Document:

telus_ex4-2.htm

    

     

    Exhibit
4.2

     

    Amended
and Restated Dividend Reinvestment and Share Purchase Plan

     

    An
Overview

     

    The
amended and restated Dividend Reinvestment and Share Purchase Plan (the “Plan”)
of TELUS Corporation (the “Company”) provides a method for eligible registered
holders of Common Shares or Non-Voting Shares to reinvest dividends received on
their Shares into additional Non-Voting Shares under the
Plan.  Participants may also make optional cash payments of not less
than $100 each and not more than $20,000 per calendar year for each eligible
registered holder to be applied to the purchase of additional Non-Voting Shares
under the Plan.  Additional Non-Voting Shares acquired by the Plan
Agent under the Plan may be acquired through the purchase of Non-Voting Shares
in the market, or by the issue of Non-Voting Shares from treasury, as elected by
the Company.  Any Non-Voting Shares issued from treasury for the
reinvestment of dividends may be issued at a discount as determined by the
Company.  Participants under the Plan will not be charged any
brokerage commissions, fees or transaction costs with respect to the acquisition
of Non-Voting Shares under the Plan.  If Non-Voting Shares are issued
from treasury, the Company will receive additional funds to be used for general
corporate purposes.

     

    Plan
Shares held under the Plan will be registered in the name of the Plan Agent and
recorded in separate accounts maintained by the Plan Agent for each
Participant.  The Plan Agent will receive eligible funds, purchase and
hold the Non-Voting Shares purchased under the Plan and report quarterly to
Participants.  Certificates for Plan Shares which have been purchased
for, or are issued by the Company under, the Plan (excluding any fractional
Shares) will be issued to any Participant only upon the written request of the
Participant or the representative of such Participant in the event of the death
of the Participant.

     

    Definitions

     

    Average Market
Price means the weighted average trading price for all trades of
Non-Voting Shares on the Toronto Stock Exchange for the twenty (20) trading days
immediately preceding the Investment Date.

     

    Common Shares
means Common Shares of the Company.

     

    Dividend Payment
Date means the date chosen by the Board of Directors of the Company for
the payment of a cash dividend on Common Shares or Non-Voting
Shares.  For Common Shares and Non-Voting Shares, this historically
has been the first business day of January, April, July and October of each
year.

     

    Dividend Record
Date means the date declared by the Board of Directors of the Company to
determine those shareholders entitled to receive payment of the corresponding
dividend on Common Shares or Non-Voting Shares.  This is expected to
be about three weeks before the corresponding Dividend Payment
Date.

     

    
      
         

      

      
         

        
          

        

      

      
         

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    Investment Date
means, for the reinvestment of dividends on Common Shares or Non-Voting
Shares, the Dividend Payment Date, and for the investment of optional cash
payments, the first business day of each month.

     

    Market
Purchase has
the meaning set forth under "Price of Non-Voting
Shares".

     

    Non-Voting Shares
means the Non-Voting Shares of the Company.

     

    Participant
means a registered holder of Common Shares or Non-Voting Shares electing
to participate in the Plan.

     

    Plan means
TELUS Corporation Amended and Restated Dividend Reinvestment and Share Purchase
Plan.

     

    Plan Agent
means Computershare Investor Services Inc., an independent trust company,
who, on behalf of Participants, administers the Plan.

     

    Plan Shares
means Common Shares and Non-Voting Shares if any, held by the Plan Agent
on behalf of a Participant and credited to the Participant’s account under the
Plan.

     

    Shares
means Common Shares and Non-Voting Shares.

     

    Treasury
Purchase has
the meaning set forth under "Price of Non-Voting
Shares".

     

    Eligible
Shareholders

     

    Any
registered holder of Shares resident in a jurisdiction where the Non-Voting
Shares are qualified for sale is eligible to enroll in the Plan.

     

    Subject
to any restrictions in the laws of their country of residence, shareholders who
are resident outside Canada may participate in the Plan.  However,
dividends to be reinvested by such shareholders who are residents outside of
Canada will continue to be subject to withholding of applicable non-resident tax
and the amount reinvested will be reduced by the amount of the tax
withheld.

     

    A
person who is a beneficial owner but not a registered holder of Shares (e.g.
whose Common Shares or Non-Voting Shares are held by an intermediary and
registered in a nominee account) will be required to transfer those Shares into
the person’s own name or into a specific segregated registered account such as a
numbered account with an intermediary, such as a bank, trust company or
broker.  The beneficial owner must make arrangements with the bank,
trust company or broker in order to participate in the Plan.

     

    Participation
in the Plan

     

    An
eligible shareholder may enroll in the Plan at any time by completing an
Enrollment/Change Form and forwarding it to the Plan Agent.  For
Shares registered in more than one name, all registered holders must sign the
Enrollment/Change Form.  Also, where a shareholder's total holding is
registered in different names, (e.g. full name on some share certificates and
initials and

     

    
      
         

      

      
         

        
          

        

      

      
         

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    surname
on other share certificates), a separate Enrollment/Change Form must be
completed for each style of registration.  If cash dividends from all
shareholdings are to be reinvested under one account, the registration must be
identical.

     

    By
completing the Enrollment/Change Form , the Participant directs the Company to
forward to the Plan Agent, cash dividends less any applicable withholding or
non-resident tax, on all of the Shares registered in such Participant’s name as
specified on the Enrollment/Change Form and directs the Plan Agent to invest
such dividends and any optional cash payments received in Non-Voting Shares
under the Plan for the Participant.

     

    Once
a shareholder has enrolled in the Plan, such shareholder’s participation in the
Plan is continuous until exit from the Plan by a Participant, termination by
such Participant or the Company with respect to a Participant from participation
in the Plan, or termination of the Plan by the Company.  When
enrolling in the Plan, a completed Enrollment/Change Form must be received by
the Plan Agent on or before the Dividend Record Date for the Common Shares or
Non-Voting Shares designated on the Enrollment/Change Form in order for the
corresponding dividends on the Shares to be reinvested in Non-Voting Shares
under the Plan in accordance with such direction and authorization.

     

    For
example, in the case of a cash dividend on Shares payable on July 1st, if an
Enrollment/Change Form designating Shares for dividend reinvestment is received
by the Plan Agent on or before the Dividend Record Date for the cash dividend on
such Shares, the July 1st cash dividend and all subsequent cash dividends on all
Shares registered identically to that shown on the Enrollment/Change Form will
be reinvested under the Plan.  If the Enrollment/Change Form is
received after the Dividend Record Date, the first cash dividend on such Shares
reinvested under the Plan will be the cash dividend on Shares payable (if
declared) on October 1st.

     

    A
Participant may stop all reinvestment of cash dividends on such Participant’s
Common Shares or Non-Voting Shares if the Plan Agent receives written
notification before the Dividend Record Date for the applicable
Shares.  If a Participant has sent in an optional cash payment and
subsequently decides that the Participant does not want it invested into
Non-Voting Shares, the Plan Agent must receive written notification prior to the
next Investment Date.  Any optional cash payments on which investment
has been stopped will be returned to the Participant as soon as practicable
after the written notification has been received.

     

    Optional
Cash Payments

     

    The
option to make cash payments to purchase Non-Voting Shares is available to
Participants provided that optional cash payments made by any Participant shall
not be less than $100 per transaction nor greater than $20,000 per calendar
year.  An optional cash payment may be made by using the Optional Cash
Payment Form, sent to Participants with each quarterly statement.  A
Participant is not obligated to make optional cash payments at any time nor to
send the same amount of money with each Optional Cash Payment Form.

     

    Optional
cash payments received by the Plan Agent on or after an Investment Date will be
invested on the next
Investment Date.

     

    
      
         

      

      
         

        
          

        

      

      
         

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    All
Non-Voting Shares purchased under the Plan with optional cash payments received
by the Plan Agent on or before
a Dividend Record Date for Non-Voting Shares will be entitled to the
dividend on such Non-Voting Shares payable to shareholders of record on that
Dividend Record Date.  Non-Voting Shares purchased after that Dividend Record
Date with optional cash payments received by the Plan Agent under the Plan will
not be entitled to that dividend on such Non-Voting Shares.  Cash
dividends on Plan Shares purchased with optional cash payments, less any
withholding or non-resident tax, will automatically be reinvested.

     

    No
interest will be paid by the Company or the Plan Agent on any funds received
prior to an Investment Date.

     

    Transition
of Amendment and Restatement to Plan

     

    For
continuity of treatment in respect of their dividends and optional cash
payments, Participants in the Amended and Restated Dividend Reinvestment and
Share Purchase Plan of the Company which was effective July 1, 2001 will
automatically be enrolled in the Plan on October 29, 2004, unless such
Participants forward notice to the Plan Agent exiting from that Plan on or
before December 10, 2004.  The Plan accounts of these Participants
will contain the Common Shares, if any, and Non-Voting Shares, including
fractional shares held by such Participant prior to October 29,
2004.  Cash dividends on the Common Shares and/or Non-Voting Shares
held in the Participants’ accounts under the Plan will automatically be
reinvested in the purchase of Non-Voting Shares under the Plan.

     

    The
original Dividend Reinvestment and Share Purchase Plan of the Company provided
for the issue by the Company of Common Shares.  For Participants whose
Plan Shares include Common Shares, the number of Common Shares held under the
Plan will stay the same or be reduced over time, as Participant's exit or
withdraw Common Shares, from the Plan.

     

    Price
of Non-Voting Shares

     

    Non-Voting
Shares to be acquired under the Plan will be, at the Company's election, either
(i) Non-Voting Shares purchased on the open market through the facilities of the
Toronto Stock Exchange ("Market Purchase") or (ii) newly issued Non-Voting
Shares purchased from the Company ("Treasury Purchase").

     

    The
purchase price for Non-Voting Shares acquired under the Plan from the
reinvestment of cash dividends will be:

     

    
      	
              (a)

            	
              in
      the case of a Market Purchase, the average price paid (excluding brokerage
      commissions, fees and transaction costs) per Non-Voting Share by the Plan
      Agent for all Non-Voting Shares purchased in respect of a Dividend Payment
      Date under the Plan, or

            
	 
      	 
      
	
              (b)

            	
              in
      the case of a Treasury Purchase, the Average Market Price less a discount,
      if any, of up to 5%, at the Company's
election.

            

    

     

    The
purchase price for the Non-Voting Shares acquired under the Plan from optional
cash payments will be:

     

    
      
         

      

      
         

        
          

        

      

      
         

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              (a)

            	
              in
      the case of a Market Purchase, the average price paid (excluding brokerage
      commissions, fees and transaction costs) for Non-Voting Shares by the Plan
      Agent for all Non-Voting Shares purchased in respect of an Investment Date
      under the Plan, or

            
	 
      	 
      
	
              (b)

            	
              in
      the case of a Treasury Purchase, the Average Market
  Price.

            

    

     

    The
Company will provide advance notification to Participants if the Non-Voting
Shares will be acquired by way of Market Purchase or Treasury Purchase and if by
Treasury Purchase, any discount offered or any change in the rate of
discount.

     

    Participants
will not be charged any administrative fees or service charges that may be
incurred by the Plan Agent in order to acquire Non-Voting Shares for
Participants’ accounts.

     

    Dividends,
less any applicable withholding or non-resident taxes on Common Shares and
Non-Voting Shares enrolled in the Plan and optional cash payments will be
invested in full, which may result in the acquisition of fractions of a
Non-Voting Share for a Participant’s account under the Plan.  Shares
purchased under the Plan, including fractions calculated to six decimal places,
will be held by the Plan Agent in an account in the Participant's
name.

     

    Statements

     

    Plan
Shares held by the Plan Agent under the Plan will be registered in the name of
the Plan Agent and recorded in a separate account for each
Participant.  The Plan Agent will mail a statement quarterly to each
Participant approximately three weeks following any Investment
Date.  These statements are a Participant's continuing record of cash
dividends received, purchases and withdrawals made, and Common Shares, if any,
and Non-Voting Shares held by the Plan Agent in such Participant’s account under
the Plan.  These statements should be retained for income tax
purposes.  Income tax reporting information will be sent to
Participants annually as required by law.

     

    Certificates
for Plan Shares

     

    Share
certificates for Plan Shares will not be issued to a Participant unless
specifically requested.  This convenience protects against loss, theft
or destruction of share certificates, and reduces administrative
costs.  The number of Plan Shares credited to an account under the
Plan (less any Plan Shares delivered to, or sold on behalf of, the Participant)
will be shown on the Participant's quarterly statement.

     

    A
Participant may, upon prior written request to the Plan Agent, have share
certificates issued and registered in the Participant's name for any number of
whole Plan Shares held in his account under the Plan.  Any remaining
number of whole Plan Shares, and fractions thereof, will continue to be held in
the Participant's account under the Plan.

     

    Accounts
under the Plan are maintained in the names in which certificates of the
Participants were registered at the time they enrolled in the
Plan.  Consequently, certificates for whole Plan Shares issued on
request of a Participant will be similarly registered when issued.

     

    
      
         

      

      
         

        
          

        

      

      
         

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    Sale
of Plan Shares

     

    A
Participant who wishes to sell any number of whole Plan Shares held for that
Participant may request the Plan Agent to sell on such Participant’s behalf a
specified number of whole Plan Shares from the account of such
Participant.  When so requested by a Participant, the Plan Agent will
sell the specified number of whole Plan Shares on behalf of the Participant
through a stock broker designated by the Plan Agent, as soon as practicable
following receipt by the Plan Agent of the Participant's
instructions.  The
proceeds of such sale, less brokerage commissions, administrative fees and
applicable taxes, if any, will be paid to the Participant by the Plan
Agent.  Common Shares or Non-Voting Shares that are to be sold
for a Participant may be commingled with Common Shares or Non-Voting Shares
respectively of other Participants requesting a sale of Plan Shares, in which
case the proceeds to each Participant will be based on the average sale prices
and the average brokerage commissions of all Common Shares or Non-Voting Shares
so commingled.When a Participant withdraws, or requests the Plan Agent to sell
on behalf of such Participant, the balance of the Plan Shares held in the Plan
account for such Participant (except for any fractional Plan Share), the value
of the fraction will be calculated as set out for the treatment of fractional
shares on exiting from the Plan and paid out to the Participant in
cash.

     

    Exit
from the Plan

     

    A
Participant may exit at any time from the Plan by providing written notice to
the Plan Agent.  After the effective date of such exit, cash dividends
will be paid directly to the Participant.  If the notice is received
between a Dividend Record Date and the related Dividend Payment Date, the notice
will not be effective until after the corresponding cash dividend amount has
been reinvested under the Plan.

     

    Upon
exit from the Plan, a Participant may request the Plan Agent to either sell or
issue to the Participant certificates for all the whole Plan Shares held by the
Plan Agent for the Participant’s account.  The exiting Participant
will receive from the Plan Agent a cash payment for the total of (a) the value
of any unsold fractions of Plan Shares in the account for such Participant, (b)
any uninvested cash held for such Participant’s account and (c) if the Plan
Agent was requested to sell the Participant’s Plan Shares, the net proceeds of
the sale, if any, less any applicable withholding or non-resident taxes, fees
and commissions.  If the Participant requested certificates for the
whole Plan Shares held for such Participant’s account, the requested
certificates will accompany the payment.

     

    If
a sale of the Participant’s whole Plan Shares is required by the notice of exit,
or upon notice of termination of the Plan, such sale will be made by the Plan
Agent in the same manner as described above under the heading “Sale of Plan
Shares”.  With respect to any fraction of a Common Share or
Non-Voting Share, the Plan Agent will pay cash less any applicable withholding
or non-resident taxes, based on the market price of the Common Share or
Non-Voting Shares respectively at the time of sale of any remaining whole number
of Common Shares or Non-Voting Shares held in the account for such Participant
or, failing that, the market price of the Common Shares or Non-Voting Shares,
respectively, at the time the certificate is issued.

     
 

    
      
        
           

        

        
           

          
            

          

        

        
           

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    Termination
from the Plan

     

    Participation
in the Plan will be terminated upon receipt by the Plan Agent of a written
notice, satisfactory to the Plan Agent, of the death of a
Participant.  In such case, certificates for the number of whole Plan
Shares in account for such Participant under the Plan will be issued in the name
of the deceased Participant (or another name on receipt of appropriate direction
from the executor or administrator).  The Plan Agent will send such
certificates, together with a cash payment for any uninvested cash, uninvested
dividends on Plan Shares and the value of any fractions of Plan Shares, to the
representative of the deceased Participant.

     

    Participation
in the Plan may be terminated, at the option of the Company, if the number of
Non-Voting Shares purchased through the Plan by a Participant over a period of
twelve consecutive months does not exceed a certain minimum number of whole
Non-Voting Shares determined by the Company, at its discretion, from time to
time.  Initially, this minimum number is set at one whole Non-Voting
Share.  In the event that participation is terminated by the Company
for this reason, share certificates will be issued for all Plan Shares held in
the Participant's account, except for fractions thereof which will be paid to
the Participant in cash, calculated in same manner as set out for the treatment
of fractional shares on exiting from the Plan.

     

    In
the event that a Participant in the Plan becomes ineligible to participate in
the Plan (by change of status or otherwise), the participation of such
Participant will be terminated by the Plan Agent.  In this case, share
certificates for the number of whole Plan Shares held for the account of the
Participant will be issued in the name of the Participant and the Plan Agent
will send the certificates, together with a cash payment for any uninvested
cash, uninvested cash dividends less any withholding or non-resident taxes, on
Plan Shares and the value of any fractions of Plan Shares, to the
Participant.

     

    Participation
in the Plan may be terminated, at the option of the Company, at its sole
discretion, if the number of Shares registered for participation in the Plan by
any Participant fluctuates significantly around Dividend Record Dates on a
regular basis, reflecting an inappropriate use of the Plan.

     

    Voting
of Shares Held by the Plan Agent

     

    Voting
of all Common Shares, if any, and, when applicable, Non-Voting Shares (excluding
any fractions thereof) held in the Participant's account under the Plan will be
voted in accordance with each Participant's proxy.  Common Shares or
Non-Voting Shares for which a proxy is not received will not be
voted.

     

    Rights
Offerings

     

    In
the event the Company makes available to its holders of Common Shares and/or
Non-Voting Shares rights to subscribe for additional Common Shares and/or
Non-Voting Shares or other securities, rights certificates evidencing such
rights will be issued by the Company to each Participant for the number of
Common Shares and/or Non-Voting Shares, as the case may be, (excluding any
fractions thereof) held for the Participant ’s account under the Plan on the
record date of such rights issue.  Rights based on a fraction of a
Common Share and/or Non-Voting

    
 

    
      
         

      

      
         

        
          

        

      

      
         

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    Share
held for a Participant's account will be sold for such Participant by the Plan
Agent and the net proceeds will be invested on the next Investment
Date.

     

    Stock
Dividends and Stock Splits

     

    Any
Common Shares and/or Non-Voting Shares distributed pursuant to a stock dividend
on, or a stock split of, Common Shares and/or Non-Voting Shares respectively
held by the Plan Agent for a Participant under the Plan will be retained by the
Plan Agent and credited, net of any applicable withholding or non-resident
taxes, to the account of the Participant. Certificates for any Common Shares
and/or Non-Voting Shares resulting from a stock dividend on or a stock split of
Common Shares and/or Non-Voting Shares respectively held on the record date by a
Participant outside of the Plan will be mailed directly to the Participant in
the same manner as to shareholders who are not participating in the
Plan.

     

    Responsibilities
of the Company, the Plan Agent and Participants

     

    Neither
the Company nor the Plan Agent shall be liable for any act, or for any omission
to act, in connection with the operation of the Plan including, without
limitation, any claims of liability:

     

    
      	
              (a)

            	
              arising
      out of failure to terminate a Participant's account upon such
      Participant’s death prior to receipt of notice in writing of such
      death;

            
	 
      	 
      
	
              (b)

            	
              with
      respect to the prices at which Non-Voting Shares are issued or at which
      Common Shares or Non-Voting Shares are sold for the Participant’s account
      and the times such purchases or sales are made;

            
	 
      	 
      
	
              (c)

            	
              relating
      to the tax liability of the Participant, or any withholding or any
      non-resident taxes; or

            
	 
      	 
      
	
              (d)

            	
              actions
      taken as a result of inaccurate and incomplete information or
      instructions.

            

    

     

    Participants
should recognize that neither the Company nor the Plan Agent can assure a profit
or protect the Participant against a loss on the Plan Shares held for the
Participant under the Plan.

     

    Amendment,
Suspension or Termination of the Plan

     

    The
terms of this Plan are subject to compliance with all applicable laws,
regulations, rules, orders and policies of all judicial, administrative,
regulatory and government bodies having jurisdiction (collectively,
"Laws").  If any term of the Plan does not comply with any Laws, the
Company reserves the right to suspend, amend or terminate the Plan or any
portion thereof at any time and from time to time, without prior notice, on such
terms as the Company deems necessary to ensure compliance.  The Company
will give to Participants written notice of such amendment, suspension or
termination within a reasonable period of time.  

     

    In
addition, the Company reserves the right to amend,
or terminate the Plan at any time or suspend the Plan or any portion thereof at
any time and from time to time, but
any such action shall not have retroactive effect that would prejudice the
interests of the Participants.  All Participants will be sent written
notice of any such amendment, suspension or termination.

    
 

    
      
         

      

      
         

        
          

        

      

      
         

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    In
the event of termination of the Plan by the Company, certificates for Plan
Shares (excluding any fractions thereof) held for Participants’ accounts under
the Plan and all cash amounts, including but not limited to, net proceeds from
the sale of any fractions of Plan Shares, uninvested optional cash payments or
other moneys will be remitted to the Participants as soon as practicable by the
Plan Agent.  In the event of suspension of the Plan by the Company, no
investment will be made by the Plan Agent on the Investment Date immediately
following the effective date of such suspension.  Any cash held in a
Participant’s account which is not invested as of the effective date of such
suspension and dividends on Common Shares and Non-Voting Shares which are
subject to the Plan and which are paid after the effective date of such
suspension will be remitted by the Plan Agent to the Participants to whom these
are due.

     

     Administration of the
Plan

     

    The
Plan Agent acts as agent for the Participants in the Plan pursuant to an
agreement between the Plan Agent and the Company which may be terminated by
either party at any time, upon provision of reasonable notice to the other
party.  Should the Plan Agent cease to act as agent for Participants,
another Plan Agent will be designated by the Company.

     

    Notices

     

    All
notices, statements, cheques and share certificates will be mailed to a
Participant at the last address recorded in the Plan Agent’s
records.

     

    Notices,
declarations, requests and cheques from a Participant should be delivered or
mailed to the Plan Agent.

     

    Currency

     

    All
monetary amounts identified in the Plan are stated in Canadian
currency.

     

    Effective
Date of the Amended and Restated Plan

     

    This
Amended and Restated Plan is effective as of October 29, 2004.  The
first Investment Date under the Amended and Restated Plan is January 1,
2005.exhibit.htm

    

      Exhibit
10.3

       

      

       

      FIRST
AMENDED AND RESTATED BREITBURN ENERGY PARTNERS L.P.

       

      2006
LONG-TERM INCENTIVE PLAN

       

      

       

      SECTION
1.     Purpose of the
Plan.

       

      The First
Amended and Restated BreitBurn Energy Partners L.P. 2006 Long-Term Incentive
Plan (the “Plan”) has been adopted by BreitBurn GP, LLC, a Delaware limited
liability company (the “Company”), the general partner of BreitBurn Energy
Partners L.P., a Delaware limited partnership (the
“Partnership”).  The Plan is intended to promote the interests of the
Partnership and the Company by providing to Employees, Consultants and Directors
incentive compensation awards based on Units to encourage superior
performance.  The Plan is also contemplated to enhance the ability of
the Company and its Affiliates to attract and retain the services of individuals
who are essential for the growth and profitability of the Company, the
Partnership and their Affiliates and to encourage them to devote their best
efforts to advancing the business of the Company, the Partnership and their
Affiliates.  The Plan amends and restates in its entirety the
BreitBurn Energy Partners L.P. 2006 Long-Term Incentive Plan which was
originally adopted as of October 9, 2006 (the “Original Plan”).

       

      SECTION
2.     Definitions.

       

      As used
in the Plan, the following terms shall have the meanings set forth
below:

       

      “Affiliate”
means, with respect to any Person, any other Person that directly or indirectly
through one or more intermediaries controls, is controlled by or is under common
control with, the Person in question.  As used herein, the term
“control” means the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise.

       

      “Award”
means an Option, Unit Appreciation Right, Restricted Unit, Phantom Unit, an
Other Unit-Based Award, or a Unit Award granted under the Plan, and includes any
tandem DERs granted with respect to a Phantom Unit.

       

      “Award
Agreement” means the written or electronic agreement by which an Award shall be
evidenced.

       

      “Board”
means the Board of Directors of the Company.

       

      “Change
of Control” means, and shall be deemed to have occurred upon one or more of the
following events:

       

      (i)           any
“person” or “group” within the meaning of those terms as used in Sections 13(d)
and 14(d)(2) of the Exchange Act, other than an Affiliate of the Company, shall
become the beneficial owner, by way of merger, consolidation, recapitalization,
reorganization or otherwise, of 50% or more of the combined voting power of the
equity interests in BreitBurn Management Company, LLC, the Company or the
Partnership;

      
        
          
          

        

        
          1

          
            

          

        

        
          
          

        

      

       

      (ii)           the
limited partners of the Partnership approve, in one or a series of transactions,
a plan of complete liquidation of the Partnership;

       

      (iii)           the
sale or other disposition by either the Company or the Partnership of all or
substantially all of its assets in one or more transactions to any Person other
than the Company or an Affiliate of the Company;

       

      (iv)           a
transaction resulting in a Person other than the Company or an Affiliate of the
Company being the general partner of the Partnership; or

       

      (v)           except
with respect to Other Unit-Based Awards evidenced by “Performance Unit-Based
Award Agreements” which provide for the deferral of compensation and are subject
to Section 409A of the Code (“Section 409A Performance Unit-Based Awards”), any
time at which individuals who, as of October 29, 2009, constitute the board of
directors of the Company (the “Incumbent Board”) cease for any reason to
constitute at least a majority of the Board; provided, however, that any
individual becoming a director subsequent to October 29, 2009 whose election, or
nomination for election by the Partnership’s unitholders, was approved by a vote
of at least a majority of the directors then comprising the Incumbent Board will
be considered as though such individual were a member of the Incumbent Board,
but excluding, for this purpose, any such individual whose initial assumption of
office occurs as the result of an actual or threatened election contest with
respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the
Incumbent Board.

       

       

      Notwithstanding the foregoing, if a
Change of Control constitutes a payment event with respect to any
Award  which provides for the deferral of compensation and is subject
to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code),
then, to the extent required to comply with Section 409A, the transaction or
event described in clause (i), (ii), (iii), (iv) or (v) above with respect to
such Award must also constitute a “change of control event” as defined in the
Treasury Regulation §1.409A-3(i)(5).

       

      For the avoidance of doubt, clause (v)
of this definition shall not constitute a “Change of Control” for purposes of
any Section 409A Performance Unit-Based Award.

       

      “Committee”
means the Board, the Compensation Committee of the Board or such other committee
as may be appointed by the Board to administer the Plan.

       

      “Consultant”
means an individual who renders consulting services to the Company, the
Partnership or an Affiliate of either.

       

      “DER”
means a contingent right, granted in tandem with a specific Phantom Unit, to
receive with respect to each Phantom Unit subject to the Award an amount in
cash, Units and/or Phantom Units equal in value to the distributions made by the
Partnership with respect to a Unit during the period such Award is
outstanding.

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

      “Director”
means a member of the board of directors of the Company, the Partnership or an
Affiliate who is not an Employee or a Consultant (other than in that
individual’s capacity as a Director).

       

      “Employee”
means an employee of the Company or an Affiliate of the Company.

       

      “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

       

      “Fair
Market Value” means the closing sales price of a Unit on the principal national
securities exchange or other market in which trading in Units occurs on the
applicable date (or, if there is no trading in the Units on such date, on the
next preceding date on which there was trading) as reported in The Wall Street Journal (or
other reporting service approved by the Committee).  If Units are not
traded on a national securities exchange or other market at the time a
determination of fair market value is required to be made hereunder, the
determination of fair market value shall be made in good faith by the
Committee.

       

      “Option”
means an option to purchase Units granted under the Plan.

       

      “Other
Unit-Based Award” means an award granted pursuant to Section 6(d) of the
Plan.

       

      “Participant”
means an Employee, Consultant or Director granted an Award under the
Plan.

       

      “Partnership
Agreement” means the Agreement of Limited Partnership of the Partnership, as it
may be amended or amended and restated from time to time.

       

      “Person”
means an individual or a corporation, limited liability company, partnership,
joint venture, trust, unincorporated organization, association, governmental
agency or political subdivision thereof or other entity.

       

      “Phantom
Unit” means a notional unit granted under the Plan that upon vesting entitles
the Participant to receive a Unit or an amount of cash equal to the Fair Market
Value of a Unit, as determined by the Committee in its discretion.

       

      “Restricted
Period” means the period established by the Committee with respect to an Award
during which the Award remains subject to forfeiture and is either not
exercisable by or payable to the Participant, as the case may be.

       

      “Restricted
Unit” means a Unit granted under the Plan that is subject to a Restricted
Period.

       

      “Rule
16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act or any
successor rule or regulation thereto as in effect from time to
time.

       

      “SEC”
means the Securities and Exchange Commission, or any successor
thereto.

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

      “UDR”
means a distribution made by the Partnership with respect to a Restricted
Unit.

       

      “Unit”
means a Common Unit of the Partnership.

       

      “Unit
Appreciation Right” or UAR” means a contingent right that entitles the holder to
receive the excess of the Fair Market Value of a Unit on the exercise date of
the UAR over the exercise price of the UAR.

       

      “Unit
Award” means a grant of a Unit that is not subject to a Restricted
Period.

       

      SECTION
3.     Administration.

       

      The Plan
shall be administered by the Committee.  A majority of the Committee
shall constitute a quorum, and the acts of the members of the Committee who are
present at any meeting thereof at which a quorum is present, or acts unanimously
approved by the members of the Committee in writing, shall be the acts of the
Committee.  Subject to the terms of the Plan and applicable law, and
in addition to other express powers and authorizations conferred on the
Committee by the Plan, the Committee shall have full power and authority to: (i)
designate Participants; (ii) determine the type or types of Awards to be granted
to a Participant; (iii) determine the number of Units to be covered by Awards;
(iv) determine the terms and conditions of any Award; (v) determine whether, to
what extent, and under what circumstances Awards may be settled, exercised,
canceled, or forfeited; (vi) interpret and administer the Plan and any
instrument or agreement relating to an Award made under the Plan; (vii)
establish, amend, suspend, or waive such rules and regulations and appoint such
agents as it shall deem appropriate for the proper administration of the Plan;
and (viii) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the
Plan.  The Committee may correct any defect or supply any omission or
reconcile any inconsistency in the Plan or an Award Agreement in such manner and
to such extent as the Committee deems necessary or
appropriate.  Unless otherwise expressly provided in the Plan, all
designations, determinations, interpretations, and other decisions under or with
respect to the Plan or any Award shall be within the sole discretion of the
Committee, may be made at any time and shall be final, conclusive, and binding
upon all Persons, including the Company, the General Partner, the Partnership,
any Affiliate, any Participant, and any beneficiary of any Award.

       

      SECTION
4.     Units.

       

      (a)           Limits on Units
Deliverable.  Subject to adjustment as provided in Section
4(c), the number of Units that may be delivered with respect to Awards under the
Plan is 10% of the outstanding number of Common Units on December 26,
2007.  Units withheld from an Award to either satisfy the Company’s or
an Affiliate’s tax withholding obligations with respect to the Award or pay the
exercise price of an Award shall not be considered to be Units delivered under
the Plan for this purpose.  If any Award is forfeited, cancelled,
exercised, paid, or otherwise terminates or expires without the actual delivery
of Units pursuant to such Award (the grant of Restricted Units is not a delivery
of Units for this purpose), the Units subject to such Award shall again be
available for Awards under the Plan.  There shall not be any
limitation on the number of Awards that may be paid in cash.

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

      

      (b)           Sources of Units Deliverable
Under Awards.  Any Units delivered pursuant to an Award shall
consist, in whole or in part, of Units acquired in the open market, from any
Affiliate, the Partnership or any other Person, or any combination of the
foregoing, as determined by the Committee in its discretion.

       

      (c)           Anti-dilution
Adjustments.  With respect to any “equity restructuring” event
that could result in an additional compensation expense to the Company or the
Partnership pursuant to the provisions of FAS 123R if adjustments to Awards with
respect to such event were discretionary, the Committee shall equitably adjust
the number and type of Units covered by each outstanding Award and the terms and
conditions, including the exercise price and performance criteria (if any), of
such Award to equitably reflect such restructuring event and shall adjust the
number and type of Units (or other securities or property) with respect to which
Awards may be granted after such event.  With respect to any other
similar event that would not result in a FAS 123R accounting charge if the
adjustment to Awards with respect to such event were subject to discretionary
action, the Committee shall have complete discretion to adjust Awards in such
manner as it deems appropriate with respect to such other event.

       

      (d)           Manageco
Awards.  With respect to any award granted to an individual by
BreitBurn Energy Company L.P. or an affiliate thereof prior to the effective
date of the Original Plan, which award is pursuant to a plan or an arrangement
that was assumed by BreitBurn Management Company LLC (“Manageco”) on or prior to
the effective date of the Original Plan (an “Assumed Award”), to the extent such
Assumed Award is paid or settled in Units either issued by the Partnership or
with respect to which the Partnership reimburses Manageco or the Company for the
cost of obtaining such Units, then such Units shall be deemed delivered pursuant
to this Plan for purposes of determining the total number of Units that may be
delivered under Plan Section 4(a).

       

      SECTION
5.     Eligibility.

       

      Any
Employee, Consultant or Director shall be eligible to be designated a
Participant by the Committee and receive an Award under the Plan.

       

      SECTION
6.     Awards.

       

      (a)           Options and
UARs.  The Committee shall have the authority to determine the
Employees, Consultants and Directors to whom Options and/or UARs shall be
granted, the number of Units to be covered by each Option or UAR, the exercise
price therefor, the Restricted Period and other conditions and limitations
applicable to the exercise of the Option or UAR, including the following terms
and conditions and such additional terms and conditions, as the Committee shall
determine, that are not inconsistent with the provisions of the
Plan.

       

      (i)           Exercise
Price.  The exercise price per Unit purchasable under an Option
or subject to a UAR shall be determined by the Committee at the time the Option
or UAR is granted but may not be less than the Fair Market Value of a Unit as of
the date of grant of the Option or UAR.

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

      (ii)           Time and Method of
Exercise.  The Committee shall determine the exercise terms and
the Restricted Period with respect to an Option or UAR grant, which may include,
without limitation, a provision for accelerated vesting upon the achievement of
specified performance goals or other events, and the method or methods by which
payment of the exercise price with respect to an Option may be made or deemed to
have been made, which may include, without limitation, cash, check acceptable to
the Company, withholding Units from the Award, a “cashless-broker” exercise
through procedures approved by the Company, or any combination of the above
methods, having a Fair Market Value on the exercise date equal to the relevant
exercise price.

       

      (iii)           Forfeitures.  Except
as otherwise provided in the terms of the Option or UAR grant, upon termination
of a Participant’s employment with or consulting services to the Company and its
Affiliates or membership on the Board, whichever is applicable, for any reason
during the applicable Restricted Period, all unvested Options and UARs shall be
forfeited by the Participant.  The Committee may, in its discretion,
waive in whole or in part such forfeiture with respect to a Participant’s
Options or UARs.

       

      (b)           Restricted Units and Phantom
Units.  The Committee shall have the authority to determine the
Employees, Consultants and Directors to whom Restricted Units and Phantom Units
shall be granted, the number of Restricted Units or Phantom Units to be granted
to each such Participant, the Restricted Period, the conditions under which the
Restricted Units or Phantom Units may become vested or forfeited and such other
terms and conditions as the Committee may establish with respect to such
Awards.

       

      (i)           DERs.  To
the extent provided by the Committee, in its discretion, a grant of Phantom
Units may include a tandem DER grant, which may provide that such DERs shall be
paid directly to the Participant, be credited to a bookkeeping account (with or
without interest in the discretion of the Committee), be “reinvested” in
Restricted Units or additional Phantom Units and be subject to the same or
different vesting restrictions as the tandem Phantom Unit Award, or be subject
to such other provisions or restrictions as determined by the Committee in its
discretion.  Absent a contrary provision in the grant agreement, upon
a distribution with respect to a Unit, DERs equal in value to such distribution
shall be paid promptly to the Participant in cash without vesting
restrictions.

       

      (ii)           UDRs.  To
the extent provided by the Committee, in its discretion, a grant of Restricted
Units may provide that the distributions made by the Partnership with respect to
the Restricted Units shall be subject to the same forfeiture and other
restrictions as the Restricted Unit and, if restricted, such distributions shall
be held, without interest, until the Restricted Unit vests or is forfeited with
the UDR being paid or forfeited at the same time, as the case may
be.  In addition, the Committee may provide that such distributions be
used to acquire additional Restricted Units for the Participant.  Such
additional Restricted Units may be subject to such vesting and other terms as
the Committee may proscribe.  Absent such a restriction on the UDRs in
the grant agreement, UDRs shall be paid promptly to the holder of the Restricted
Unit without vesting restrictions.

       

      (iii)           Forfeitures.  Except
as otherwise provided in the terms of the Restricted Units or Phantom Units
grant agreement, upon termination of a Participant’s employment with or
consulting services to the Company and its Affiliates or membership on the
Board, whichever is applicable, for any reason during the applicable Restricted
Period, all outstanding, unvested Restricted Units and Phantom Units awarded the
Participant shall be automatically forfeited on such termination.  The
Committee may, in its discretion, waive in whole or in part such forfeiture with
respect to a Participant’s Restricted Units and/or Phantom Units.

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

      (iv)           Lapse of
Restrictions.

       

      (A)           Phantom
Units.  Upon or as soon as reasonably practical following the
vesting of each Phantom Unit, subject to the provisions of Section 8(b), the
Participant shall be entitled to receive from the Company one Unit or cash equal
to the Fair Market Value of a Unit, as determined by the Committee in its
discretion.

       

      (B)           Restricted
Units.  Upon or as soon as reasonably practical following the
vesting of each Restricted Unit, subject to satisfying the tax withholding
obligations of Section 8(b), the Participant shall be entitled to have the
restrictions removed from his or her Unit certificate so that the Participant
then holds an unrestricted Unit.

       

      (c)           Unit
Awards.  Unit Awards may be granted under the Plan to such
Employees, Consultants and/or Directors and in such amounts as the Committee, in
its discretion, may select.

       

      (d)           Other Unit-Based
Awards.  Other Unit-Based Awards may be granted under the Plan
to such Employees, Consultants and/or Directors as the Committee, in its
discretion, may select.  An Other Unit-Based Award shall be an award
denominated or payable in, valued in or otherwise based on or related to Units,
in whole or in part.  The Committee shall determine the terms and
conditions of any such Other Unit-Based Award.  Upon vesting, an Other
Unit-Based Award may be paid in cash, Common Units (including Restricted Units)
or any combination thereof as provided in the Award Agreement.

       

      (e)           General.

       

      (i)           Awards May Be Granted
Separately or Together.  Awards may, in the discretion of the
Committee, be granted either alone or in addition to, in tandem with, or in
substitution for any other Award granted under the Plan or any award granted
under any other plan of the Company or any Affiliate.  Awards granted
in addition to or in tandem with other Awards or awards granted under any other
plan of the Company or any Affiliate may be granted either at the same time as
or at a different time from the grant of such other Awards or
awards.

       

      (ii)           Limits on Transfer of
Awards.

       

      (A)           Except
as provided in Paragraph (C) below, each Option and Unit Appreciation Right
shall be exercisable only by the Participant during the Participant’s lifetime,
or by the person to whom the Participant’s rights shall pass by will or the laws
of descent and distribution.

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

      (B)           Except
as provided in Paragraph (C) below, no Award and no right under any such Award
may be assigned, alienated, pledged, attached, sold or otherwise transferred or
encumbered by a Participant and any such purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance shall be void and
unenforceable against the Company, the Partnership or any
Affiliate.

       

      (C)           To
the extent specifically provided by the Committee with respect to an Option or
Unit Appreciation Right, an Option or Unit Appreciation Right may be transferred
by a Participant without consideration to immediate family members or related
family trusts, limited partnerships or similar entities or on such terms and
conditions as the Committee may from time to time establish.

       

      (iii)           Term of
Awards.  The term of each Award shall be for such period as may
be determined by the Committee.

       

      (iv)           Unit
Certificates.  All certificates for Units or other securities
of the Partnership delivered under the Plan pursuant to any Award or the
exercise thereof shall be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the Plan or the rules,
regulations, and other requirements of the SEC, any stock exchange upon which
such Units or other securities are then listed, and any applicable federal or
state laws, and the Committee may cause a legend or legends to be inscribed on
any such certificates to make appropriate reference to such
restrictions.

       

      (v)           Consideration for
Grants.  Awards may be granted for such consideration,
including services, as the Committee shall determine.

       

      (vi)           Delivery of Units or other
Securities and Payment by Participant of
Consideration.  Notwithstanding anything in the Plan or any
grant agreement to the contrary, delivery of Units pursuant to the exercise or
vesting of an Award may be deferred for any period during which, in the good
faith determination of the Committee, the Company is not reasonably able to
obtain Units to deliver pursuant to such Award without violating applicable law
or the applicable rules or regulations of any governmental agency or authority
or securities exchange.  No Units or other securities shall be
delivered pursuant to any Award until payment in full of any amount required to
be paid pursuant to the Plan or the applicable Award grant agreement (including,
without limitation, any exercise price or tax withholding) is received by the
Company.

       

      SECTION
7.     Amendment and
Termination.

       

      Except to
the extent prohibited by applicable law:

       

      (a)           Amendments to the
Plan.  Except as required by the rules of the principal
securities exchange on which the Units are traded and subject to Section 7(b)
below, the Board or the Committee may amend, alter, suspend, discontinue, or
terminate the Plan in any manner, including increasing the number of Units
available for Awards under the Plan, without the consent of any partner,
Participant, other holder or beneficiary of an Award, or any other
Person.

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

      (b)           Amendments to
Awards.  Subject to Section 7(a), the Committee may waive any
conditions or rights under, amend any terms of, or alter any Award theretofore
granted, provided no change, other than pursuant to Section 7(c), in any Award
shall materially reduce the rights or benefits of a Participant with respect to
an Award without the consent of such Participant.

       

      (c)           Actions Upon the Occurrence
of Certain Events.  Upon the occurrence of a Change of Control,
any change in applicable law or regulation affecting the Plan or Awards
thereunder, or any change in accounting principles affecting the financial
statements of the Partnership, the Committee, in its sole discretion, without
the consent of any Participant or holder of the Award, and on such terms and
conditions as it deems appropriate, may take any one or more of the following
actions in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan or an outstanding
Award:

       

      (A)           provide
for either (i) the termination of any Award in exchange for an amount of cash,
if any, equal to the amount that would have been attained upon the exercise of
such Award or realization of the Participant’s rights (and, for the avoidance of
doubt, if as of the date of the occurrence of such transaction or event the
Committee determines in good faith that no amount would have been attained upon
the exercise of such Award or realization of the Participant’s rights, then such
Award may be terminated by the Company without payment) or (ii) the replacement
of such Award with other rights or property selected by the Committee in its
sole discretion;

       

      (B)           provide
that such Award be assumed by the successor or survivor entity, or a parent or
subsidiary thereof, or be exchanged for similar options, rights or awards
covering the equity of the successor or survivor, or a parent or subsidiary
thereof, with appropriate adjustments as to the number and kind of equity
interests and prices;

       

      (C)           make
adjustments in the number and type of Units (or other securities or property)
subject to outstanding Awards, and in the number and kind of outstanding Awards
or in the terms and conditions of (including the exercise price), and the
vesting  and performance criteria included in, outstanding Awards, or
both;

       

      (D)           provide
that such Award shall be exercisable or payable, notwithstanding anything to the
contrary in the Plan or the applicable Award Agreement; and

       

      (E)           provide
that the Award cannot be exercised or become payable after such event, i.e., shall terminate upon
such event.

       

      Notwithstanding
the foregoing, with respect to an above event that is an “equity restructuring”
event that would be subject to a compensation expense pursuant FAS 123R,
the provisions in Section 4c shall control to the extent they are in conflict
with the discretionary provisions of this Section 7.

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

      SECTION
8.     General
Provisions.

       

      (a)           No Rights to
Award.  No Person shall have any claim to be granted any Award
under the Plan, and there is no obligation for uniformity of treatment of
Participants.  The terms and conditions of Awards need not be the same
with respect to each recipient.

       

      (b)           Tax
Withholding.  Unless other arrangements have been made that are
acceptable to the Company, the Company or any Affiliate is authorized to
withhold from any Award, from any payment due or transfer made under any Award
or from any compensation or other amount owing to a Participant the amount (in
cash, Units, Units that would otherwise be issued pursuant to such Award or
other property) of any applicable taxes payable in respect of the grant of an
Award, its exercise, the lapse of restrictions thereon, or any payment or
transfer under an Award or under the Plan and to take such other action as may
be necessary in the opinion of the Company to satisfy its withholding
obligations for the payment of such taxes.

       

      (c)           No Right to Employment or
Services.  The grant of an Award shall not be construed as
giving a Participant the right to be retained in the employ of the Company or
any Affiliate, continue consulting services or to remain on the Board, as
applicable.  Furthermore, the Company or an Affiliate may at any time
dismiss a Participant from employment or consulting free from any liability or
any claim under the Plan, unless otherwise expressly provided in the Plan, any
Award agreement or other agreement.

       

      (d)           Governing
Law.  The validity, construction, and effect of the Plan and
any rules and regulations relating to the Plan shall be determined in accordance
with the laws of the State of Delaware without regard to its conflicts of laws
principles.

       

      (e)           Severability.  If
any provision of the Plan or any Award is or becomes or is deemed to be invalid,
illegal, or unenforceable in any jurisdiction or as to any Person or Award, or
would disqualify the Plan or any Award under any law deemed applicable by the
Compensation Committee, such provision shall be construed or deemed amended to
conform to the applicable law or, if it cannot be construed or deemed amended
without, in the determination of the Committee, materially altering the intent
of the Plan or the Award, such provision shall be stricken as to such
jurisdiction, Person or Award and the remainder of the Plan and any such Award
shall remain in full force and effect.

       

      (f)           Other
Laws.  The Committee may refuse to issue or transfer any Units
or other consideration under an Award if, in its sole discretion, it determines
that the issuance or transfer of such Units or such other consideration might
violate any applicable law or regulation, the rules of the principal securities
exchange on which the Units are then traded, or entitle the Partnership or an
Affiliate to recover the same under Section 16(b) of the Exchange Act, and any
payment tendered to the Company by a Participant, other holder or beneficiary in
connection with the exercise of such Award shall be promptly refunded to the
relevant Participant, holder or beneficiary.

      
        
          
          

        

        
          10

          
            

          

        

        
          
          

        

      

       

      (g)           No Trust or Fund
Created.  Neither the Plan nor any Award shall create or be
construed to create a trust or separate fund of any kind or a fiduciary
relationship between the Company or any participating Affiliate and a
Participant or any other Person.  To the extent that any Person
acquires a right to receive payments from the Company or any participating
Affiliate pursuant to an Award, such right shall be no greater than the right of
any general unsecured creditor of the Company or any participating
Affiliate.

       

      (h)           No Fractional
Units.  No fractional Units shall be issued or delivered
pursuant to the Plan or any Award, and the Committee shall determine whether
cash, other securities, or other property shall be paid or transferred in lieu
of any fractional Units or whether such fractional Units or any rights thereto
shall be canceled, terminated, or otherwise eliminated.

       

      (i)           Headings.  Headings
are given to the Sections and subsections of the Plan solely as a convenience to
facilitate reference.  Such headings shall not be deemed in any way
material or relevant to the construction or interpretation of the Plan or any
provision thereof.

       

      (j)           Facility
Payment.  Any amounts payable hereunder to any person under
legal disability or who, in the judgment of the Committee, is unable to manage
properly his financial affairs, may be paid to the legal representative of such
person, or may be applied for the benefit of such person in any manner that the
Committee may select, and the Company shall be relieved of any further liability
for payment of such amounts.

       

      (k)           Participation by
Affiliates.  In making Awards to Employees employed by an
entity other than the Company, the Committee shall be acting on behalf of the
Affiliate, and to the extent the Partnership has an obligation to reimburse the
Company for compensation paid for services rendered for the benefit of the
Partnership, such payments or reimbursement payments may be made by the
Partnership directly to the Affiliate, and, if made to the Company, shall be
received by the Company as agent for the Affiliate.

       

      (l)           Gender and
Number.  Words in the masculine gender shall include the
feminine gender, the plural shall include the singular and the singular shall
include the plural.

       

      (m)           Compliance with Section
409A.  Nothing in the Plan or any Award Agreement shall operate
or be construed to cause the Plan or an Award to fail to comply with the
requirements of Section 409A of the Internal Revenue Code.  The
applicable provisions of Section 409A and the regulations thereunder are hereby
incorporated by reference and shall control over any Plan or Award Agreement
provision in conflict therewith.

       

      SECTION
9.     Term of the
Plan.

       

      The Plan,
as amended and restated, shall be effective on October 29, 2009.  The
Plan shall continue until the earliest of (i) the date terminated by the Board,
(ii) all Units available under the Plan have been paid to Participants, or (iii)
the 10th anniversary of the date on which the Original Plan was approved by the
general partner of the Partnership.  However, any Award granted prior
to such termination, and the authority of the Board or the Committee to amend,
alter, adjust, suspend, discontinue, or terminate any such Award or to waive any
conditions or rights under such Award, shall extend beyond such termination
date.

       
11

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