Document:

exv10w1

 

Exhibit 10.1

Restricted Unit Grant

under the

EPCO, Inc. 2006 TPP Long-Term Incentive Plan

	 	 	 	 	 	 	 	 	 	 	 
	Date of Grant:
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Name of Grantee:
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Number of Units Granted:
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Restricted Unit Grant Number:

	 	R06-	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 

   EPCO, Inc. (the “Company”) is pleased to inform you that you have been granted the number
of Restricted Units set forth above under the EPCO, Inc. 2006 TPP Long-Term Incentive Plan (the
“Plan”). A Restricted Unit is a Unit of TEPPCO Partners, L.P. (the “Partnership”) that is subject
to the forfeiture and non-transferability provisions set forth below in this Agreement (the
“Restrictions”). The terms of the grant are as follows:

   1. The Restricted Units shall become fully vested, i.e., not restricted, on the earlier
of (i) the fourth anniversary of the Date of Grant set forth above (the “Vesting Date”) or (ii) a
Qualifying Termination (as defined below). In the event your employment with the Company and its
Affiliates is terminated prior to the Vesting Date for any reason other than as provided in Section
4 below, the Restricted Units shall automatically and immediately be forfeited and cancelled
without payment on the date of such termination of employment.

   2. The Restricted Units will be evidenced, at the sole option and in the sole discretion
of the Committee, either (i) in book-entry form in your name in the Unit register of the
Partnership maintained by the Partnership’s transfer agent or (ii) a unit certificate issued in
your name. You shall have voting rights and shall be entitled to receive all distributions made by
the Partnership on such Restricted Units free and clear of any Restrictions. If the Restricted
Units are evidenced by a certificate, the certificate shall bear the following legend:

   The Units evidenced by this certificate have been issued pursuant to an agreement made as
of                     , 200  , a copy of which is attached hereto and
incorporated herein, between the Company and the registered holder of the Units, and are subject to
forfeiture to the Company under certain circumstances described in such agreement. The sale,
assignment, pledge or other transfer of the shares of Units evidenced by this certificate is
prohibited under the terms and conditions of such agreement, and such Units may not be sold,
assigned, pledged or otherwise transferred except as provided in such agreement.

   The Company may cause the certificate to be delivered upon issuance to the Secretary of
the Company as a depository for safekeeping until the forfeiture occurs or the Restrictions lapse
pursuant to the terms of this Agreement. Upon request of the Company, you shall deliver to the
Company a unit power, endorsed in blank, relating to the Restricted Units then subject to the
Restrictions. Upon the lapse of the Restrictions without forfeiture, the Company shall, upon your
request, cause a certificate or certificates to be issued without legend in your name evidencing
the Restricted Units.

   3. None of the Restricted Units are transferable (by operation of law or otherwise) by
you, other than by will or the laws of descent and distribution. If, in the event of your divorce,
legal separation or other dissolution of your marriage, your former spouse is awarded ownership of,
or an interest in, all or part of the
Restricted Units granted hereby to you (the “Awarded Units”), the Awarded Units shall automatically
and immediately be forfeited and cancelled without payment on such date.

   4. If your employment with the Company and its Affiliates is terminated (a “Qualifying
Termination”) due to your (i) death, (ii) being disabled and entitled to receive long-term
disability benefits under the Company’s long-term disability plan or (iii) retirement with the
approval of the Committee on or after reaching age 60, the Restricted Units shall automatically
vest in full upon such termination.

 

 

   5. In the event your employment with the Company and its Affiliates terminates for any
reason other than as provided in Section 4 above, your Restricted Units automatically shall be
forfeited without payment on such termination.

   6. Nothing in this Agreement or in the Plan shall confer any right on you to continue
employment with the Company or its Affiliates or restrict the Company or its Affiliates from
terminating your employment at any time. Employment with an Affiliate shall be deemed to be
employment with the Company for purposes of the Plan. Unless you have a separate written employment
agreement with the Company or an Affiliate, you are, and shall continue to be, an “at will”
employee.

     7. To the extent that the grant or vesting of a Restricted Unit results in the receipt of
compensation by you with respect to which the Company or an Affiliate has a tax withholding
obligation pursuant to applicable law, unless you make other arrangements that are acceptable to
the Company or such Affiliate, you must deliver to the Company or the Affiliate such amount of
money as the Company or the Affiliate may require to meet its tax withholding obligations under
such applicable law. No issuance of an unrestricted Unit shall be made pursuant to this Agreement
until you have paid or made arrangements approved by the Company or the Affiliate to satisfy in
full the applicable tax withholding requirements of the Company or Affiliate. For purposes of this
paragraph, unless you are subsequently notified to the contrary, you may satisfy your obligations
with respect to any applicable tax withholding by
electing to have the Company or any Affiliate (including the Partnership) withhold from the
issuance under this Agreement a number of vested Common Units having a then-fair-market value equal
to such tax withholding obligations, based on the closing price per Common Unit as reported on the
New York Stock Exchange (or other principal stock exchange on which the Common Units are then
listed) on the date of vesting. The Committee has determined that it intends that the Plan meet
the requirements of Rule 16b-3 under the Exchange Act and that the transactions of the type
specified in Rule 16b-3 by non-employee directors and by officers of the Company (whether or not
they are directors) pursuant to the Plan, including the foregoing net settlement procedure, will be
exempt from the operation of Section 16(b) of the Exchange Act.

     8. Notwithstanding any other provision of this Agreement, the Company shall not be
obligated to deliver to you any unrestricted Units if counsel to the Company determines such
delivery would violate any law or regulation of any governmental authority or agreement between the
Company or the Partnership and any national securities exchange upon which the Units are listed or
any policy of the Company or any Affiliate of the Company.

     9. These Restricted Units are subject to the terms of the Plan, which is hereby
incorporated by reference as if set forth in its entirety herein, including, without limitation,
the ability of the Company, in its discretion, to amend your Restricted Unit award without your
approval. In the event of a conflict between the terms of this Agreement and the Plan, the Plan
shall be the controlling document. Capitalized terms that are used, but are not defined, in this
Option grant award have the respective meanings provided for in the Plan. The Plan, as in effect on
the Date of Grant, is attached hereto as Exhibit A.

	 	 	 	 	 	 	 
	 	 	EPCO, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	[Name, Title]exv10w2

 

Exhibit 10.2

Option Grant under the

EPCO, Inc. 2006 TPP Long-Term Incentive Plan

	 	 	 	 	 
	Date of Grant:

	 	[                                        ]
	 	 
	 
	 	 	 	 
	Name of Optionee:

	 	[                                        ]	 	 
	 
	 	 	 	 
	Option Exercise Price per Common Unit:

	 	$[  .   ]	 	 
	 
	 	 	 	 
	Number of Options Granted (One
	 	 	 	 
	Option equals the Right to
	 	 	 	 
	Purchase One Common Unit):

	 	[                                        ]	 	 
	 
	 	 	 	 
	Option Grant Number:

	 	O06-[                                        ]	 	 

   EPCO, Inc (the “Company”) is pleased to inform you that you have been granted options (the
“Options”) under the EPCO, Inc. 2006 TPP Long-Term Incentive Plan (the “Plan”) to purchase Units
(“Units”) of TEPPCO Partners, L.P. (the “Partnership”) as follows:

   1. You are hereby granted the number of Options to acquire a Common Unit set forth above,
each such Option having the option exercise price set forth above.

   2. The Options shall become fully vested (exercisable) on the earlier of (i) the date
that is four years after the Date of Grant set forth above (the “Vesting Date”) or (ii) a
Qualifying Termination (as defined below). Subject to the further provisions of this Agreement, the
Options, to the extent vested, may be exercised (in whole or in part or in two or more successive
parts) during your employment with the Company and its Affiliates only during any February, May,
August, November or any other month in respect of which the
Company notifies you that the Options may be exercised (a “Qualified Month”) that is within the
period beginning on and after the Vesting Date and ending on the date which is nine years and
364 days after the Date of Grant set forth above (the “Termination Date”). In the event your
employment with the Company and its Affiliates is terminated prior to the Vesting Date for any
reason other than a Qualifying Termination, the Options shall automatically and immediately be
forfeited and cancelled unexercised on the date of such termination of employment. For purposes of
this Option grant award, the term “year” shall mean a period comprised of 365 (or 366, as
appropriate) days beginning on a day of a calendar year and ending on the day immediately preceding
the corresponding day of the next calendar year. For example, if the Date of Grant of an Option
grant award is January 20, 2007, one year after the Date of Grant would be January 20, 2008, the
Vesting Date would be January 20, 2011 and the Termination Date would be January 20, 2017.

   3. To the extent vested and after receiving clearance from the Transactions Committee, as
provided in the Compliance Procedures for Exercising Options in TPP Units Granted Under the Plan,
as such procedure may be modified from time to time, the Options may be exercised from time to time
by a notice in writing of such exercise which references the Option Grant Number set forth above
and the number of Options (or Units relating thereto) which are being exercised. Such notice shall
be delivered or mailed to the Company at its corporate offices in Houston, Texas, as follows:

   Mailing Address: EPCO, Inc., P.O. Box 4735, Houston, Texas 77210-4735, Attention:
Secretary

   Delivery Address: EPCO, Inc., 1100 Louisiana Street, Suite 1000, Houston, Texas
77002, Attention: Secretary

   An election to exercise shall be irrevocable. The date of exercise shall be, if such election is by
delivery, the date the notice is hand delivered to the Company, or if such election is mailed to
the Company, the date on which the envelope is postmarked by the U.S. Postal Service, whichever is
applicable; provided, however, if you are an employee of the Company or an Affiliate and such
mailing or delivery date occurs other than in a Qualified Month, it shall be deemed exercised in
the next Qualified Month. Further, if the

 

 

date of exercise is on a day on which the New York Stock
Exchange is generally closed for trading, the exercise date shall be deemed to be the next
preceding date on which the New York Stock Exchange is generally open for trading.

   4. An election to exercise one or more of the Options shall be accompanied by the tender
of the full exercise price of the Options (rounded to the nearest whole cent) for which the
election is made. Payment of the purchase price may be made in cash or a check acceptable to the
Company or a cashless-broker procedure approved by the Company. However, no exercise shall be
effective until you have made arrangements acceptable to the Company to satisfy all applicable tax
withholding requirements of the Company, if any, with respect to such exercise. For purposes of
this paragraph, unless you are subsequently notified to the contrary by the Company, you may
satisfy your obligations with respect to the exercise price and/or
any applicable tax withholding by (i) electing
upon such exercise to forfeit your right to receive a number of vested Options for which (A) the
closing price per Common Unit as reported on the New York Stock Exchange (or other principal stock
exchange on which the Common Units are then listed) on the date of exercise minus (B) the exercise
price of such vested Options is equal to the amount of exercise price and/or any applicable
withholding taxes or (ii) delivering the purchase price from the cash proceeds of a sale of Common
Units pursuant to a cashless-broker procedure approved by the Company. The Committee has
determined that it intends that the Plan meet the requirements of Rule 16b-3 under the Exchange Act
and that the transactions of the type specified in Rule 16b-3 by non-employee directors and by
officers of the Company (whether or not they are directors) pursuant to the Plan,
including the foregoing net settlement or cashless-broker procedures, will be exempt from the
operation of Section 16(b) of the Exchange Act.

   5. None of the Options are transferable (by operation of law or otherwise) by you, other
than by will or the laws of descent and distribution. If, in the event of your divorce, legal
separation or other dissolution of your marriage, your former spouse is awarded ownership of, or an
interest in, all or part of the Options granted hereby to you (the “Awarded Options”), (i) to the
extent the Awarded Options are not fully vested, the Awarded Options shall automatically and
immediately be forfeited and cancelled unexercised as of the original date of the award thereof and
(ii) to the extent the Awarded Options are fully vested, the Company, in its sole discretion, may
at any time thereafter cancel the Awarded Options by delivering to such former spouse Units having
an aggregate Fair Market Value equal to the excess of the aggregate Fair Market Value of the Units
subject to the Awarded Options over their aggregate Exercise Price.

   6. In the event you terminate employment with the Company and its Affiliates for any
reason other than a Qualifying Termination (as defined below), the Options, if fully vested, may be
exercised by you (or, in the event of your death, by the person to whom your rights shall pass by
will or the laws of the descent and distribution (“Beneficiary”)) only during the 30-day period
beginning on your employment termination date; provided, however, that, other than
for a Qualifying Termination, in no event shall the Options be exercisable after the Termination
Date. A “Qualifying Termination” means your employment with the Company and its Affiliates is
terminated due to your (i) death, (ii) receiving long-term disability benefits under the Company’s
long-term disability plan or (iii) retirement with the approval of the Committee on or after
reaching age 60. If you cease to be an “active, full-time employee”, as determined by the Committee
in its sole discretion, without regard as to how your status is treated by the Company for any of
its other compensation or benefit plans or programs, you will be deemed to have terminated
employment with the Company and its Affiliates for purposes of this Agreement.

   7. In the event of a Qualifying Termination, the Options may be exercised by you or, in
the event such Qualifying Termination was due to your death, by your Beneficiary, at any time on or
prior to the earlier of (A) the date which is 365 days after the date of such Qualifying
Termination or (B) the date which is 90 days after the Termination Date.

   8. Nothing in this Agreement or in the Plan shall confer any right on you to continue
employment with the Company or its Affiliates or restrict the Company or its Affiliates from
terminating your employment at any time. Unless you have a separate written employment agreement
with the Company or an Affiliate, you are, and shall continue to be, an “at will” employee.

 

 

   9. Notwithstanding any other provision of this Agreement, the Options shall not be
exercisable, and the Company shall not be obligated to deliver to you any Units, if counsel to the
Company determines such exercise or delivery, as the case may be, would violate any law or
regulation of any governmental authority or agreement between the Company and any national
securities exchange upon which the Units are listed or any policy of the Company or any Affiliate
of the Company.

   10. Notwithstanding any other provision of this Agreement, if you give notice of exercise
within a “quiet period,” as provided in the Policy Regarding “Quiet Periods” and Exercise of
Options Under the Plan, as such procedure may be modified from time to time, the timing of the
delivery of Units pursuant to your exercise shall be governed by the
terms of such policy. Further, the Company shall have no liability to you for any loss you may
suffer (whether by a decrease in the value of the Units, failure or inability to receive
Partnership distributions or otherwise) from any delay by the Company in delivering to you Units in
connection with the whole or partial exercise by you of the Options.

   11. These Options are subject to the terms of the Plan, which is hereby incorporated by
reference as if set forth in its entirety herein, including, without limitation, the ability of the
Company, in its discretion, to accelerate the termination of the Option and to amend your Option
grant award without your approval. In the event of a conflict between the terms of this Agreement
and the Plan, the Plan shall be the controlling document. Capitalized terms that are used, but are
not defined, in this Option grant award have the respective meanings provided for in the Plan. The
Plan, as in effect on the Date of Grant, is attached hereto as Exhibit A.

	 	 	 	 	 	 	 
	 	 	EPCO, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	[Name, Title]

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