Document:

EX-10.2

 Exhibit 10.2 
 CONTRIBUTION, CONVEYANCE AND ASSUMPTION AGREEMENT 
 This CONTRIBUTION,
CONVEYANCE AND ASSUMPTION AGREEMENT, dated as of [            ], 2013 (this “Agreement”), is by and among PHILLIPS 66 PARTNERS LP, a Delaware limited partnership (the
“Partnership”), PHILLIPS 66 PARTNERS GP LLC, a Delaware limited liability company and the general partner of the Partnership (the “General Partner”), PHILLIPS 66 PARTNERS HOLDINGS LLC, a Delaware limited liability
company ( “Holdings”), 66 PIPELINE LLC, a Delaware limited liability company (“66 Pipeline”), PHILLIPS 66 COMPANY, a Delaware corporation (“Phillips 66 Company”), PHILLIPS TEXAS PIPELINE COMPANY,
LTD., a Texas limited partnership (“Phillips Texas Pipeline”), PHILLIPS 66 CARRIER LLC, a Delaware limited liability company (“Carrier”) and PHILLIPS 66 PIPELINE LLC, a Delaware limited liability company
(“Phillips 66 Pipeline”) (each, a “Party” and collectively, the “Parties”). 

RECITALS 
 WHEREAS, the General Partner and Phillips 66 Company have caused the formation of the Partnership, pursuant to the Delaware Revised Uniform Limited Partnership Act (as amended from time to time,
the “Delaware Partnership Act”), for the purpose of owning, operating, developing and acquiring primarily fee-based crude oil, refined petroleum product and natural gas liquids pipelines and terminals and other transportation and
midstream assets, as well as engaging in any other business activity that is approved by the General Partner and that lawfully may be conducted by a limited partnership organized under the Delaware Partnership Act. 

WHEREAS, in order to accomplish the objectives and purposes in the preceding recital, each of the following actions has been taken
prior to the date hereof: 
 1. 66 Pipeline filed a certificate of conversion under the Delaware Limited Liability Company Act
(as amended from time to time, the “Delaware LLC Act”) and converted from a Delaware corporation named “66 Pipe Line Company” to a Delaware limited liability company; 

2. Phillips 66 Company formed the General Partner under the Delaware LLC Act and contributed $1,000 in exchange for all of the limited
liability company interests in the General Partner; 
 3. Phillips 66 Company, as the limited partner, and the General Partner,
as the general partner, formed the Partnership under the Delaware Partnership Act and contributed $980 and $20, respectively, in exchange for a 98% limited partner interest (the “Initial LP Interest”) and a 2% general partner
interest, respectively, in the Partnership; 
 4. Phillips Texas Pipeline formed Carrier under the Delaware LLC Act and
contributed $1,000 in exchange for all of the limited liability company interests in Carrier; 
 5. Phillips Texas Pipeline
formed Holdings under the Delaware LLC Act and contributed $1,000 in exchange for all of the limited liability company interests in Holdings; 

  

 6. On or prior to June 1, 2013, pursuant to the contribution, conveyance and assumption
documents set forth on Exhibit A (the “Conveyance Documents”), each of the following were consummated: 
  

	 	(a)	Phillips Texas Pipeline conveyed to Carrier, as a capital contribution, (i) its interest in all pipe and equipment and a majority of existing third party
rights-of-way related to that certain pipeline referred to as the “Sweeny to Pasadena pipeline,” (ii) four of the five parcels of land held in fee by Phillips Texas Pipeline at that certain refined petroleum product terminal located
in Pasadena, Texas (together with the assets described in 6(d)(iii) and (iv) below, the “Pasadena Terminal”) and (iii) one parcel of land held in fee at the Sweeny Refinery owned by Phillips 66 Company;

  

	 	(b)	Phillips Texas Pipeline distributed (i) to 66 Pipeline, a 99% limited liability company interest in each of Holdings and Carrier and (ii) to Phillips 66
Pipeline, a 1% limited liability company interest in each of Holdings and Carrier, and 66 Pipeline and Phillips 66 Pipeline were each admitted as a member of each of Holdings and Carrier; 

 

	 	(c)	66 Pipeline distributed to Phillips 66 Pipeline (i) all of its 99% limited liability company interest in Holdings and (ii) all of its 99% limited liability
company interest in Carrier; 

  

	 	(d)	Phillips 66 Pipeline conveyed to Carrier, as a capital contribution, each of the following: 

 

	 	(i)	(A) all pipe and equipment and all existing third-party rights-of-way in that certain Wood River to Hartford refined petroleum products pipeline and that certain
Hartford to Explorer refined petroleum products pipeline (collectively, the “Hartford Connector Pipelines”) and the refined petroleum products terminal and storage system located in Hartford, Illinois (the “Hartford
Terminal” and, together with the Hartford Connector Pipelines, the “Hartford Connector Products System”); (B) all third-party contracts related to the Hartford Connector Products System; and (C) all equipment,
supplies and inventories of spare parts related to the Hartford Connector Products System; 

  

	 	(ii)	(A) all pipe and existing third-party rights-of-way in that certain Clifton Ridge to Lake Charles 20-inch crude oil pipeline; (B) all pipe and existing third-party
rights-of-way in that certain Shell to Clifton Ridge crude oil pipeline; (C) all pipe and existing third-party rights-of-way in that certain Pecan Grove to Clifton Ridge crude oil pipeline (together with the pipelines described in clauses
(ii)(A) and (B), the “Clifton Ridge Crude Pipeline System”); (D) all third-party contracts related to the Clifton Ridge Crude Pipeline System; and (E) all equipment, supplies and inventories of spare parts related to the
Clifton Ridge Pipeline System; 

  

	 	(iii)	(A) all third-party contracts related to the assets comprising the Pasadena Terminal and (B) all equipment, supplies and inventories of spare parts related to the
Pasadena Terminal; and 

  
 2 

	 	(iv)	(A) one tract of land held in fee at the Hartford Terminal and (B) one tract of land held in fee at the Pasadena Terminal. 

 

	 	(e)	Phillips 66 Pipeline conveyed to Holdings, as a capital contribution, (i) all third-party contracts related to the assets comprising that certain crude oil
terminal located on the Calcasieu River approximately ten miles from Phillips 66 Company’s Lake Charles Refinery (the “Clifton Ridge Terminal”) and the assets comprising that certain crude oil terminal, including a barge
dock and related assets, located adjacent to the Clifton Ridge Terminal (the “Pecan Grove Terminal”) and (ii) all equipment, supplies and inventories of spare parts related to the Clifton Ridge Terminal and Pecan Grove
Terminal; 

  

	 	(f)	Phillips 66 Pipeline distributed to Phillips 66 Company 100% of the limited liability company interests in each of Holdings and Carrier, and Phillips 66 Company was
admitted as a member of each of Holdings and Carrier; 

  

	 	(g)	Phillips 66 Company conveyed to Holdings, as a capital contribution, the Clifton Ridge Terminal and the Pecan Grove Terminal, other than certain parcels of land on
which Phillips 66 Company’s Sulphur lubricants facility is located and a certain right-of-way for a related lubricants pipeline; 

  

	 	(h)	Phillips 66 Company conveyed to Carrier, as a capital contribution, (A) the remainder of the existing third-party rights-of-way in the pipeline corridor related to
the Sweeny to Pasadena pipeline; (B) the remainder of the existing third-party rights-of-way in the pipeline corridor related to the Clifton Ridge to Lake Charles 20-inch crude oil pipeline; (C) certain fee property in the pipeline
corridor related to the Sweeny to Pasadena pipeline; (D) all pipeline and existing third-party rights-of-way extending from the barge dock at the Hartford Terminal to the other assets at the Hartford Terminal; and (E) all parcels of land
held in fee by Phillips 66 Company at the Hartford Terminal, other than certain parcels of land on which Phillips 66 Company’s Hartford lubricants facility is located; 

 

	 	(i)	Phillips 66 Company conveyed to Holdings, as a capital contribution, 100% of the limited liability company interests in Carrier, and Holdings was admitted as a member
of Carrier; 

 7. Effective as of June 1, 2013, (a) pursuant to that certain Right of Way Agreement,
dated as of May 31, 2013, by and between WRB Refining LP, a Delaware limited partnership (“WRB Refining”), and Carrier, WRB Refining granted to Carrier an easement for the Wood River to Hartford refined petroleum products
pipeline and (b) pursuant to that certain Partial Assignment and Assumption and Bill of Sale Agreement, dated as of [            ], 2013, by and between WRB Refining and Carrier, WRB
Refining assigned to Carrier an easement for the Hartford Connector Products System; 
 8. Effective as of June 7, 2013,
the Partnership, as borrower, and Holdings, as initial guarantor, entered into a $250 million senior unsecured revolving credit facility with RBS Securities Inc., as a joint lead arranger, JPMorgan Chase Bank, N.A., as the administrative agent, and
several other commercial lending institutions in certain other roles and as lenders and letter of credit issuing banks; and 

  
 3 

 9. On [            ], 2013,
Phillips 66 Company contributed $[3.0] million to Holdings, as a capital contribution, and Holdings contributed $[0.3] million to Carrier, as a capital contribution, in each case for the prepayment of certain projects to be completed by Holdings and
Carrier, respectively, as contemplated in Article VIII of the Omnibus Agreement. 
 WHEREAS, concurrently with the
consummation of the transactions contemplated hereby, each of the matters provided for in Article II will occur in accordance with its respective terms; 
 WHEREAS, if the Over-Allotment Option (as defined herein) is exercised, each of the matters provided for in Article III will occur in accordance with its respective terms; and 

WHEREAS, the stockholders, members or partners of the Parties have taken or caused to be taken all corporate, limited liability
company and partnership action, as the case may be, required to approve the transactions contemplated by this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants, representations, warranties and agreements herein contained, the parties
hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Capitalized terms used but not otherwise defined herein shall
have the respective meanings ascribed to such terms below: 
 “Closing Date” means the date on which the
closing of the purchase and sale of Common Units to the Underwriters pursuant to the Underwriting Agreement occurs. 

“Closing Time” means the time on the Closing Date at which the closing of the purchase and sale of Common Units to the
Underwriters pursuant to the Underwriting Agreement occurs. 
 “Common Unit” means a common unit representing a
limited partner interest in the Partnership having the rights set forth in the Partnership Agreement. 
 “Company
Group” means Phillips 66 Company, 66 Pipeline, Phillips Texas Pipeline, and Phillips 66 Pipeline. 
 “Effective
Time” means 12:01 a.m. Eastern Time on the Closing Date. 
 “General Partner Unit” means a general
partner unit representing a fractional part of the general partner interest in the Partnership having the rights set forth in the Partnership Agreement. 

  
 4 

 “Offering” means the initial public offering of the Partnership’s
Common Units pursuant to the Registration Statement. 
 “Omnibus Agreement” means that certain Omnibus
Agreement, dated as of the Closing Date, among Phillips 66 Company, Phillips 66 Pipeline, the General Partner and the Partnership, as such agreement may be amended, supplemented or restated from time to time. 

“Option Period” means the period from the Closing Date to the date that is thirty days after the Closing Date.

 “Option Units” has the meaning set forth in Article III. 

“Original Partnership Agreement” means that certain Agreement of Limited Partnership of the Partnership, dated as of
February 21, 2013. 
 “Over-Allotment Option” has the meaning assigned to it in the Partnership Agreement.

 “Partnership Agreement” means the First Amended and Restated Agreement of Limited Partnership of the
Partnership, dated as of the Closing Date. 
 “Partnership Group” means the Partnership, the General Partner,
Holdings and Carrier. 
 “Registration Statement” means the Registration Statement on Form S-1 filed with the
United States Securities and Exchange Commission (Registration No. 333-187582), as amended. 
 “Subordinated
Unit” means a subordinated unit representing a limited partner interest in the Partnership having the rights set forth in the Partnership Agreement. 
 “Underwriters” means the members of the underwriting syndicate listed in the Underwriting Agreement. 
 “Underwriting Agreement” means the firm commitment underwriting agreement entered into by and among the Partnership and the underwriters named in the Registration Statement with respect
to the Offering. 
 ARTICLE II 
 CONTRIBUTIONS, ACKNOWLEDGMENTS AND DISTRIBUTIONS 
 Each of the following
transactions set forth in Sections 2.1 through 2.4 shall be completed as of the Effective Time in the order set forth herein: 
 2.1 Execution of the Partnership Agreement. The General Partner and Phillips 66 Company, as the organizational limited partner, shall amend and restate the Original Partnership Agreement by
executing the Partnership Agreement in substantially the form included in Appendix A to the Registration Statement, with such changes as the General Partner and Phillips 66 Company may agree. 

  
 5 

 2.2 Contribution of the Holdings Interest to the General Partner. Phillips 66
Company hereby grants, contributes, bargains, conveys, assigns, transfers, sets over and delivers to the General Partner a portion of its limited liability company interests in Holdings with a value equal to 2% of the equity value of the Partnership
immediately after the Closing (the “Holdings Interest”), and the General Partner hereby accepts such Holdings Interest as a capital contribution from Phillips 66 Company. Notwithstanding any provision of the limited liability
company agreement of Holdings (the “Holdings LLC Agreement”) to the contrary, the General Partner is hereby admitted to Holdings as a member of Holdings holding the Holdings Interest and hereby agrees that it is bound by the
Holdings LLC Agreement. Phillips 66 Company hereby continues as a member of Holdings with respect to the portion of its limited liability company interest in Holdings not transferred to the General Partner. 

2.3 Contribution of the Holdings Interest to the Partnership. The General Partner hereby grants, contributes, bargains,
conveys, assigns, transfers, sets over and delivers to the Partnership the Holdings Interest in exchange for (a) a continuation of the General Partner’s 2% general partner interest in the Partnership (represented by
[                    ] General Partner Units) and (b) the issuance to the General Partner of all of the limited partner interests in the
Partnership classified as “Incentive Distribution Rights” under the Partnership Agreement, and the Partnership hereby accepts such Holdings Interest. Notwithstanding any provision of the Holdings LLC Agreement to the contrary, the
Partnership is hereby admitted to Holdings as a member of Holdings and hereby agrees that it is bound by the Holdings LLC Agreement. Immediately following such contribution of the Holdings Interest, Phillips 66 Company shall and does hereby continue
as a member of Holdings, and the General Partner shall and does hereby cease to be a member of Holdings and shall thereupon cease to have or exercise any right or power as a member of Holdings, and Holdings is hereby continued without dissolution.

 2.4 Additional Contribution of Holdings Interests. Phillips 66 Company hereby grants, contributes, bargains,
conveys, assigns, transfers, sets over and delivers to the Partnership (a) all right, title and interest in and to all of Phillips 66 Company’s remaining limited liability company interests in Holdings in exchange for
(a) [                    ] Common Units representing a [    ]% limited partner interest in the Partnership, and
(b) [                    ] Subordinated Units representing a [    ]% limited partner interest in the Partnership, and the
Partnership hereby accepts such limited liability company interests. Immediately following such contribution of such limited liability company interests, the Partnership shall and does hereby continue as the sole member of Holdings and Phillips 66
Company shall and does hereby cease to be a member of Holdings and shall thereupon cease to have or exercise any right or power as a member of Holdings, and Holdings is continued without dissolution. The Parties acknowledge and agree that, pursuant
to and subject to the terms and conditions of the Omnibus Agreement, and in consideration of the Partnership’s issuance of Common Units and Subordinated Units to Phillips 66 Company under this Section 2.4, Phillips 66 Company has
granted to the Partnership Group a nontransferable, nonexclusive, royalty-free right and license to use the name “Phillips 66” (the “Name”) and any other trademarks owned by Company that contain the Name, the Name together
with the distinctive shield graphic, the shield graphic alone, or the name “Phillips 66 Partners” together with the partial outline shield graphic. 

  
 6 

 
Each of the following transactions set forth in Sections 2.5 through 2.8 shall be completed as of the Closing Time, and in any event only after completion of the transactions set
forth in Sections 2.1 through 2.4, in the order set forth herein: 
 2.5 Public Cash Contribution.
The Parties acknowledge that, in connection with the Offering, public investors, through the Underwriters, have made a capital contribution to the Partnership of $[        ] in cash in exchange for
[                    ] Common Units (the “Firm Units”) representing a [    ]% limited partner interest in the
Partnership, and new limited partners are being admitted to the Partnership in connection therewith. 
 2.6 Payment of
Transaction Expenses and Retention of Proceeds by the Partnership. The Parties acknowledge (a) the payment by the Partnership, in connection with the closing of the Offering, of transaction expenses in the amount of approximately
$[        ] million, excluding underwriting discounts of $[        ] in the aggregate but including (i) a structuring fee of [    ]% of the
gross proceeds of the Offering payable to certain of the Underwriters (the “Structuring Fee”) and (ii) an advisory fee of $[        ] payable to Evercore Partners L.L.C., and
(b) the retention by the Partnership of $[        ] million for general partnership purposes, including (i) to prefund potential future acquisitions from Phillips 66 Company and its affiliates and
third parties and potential future expansion capital expenditures and (ii) to fund ongoing working capital needs of Holdings. 
 2.7 Redemption of the Initial LP Interest from the Partnership and Return of Initial Capital Contribution. The Partnership hereby redeems the Initial LP Interest held by Phillips 66 Company
and hereby refunds and distributes to Phillips 66 Company the initial contribution, in the amount of $980, made by Phillips 66 Company in connection with the formation of the Partnership, along with 98% of any interest or other profit that resulted
from the investment or other use of such initial contribution. 
 ARTICLE III 

EXERCISE OF OVER-ALLOTMENT OPTION 
 If the Over-Allotment Option is exercised in whole or in part, the Underwriters will contribute additional cash to the Partnership in exchange for up to an additional
[                    ] Common Units (the “Option Units”) at the Offering price per Common Unit set forth in the Registration
Statement, net of underwriting discounts and the Structuring Fee. Upon the expiration of the Option Period, any Option Units not purchased by the Underwriters pursuant to the Underwriting Agreement will be issued on a deferred basis to Phillips 66
Company as part of the contribution transactions described in Section 2.4. 
 ARTICLE IV 

FURTHER ASSURANCES 
 From time to time after the date hereof, and without any further consideration, each of the Parties shall execute, acknowledge and deliver additional instruments, notices and other documents, and will do
all such other acts and things, all in accordance with applicable law, as 

  
 7 

 
may be necessary or appropriate to more fully and effectively carry out the purposes and intent of this Agreement. Without limiting the generality of the foregoing, the Parties acknowledge that
the Parties have used their good faith efforts to identify all of the assets being contributed to the Partnership Group as required in connection with this Agreement. However, due to the age of some of the assets and the difficulties in locating
appropriate data with respect to some of the assets, it is possible that assets intended to be contributed ultimately to the Partnership Group were not identified and therefore are not included in the assets contributed to the Partnership Group as
of the Effective Time. It is the express intent of the Parties that the Partnership Group own all assets necessary to operate the assets that are identified in this Agreement and in the Registration Statement. To the extent that any assets were not
identified but are necessary to the operation of the assets that are so identified in this Agreement and in the Registration Statement, then the intent of the Parties is that all such unidentified assets are intended to be conveyed to the
Partnership Group pursuant to this Agreement. To the extent any such assets are identified at a later date, the Parties shall take all appropriate action required in order to convey such assets to the Partnership or any applicable Partnership Group
subsidiaries. Likewise, to the extent that any assets that are conveyed to the Partnership Group hereunder are later identified by the Parties as assets that the Parties did not intend to convey to the Partnership Group as reflected in the
Registration Statement, the Parties shall take all appropriate action required to convey such assets to the appropriate Company Group member. 
 Furthermore, without limiting any liabilities of the Company Group or other remedies of the Partnership Group applicable under this Agreement or any other agreements, if and to the extent that the valid,
complete and perfected transfer or assignment of any assets by any member of the Company Group to any member of the Partnership Group or the acquisition of any assets from any member of the Company Group by any member of the Partnership Group would
be a violation of applicable law, or require any additional consents, approvals or notifications in connection with the transfer of such assets by any member of the Company Group to any member of the Partnership Group that have not been obtained or
made by the Effective Time, then, unless the Parties shall otherwise mutually determine, the transfer or assignment of such assets to such member of the Partnership Group or the assumption of such assets by such member of the Partnership Group, as
the case may be, shall be automatically deemed deferred and any such purported transfer, assignment or assumption shall be null and void until such time as all legal impediments are removed or such consents, approvals and notifications have been
obtained or made. Notwithstanding the foregoing, in such event the Company Group shall (a) hold such assets in trust for the benefit of the Partnership Group, (b) not transfer or assign such assets, in whole or in part, other than with the
prior consent of the Partnership, and (c) use its reasonable best efforts to assure that each member of the Partnership Group receives all of the benefits of the assets attempted to have been transferred to it until such time as the attempted
transfer is complete, and each member of the Partnership Group shall bear all costs associated with such assets (except costs associated with the attempted transfer or perfecting such transfer, and subject to offset of any benefits of the assets not
received by the Partnership Group against associated costs incurred by the Company Group ) as if the transfer had been valid and complete. 

  
 8 

 ARTICLE V 
 ORDER OF COMPLETION AND EFFECTIVENESS OF TRANSACTIONS 
 5.1 Order of
Completion of Transactions. The transactions provided for in Sections 2.1 through 2.4 shall be completed as of the Effective Time in the order set forth in Article II. The transactions provided for in Sections 2.5
through 2.7 shall be completed as of the Closing Time in the order set forth in Article II. Following the completion of the transactions set forth in Article II, the transactions provided for in Article III, if they
occur, shall be completed. 
 5.2 Effectiveness of Transactions. Notwithstanding anything contained in this
Agreement to the contrary, (a) none of the provisions of Sections 2.1 through 2.4 shall be operative or have any effect until the Effective Time and (b) none of the provisions of Sections 2.5 through 2.7 or
Article III shall be operative or have any effect until the Closing Time, at which respective time all such applicable provisions shall be effective and operative in accordance with Section 5.1 without further action by any Party.

 ARTICLE VI 
 MISCELLANEOUS 
 6.1 Costs. Except for the transaction
expenses set forth in Section 2.6, Holdings shall pay all expenses, fees and costs, including, but not limited to, all sales, use and similar taxes arising out of the contributions, distributions, conveyances and deliveries to be made
under Article II and shall pay all documentary, filing, recording, transfer, deed and conveyance taxes and fees required in connection therewith. In addition, Holdings shall be responsible for all costs, liabilities and expenses (including
court costs and reasonable attorneys’ fees) incurred in connection with the implementation of any conveyance or delivery pursuant to Article IV (to the extent related to any of the contributions, distributions, conveyances and deliveries
to be made under Article II). 
 6.2 Headings; References; Interpretation. All Article and Section headings
in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar
import, when used in this Agreement, shall refer to this Agreement as a whole, and not to any particular provision of this Agreement. All references herein to Articles and Sections shall, unless the context requires a different construction, be
deemed to be references to the Articles and Sections of this Agreement. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the
plural and vice versa. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following
such word or to similar items or matters, whether or not non-limiting language (such as “without limitation,” “but not limited to” or other words of similar import) is used with reference thereto, but rather shall be deemed to
refer to all other items or matters that could reasonably fall within the broadest possible scope of such general statement, term or matter. 
 6.3 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns. 

  
 9 

 6.4 No Third Party Rights. The provisions of this Agreement are intended to
bind the Parties as to each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies, and no person is or is intended to be a third party beneficiary of any of the
provisions of this Agreement. 
 6.5 Counterparts. This Agreement may be executed in any number of counterparts
with the same effect as if all Parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 
 6.6 Applicable Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware, without regard to the principles of conflicts of law. EACH OF THE
PARTIES HERETO AGREES THAT THIS AGREEMENT INVOLVES AT LEAST U.S. $100,000.00 AND THAT THIS AGREEMENT HAS BEEN ENTERED INTO IN EXPRESS RELIANCE UPON 6 Del. C. § 2708. EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES (i) TO
BE SUBJECT TO THE JURISDICTION OF THE COURTS OF THE STATE OF DELAWARE AND OF THE FEDERAL COURTS SITTING IN THE STATE OF DELAWARE, AND (ii) TO THE EXTENT SUCH PARTY IS NOT OTHERWISE SUBJECT TO SERVICE OF PROCESS IN THE STATE OF DELAWARE, TO
APPOINT AND MAINTAIN AN AGENT IN THE STATE OF DELAWARE AS SUCH PARTY’S AGENT FOR ACCEPTANCE OF LEGAL PROCESS AND TO NOTIFY THE OTHER PARTIES OF THE NAME AND ADDRESS OF SUCH AGENT. 

6.7 Severability. If any of the provisions of this Agreement are held by any court of competent jurisdiction to contravene,
or to be invalid under, the laws of any political body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead, this Agreement shall be construed as if it did not
contain the particular provision or provisions held to be invalid and an equitable adjustment shall be made and necessary provision added so as to give effect to the intention of the Parties as expressed in this Agreement at the time of execution of
this Agreement. 
 6.8 Amendment or Modification. This Agreement may be amended or modified from time to time only
by the written agreement of all the Parties. Each such instrument shall be reduced to writing and shall be designated on its face as an amendment to this Agreement. Notwithstanding anything in the foregoing to the contrary, any amendment executed by
the Partnership or any of its subsidiaries shall not be effective unless and until the execution of such amendment has been approved by the conflicts committee of the General Partner’s board of directors. 

6.9 Integration. This Agreement and the instruments referenced herein and in the exhibits attached hereto supersede all
previous understandings or agreements among the parties, whether oral or written, with respect to the subject matter of this Agreement and such instruments. This Agreement and such instruments contain the entire understanding of the Parties with
respect to the subject matter hereof and thereof. There are no unwritten oral agreements between the parties. No understanding, representation, promise or agreement, whether oral or written, is intended to be or shall be included in or from part of
this Agreement unless it is contained in a written amendment hereto executed by the parties hereto after the date of this Agreement. 

  
 10 

 6.10 Deed; Bill of Sale; Assignment. To the extent required and permitted by
applicable law, this Agreement shall also constitute a “deed,” “bill of sale” or “assignment” of the assets and interests referenced herein. 
 [Remainder of page intentionally left blank] 

  
 11 

 IN WITNESS WHEREOF, the Parties to this Agreement have caused it to be duly executed as of
the date first above written. 
  

									
	Phillips 66 Partners LP	  		 	Phillips 66 Partners GP LLC
				
	By:	  	Phillips 66 Partners GP LLC, its general partner	 		  	
					
	By:	  	  
	  		 	By:	  	  

		  	[—]	  		 		  	[—]
			
	Phillips 66 Partners Holdings LLC	  		 	Phillips 66 Company
					
	By:	  	  
	  		 	By:	  	  

		  	[—]	  		 		  	[—]
			
	Phillips Texas Pipeline Company, Ltd.	  		 	Phillips 66 Carrier LLC
					
	By:	  	[—], its general partner	  		 		  	
					
	By:	  	  
	  		 	By:	  	  

		  	[—]	  		 		  	[—]
			
	Phillips 66 Pipeline LLC	  		 	66 Pipeline LLC
					
	By:	  	  
	  		 	By:	  	  

		  	[—]	  		 		  	[—]

  
 [Signature
Page to Contribution Agreement] 

 Exhibit A 

Conveyance Documents 
  

	1.	Action of Contribution with Limited Warranty (Calcasieu Parish, Louisiana), dated May 31, 2013, by and between Phillips 66 Company and Holdings.

  

	2.	Right of Way Agreement (Calcasieu Parish, Louisiana), dated May 31, 2013, by and between Phillips 66 Company and Carrier (Clifton Ridge to Westlake pipeline).

  

	3.	Partial Assignment and Assumption and Bill of Sale Agreement (Calcasieu Parish, Louisiana), dated as of May 31, 2013, by and between Phillips 66 Company and
Carrier (Clifton Ridge to Westlake pipeline). 

  

	4.	Assignment and Assumption and Bill of Sale Agreement (Calcasieu Parish, Louisiana), dated as of May 31, 2013, by and between Phillips 66 Company and Carrier.

  

	5.	Assignment and Assumption and Bill of Sale Agreement (Calcasieu Parish, Louisiana), dated as of May 31, 2013, by and between Phillips 66 Pipeline and Carrier.

  

	6.	Action of Contribution with Limited Warranty (Calcasieu Parish, Louisiana), dated May 31, 2013, by and between Phillips 66 Pipeline and Carrier.

  

	7.	Right of Way Agreement (Calcasieu Parish, Louisiana), effective as of June 1, 2013, by and between Holdings and Carrier. 

 

	8.	Special Warranty Deed (Madison County, Illinois), dated May 31, 2013, by and between Phillips 66 Company and Carrier. 

 

	9.	Quitclaim Deed (Madison County, Illinois), dated May 31, 2013, by and between Phillips 66 Company and Carrier. 

 

	10.	Assignment and Assumption and Bill of Sale Agreement (Madison County, Illinois), dated as of May 31, 2013, by and between Phillips 66 Company and Carrier.

  

	11.	Assignment and Assumption and Bill of Sale Agreement (Madison County, Illinois), dated as of May 31, 2013, by and between Phillips 66 Pipeline and Carrier.

  

	12.	Assignment and Assumption and Bill of Sale Agreement (Madison County, Illinois), dated as of May 31, 2013, by and between Phillips 66 Pipeline and Carrier.

  

	13.	Partial Assignment and Assumption and Bill of Sale Agreement (Madison County, Illinois), dated as of May 31, 2013, by and between Phillips 66 Pipeline and Carrier.

  

	14.	Special Warranty Deed (Madison County, Illinois), dated as of May 31, 2013, by and between Phillips 66 Pipeline and Carrier. 

 

	15.	Right of Way Agreement (Madison County, Illinois), dated effective as of June 1, 2013, by and between WRB Refining and Carrier. 

 

	16.	Partial Assignment and Assumption and Bill of Sale Agreement (Harris County, Texas), dated as of May 31, 2013, by and between Phillips 66 Company and Carrier.

  

	17.	Special Warranty Deed (Harris County, Texas), dated as of May 31, 2013, by and between Phillips 66 Company and Carrier. 

  
 Exhibit A-1

	18.	Partial Assignment and Assumption and Bill of Sale Agreement (Harris County, Texas), dated as of May 31, 2013, by and between Phillips 66 Pipeline and Carrier.

  

	19.	Special Warranty Deed (Harris County, Texas), dated as of May 31, 2013, by and between Phillips 66 Pipeline and Carrier. 

 

	20.	Assignment and Assumption and Bill of Sale Agreement (Harris County, Texas), dated as of May 31, 2013, by and between Phillips Texas Pipeline and Carrier.

  

	21.	Special Warranty Deed (Harris County, Texas), dated as of May 31, 2013, by and between Phillips Texas Pipeline and Carrier. 

 

	22.	Assignment and Assumption and Bill of Sale Agreement (Brazoria County, Texas), dated as of May 31, 2013, by and between Phillips 66 Company and Carrier.

  

	23.	Special Warranty Deed (Brazoria County, Texas), dated as of May 31, 2013, by and between Phillips 66 Company and Carrier. 

 

	24.	Partial Assignment and Assumption and Bill of Sale Agreement (Brazoria County, Texas), dated as of May 31, 2013, by and between Phillips 66 Pipeline and Carrier.

  

	25.	Assignment and Assumption and Bill of Sale Agreement (Brazoria County, Texas), dated as of May 31, 2013, by and between Phillips Texas Pipeline and Carrier.

  

	26.	Special Warranty Deed (Brazoria County, Texas), dated as of May 31, 2013, by and between Phillips Texas Pipeline and Carrier. 

 

	27.	Contribution, Conveyance and Assumption Agreement, dated as of May 31, 2013, by and between Phillips 66 Pipeline and Holdings. 

 

	28.	Distribution Agreement, dated as of May 31, 2013, by and between 66 Pipeline and Phillips 66 Pipeline. 

 

	29.	Distribution Agreement, dated as of May 31, 2013, by and between Phillips Texas Pipeline and 66 Pipeline. 

 

	30.	Distribution Agreement, dated as of May 31, 2013, by and between Phillips Texas Pipeline and Phillips 66 Pipeline. 

 

	31.	Distribution Agreement, dated as of May 31, 2013, by and between Phillips 66 Pipeline and Phillips 66 Company. 

 

	32.	Partial Assignment and Assumption and Bill of Sale Agreement, dated as of [            ], 2013, by and
between WRB Refining LP and Carrier. 

  
 Exhibit A-2EX-10.3

 Exhibit 10.3 
 PHILLIPS 66 PARTNERS LP 
 2013 INCENTIVE COMPENSATION PLAN 

1. Objectives. This Phillips 66 Partners LP 2013 Incentive Compensation Plan (the “Plan”) has been adopted by Phillips 66
Partners GP LLC, a Delaware limited liability company (the “Company”), the general partner of Phillips 66 Partners LP, a Delaware limited partnership (the “Partnership”) in order to compensate Employees, Officers and Directors
with a high degree of training, experience and ability; to attract new Employees, Officers and Directors whose services are considered particularly valuable to the business of the Company; to encourage the sense of proprietorship of such persons;
and to promote the active interest of such persons in the development and financial success of the Partnership, the Company and their Affiliates. These objectives are to be accomplished by making Awards under this Plan and thereby providing
Participants with a proprietary interest in, and alignment with, the growth and performance of the Partnership, the Company and their Affiliates. 
 2. Definitions. As used herein, the terms set forth below shall have the following respective meanings: 
 “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. 
 “ASC Topic 718” means Accounting Standards Codification Topic 718, Compensation
– Stock Compensation, or any successor accounting standard. 
 “Authorized Officer” means the Chief
Executive Officer of the Company (or any other officer of the Company to whom he or she shall delegate). 

“Award” means an Option, Restricted Unit, Phantom Unit, DER, Substitute Award, Unit Appreciation Right, Other Unit-Based
Award, Performance Unit or Profits Interest Unit granted under the Plan. 
 “Award Agreement” means the written
or electronic agreement by which an Award shall be evidenced. 
 “Board” means the board of directors or board
of managers, as the case may be, of the Company. 
 “Cause” means, unless otherwise set forth in an Award
Agreement or other written agreement between the Company and the applicable Participant, a finding by the Committee, before or after the Participant’s termination of Service, of: (i) any material failure by the Participant to perform the
Participant’s duties and responsibilities under any written agreement between the Participant and the Company or its Affiliate(s); (ii) any act of fraud, embezzlement, theft or misappropriation by the Participant relating to the Company,
the Partnership or any of their Affiliates; (iii) the Participant’s commission of a felony or a crime involving moral turpitude; (iv) any gross negligence or intentional misconduct on the part of the Participant in the conduct of the
Participant’s duties and responsibilities with the Company or any Affiliate(s) of the Company or which adversely affects the image, reputation or business of the Company, the Partnership or their Affiliates; or (v) any material breach by
the Participant of any agreement between the Company or any of its Affiliates, on the one hand, and the Participant on the other. The findings and decision of the Committee with respect to such matter, including those regarding the acts of the
Participant and the impact thereof, will be final for all purposes. 
 “Change in Control” means and shall be
deemed to have occurred upon the occurrence of one or more of the following events: (i) any Person or group, other than Phillips 66 or its Affiliates, becomes the beneficial owner, by way of merger, consolidation, recapitalization or otherwise,
of 50% or more of the 

  
 1 

 
combined voting power of the equity interests in the Company or the Partnership, (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, Phillips 66 or one of their Affiliates being the general partner of the Partnership, (v) a transaction resulting in the general partner of the Partnership ceasing to
be an Affiliate of Phillips 66, or (vi) a “Change in Control” as defined in the 2013 Omnibus Stock and Performance Incentive Plan of Phillips 66, as such plan may be amended, supplemented, restated or succeeded. Notwithstanding the
foregoing, if a Change in Control constitutes a payment event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A, the transaction or event with respect to such Award must also constitute a
“change in control event,” as defined in Treasury Regulation §1.409A-3(i)(5), and as relates to the holder of such Award, to the extent required to comply with Section 409A. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commission” means the United States Securities and Exchange Commission or any successor organization. 

“Committee” means the Board, except that it shall mean such committee or sub-committee of the Board as may be appointed
by the Board to administer the Plan, or as necessary to comply with applicable legal requirements or listing standards. 

“Director” means a member of the board of directors or board of managers, as the case may be, of the Company, the
Partnership or any of their Affiliates who is not an Officer or other employee of the Company, the Partnership or any of their Affiliates, provided that such person is eligible to receive Awards that may be registered under a Registration Statement
on Form S-8 (or any successor form) in accordance with applicable Commission or other rules or regulations. 

“Disability” means a disability for which the Participant has been determined to be entitled to either (a) benefits
under the applicable plan of long-term disability of the Company, the Partnership or any of their Affiliates or (b) disability benefits under the Social Security Act. In the absence of any such determination, the Committee or its delegate may
make a determination that a Participant has a Disability. If a Disability constitutes a payment event with respect to any Award which provides for the deferral of compensation and is subject to Section 409A, then, to the extent required to
comply with Section 409A, the Participant must also be considered “disabled” within the meaning of Section 409A(a)(2)(C) of the Code. 
 “Distribution Equivalent Right” or “DER” means a contingent right to receive an amount in cash, Units, Restricted 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. 
 “Employee” means
an employee of the Company, the Partnership or any of their Affiliates, provided that such employee is eligible to receive Awards that may be registered under a Registration Statement on Form S-8 (or any successor form) in accordance with applicable
Commission or other rules or regulations. The term Employee under this Plan may also include any other individual, such as a consultant, who may be considered an “employee” under a Registration Statement on Form S-8 (or any successor form)
in accordance with applicable Commission or other rules or regulations. 
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended. 
 “Fair Market Value” of a Unit means, as of a particular date: (i) if
the Units are listed on a national securities exchange, the mean between the highest and lowest sales price per Unit on the consolidated transaction reporting system for the principal national securities exchange on which the Units are listed on
that date, or, if there shall have been no such sale so reported on that date, on the last preceding date on which such a sale is so reported, or, at the discretion of the Committee, any other reasonable and

  
 2 

 
objectively determinable method based on the listed price per Unit which reflects the price prevailing on the exchange at the time of grant; (ii) if the Units are not so listed but are
quoted on a national securities market, the closing sales price per Unit reported on such market for such date, or, if there shall have been no such sale so reported on that date, on the next succeeding date on which such a sale is so reported; or
(iii) if the Units are not so listed or quoted, the most recent value determined by an independent appraiser appointed by the Company for such purpose. For any determination of Fair Market Value, if the commitment to measure the Fair Market
Value is based on the average trading price over a specified period, such period cannot extend more than thirty (30) days before or thirty (30) days after the grant date and such commitment must be irrevocably established for specified
Awards before the beginning of such period. 
 “Officer” means any individual who is appointed or elected to
serve as an officer of the Company, the Partnership or any of their Affiliates, provided that such individual is eligible to receive Awards that may be registered under a Registration Statement on Form S-8 (or any successor form) in accordance with
applicable Commission or other rules or regulations. 
 “Option” means an option to purchase Units granted
pursuant to 6(a) of the Plan. 
 “Other Unit-Based Award” means an Award granted pursuant to 6(f) of the Plan.

 “Participant” means an Employee, Officer or Director granted an Award under the Plan and any authorized
transferee of such individual. 
 “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” shall have the meaning
ascribed to such term in Section 3(a)(9) of the Exchange Act and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof. 

“Phantom Unit” means a notional interest granted under the Plan that, to the extent vested, 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. 

“Phillips 66” means Phillips 66, a Delaware corporation, or its successor. 

“Plan Year” means the calendar year.
 “Profits Interest Unit” means to the extent authorized by the Partnership Agreement, an interest in the Partnership that is intended to constitute a “profits interest” within
the meaning of the Code, Department of Treasury Regulations promulgated thereunder and any published guidance by the Internal Revenue Service with respect thereto. 
 “Recoupment Provision” means any clawback or recovery provision required by applicable law including United States federal and state securities laws or by any national securities exchange
on which the Units of the Partnership are listed or any applicable regulatory requirement, or as set forth in any individual Award Agreement under the Plan. 
 “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 pursuant to 6(b) of the Plan
that is subject to a Restricted Period. 

  
 3 

 “Retirement” means termination of Service of an Employee on or after the
time at which the Employee has attained age 55 and completed five years of service with the Partnership, the Company or their Affiliates, as applicable. Service is defined by the policies of the Partnership, the Company or their Affiliates.

 “Securities Act” means the Securities Act of 1933, as amended. 

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

“Section 409A” means Section 409A of the Code and the Department of Treasury Regulations and other interpretive
guidance issued thereunder, including without limitation any such regulations or other guidance that may be issued after the Effective Date (as defined in 9 below). 
 “Service” means service as an Employee, Officer or Director. The Committee, in its sole discretion, shall determine the effect of all matters and questions relating to terminations of
Service, including, without limitation, the question of whether and when a termination of Service occurred and/or resulted from a discharge for Cause, and all questions of whether particular changes in status or leaves of absence constitute a
termination of Service, provided that a termination of Service shall not be deemed to occur in the event of (a) a termination where there is simultaneous commencement by the Participant of a relationship with the Partnership, the Company or any
of their Affiliates as an Employee, Officer or Director or (b) at the discretion of the Committee, a termination which results in a temporary severance of the service relationship. 

“Substitute Award” means an Award granted pursuant to 6(g) of the Plan.

“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. Such excess value may take the form of Units or cash as determined by the Committee. 

“Unit Award” means an Award granted pursuant to 6(d) of the Plan. 

3. Administration. 
 (a) The Plan shall be administered by the Committee, subject to subsection (b) below; provided, however, that in the event that the Board is not also serving as the Committee, the Board, in
its sole discretion, may at any time and from time to time exercise any and all rights and duties of the Committee under the Plan. The governance of the Committee shall be subject to the charter, if any, of the Committee as approved by the Board.
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 Partnership, any of their Affiliates, any Participant and any beneficiary of any Participant. 

  
 4 

 (b) To the extent permitted by applicable law and the rules of any securities exchange on
which the Units are listed, quoted or traded, the Board or Committee may from time to time delegate to a committee of one or more members of the Board or one or more Officers the authority to grant or amend Awards or to take other administrative
actions pursuant to 3(a); provided, however, that in no event shall an Officer be delegated the authority to grant Awards to, or amend Awards held by, the following individuals: (i) individuals who are subject to Section 16 of the
Exchange Act, or (ii) Officers (or Directors) to whom authority to grant or amend Awards has been delegated hereunder; provided, further, that any delegation of administrative authority shall only be permitted to the extent that it is
permissible under applicable provisions of the Code and applicable securities laws and the rules of any securities exchange on which the Units are listed, quoted or traded. Any delegation hereunder shall be subject to such restrictions and
limitations as the Board or Committee, as applicable, specifies at the time of such delegation, and the Board or Committee, as applicable, may at any time rescind the authority so delegated or appoint a new delegate. 

4. Units Available for Awards. 
 (a) Limits on Units Deliverable. Subject to adjustment as provided in 4(c), the number of Units that will be available to be delivered with respect to Awards under the Plan is 2,500,000 common
units. If any Award is forfeited, canceled, or otherwise terminates or expires without the actual delivery of Units pursuant to such Award (for the avoidance of doubt, the grant of Restricted Units is not a delivery of Units for this purpose unless
and until such Restricted Units vest and any restrictions placed upon them under the Plan lapse), then to the extent of such forfeiture, cancellation, termination or expiration, the Units subject to such Award shall again be available for Awards
under the Plan. To the extent permitted by applicable law and securities exchange rules, Substitute Awards and Units issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form of combination by the
Partnership or any Affiliate thereof shall not be counted against the Units available for issuance pursuant to the Plan. There shall not be any limitation on the number of Awards that may be paid in cash. Awards that are valued by reference to Units
that may be settled in cash will reduce the number of Units available for issuance pursuant to the Plan. 
 (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 the Partnership, any Affiliate thereof or any other Person, or Units otherwise issuable by
the Partnership, or any combination of the foregoing, as determined by the Committee in its discretion. 
 (c) Anti-dilution
Adjustments. 
 (i) Equity Restructuring. 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 ASC Topic 718 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 event and shall adjust the number and type of Units (or
other securities or property) with respect to which Awards may be granted under the Plan after such event. With respect to any other similar event that would not result in an ASC Topic 718 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 and the number and type of Units (or other securities or property) with respect to which Awards may be granted under the Plan in such
manner as it deems appropriate with respect to such other event. 
 (ii) Other Changes in Capitalization.
In the event of any non-cash distribution, Unit split, combination or exchange of Units, merger, consolidation or distribution (other than normal cash distributions) of Partnership assets to unitholders, or any other change affecting the Units of
the Partnership, other than an “equity restructuring,” the Committee may make equitable adjustments, if any, to reflect such change with respect to (A) the aggregate number and kind of Units that may be issued under the Plan;
(B) the number and kind of Units (or other securities or property) subject to outstanding Awards; (C) the terms and conditions of any outstanding Awards (including, without limitation, any applicable performance targets or criteria with
respect thereto); and (D) the grant or exercise price per Unit for any outstanding Awards under the Plan. 

  
 5 

 5. Eligibility. 

In the sole discretion of the Committee, any Employee, Officer or Director shall be eligible to be designated a Participant and receive an
Award under the Plan. 
 6. Awards. 
 (a) Options and UARs. The Committee shall have the authority to determine the Employees, Officers, 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. Options which are intended to comply with Treasury Regulation Section 1.409A-1(b)(5)(i)(A) and UARs which are intended to comply with Treasury Regulation
Section 1.409A-1(b)(5)(i)(B) or, in each case, any successor regulation, may be granted only if the requirements of Treasury Regulation Section 1.409A-1(b)(5)(iii), or any successor regulation, are satisfied. Options and UARs that are
otherwise exempt from or compliant with Section 409A may be granted to any eligible Employee, Officer or Director. 
 (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, except with
respect to a Substitute Award, may not be less than the Fair Market Value of a Unit as of the date of grant of the Option or UAR. 
 (ii) Time and Method of Exercise. The Committee shall determine the exercise terms and any applicable Restricted Period with respect to an Option or UAR, which may include, without limitation,
provisions for accelerated vesting upon the achievement of specified performance goals and/or other events, and the method or methods by which payment of the exercise price with respect to an Option or UAR may be made or deemed to have been made,
which may include, without limitation, cash, check acceptable to the Company, withholding Units having a Fair Market Value on the exercise date equal to the relevant exercise price from the Award, a “cashless” exercise or a “net
exercise” through procedures approved by the Company, or any combination of the foregoing methods. 
 (iii)
Exercise of Options and UARs on Termination of Service. Each Option and UAR Award Agreement shall set forth the extent to which the Participant shall have the right to exercise the Option or UAR following a termination of the
Participant’s Service. Unless otherwise determined by the Committee, if the Participant’s Service is terminated for Cause, the Participant’s right to exercise the Option or UAR shall terminate as of the start of business on the
effective date of the Participant’s termination. Unless otherwise determined by the Committee, to the extent the Option or UAR is not vested and exercisable as of the termination of Service, the Option or UAR shall terminate when the
Participant’s Service terminates. 
 (iv) Term of Options and UARs. The term of each Option and UAR
shall be stated in the Award Agreement, provided, that the term shall be no more than ten (10) years from the date of grant thereof. 
 (b) Restricted Units and Phantom Units. The Committee shall have the authority to determine the Employees, Officers and Directors to whom Restricted Units and/or Phantom Units shall be granted, the
number of Restricted Units or Phantom Units to be granted to each such Participant, the applicable Restricted Period, the conditions under which the Restricted Units or Phantom Units may become vested or forfeited and such other terms and
conditions, including, without limitation, restrictions on transferability, as the Committee may establish with respect to such Awards. 

  
 6 

 (i) Payment of Phantom Units. The Committee shall specify in an Award
Agreement, or permit the Participant to elect in accordance with the requirements of Section 409A, the conditions and dates or events upon which the cash or Units underlying an Award of Phantom Units shall be issued, which dates or events shall
not be earlier than the date on which the Phantom Units vest and become non-forfeitable and which conditions and dates or events shall be subject to compliance with Section 409A (unless the Phantom Units are exempt therefrom). 

(ii) Vesting of Restricted Units. Upon or as soon as reasonably practicable following the vesting of each
Restricted Unit, subject to satisfying the tax withholding obligations of 8(b), the Participant shall be entitled to have the restrictions removed from his or her Unit certificate (or book-entry account, as applicable) so that the Participant then
holds an unrestricted Unit. 
 (c) DERs. The Committee shall have the authority to determine the Employees, Officers
and/or Directors to whom DERs are granted, whether such DERs are in tandem with other Awards or constitute separate Awards, whether the DERs shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest in
the discretion of the Committee), any vesting restrictions and payment provisions applicable to the DERs, and such other provisions or restrictions as determined by the Committee in its discretion, all of which shall be specified in the applicable
Award Agreements. Distributions in respect of DERs shall be credited as of the distribution dates during the period between the date an Award is granted to a Participant and the date such Award vests, is exercised, is distributed or expires, as
determined by the Committee. Such DERs shall be converted to cash, Units, Restricted Units and/or Phantom Units by such formula and at such time and subject to such limitations as may be determined by the Committee. Tandem DERs may be subject to the
same or different vesting restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. Notwithstanding the foregoing, DERs shall only be paid in a manner that is either
exempt from or in compliance with Section 409A. 
 (d) Unit Awards. Awards of Units may be granted under the Plan
(i) to such Employees, Officers and/or Directors and in such amounts as the Committee, in its discretion, may select, and (ii) subject to such other terms and conditions, including, without limitation, restrictions on transferability, as
the Committee may establish with respect to such Awards. 
 (e) Profits Interest Units. Any Award consisting of Profits
Interest Units may be granted to an Employee, Officer or Director for the performance of services to or for the benefit of the Partnership (i) in the Participant’s capacity as a partner of the Partnership, (ii) in anticipation of the
Participant becoming a partner of the Partnership, or (iii) as otherwise determined by the Committee. At the time of grant, the Committee shall specify the date or dates on which the Profits Interest Units shall vest and become non-forfeitable,
and may specify such conditions to vesting as it deems appropriate. Profits Interest Units shall be subject to such restrictions on transferability and other restrictions as the Committee may impose. 

(f) Other Unit-Based Awards/Performance Units. Other Unit-Based Awards may be granted under the Plan to such Employees, Officers
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 Other Unit-Based Award. Upon vesting, an Other Unit-Based Award may be paid in cash, Units (including Restricted Units) or any combination thereof as provided in the Award Agreement. Without limiting the type or number of
Other Unit-Based Awards that may be made under the Plan, any Other Unit-Based Award may be in the form of an Other Unit-Based Award which vests based on performance criteria selected by the Committee (“Performance Units”). Employees who
are Officers at the time a performance vested Award is made that will settle in full-value Units may be subject to an additional holding period after the performance period ends. The Committee shall set performance criteria in its sole discretion
which, depending on the extent to which they are met, may determine the value and/or amount of such performance vested Awards that will be paid out to the Participant and/or the portion of a performance

  
 7 

 
vested Award that may be exercised. Further, the Committee shall have the discretion to adjust the performance goals (either up or down) as well as the level of the performance vested Award that
a Participant may earn if it determines that the occurrence of external changes or other unanticipated business conditions have materially affected the fairness of the goals and/or have unduly influenced the Company’s ability to meet them,
including without limitation, events such as material acquisitions, force majeure events, unlawful acts committed against the Company or its property, labor disputes, legal mandates, asset write-downs, litigation, claims, judgments or settlements,
the effect of changes in tax law or other such laws or provisions affecting reported results, accruals for reorganization and restructuring programs, changes in the capital structure of the Company and extraordinary accounting changes. In addition,
performance goals and performance vested Awards shall be calculated without regard to any changes in accounting standards or codifications that may be required by the Financial Accounting Standards Board (or any successor organization) after such
performance goals are established. 
 (g) Substitute Awards. Awards may be granted under the Plan in substitution of
similar awards held by individuals who become Employees, Officers or Directors as a result of a merger, consolidation or acquisition by the Partnership or an Affiliate of another entity or the assets of another entity. Such Substitute Awards that
are Options or UARs may have exercise prices less than the Fair Market Value of a Unit on the date of the substitution if such substitution complies with Section 409A and other applicable laws and securities exchange rules. 

(h) General. 
 (i) Award Agreements. Each Award shall be evidenced in either an individual Award Agreement or within a separate plan, policy, agreement or other written document, which shall reflect any vesting
conditions or restrictions imposed by the Committee covering a period of time specified by the Committee and shall also contain such terms, conditions and limitations as shall be determined by the Committee in its sole discretion, including but not
limited to applicable Recoupment Provisions. Where signature or electronic acceptance of the Award Agreement by the Participant is required, any such Awards for which the Award Agreement is not signed or electronically accepted shall be forfeited.

 (ii) Forfeitures. Except as otherwise provided in the terms of an Award Agreement, upon termination of
a Participant’s Service for any reason during an applicable Restricted Period, all outstanding, unvested Awards held by such Participant shall be automatically forfeited by the Participant. The Committee may, in its discretion, waive in whole
or in part such forfeiture with respect to any such Award; provided, that any such waiver shall be effective only to the extent that such waiver will not cause any Award intended to satisfy the requirements of Section 409A to fail to
satisfy such requirements. 
 (iii) 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. 

(iv) Director Awards. The Committee may, in its discretion, provide that Awards granted to Directors shall be
granted pursuant to a non-discretionary formula established by the Committee by resolution, subject to the limitations of the Plan. Any such resolution shall set forth the type of Awards to be granted to Directors, the number of Units to be subject
to Director Awards, the conditions on which such Awards shall be granted, vest, become exercisable and/or payable and expire, and such other terms and conditions as the Committee shall determine in its discretion. The Committee may also establish a
written policy for grants to Directors which shall set forth the type and terms of Awards granted to Directors and such policy may be modified by the Committee from time to time in its discretion.

  
 8 

 (v) Limits on Transfer of Awards. 

(A) Except as provided in paragraph (B) below, each Option and UAR 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 and no Award and no right under any such Award may be assigned, alienated, pledged, attached,
sold or otherwise transferred or encumbered by a Participant other than by will or the laws of descent and distribution 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. 
 (B) The Committee may provide in an Award Agreement or
in its discretion that an Award may, on such terms and conditions as the Committee may from time to time establish, be transferred by a Participant without consideration to any “family member” of the Participant, as defined in the
instructions to use of the Form S-8 Registration Statement under the Securities Act, as applicable, or any other transferee specifically approved by the Committee after taking into account any state, federal, local or foreign tax and securities laws
applicable to transferable Awards. In addition, vested Units may be transferred to the extent permitted by the Partnership Agreement and not otherwise prohibited by the Award Agreement or any other agreement or policy restricting the transfer of
such Units. 
 (vi) Term of Awards. Subject to 6(a)(iv) above, the term of each Award, if any, shall be
for such period as may be determined by the Committee. 
 (vii) Unit Certificates. Unless otherwise
determined by the Committee or required by any applicable law, rule or regulation, neither the Company nor the Partnership shall deliver to any Participant certificates evidencing Units issued in connection with any Award and instead such Units
shall be recorded in the books of the Partnership (or, as applicable, its transfer agent or equity plan administrator). All certificates for Units or other securities of the Partnership delivered under the Plan and all Units issued pursuant to book
entry procedures 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/or other requirements of the SEC,
any securities 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 or book entry to make appropriate
reference to such restrictions. 
 (viii) Consideration for Grants. To the extent permitted by applicable
law, Awards may be granted for such consideration, including services, as the Committee shall determine. 
 (ix)
Delivery of Units or other Securities and Payment by Participant of Consideration. Notwithstanding anything in the Plan or any Award Agreement to the contrary, subject to compliance with Section 409A, the Company shall not be required to
issue or deliver any certificates or make any book entries evidencing Units pursuant to the exercise or vesting of any Award, unless and until the Board or the Committee has determined, with advice of counsel, that the issuance of such Units is in
compliance with all applicable laws, regulations of governmental authorities and, if applicable, the requirements of any securities exchange on which the Units are listed or traded, and the Units are covered by an effective registration statement or
applicable exemption from registration. In addition to the terms and conditions provided herein, the Board or the Committee may require that a Participant make such reasonable covenants, agreements and representations as the Board or the Committee,
in its discretion, deems advisable in order to comply with any such laws, regulations or requirements. Without limiting the generality of the foregoing, the 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 or deliver Units 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 Agreement (including, without
limitation, any exercise price or tax withholding) is received by the Company. 

  
 9 

 7. Amendment and Termination; Certain Transactions. 

Except as required by applicable law or the rules of the principal securities exchange, if any, on which the Units are traded: 

(a) Amendments to the Plan. Subject to 7(b) below, the Board or the Committee may amend, alter, suspend, discontinue or terminate
the Plan in any manner without the consent of any partner, Participant, other holder or beneficiary of an Award, or any other Person. The Board shall obtain approval of the unitholders of the Partnership of any Plan amendment to the extent necessary
to comply with applicable law or securities exchange listing standards or rules. 
 (b) Amendments to Awards. Subject to
7(a) above, the Committee may waive any conditions or rights under, amend any terms of, or alter any Award theretofore granted, provided that no change, other than pursuant to 7(c) below, in any Award shall materially reduce the rights or benefits
of a Participant with respect to an Award without the consent of such Participant. No Option Award may be repriced, replaced, regranted through cancellation or modified without approval of the unitholders of the Partnership (except as contemplated
in 7(c) below), if the effect would be to reduce the exercise price for the Units underlying such Award. 
 (c) Actions Upon
the Occurrence of Certain Events. Upon the occurrence of a Change in Control, any transaction or event described in 4(c) above, any change in applicable laws or regulations affecting the Plan or Awards hereunder, or any change in accounting
principles affecting the financial statements of the Company or the Partnership, the Committee, in its sole discretion, without the consent of any Participant or holder of an Award, and on such terms and conditions as it deems appropriate, may take
any one or more of the following actions: 
 (i) provide for either (A) the termination of any Award in
exchange for a payment in an amount, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the Participant’s rights under such Award (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 payable 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 (B) the replacement of such Award with other rights or property selected by the Committee in its sole discretion having an aggregate value not exceeding the amount that could have been attained upon the exercise of
such Award or realization of the Participant’s rights had such Award been currently exercisable or payable or fully vested; 
 (ii) 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; 
 (iii) make adjustments in the number and type of Units (or other securities or property) subject to outstanding Awards, the number and kind of outstanding Awards, the terms and conditions of (including
the exercise price) and/or the vesting and performance criteria included in, outstanding Awards; 
 (iv) provide
that such Award shall vest or become exercisable or payable, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; and 

  
 10 

 (v) provide that the Award cannot be exercised or become payable after such
event and shall terminate upon such event and may also provide, in the Committee’s sole discretion, to pay or substitute the full value of such Award. 
 (d) Notwithstanding the foregoing, (i) with respect to an above event that constitutes an “equity restructuring” that would be subject to a compensation expense pursuant to ASC Topic 718,
the provisions in 4(c) above shall control to the extent they are in conflict with the discretionary provisions of this 7, provided, however, that nothing in 7(c) or 4(c) above shall be construed as providing any Participant or any
beneficiary of an Award any rights with respect to the “time value,” “economic opportunity” or “intrinsic value” of an Award or limiting in any manner the Committee’s actions that may be taken with respect to an
Award as set forth in this 7 or in 4(c) above; and (ii) no action shall be taken under this 7 which shall cause an Award to result in taxation under Section 409A, to the extent applicable to such Award. 

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, including the treatment upon
termination of Service. 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 thereof is authorized to deduct or withhold, or cause to be deducted or withheld, 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 or Units, including Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in
respect of an Award, including its grant, its exercise, the lapse of restrictions thereon or any payment or transfer thereunder 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. In the event that Units that would otherwise be issued pursuant to an Award are used to satisfy such withholding obligations, the number of Units which may be so withheld or surrendered shall be
limited to the number of Units which have a Fair Market Value on the date of withholding equal to the aggregate amount of such liabilities based on the minimum statutory withholding rates for federal, state, local and foreign income tax and payroll
tax purposes that are applicable to such supplemental taxable income. 
 (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, the Partnership or any of their Affiliates, or to remain on the Board, as applicable. Furthermore, the Company, the Partnership
and/or an Affiliate thereof may at any time dismiss a Participant from Service free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award Agreement or other written agreement between any such
entity and the Participant. 
 (d) Limitation of Liability. No member of the Board or the Committee or Officer to whom
the Board or the Committee has delegated authority in accordance with the provisions of 3 of this Plan shall be liable for anything done or omitted to be done by him or her, by any member of the Board or the Committee or by any Officer in connection
with the performance of any duties under this Plan, except for his or her own willful misconduct or as expressly provided by statute. 
 (e) No Rights as Unitholder. Except as otherwise provided herein, a Participant shall have none of the rights of a unitholder with respect to Units covered by any Award unless and until the
Participant becomes the record owner of such Units. 
 (f) Section 409A. To the extent that the Committee determines
that any Award granted under the Plan is subject to Section 409A, the Award Agreement evidencing such Award shall include the terms and conditions required by Section 409A. To the extent applicable, the Plan and Award Agreements shall be
interpreted in accordance with Section 409A. Notwithstanding any provision of the Plan to the contrary, in the event that following the Effective Date (as defined in 9 below), the Committee determines that any Award may be subject to
Section 409A, the Committee may adopt such amendments to the Plan and the 

  
 11 

 
applicable Award Agreement, adopt other policies and procedures (including amendments, policies and procedures with retroactive effect) and/or take any other actions that the Committee determines
are necessary or appropriate to preserve the intended tax treatment of the Award, including without limitation, actions intended to (i) exempt the Award from Section 409A, or (ii) comply with the requirements of Section 409A;
provided, however, that nothing herein shall create any obligation on the part of the Committee, the Partnership, the Company or any of their Affiliates to adopt any such amendment, policy or procedure or take any such other action, nor shall
the Committee, the Partnership, the Company or any of their Affiliates have any liability for failing to do so. Notwithstanding any provision in the Plan to the contrary, the time of payment with respect to any Award that is subject to
Section 409A shall not be accelerated, except as permitted under Treasury Regulation Section 1.409A-3(j)(4). Notwithstanding any provision of this Plan to the contrary, if a Participant is a “Specified Employee” within the
meaning of Section 409A as of the date of such Participant’s termination of Service and the Company determines, in good faith, that immediate payment of any amounts or benefits under this Plan would cause a violation of Section 409A,
then any amounts or benefits which are payable under this Plan upon the Participant’s “separation from service” within the meaning of Section 409A that: (i) are subject to the provisions of Section 409A; (ii) are
not otherwise exempt under Section 409A; and (iii) would otherwise be payable during the first six-month period following such separation from service, shall be paid as soon as practicable on the first business day next following the
earlier of: (1) the date that is six months and one day following the date of termination; or (2) the date of the Participant’s death. 
 (g) Compliance with Laws. The Plan, the granting and vesting of Awards under the Plan and the issuance and delivery of Units and the payment of money under the Plan or under Awards granted or
awarded hereunder are subject to compliance with all applicable federal, state, local and foreign laws, rules and regulations (including but not limited to state, federal and foreign securities law and margin requirements), the rules of any
securities exchange or automated quotation system on which the Units are listed, quoted or traded, and to such approvals by any listing, regulatory or governmental authority as may, in the opinion of counsel for the Company or the Partnership, be
necessary or advisable in connection therewith. Any securities delivered under the Plan shall be subject to such restrictions, and the Person acquiring such securities shall, if requested by the Company or the Partnership, provide such assurances
and representations to the Company or the Partnership as the Company or the Partnership may deem necessary or desirable to assure compliance with all applicable legal requirements. To the extent permitted by applicable law, the Plan and Awards
granted or awarded hereunder shall be deemed amended to the extent necessary to conform to such laws, rules and regulations. In the event an Award is granted to or held by a Participant who is employed or providing services outside the United
States, the Committee may, in its sole discretion, modify the provisions of the Plan or of such Award as they pertain to such Participant to comply with applicable foreign law or to recognize differences in local law, currency or tax policy. The
Committee may also impose conditions on the grant, issuance, exercise, vesting, settlement or retention of Awards in order to comply with such foreign law and/or to minimize the Company’s or the Partnership’s obligations with respect to
tax equalization for Participants employed outside their home country. 
 (h) 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. 

(i) 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 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. 
 (j) 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 

  
 12 

 
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. 
 (k) 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, the Partnership or any of their Affiliates, on the one hand, and a Participant or any other Person, on the other hand.
To the extent that any Person acquires a right to receive payments pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Partnership or any participating Affiliate of the Partnership.

 (l) 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.

 (m) 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 hereof. 
 (n) No Guarantee of Tax Consequences. None of the Board, the Committee, the Company or the Partnership provides or has provided any tax advice to any Participant or any other Person or makes or has
made any assurance, commitment or guarantee that any federal, state or local tax treatment will (or will not) apply or be available to any Participant or other Person. 
 (o) Non-United States Participants. The Board or Committee may grant Awards to persons outside the United States under such terms and conditions as may, in the judgment of the Board or Committee,
as applicable, be necessary or advisable to comply with the laws of the applicable foreign jurisdictions and, to that end, may establish sub-plans, modified vesting, exercise or settlement procedures and other terms and procedures. Notwithstanding
the above, neither the Board nor the Committee may take any actions under this Plan, and no Awards shall be granted, that would violate the Exchange Act, the Code or any other applicable law. 

(p) 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 or her 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 Partnership, the Company and all
of their Affiliates shall be relieved of any further liability for payment of such amounts. 
 (q) Lock Up Agreement.
Each Participant shall agree, if so requested by the Company or the Partnership and any underwriter in connection with any public offering of securities of the Partnership or any Affiliate, not to directly or indirectly offer, sell, contract to
sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant for the sale of or otherwise dispose of or transfer any Units held by it for such period, not to exceed one hundred eighty
(180) days following the effective date of the relevant registration statement filed under the Securities Act in connection with such public offering, as such underwriter shall specify reasonably and in good faith. 

9. Term of the Plan. 
 The Plan shall be effective on the date on which the Plan is adopted by the Board (the “Effective Date”) and shall continue until terminated by the Board. 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. 

  
 13

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]