partners LP Long-Term Incentive Plan, as amended from time to time (the “Plan”), Antero Resources Midstream Management LLC, a Delaware limited liability company (the “General Partner”), hereby grants to the individual listed below (“you” or the “Participant”) the number of Restricted Units (the “Restricted Units”) set forth below.  The Restricted Units are subject to the terms and conditions set forth herein, in the Restricted Unit Agreement attached hereto as Exhibit A (the “Agreement”) and in the Plan, each of which is incorporated herein by reference.  Capitalized terms used but not defined herein shall have the meanings set forth in the Plan.

 

	
Participant:
    	
[·]
    
	
 
    	
 
    
	
Date   of Grant:
    	
[·]
    
	
 
    	
 
    
	
Total   Number of
   Restricted Units:
    	
[·] Units
    
	
 
    	
 
    
	
Vesting   Commencement
   Date:
    	
[·]
    
	
 
    	
 
    
	
Vesting   Schedule:
    	
Subject   to the Agreement, the Plan and the other terms and conditions set forth   herein, 100% of the Restricted Units shall vest on the first anniversary of   the Vesting Commencement Date identified above so long as you continuously   serve as a member of the Board from the Date of Grant through such   anniversary date. Notwithstanding anything in the preceding sentence to the   contrary, the Restricted Units granted hereunder shall immediately become   fully vested if your membership on the Board terminates by reason of your   disability (within the meaning of section 22(e)(3) of the Code) or death   so long as you continuously serve as a member of the Board from the Date of   Grant through the date of such termination.
    

 

By your signature below, you agree to be bound by the terms and conditions of the Plan, the Agreement and this Restricted Unit Grant Notice (this “Grant Notice”).  You acknowledge that you have reviewed the Agreement, the Plan and this Grant Notice in their entirety and fully understand all provisions of the Agreement, the Plan and this Grant Notice.  You hereby agree to accept as binding, conclusive and final all decisions or interpretations of the Committee regarding any questions or determinations arising under the Agreement, the Plan or this Grant Notice.

 

 

You also understand and acknowledge that you should consult with your tax advisor regarding the advisability of filing with the Internal Revenue Service an election under section 83(b) of the Internal Revenue Code with respect to the Restricted Units.  This election must be filed no later than 30 days after Date of Grant set forth in this Grant Notice.  This time period cannot be extended.  If you wish to file a section 83(b) election, an election form is attached as Exhibit B.  By signing below, you acknowledge (a) that you have been advised to consult with a tax advisor regarding the tax consequences of the award of the Restricted Units and (b) that timely filing of a section 83(b) election is your sole responsibility, even if you request the Partnership, the General Partner or any of their respective affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) to assist in making such filing or to file such election on your behalf.

 

This Grant Notice may be executed in one or more counterparts (including portable document format (.pdf) and facsimile counterparts), each of which shall be deemed to be an original, but all of which together shall constitute one and the same agreement.

 

[Remainder of Page Intentionally Blank;

Signature Page Follows]

 

2

 

IN WITNESS WHEREOF, the General Partner has caused this Grant Notice to be executed by an officer thereunto duly authorized, and the Participant has executed this Grant Notice, effective for all purposes as provided above.

 

 

	
 
    	
ANTERO   MIDSTREAM PARTNERS LP  
    
	
 
    	
 
    
	
 
    	
By:   Antero Resources Midstream Management LLC, its general partner 
    
	
 
    	
 
    
	
 
    	
By:   
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    
	
 
    	
 
    	
Title:
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
PARTICIPANT 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
[Name   of Non-Employee Director]
    

 

SIGNATURE PAGE TO

RESTRICTED UNIT GRANT NOTICE

 

 

EXHIBIT A

 

RESTRICTED UNIT AGREEMENT

 

This Restricted Unit Agreement (this “Agreement”) is made as of the Date of Grant set forth in the Grant Notice to which this Agreement is attached by and between Antero Resources Midstream Management LLC, a Delaware limited liability company (the “General Partner”), and [·] (“Director”).   Capitalized terms used but not specifically defined herein shall have the meanings specified in the Plan or the Grant Notice.

 

1.                                      Award.  In consideration of Director’s past and/or continued service as a member of the Board and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, effective as of the Date of Grant set forth in the Grant Notice (the “Date of Grant”), the General Partner hereby grants to Director the number of Restricted Units set forth in the Grant Notice (the “Restricted Units”) on the terms and conditions set forth in the Grant Notice, this Agreement and the Plan, which is incorporated herein by reference as a part of this Agreement.  In the event of any inconsistency between the Plan and this Agreement, the terms of the Plan shall control.

 

2.                                      Issuance Mechanics.  The Restricted Units shall be issued in the form of Units to Director.  The General Partner shall (a) cause a certificate or certificates representing such Units to be registered in the name of Director, or (b) cause such Units to be held in book-entry form.  If a certificate is issued, it shall be delivered to and held in custody by the General Partner and shall bear such legend or legends as the Committee deems appropriate in order to reflect the Forfeiture Restrictions (as defined below) and to ensure compliance with the terms and provisions of this Agreement, the rules, regulations and other requirements of the United States Securities and Exchange Commission, any applicable federal or state securities laws or any securities exchange on which the Units are then listed or quoted.  If the Units are held in book-entry form, then such entry will reflect that the Units are subject to the restrictions of this Agreement.

 

3.                                      Forfeiture Restrictions.

 

(a)                                 The Restricted Units may not be sold, assigned, pledged, exchanged, hypothecated or otherwise transferred, encumbered or disposed of except as provided in this Agreement or the Plan, and in the event of the termination of Director’s membership on the Board for any reason whatsoever or for no reason at all, Director shall immediately and without any further action by the General Partner, forfeit and surrender for no consideration all of the Restricted Units with respect to which the Forfeiture Restrictions have not lapsed in accordance with Section 3(b) as of the date of such termination.  The prohibition against transfer and the obligation to forfeit and surrender the Restricted Units upon termination of membership on the Board as provided in the preceding sentence are referred to herein as the “Forfeiture Restrictions.”  The Forfeiture Restrictions shall be binding upon and enforceable against any transferee of the Restricted Units.

 

(b)                                 The Restricted Units shall be released from the Forfeiture Restrictions in accordance with the vesting schedule set forth in the Grant Notice.  The Restricted Units with respect to which the Forfeiture Restrictions lapse without forfeiture are referred to herein as the

 

 

“Earned Units.”  As soon as administratively practicable following the release of any Units from the Forfeiture Restrictions, the General Partner shall, as applicable, either deliver to Director the certificate or certificates representing such Units in the General Partner’s possession belonging to Director, or, if the Units are held in book-entry form, then the General Partner shall remove the notations indicating that the Units are subject to the restrictions of this Agreement.  Director (or the beneficiary or personal representative of Director in the event of Director’s death or disability, as the case may be) shall deliver to the General Partner any representations or other documents or assurances as the General Partner or its representatives deem necessary or advisable in connection with any such delivery.

 

4.                                      Distributions.  Distributions that are paid or distributed with respect to a Restricted Unit (whether in the form of Units or other property (including cash)) (referred to herein as “Retained Distributions”) shall be subject to the transfer restrictions and the risk of forfeiture applicable to the related Restricted Unit and shall be held by the General Partner or other depository as may be designated by the Committee as a depository for safekeeping.  If the Restricted Unit to which such Retained Distributions relate is forfeited, then such Retained Distributions shall be forfeited at the same time such Restricted Unit is so forfeited.  If the Restricted Unit to which such Retained Distributions relate becomes vested, then such Retained Distributions shall be paid and distributed to Director as soon as administratively feasible after such Restricted Unit becomes vested (but in no event later than March 15 of the calendar year following the calendar year in which such vesting occurs).  Retained Distributions paid or distributed in the form of securities with respect to Restricted Units shall bear such legends, if any, as may be determined by the Committee from time to time to reflect the terms and conditions of this Agreement and to comply with applicable securities laws.

 

5.                                      Rights as Unitholder.  Except as otherwise provided herein, upon issuance of the Restricted Units, Director shall have all the rights of a holder of Units with respect to such Restricted Units subject to the restrictions herein, including the right to vote the Units.

 

6.                                      Tax Withholding.  To the extent that the receipt of the Restricted Units or the lapse of any Forfeiture Restrictions results in compensation income or wages to Director for federal, state, local or foreign tax purposes, Director shall deliver to the General Partner or to any Affiliate nominated by the General Partner at the time of such receipt or lapse, as the case may be, such amount of money or, if permitted by the Committee in its sole discretion, Units as the General Partner or any Affiliate nominated by the General Partner may require to meet its minimum obligation under applicable tax or social security laws or regulations, and if Director fails to do so, the General Partner and its Affiliates are authorized to withhold, or cause to be withheld, from any cash or Unit remuneration (including by causing any of the Restricted Units or Earned Units under this Agreement to be forfeited) then or thereafter payable to Director an amount equal to any tax or social security required to be withheld by reason of such resulting compensation income or wages, and to take such other action as may be necessary in the opinion of the General Partner to satisfy such withholding obligation.  Director acknowledges and agrees that none of the Board, the Committee, the Partnership, the General Partner or any of their respective Affiliates has made any representation or warranty as to the tax consequences to Director as a result of the receipt of the Restricted Units, the lapse of any Forfeiture Restrictions or the forfeiture of any of the Restricted Units pursuant to the Forfeiture Restrictions.  Director represents that he is in no manner relying on the Board, the Committee, the Partnership, General

 

Exhibit A-2

 

Partner or any of their respective Affiliates or any of their respective managers, directors, officers, employees or authorized representatives (including, without limitation, attorneys, accountants, consultants, bankers, lenders, prospective lenders and financial representatives) for tax advice or an assessment of such tax consequences.  Director represents that he has consulted with any tax consultants that Director deems advisable in connection with the Restricted Units.  Notwithstanding any action the General Partner takes with respect to any or all tax-related withholding, the ultimate liability for all taxes with respect to the Restricted Units is and remains Director’s responsibility and the General Partner (a) makes no representations or undertakings regarding the treatment of any taxes in connection with the grant of the Restricted Units, the lapse of the Forfeiture Restrictions or the subsequent sale of any Earned Units; and (b) does not commit to structure this Award to reduce or eliminate Director’s tax liability.

 

7.                                      Refusal to Transfer; Stop-Transfer Notices.  The Partnership shall not be required (a) to transfer on its books any Units that have been sold or otherwise transferred in violation of any of the provisions of this Agreement or (b) to treat as owner of such Units or to accord the right to vote or pay distributions to any purchaser or other transferee to whom such units shall have been so transferred.  Director agrees that, in order to ensure compliance with the restrictions referred to herein, the Partnership or the General Partner may issue appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Partnership transfers its own securities, it may make appropriate notations to the same effect in its own records.

 

8.                                      Restricted Units Not Transferable.  Prior to becoming Earned Units, the Restricted Units may not be sold, pledged, assigned or transferred in any manner unless and until the Forfeiture Restrictions have lapsed.  No Restricted Units or any interest or right therein or part thereof shall be liable for the debts, contracts or engagements of Director or his or her successors in interest or shall be subject to disposition by transfer, alienation, anticipation, pledge, encumbrance, assignment or any other means whether such disposition be voluntary or involuntary or by operation of law by judgment, levy, attachment, garnishment or any other legal or equitable proceedings (including bankruptcy), and any attempted disposition thereof shall be null and void and of no effect.

 

9.                                      Unit Ownership Requirement.  This Award is subject to the General Partner’s Unit Ownership and Retention Guidelines, as such guidelines may be amended, revised or supplemented from time to time (the “Guidelines”). By accepting the award of Restricted Units hereunder, Director acknowledges and agrees that Director will comply with the terms and conditions of the Guidelines, including the retention ratios set forth therein.

 

10.                               Membership on the Board.  Nothing in the adoption of the Plan, nor the grant of the Restricted Units, shall confer upon Director the right to continued membership on the Board or affect in any way the right of the General Partner to terminate such membership at any time.  Any question as to whether and when there has been a termination of Director’s membership on the Board, and the cause of such termination, shall be determined by the Board or its delegate, and its determination shall be final.

 

11.                               Section 83(b) Election.  If Director makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Units as of the Date of Grant rather than as of the date or dates upon which Director would otherwise be taxable under Section 83(a) of the Code,

 

Exhibit A-3

 

Director hereby agrees to (a) use the election form provided in Exhibit B for such purpose and (b) deliver a copy of such election to the General Partner promptly after filing such election with the Internal Revenue Service.

 

12.                               Notices.  Any notices or other communications provided for in this Agreement shall be sufficient if in writing.  In the case of Director, such notices or communications shall be effectively delivered if hand delivered to Director or if sent by certified mail, return receipt requested, to Director at the last address Director has filed with the General Partner.  In the case of the General Partner, such notices or communications shall be effectively delivered if sent by registered or certified mail to the General Partner at its principal executive offices.

 

13.                               Agreement to Furnish Information.  Director agrees to furnish to the General Partner all information requested by the General Partner to enable it to comply with any reporting or other requirement imposed upon the General Partner by or under any applicable statute or regulation.

 

14.                               Entire Agreement; Amendment.  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 Restricted Units granted hereby.  Without limiting the scope of the preceding sentence, except as provided therein, 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.  The Committee may, in its sole discretion, amend this Agreement from time to time in any manner that is not inconsistent with the Plan; provided, however, that except as otherwise provided in the Plan or this Agreement, any such amendment that materially reduces the rights of Director shall be effective only if it is in writing and signed by both Director and an authorized officer of the General Partner.

 

15.                               Governing Law.  This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to conflicts of law principles thereof.

 

16.                               Successors and Assigns.  The General Partner may assign any of its rights under this Agreement without Director’s consent.  This Agreement will be binding upon and inure to the benefit of the successors and assigns of the General Partner.  Subject to the restrictions on transfer set forth herein and in the Plan, this Agreement will be binding upon Director and Director’s beneficiaries, executors, administrators and the person(s) to whom the Restricted Units may be transferred by will or the laws of descent or distribution.

 

17.                               Clawback.  Notwithstanding any provision in this Agreement, the Grant Notice or the Plan to the contrary, to the extent required by (a) applicable law, including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, any Securities and Exchange Commission rule or any applicable securities exchange listing standards and/or (b) any policy that may be adopted or amended by the Board from time to time, all Units granted hereunder shall be subject to forfeiture, repurchase, recoupment and/or cancellation to the extent necessary to comply with such law(s) and/or policy.

 

Exhibit A-4

 

18.                               Counterparts.  The Grant Notice may be executed in one or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.  Delivery of an executed counterpart of the Grant Notice by facsimile or pdf attachment to electronic mail shall be effective as delivery of a manually executed counterpart of the Grant Notice.

 

19.                               Severability.  If a court of competent jurisdiction determines that any provision of this Agreement is invalid or unenforceable, then the invalidity or unenforceability of such provision shall not affect the validity or enforceability of any other provision of this Agreement, and all other provisions shall remain in full force and effect.

 

[Remainder of Page Intentionally Blank]

 

Exhibit A-5

 

EXHIBIT B

 

SECTION 83(b) ELECTION

 

The undersigned taxpayer hereby elects, pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, to include in gross income as compensation for services the excess (if any) of the fair market value of the property described below over the amount paid for such property.

 

1.                                      The name, taxpayer identification number and address of the undersigned (the “Taxpayer”), and the taxable year for which this election is being made are:

 

	
Taxpayer’s Name:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Taxpayer’s Social
    	
 
    	
 
    
	
Security Number:
    	
            -         -
    	
 
    
	
 
    	
 
    	
 
    
	
Taxpayer’s   Address:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Taxable Year:
    	
Calendar Year
    	
 
    

 

2.                                      The property that is the subject of this election (the “Property”) is                  common units of Antero Midstream Partners LP.

 

3.                                      The Property was transferred to the Taxpayer on                                                .

 

4.                                      The Property is subject to the following restrictions:  The units are subject to various transfer restrictions and are subject to forfeiture in the event certain service conditions are not satisfied.

 

5.                                      The fair market value of the Property at the time of transfer (determined without regard to any restriction other than a nonlapse restriction as defined in Section 1.83-3(h) of the Income Tax Regulations) is $                     per unit x                  units = $                              .

 

6.                                      The amount paid by the Taxpayer for the Property is $                     per unit x                  units = $                              .

 

7.                                      The amount to include in gross income is $                              .

 

The undersigned taxpayer will file this election with the Internal Revenue Service office with which the taxpayer files his or her annual income tax return not later than 30 days after the date of transfer of the Property.  A copy of the election also will be furnished to the person for whom the services were performed.  Additionally, the undersigned will include a copy of the election with his or her income tax return for the taxable year in which the Property is transferred.  The undersigned is the person performing the services in connection with which the Property was transferred.

 

 

	
Dated:
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Taxpayer’s   Signature

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00237-of-00352.parquet"}]]