Document:

EX 10.8 Tans Employment Contract

Exhibit 10.8 
Booking.com Holding BV                    
Rembrandt Square Office
Herengracht 597
1017 CE Amsterdam
                                                                                                              

Employment contract

The undersigned,

Booking.com Holding B.V., domiciled at Amsterdam at Herengracht 597, 1017 CE, hereinafter referred to as “Booking.com Holding”, and

Name:    Gillian Tans
Address:        Oranje Nassaulaan 71
Postal code:    1075 AL
City:        Amsterdam
Date of birth:    2nd August 1970
Place of birth:    Apeldoorn
BSN:        1697.48.984

hereinafter referred to as “the employee”, 

Whereas:

		
	•
	The employee has been employed with (predecessors of) Booking.com Holding B.V. as from 02nd December 2002.

		
	•
	The employee has been appointed as Statutory Director (Bestuurder) of Booking.com Holding B.V. as from 29th July 2013.

		
	•
	By letter of 3rd June 2013 it was confirmed to the employee that she will be employed by Booking.com Holding as per 1st July 2013.

		
	•
	The employee agrees to continue employment with Booking.com Holding B.V. subject to the terms and conditions set forth herein. 

declare that they are establishing an employment contract under the following conditions:

1    Employment

1.1    Function
The employee will hold the position of COO & President.

1.2    Duration
The contract of employment is for an indefinite period.

1.3
The contract of employment will expire without the requirement for any prior notice when the Employee reaches the official retirement age at the time.

1.4    Notice period
The employee and Booking.com Holding must utilize a notice period as specified in the Handbook Booking.com The Netherlands.

2    Remuneration for employment 

2.1    Salary
The gross monthly salary amounts to EUR 23.148,15 based on a 40 hourly working week.

2.2    Commuting costs reimbursement
Commuting costs will be reimbursed on the basis of EUR 0,19 per kilometer with a maximum of € 200, - per month (see also article 4.5 Handbook Booking.com BV).

2.3    Holiday payment

Exhibit 10.8 
Booking.com Holding BV                    
Rembrandt Square Office
Herengracht 597
1017 CE Amsterdam
                                                                                                              

The period over which the holiday payment is calculated runs from 1 June of the last year through and including 31 May of the current year. The amount of the holiday payment is calculated on the basis of 8% of the gross salary that is received in the time period of this calculation. Payment takes place along with the salary in May or with the final settlement upon termination of the employment contract.

2.4    Pension
With Booking.com the employee has the possibility to participate in the pension scheme in accordance with the chapter on personal benefits as outlined in the Handbook Booking.com BV. 

		
	3 
	Office hours

3.1    Working hours
The normal working hours are 40 per week spread over 5 working days. 

3.2
The function of the employee may necessitate working additional hours outside the core hours specified in article 3.1 above, including weekends and evenings as the needs of the role dictate. This has been taken into account in determining the employee’s salary and therefor the employee is not entitled to receive any additional payment of compensation for overtime. 

		
	 4 
	Holiday 

4.1    Holiday days
Per calendar year the employee has a right to 26 holiday days, retaining her salary, with a full employment contract. 

4.2    Purchase or sale of holiday days
The employee with a full employment contract, can either purchase or sell a maximum of 5 extra holidays at the applicable salary.

		
	5 
	Work regulations and (PCLN) policies 

The work regulations as set out in the Handbook Booking.com and all other regulations and policies as provided by Booking.com (including any priceline.com policies which may be declared applicable by Booking.com) to the employee apply to this employment contract. The Handbook, the regulations and the policies may be amended from time to time and insofar required by law, after consultation with the works council, whereas changes made in this manner are binding for all employees.

		
	6
	Obligation of confidentiality 

6.1     
The employee acknowledges that strict confidentiality is imposed upon her, both prior to and following termination of the present employment contract, relating to all data and particulars about Booking.com – or its affiliated companies – of which the employee knows or should know the confidential nature, including without limitation client data (hotels, affiliate partners, visitors of website), financial data, statistical data and key figures of Booking.com, names and details of employees. This obligation of confidentiality also applies to the data and particulars of relations and clients of the employer, including without limitation financial data, statistical data, key figures and contractual terms and conditions. 

6.2 
The employee is not permitted in any way to copy or to hold or keep in her possession any software, documents, databases, correspondence or copies thereof, which she has obtained within the framework of her duties, except if and insofar and for as long as she requires them in order to carry out her duties. The employee is at least obliged to immediately provide the employer with afore-mentioned software, documents, databases and correspondence or copies thereof on first demand of the employer, and when failing such a demand no later than the day of termination of the employment contract, or when the employee is suspended or placed on leave of absence on full pay, regardless of the reason. The afore-mentioned applies regardless of how the information is stored, i.e. it also includes (copies of) computer files, software et cetera.

Exhibit 10.8 
Booking.com Holding BV                    
Rembrandt Square Office
Herengracht 597
1017 CE Amsterdam
                                                                                                              

7    Non-competition and non-solicitation 

7.1    Non-competition and non-solicitation
During the term of the employee’s employment and for a period of one (1) year following termination of employment, the employee is not permitted without Booking.com Holding B.V.’s prior written consent:

I     in any manner whatsoever, directly or indirectly, paid or unpaid, to carry on, operate or be working for or otherwise be concerned or engaged in or involved with, or have any other interest or investment in (except as the holder of securities traded on a recognized stock exchange) any person, institution, business or company which is (directly or indirectly) competitive with or in the same or similar field as the business conducted by Booking.com Holding B.V. or its subsidiaries or affiliates (together “Booking.com”), including for example, but not limited to:

Expedia (including any of its affiliated companies, for instance, Hotels.com, Venere, Hotwire);
Orbitz (including any of its affiliated companies, for instance, HotelClub, ebookers);
Travelocity (including any of its affiliated companies, for instance, lastminute.com);
local direct competitors such as, but not limited to, HRS, easytobook, lookingforbooking, Hotelopia, Laterooms, Hotel.de (or any of their affiliated companies);
the on-line travel search businesses of Yahoo! or Google;
travel meta search websites, such as Tripadvisor.com or Trivago.com; and
Emertra (including any of its affiliated companies, for instance, ostrovok.ru); and
“affiliate” (distribution) partners of Booking.com.

II     directly or indirectly, to (a) solicit, recruit or hire to work for the employee or any organization with which the employee is connected or associated, any employees of Booking.com or any persons who, within two (2) years of such solicitation, recruitment or hire, have worked for Booking.com or (b) solicit or encourage any employees of Booking.com to leave the services of Booking.com. 

III    directly or indirectly, solicit, attempt to solicit, assist in soliciting, accept or facilitate the acceptance of the business of firms that, or individuals who, were clients, customers or other business relations of Booking.com at the time of termination, or at any time during the two (2) year period preceding termination.

IV    in relation to any contract or arrangement which Booking.com has with any supplier for the supply of goods and services, for the duration of such contract or arrangement, directly or indirectly, interfere with the supply of such goods or services from any supplier, nor, directly or indirectly, induce any supplier to cease or decline to supply such goods or services to Booking.com.

7.2    
On violation of the above mentioned non-competition and non-solicitation clause, the employee forfeits a penalty of EUR 5,000 in favour of Booking.com for each violation, as well as a penalty equal to EUR 1,000 for each day the violation continues after announcement of the discovery thereof by Booking.com, without prejudice to Booking.com right to claim full compensation. In accordance with section 7:650 subsection 6 this penalty clause deviates from the provisions in section 7:650 subsections 3, 4 and 5.
7.3    
The employee requires the prior written consent of Booking.com Holding insofar the employee wishes to (directly or indirectly and whether paid or unpaid) conduct, execute or perform certain activities or duties for the benefit of herself and/or any third party or carry on, be engaged in, participate in, be involved in or have any interest in any project, business, enterprise, company or partnership of which the employee knows, should know or could reasonable assume that the employee should request Booking.com Holding’s prior approval or at least inform Booking.com Holding of. When requesting approval, the employee will inform Booking.com Holding of all relevant information to make a balanced decision (including all such reasonably requested information). Insofar Booking.com Holding has approved, the employee agrees that the activities will not be to the detriment of (i) her performance as may be expected from the employee by Booking.com Holding, and (ii) the business (operations), reputation or good standing of Booking.com Holding. 

8    Severance

In case Booking.com Holding wishes to terminate the employment contract with the employee and this termination is not in any respect related to the employee’s behaviour which would normally constitute a reason for a dismissal for cause within the meaning of article 7:678 BW, but to other circumstances instead, for example, but not limited to, termination of the company, merger, take over, restructuring, a fundamental change in the strategy of the company (whether or not as a consequence of changes of the 

Exhibit 10.8 
Booking.com Holding BV                    
Rembrandt Square Office
Herengracht 597
1017 CE Amsterdam
                                                                                                              

employee’s direct report), incompabilité d’humeurs, a radical change in the organisational structure of otherwise which has direct consequences for the content of the position and/of the activities of the employee and the way she has to perform, Booking.com Holding will, apart from the agreed notice period, pay a compensation to the employee which equals the amount of one annual base salary including holiday allowance and to be increased with the last target bonus, this bonus with a maximum of one annual base salary including holiday allowance. 

9    Sidelines

9.1
Without Booking.com Holding’s prior written consent, the employee will not perform any other work for pay during the employee’s employment term, nor will the employee, alone or with others, directly or indirectly, establish or conduct a business that is competitive with Booking.com Holding’s business, whatever its form, or take any financial interest in or perform work for such business, whether or not for consideration.

9.2
During the term of the employment contract, the employee must refrain from undertaking of holding any sidelines of additional posts, such as committee work managerial of other activities for organisations of an idealistic, cultural, sporting, political of other nature, whether or not for consideration, without Booking.com Holding’s prior written consent. 

10    Return of Property

Upon termination of the employment contract, the employee shall immediately return to Booking.com Holding all property belonging to Booking.com Holding, including materials, documents and information copied in any form whatsoever. 

11    Intellectual an Industrial property Rights

11.1
All intellectual property rights, including but not limited to patent rights, design rights, copyrights and neighbouring rights, database rights, trademark rights, chip rights, trade name rights and know how, ensuing, during or after this employment contract, in the Netherlands of abroad, from the work performed by the employee under this employment contract (collectively: ‘Intellectual Property Rights’) will exclusively vest in Booking.com Holding. 

11.2
Insofar as any Intellectual Property Rights are not vested in Booking.com Holding by operation of law, the employee covenants that the employee, at first request of Booking.com Holding, will transfer to Booking.com Holding and, insofar as possible, hereby transfers those rights to Booking.com Holding, which transfer is hereby accepted by Booking.com Holding. 

11.3
Insofar as any Intellectual Property Rights are not capable of being transferred from the employee to Booking.com Holding, the employee hereby grants Booking.com Holding the exclusive, royalty free, worldwide, perpetual rights, with he right to grant sublicenses, to use the Intellectual Property Rights in the broadest way, which right is hereby accepted by Booking.com Holding.

11.4
Insofar as any personal rights vest in the employee, and insofar as permitted by law, the employee hereby waives all of the employee’s personal rights, including, without limitation, the right to have one’s name stated pursuant to the Dutch Copyright act 1912 (‘Auteurswet 1912’). 

11.5
The employee shall promptly disclose all works, inventions, information, Intellectual Property Rights and other results from the work performed by the employee under this employment contract to Booking.com Holding.

11.6
The employee shall upon Booking.com Holding’s request, during or after this employment contract, perform all acts that may be necessary in order to record the Intellectual Property Rights in the name of 

Exhibit 10.8 
Booking.com Holding BV                    
Rembrandt Square Office
Herengracht 597
1017 CE Amsterdam
                                                                                                              

Booking.com Holding with any competent authority in the world. Reasonable costs thereof will be borne by Booking.com Holding. 

11.7
In case the employee, for any reason, is unable to provide the cooperation in accordance with article 11.2 and 11.6, the employee hereby grants Booking.com Holding irrevocable power of attorney to represent the employee with respect to the assignment and registration of Intellectual Property Rights referred to in article 11.2 and 11.6. 

11.8
The employee acknowledges that the employee’s salary includes reasonable compensation for the loss of intellectual and industrial property rights. 

12    Final stipulations 

12.1    
The laws of the Netherlands apply to this contract.

12.2    
This contract contains all obligations of both parties toward each other and takes the place of all prior contracts, negotiations, promises and correspondence. Every change in any stipulation of this contract is only binding if agreed between parties in writing.

12.3    
By signing this contract, the employees explicitly agrees and acknowledges to have received, read and understood the terms and conditions of his/her employment, the applicable policies and regulations (including the handbook) and agrees to observe, adhere to and comply with the terms and conditions of this contract and the applicable policies and regulations (as may be amended from time to time).

Thus agreed and signed in duplicate in Amsterdam. 

		
	/s/ Darren Huston
	/s/ Gillian Tans

.......................................................................        ...........................................................................
		
	On behalf of Booking.com Holding B.V.
	Gillian Tans

Darren Huston

19/2/2015
		
	Date.....................................................................
	Date ...................................................................Exhibit 10.6

ARC LOGISTICS
LONG TERM INCENTIVE PLAN

 

PHANTOM UNIT AGREEMENT

 

This Phantom Unit Agreement (this “Agreement”) is made and entered into by and between Arc Logistics GP LLC, a Delaware limited liability company (the “General Partner”), and [                  ] (the “Awardee”).  This Agreement is effective as of the [___] day of [______], [____] (the “Date of Grant”).  Capitalized terms used in this Agreement but not otherwise defined herein shall have the meanings ascribed to such terms in the Plan (as defined below), unless the context requires otherwise.

W I T N E S S E T H:

WHEREAS, Arc Logistics Partners LP, a Delaware limited partnership (the “Partnership”), acting through the Board of Directors of the General Partner (the “Board”), has adopted the Arc Logistics Long Term Incentive Plan (the “Plan”) to, among other things, attract, retain and motivate certain employees, consultants and directors of the Partnership, the General Partner and their respective Affiliates (collectively, the “Partnership Entities”); and

WHEREAS, the Committee has authorized the grant of Phantom Units of the Partnership to directors, employees, officers and consultants as part of their compensation for services provided to the Partnership Entities.

NOW, THEREFORE, in consideration of the Awardee’s agreement to provide or to continue providing services, the Awardee and the General Partner agree as follows:  

1.Grant of Phantom Units.  The General Partner hereby grants to the Awardee        [          ] Phantom Units (the “Award”), subject to all of the terms and conditions set forth in the Plan and this Agreement, including without limitation, those restrictions described in Section 4, whereby each Phantom Unit represents the right to receive one Unit of the Partnership and/or cash in an amount equal to the Fair Market Value of one Unit (each, a “Phantom Unit”).

2.Phantom Unit Account.  Phantom Units represent hypothetical Units and not actual Units. The General Partner shall establish and maintain a bookkeeping account on its records for the Awardee (a “Phantom Unit Account”) and shall record in such Phantom Unit Account: (a) the number of Phantom Units granted to the Awardee and (b) the amount deliverable to the Awardee at settlement on account of Phantom Units that have vested.  The Awardee shall not have any interest in any fund or specific assets of the Partnership by reason of this Award or the Phantom Unit Account established for the Awardee.  

3.Rights of Awardee.  No Units shall be issued to the Awardee at the time the grant is made, and the Awardee shall not be, nor have any of the rights and privileges of, a unitholder or limited partner of the Partnership with respect to any Phantom Units recorded in the Phantom Unit Account.  The Awardee shall have no voting rights with respect to the Phantom Units.  In the event the Partnership pays any distributions in respect of its outstanding Units and, on the record date for such distribution, the Awardee holds Phantom Units granted 

 

pursuant to this Agreement that have not vested and been settled, the Partnership shall deliver to the Awardee an amount in cash or property in the same form the distribution was delivered to unitholders generally based on the number of Units related to the portion of the Awardee’s Phantom Units that have not been settled as of the record date for the distribution (the “DER”), such distribution equivalents to be delivered to the Awardee on or promptly following the date that the Partnership pays such cash distribution (however, in no event shall the DER payment be made later than 30 days following the date on which the Partnership pays such distribution to unitholders generally). Notwithstanding the date of payment, the Awardee will vest in such DER as of the record date for such distribution.  No interest will accrue on any such right between the issuance of the distribution to unitholders generally and the settlement of the DER. 

4.Vesting of Phantom Units.  The Phantom Units are restricted in that they may be forfeited by the Awardee and in that they may not, except as otherwise provided in the Plan, be transferred or otherwise disposed of by the Awardee.  Subject to the terms and conditions of this Agreement, the forfeiture restrictions on the Phantom Units shall lapse, and the Phantom Units shall vest as set forth in the following vesting chart:

	
Vesting Date
	
Percentage of Phantom Units that become Vested

	
[____________]
	
[___]%

	
[____________]
	
[___]%

	
[____________]
	
[___]%

	
Total
	
100%

 

Notwithstanding the vesting chart set forth above in this Section 4 (the “Vesting Chart”), such restrictions will lapse, and the Phantom Units shall vest in accordance with this Section 4 only if the Awardee has continuously provided services to the Partnership Entities (except to the extent such continuous service shall not be a vesting requirement in connection with a Change of Control as provided in Section 5(a) hereof) from the Date of Grant until the applicable date of vesting (each, a “Vesting Date”). 

 

5.Change of Control and Termination of Employment or Service. 

(a)Change of Control. Notwithstanding the Vesting Chart set forth in Section 4 of this Agreement, upon the occurrence of a Change of Control prior to the final Vesting Date, all Phantom Units subject to this Agreement will immediately become vested and nonforfeitable (to the extent not vested or forfeited prior to that date); provided, however, that if the Awardee’s employment with or other service to the Partnership Entity is terminated by the applicable Partnership Entity prior to and in connection with such Change of Control (or anticipated Change of Control), then all Phantom Units subject to this Agreement shall immediately become vested and nonforfeitable (to the extent not vested prior to that date) contemporaneously with such Change of Control.  

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(b)Death and Disability.  If the Awardee experiences a termination of employment with or other separation of service from the Partnership Entities due to death or Disability prior to the final Vesting Date, then all Phantom Units subject to this Agreement will immediately become vested and nonforfeitable (to the extent not vested or forfeited prior to that date) as of the date of termination or separation.

(c)Other Terminations. If the Awardee experiences a termination of employment with or other separation of service from the Partnership Entities for any reason other than as described in Section 5(b) or in the proviso to Section 5(a) of this Agreement prior to the final Vesting Date, then all Phantom Units granted pursuant to this Agreement that have not yet vested shall become null and void as of the date of such termination of employment or other separation from service; provided, however, that the Committee, in its sole and absolute discretion, may decide to vest all or any portion of the Phantom Units that remain unvested as of the date of termination or separation or may allow such Phantom Units to remain outstanding and vest pursuant to the Vesting Chart set forth in Section 4 hereof or pursuant to such other terms and conditions established by the Committee. The portion of the Phantom Units, if any, that do not become vested in accordance with the foregoing (including in accordance with the proviso to Section 5(a) hereof, pursuant to which Phantom Units shall vest in connection with a Change in Control following the date the Awardee’s employment or other service terminates) shall become null and void as of the date of the termination of employment or other separation from service; provided, however, that, the portion, if any, of the Phantom Units that vest as of such date shall survive.

6.Settlement Date; Manner of Settlement.  The settlement date or dates of the Units related to the Awardee’s Phantom Units will be the date or dates on which the restrictions on such Phantom Units expire and the Phantom Units become vested as provided in Sections 4 and 5 of this Agreement. To the extent that the Award consists of 1,000 Phantom Units or more, any Phantom Units that vest shall be paid to the Awardee in the form of Units on the settlement date(s). To the extent that the Award consists of less than 1,000 Phantom Units, any Phantom Units that vest shall be paid to the Awardee in cash on the settlement date(s). The value of any Phantom Unit paid in cash shall equal the number of vested Phantom Units multiplied by the Fair Market Value of a Unit. The value of any fractional Phantom Units shall be paid in cash on the settlement date(s).  The value of the fractional Phantom Unit paid in cash shall equal the percentage of a Unit represented by a fractional Phantom Unit multiplied by the Fair Market Value of the Unit. The Awardee agrees that any vested Units that the Awardee acquires upon vesting of the Phantom Units will not be sold or otherwise disposed of in any manner that would constitute a violation of any applicable federal or state securities laws, the Plan or the rules, regulations and other requirements of the U.S. Securities and Exchange Commission (the “SEC”) and any stock exchange upon which the Units are then listed.  The Awardee also agrees that any certificates representing the Units acquired under this award may bear such legend or legends as the Committee deems appropriate in order to assure compliance with applicable securities laws.  In addition to the terms and conditions provided herein, the Partnership may require that the Awardee make such covenants, agreements, and representations as the Committee, in its sole discretion, deems advisable in order to comply with any such laws, rules, regulations, or requirements.

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7.Limitations on Transfer.  The Awardee agrees that the Awardee shall not dispose of (meaning, without limitation, sell, transfer, pledge, exchange, hypothecate or otherwise dispose of) any Phantom Units or other rights hereby acquired prior to the date the Phantom Units are vested and settled.  Any attempted disposition of the Phantom Units in violation of the preceding sentence shall be null and void and the Phantom Units that the Awardee attempted to dispose of shall be forfeited.

8.Adjustment.  The number of Phantom Units granted to the Awardee pursuant to this Agreement shall be adjusted to reflect distributions of the Partnership paid in units, unit splits or other changes in the capital structure of the Partnership, all in accordance with the Plan.  All provisions of this Agreement shall be applicable to such new or additional or different units or securities distributed or issued pursuant to the Plan to the same extent that such provisions are applicable to the units with respect to which they were distributed or issued.  

9.Violation of Law, Regulation or Rule.  The General Partner shall not be required to deliver any Units hereunder if, upon the advice of counsel for the General Partner, such acquisition or delivery would violate the Securities Act of 1933 or any other applicable federal, state, or local law or regulation or the rules of the exchange upon which the Partnership’s Units are traded.  

10.Copy of Plan.  By the execution of this Agreement, the Awardee acknowledges receipt of a copy of the Plan.  If any provision of this Agreement is held to be illegal, invalid or unenforceable under any applicable law, then such provision will be deemed to be modified to the minimum extent necessary to render it legal, valid and enforceable; and if such provision cannot be so modified, then this Agreement will be construed as if not containing the provision held to be invalid, and the rights and obligations of the parties will be construed and enforced accordingly.

11.Notices.  Whenever any notice is required or permitted hereunder, such notice must be in writing and personally delivered or sent by mail.  Any such notice required or permitted to be delivered hereunder shall be deemed to be delivered on the date on which it is personally delivered or, whether actually received or not, on the third business day (on which banking institutions in the State of New York are open) after it is deposited in the United States mail, certified or registered, postage prepaid, addressed to the person who is to receive it at the address which such person has theretofore specified by written notice delivered in accordance herewith.  The General Partner or the Awardee may change at any time and from time to time by written notice to the other, the address which it or the Awardee previously specified for receiving notices.  The General Partner and the Awardee agree that any notices shall be given to the General Partner or to the Awardee at the following addresses: 

General Partner:Arc Logistics GP LLC

Attn: General Counsel

725 Fifth Avenue, 19th Floor

New York, NY 10022

 

	
Awardee:
	
At the Awardee’s current address as shown in the General Partner’s records.  

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12.General Provisions.  

(a)Administration.  This Agreement shall at all times be subject to the terms and conditions of the Plan.  The Committee shall have sole and complete discretion with respect to all matters reserved to it by the Plan and decisions of a majority of the Committee with respect thereto and with respect to this Agreement shall be final and binding upon the Awardee and the General Partner.  In the event of any conflict between the terms and conditions of this Agreement and the Plan, the provisions of the Plan shall control.

(b)No Effect on Service.  Nothing in this Agreement or in the Plan shall be construed as giving the Awardee the right to be retained in the employ or service of the Partnership Entities. Furthermore, the Partnership Entities may at any time terminate the service relationship with the Awardee free from any liability or any claim under the Plan or this Agreement, unless otherwise expressly provided in the Plan, this Agreement or other written agreement.

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

(d)Amendments.  This Agreement may be amended only by a written agreement executed by the General Partner and the Awardee, except that the Committee may unilaterally waive any conditions or rights under, amend any terms of, or alter this Agreement provided no such change (other than pursuant to Section 7(b), 7(c), 7(d), 7(e), or 7(g) of the Plan) materially reduces the rights or benefits of the Awardee with respect to the Phantom Units without his consent.  

(e)Binding Effect.  This Agreement shall be binding upon and inure to the benefit of any successor or successors of the General Partner or the Partnership and upon any person lawfully claiming under the Awardee.  

(f)Entire Agreement.  This Agreement and the Plan constitute the entire agreement of the parties hereto with regard to the subject matter hereof, and contain all the covenants, promises, representations, warranties and agreements between the parties with respect to the Phantom Units granted hereby.  Without limiting the scope of the preceding sentence, all prior understandings and agreements, if any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect.  

(g)No Liability for Good Faith Determinations.  Neither the Partnership Entities nor the members of the Committee and the Board shall be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Phantom Units granted hereunder.

(h)No Guarantee of Interests.  The Committee, the Board and the Partnership Entities do not guarantee the Units from loss or depreciation.

(i)Tax Withholding.  Upon any taxable event arising in connection with the Phantom Units, the Partnership Entities shall have the authority and the right to deduct or 

5

withhold, or to require the Awardee to remit to a Partnership Entity, an amount sufficient to satisfy all applicable federal, state and local taxes (including the Awardee’s employment tax obligations) required by law to be withheld with respect to such event. In satisfaction of the foregoing requirement, unless otherwise determined by the Committee (which such determination may not be delegated), the General Partner or one of its Affiliates is permitted to withhold Units otherwise issuable in respect of such Phantom Units having a Fair Market Value on the date of withholding equal to the aggregate amount of taxes required to be withheld with respect to such event 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 to the extent such withholding is elected by the Awardee.

(j)Insider Trading Policy.  The terms of the Partnership’s insider trading policy with respect to Units are incorporated herein by reference. 

(k)Severability.  If any provision of this Agreement is held to be illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions hereof, but such provision shall be fully severable and this Agreement shall be construed and enforced as if the illegal or invalid provision had never been included herein.

(l)Headings.  The titles and headings of Sections are included for convenience of reference only and are not to be considered in construction of the provisions hereof.

(m)Gender.  Words used in the masculine shall apply to the feminine where applicable, and wherever the context of this Agreement dictates, the plural shall be read as the singular and the singular as the plural.

(n)Clawback.  Notwithstanding any provisions in the Plan or this Agreement to the contrary, any portion of the payments and benefits provided under this Agreement or the sale of the Units granted hereunder shall be subject to a clawback or other recovery by the Partnership Entities to the extent necessary to comply with applicable law including, without limitation, the requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any SEC rule.

(o)Consent to Electronic Delivery; Electronic Signature. In lieu of receiving documents in paper format, the Awardee agrees, to the fullest extent permitted by law, to accept electronic delivery of any documents that the Partnership may be required to deliver (including, without limitation, prospectuses, prospectus supplements, grant or award notifications and agreements, account statements, annual and quarterly reports, and all other forms of communications) in connection with this and any other award made or offered by the Partnership. Electronic delivery may be via a Partnership electronic mail system or by reference to a location on a Partnership intranet to which the Awardee has access.  The Awardee hereby consents to any and all procedures the Partnership has established or may establish for an electronic signature system for delivery and acceptance of any such documents that the Partnership may be required to deliver, and agrees that his or her electronic signature is the same as, and shall have the same force and effect as, his or her manual signature.

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(p)Section 409A. None of the Phantom Units, the DERs or any amounts paid pursuant to this Agreement are intended to constitute or provide for a deferral of compensation that is subject to Section 409A of the Code.  To the extent that the Committee determines that the Phantom Units or DERs are not exempt from Section 409A of the Code, the Committee may (but shall not be required to) amend this Agreement in a manner intended to comply with the requirements of Section 409A of the Code or an exemption therefrom (including amendments with retroactive effect), or take any other actions as it deems necessary or appropriate to (a) exempt the Phantom Units or DERs from Section 409A of the Code and/or preserve the intended tax treatment of the benefits provided with respect to the Phantom Units or DERs, or (b) comply with the requirements of Section 409A of the Code.  To the extent applicable, this Agreement shall be interpreted in accordance with the provisions of Section 409A of the Code.  Notwithstanding anything in this Agreement to the contrary, to the extent that any payment or benefit hereunder constitutes non-exempt “nonqualified deferred compensation” for purposes of Section 409A of the Code, and such payment or benefit would otherwise be payable or distributable hereunder by reason of the Awardee’s termination of employment or other separation from service, all references to the Awardee’s termination of employment or other separation from service shall be construed to mean a “separation from service” within the meaning of Treasury Regulation Section 1.409A-1(h) (“Separation From Service”), and the Awardee shall not be considered to have a termination of employment or a separation from service unless such termination or separation constitutes a Separation from Service with respect to the Awardee.  Notwithstanding anything to the contrary in this Agreement, no amounts payable under this Agreement on account of the Awardee’s Separation From Service shall be paid to the Awardee prior to the expiration of the six (6) month period following the Awardee’s Separation From Service to the extent that the Partnership Entities determine that paying such amounts prior to the expiration of such six (6) month period would result in a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code. If the payment of any such amount is delayed as a result of the preceding sentence, then on the first business day following the end of the applicable six (6) month period (or such earlier date upon which such amount may be paid under Section 409A of the Code without resulting in a prohibited distribution), the amount shall be paid to the Awardee. 

 

 

[Signature Page Follows]

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IN WITNESS WHEREOF, the General Partner has caused this Agreement to be executed by its officer thereunto duly authorized, and the Awardee has set his hand as to the date and year first above written.  

 

ARC LOGISTICS GP LLC

 

 

By:

Name: 

Title: 

 

 

AWARDEE

 

 

_____________________________________________

[Name]

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