Document:

Form of Boardwalk Pipeline Partners Long-Term Incentive Plan

 Exhibit 10.9 
  
 FORM OF BOARDWALK PIPELINE PARTNERS 
 LONG-TERM INCENTIVE PLAN 
  
 SECTION 1. Purpose of the Plan. 
  
 The Boardwalk
Pipeline Partners Long-Term Incentive Plan (the “Plan”) has been adopted by Boardwalk Pipeline Partners, LP, a Delaware limited partnership (the “Partnership”). The Plan is intended to promote the interests of the Partnership by
providing to Employees, Consultants and Directors incentive compensation awards based on Units to encourage superior performance. The Plan is also contemplated to enhance the ability of the Partnership and its Affiliates to attract and retain the
services of individuals who are essential for the growth and profitability of the Partnership and to encourage them to devote their best efforts to advancing the business of the Partnership. 
  
 SECTION 2. Definitions. 
  
 As used in the Plan, the following terms shall have the meanings set forth
below: 
  
 “Affiliate” means, with respect to any
Person, any other Person that directly or indirectly through one or more intermediaries controls, is controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or
indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of voting securities, by contract or otherwise. 
  
 “Award” means an Option, Restricted Unit, Phantom Unit, Unit Appreciation Right or Substitute Award granted under
the Plan, and shall include any tandem DERs granted with respect to a Phantom Unit, Unit Appreciation Right or Option. 
  
 “Award Agreement” means the written or electronic agreement by which an Award shall be evidenced. 
  
 “Board” means the Board of Directors of the General Partner or, if
applicable, the general partner of the General Partner, or such other Person or Persons designated to perform the equivalent function for the Partnership in accordance with applicable law. 
  
 “Change of Control” means, and shall be deemed to have occurred
upon, one or more of the following events: 
  
 (i) any “person” or “group”, within the meaning of those terms as used in Sections 13(d) and 14(d)(2) of the Exchange Act, other than an Affiliate of the General Partner, becomes the beneficial owner, by way of merger,
consolidation, recapitalization, reorganization or otherwise, of fifty percent (50%) or more of the voting power of the equity interests of the Partnership; 
  
 (ii) a Person other than Loews Corporation or an Affiliate of Loews Corporation becomes the General Partner;
or 

 (iii) the sale or other disposition, including by liquidation or dissolution, of all or
substantially all of the assets of the General Partner or the Partnership in one or more transactions to any Person other than an Affiliate of the General Partner or the Partnership. 
  
 Notwithstanding the foregoing, with respect to an Award that is subject to Section 409A of the Internal Revenue Code,
“Change of Control” shall have the meaning ascribed to such term in the regulations or other guidance issued with respect to Section 409A. 
  
 “Committee” means the Compensation Committee of the Board or such other committee as may be appointed by the Board to administer the Plan or, if
none, the Board. 
  
 “Consultant” means an individual
who renders consulting services to the Partnership or an Affiliate thereof. 
  
 “DER” means a distribution equivalent right, being a contingent right, granted in tandem with a specific Option, UAR or Phantom Unit, to receive an amount in cash equal to the cash distributions made by the
Partnership with respect to a Unit during the period such Award is outstanding. 
  
 “Director” means a member of the Board who is not an Employee or a Consultant. 
  
 “Employee” means an employee of the Partnership or an Affiliate thereof. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Fair Market Value” means the closing sales price of a Unit on the
principal national securities exchange or other market in which trading in Units occurs on the applicable date (or if there is no trading in the Units on such date, on the next preceding date on which there was trading) as reported in The Wall
Street Journal (or other reporting service approved by the Committee). If Units are not traded on a national securities exchange or other market at the time a determination of fair market value is required to be made hereunder, the determination
of fair market value shall be made in good faith by the Committee. 
  
 “General Partner” means the general partner of the Partnership and, as applicable, the general partner of the general partner of the Partnership, and any successor General Partner. 
  
 “Option” means an option to purchase Units granted under the Plan.

  
 “Participant” means an Employee, Consultant or
Director granted an Award under the Plan. 
  
 “Partnership
Agreement” means the Agreement of Limited Partnership of the Partnership, as it may be amended or amended and restated from time to time. 
  
 “Person” means an individual or a corporation, limited liability company, partnership, joint venture, trust, unincorporated organization,
association, governmental agency or political subdivision thereof or other entity. 
  

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 “Phantom Unit” means a phantom (notional) Unit granted under the Plan which upon vesting
entitles the Participant to receive a Unit or an amount of cash equal to the Fair Market Value of a Unit, as determined by the Committee in its discretion. 
  
 “Restricted Period” means the period established by the Committee with respect to an Award during which the Award remains subject to forfeiture
and is not exercisable by or payable to the Participant, as the case may be. 
  
 “Restricted Unit” means a Unit granted under the Plan that is subject to a Restricted Period. 
  
 “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act or any successor rule or regulation thereto as in effect from time
to time. 
  
 “SEC” means the Securities and Exchange
Commission, or any successor thereto. 
  
 “Substitute
Award” means an award granted pursuant to Section 6(c)(viii) of the Plan. 
  
 “UDR” means a distribution made by the Partnership with respect to a Restricted Unit. 
  
 “Unit” means a Common Unit of the Partnership. 
  
 “Unit Appreciation Right” or “UAR” means an Award, that, upon exercise, entitles the holder to receive the excess of the Fair Market
Value of a Unit on the exercise date over the exercise price established for such Unit Appreciation Right. Such excess shall be paid in Units and/or in cash as set forth in the Award Agreement. 
  
 SECTION 3. Administration. 
  
 The Plan shall be administered by the Committee. A majority of the Committee
shall constitute a quorum, and the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of the Committee in writing, shall be the acts of the Committee.
Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate Participants;
(ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent,
and under what circumstances Awards may be settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend, or
waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other action that the Committee deems necessary or desirable
for the administration of the Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in the Plan or an Award Agreement in such manner and to such extent as the Committee deems necessary or appropriate.
Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Committee, may be made at any time and
shall 

  

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be final, conclusive, and binding upon all Persons, including the Partnership, any Affiliate, any Participant, and any beneficiary of any Award. 

 
 SECTION 4. Units. 
  
 (a) Limits on Units Deliverable. Subject to adjustment as provided in
Section 4(c), the number of Units that may be delivered with respect to Awards under the Plan is 3,525,000. Units withheld from an Award to satisfy the exercise price of such Award or the Partnership’s or an Affiliate’s minimum tax
withholding obligations with respect to the Award shall not be considered to be Units delivered under the Plan for this purpose. If any Award is forfeited, cancelled, exercised, or otherwise terminates or expires without the actual delivery of Units
pursuant to such Award, the Units subject to such Award shall again be available for Awards under the Plan. There shall not be any limitation on the number of Awards that may be granted and paid in cash. 
  
 (b) Sources of Units Deliverable Under Awards. Any Units delivered
pursuant to an Award shall consist, in whole or in part, of Units acquired in the open market, from any Affiliate, the Partnership or any other Person, or any combination of the foregoing, as determined by the Committee in its discretion.

  
 (c) Adjustments. In the event of any distribution
(whether in the form of Units, other securities or property other than cash), recapitalization, split, reverse split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Units or other securities of the
Partnership, issuance of warrants or other rights to purchase Units or other securities of the Partnership, or other similar transaction or event, the Committee shall, in such manner as it may deem equitable, adjust the number and type of Units (or
other securities or property) with respect to which Awards may be granted. 
  
 SECTION 5. Eligibility. 
  
 Any Employee, Consultant or Director who performs services, directly or indirectly, for the benefit of the Partnership shall be eligible to be designated a Participant and receive an Award under the Plan. 
  
 SECTION 6. Awards. 
  
 (a) Options. The Committee shall have the authority to determine the
Employees, Consultants and Directors to whom Options shall be granted, the number of Units to be covered by each Option, whether DERs are granted with respect to such Option, the purchase price therefor and the Restricted Period and other conditions
and limitations applicable to the exercise of the Option, including the following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 

 
 (i) Exercise Price. The exercise price per Unit
purchasable under an Option shall be determined by the Committee at the time the Option 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.

  

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 (ii) Time and Method of Exercise. The Committee shall determine the exercise terms
and the Restricted Period with respect to an Option grant, which may include, without limitation, the provision for accelerated vesting upon the achievement of specified performance goals or other events, and the method or methods by which payment
of the exercise price with respect thereto may be made or deemed to have been made, which may include, without limitation, cash, check acceptable to the Partnership, a “cashless-broker” exercise through procedures approved by the
Partnership, withholding Units to be acquired upon the Option exercise, or any combination of methods, having a Fair Market Value on the exercise date equal to the relevant exercise price. 
  
 (iii) Forfeitures. Except as otherwise provided in
the terms of the Option grant, upon termination of a Participant’s employment with or consulting services to the Partnership and its Affiliates or membership on the Board, whichever is applicable, for any reason during the applicable Restricted
Period, all Options shall be forfeited by the Participant. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Options. 
  
 (iv) Option DERs. To the extent provided by the Committee, in its discretion, a grant of Options may
include a tandem DER grant, which may provide that such DERs shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest in the discretion of the Committee) subject to the same vesting restrictions as
the tandem Options Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. 
  
 (b) Unit Appreciation Rights. The Committee shall have the authority to determine the Employees, Consultants and Directors to whom Unit
Appreciation Rights shall be granted, the number of Units to be covered by each grant, whether DERs are granted with respect to such Unit Appreciation Right, the terms of any DERs, and the conditions and limitations applicable to the exercise of the
Unit Appreciation Right, including the following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 
  
 (i) Exercise Price. The exercise price per Unit
Appreciation Right shall be determined by the Committee at the time the Unit Appreciation Right is granted but may not be less than the Fair Market Value of a Unit as of the date of grant. 
  
 (ii) Time of Exercise. The Committee shall determine
the time or times at which a Unit Appreciation Right may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon the achievement of specified performance goals or other events. 
  
 (iii) UAR DERs. To the extent provided by the
Committee, in its discretion, a grant of UARs may include a tandem DER grant, which may provide that such DERs shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest in the discretion of the
Committee) subject to the same vesting restrictions as the tandem UAR Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. 
  

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 (iv) Forfeitures. Except as otherwise provided in the terms of the Award
Agreement, upon termination of a Participant’s employment or consulting arrangement with the Company and its Affiliates or membership on the Board, whichever is applicable, for any reason during the applicable Restricted Period, all outstanding
Unit Appreciation Rights awarded the Participant shall be automatically forfeited on such termination. The Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Unit Appreciation Rights.

  
 (c) Restricted Units and Phantom Units. The Committee
shall have the authority to determine the Employees, Consultants and Directors to whom Restricted Units or Phantom Units shall be granted, the number of Restricted Units or Phantom Units to be granted to each such Participant, the Restricted Period,
the conditions under which the Restricted Units or Phantom Units may become vested or forfeited and such other terms and conditions as the Committee may establish with respect to such Awards. 
  
 (i) DERs. To the extent provided by the Committee, in
its discretion, a grant of Phantom Units may include a tandem DER grant, which may provide that such DERs shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest in the discretion of the Committee)
subject to the same vesting restrictions as the tandem Phantom Unit Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. 
  
 (ii) UDRs. To the extent provided by the Committee, in its discretion, a grant of Restricted Units
may provide that distributions made by the Partnership with respect to the Restricted Units shall be subject to the same forfeiture and other restrictions as the Restricted Unit and, if restricted, such distributions shall be held, without interest,
until the Restricted Unit vests or is forfeited with the UDR being paid or forfeited at the same time, as the case may be. Absent such a restriction on the UDRs in the grant agreement, UDRs shall be paid to the holder of the Restricted Unit without
restriction. 
  
 (iii) Forfeitures. Except
as otherwise provided in the terms of the Restricted Units or Phantom Units grant, upon termination of a Participant’s employment with or consulting services to the Partnership and its Affiliates or membership on the Board, whichever is
applicable, for any reason during the applicable Restricted Period, all outstanding Restricted Units and Phantom Units awarded the Participant shall be automatically forfeited on such termination. The Committee may, in its discretion, waive in whole
or in part such forfeiture with respect to a Participant’s Restricted Units and/or Phantom Units. 
  
 (iv) Lapse of Restrictions. 
  
 (A) Phantom Units. Upon or as soon as reasonably practical following the vesting of each Phantom Unit, subject to the provisions of
Section 8(b), the Participant shall be entitled to receive from the Partnership one Unit or cash equal to the Fair Market Value of a Unit, as determined by the Committee in its discretion. 
  

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 (B) Restricted Units. Upon or as soon as reasonably practical following the
vesting of each Restricted Unit, subject to satisfying the tax withholding obligations of Section 8(b), the Participant shall be entitled to have the restrictions removed from his or her Unit certificate so that the Participant then holds an
unrestricted Unit. 
  
 (d) General. 
  
 (i) Awards May Be Granted Separately or Together.
Awards may, in the discretion of the Committee, be granted either alone or in addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Partnership or any Affiliate.
Awards granted in addition to or in tandem with other Awards or awards granted under any other plan of the Partnership or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards.

  
 (ii) Limits on Transfer of Awards.

  
 (A) Except as provided in Paragraph
(C) below, each Option 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. 
  
 (B) Except as provided in Paragraph (C) below, no Award
and no right under any such Award may be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be
void and unenforceable against the Partnership or any Affiliate. 
  
 (C) To the extent specifically provided by the Committee with respect to an Option, an Option may be transferred by a Participant without consideration to immediate family members or related family trusts, limited
partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish. 
  
 (iii) Term of Awards. The term of each Award shall be for such period as may be determined by the Committee, but such term may not
exceed 10 years. 
  
 (iv) Unit
Certificates. All certificates for Units or other securities of the Partnership delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem
advisable under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and any applicable federal or state laws, and the Committee may cause a legend or
legends to be inscribed on any such certificates to make appropriate reference to such restrictions. 
  
 (v) Consideration for Grants. Awards may be granted for such consideration, including services, as the Committee determines.

  

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 (vi) Delivery of Units or other Securities and Payment by Participant of
Consideration. Notwithstanding anything in the Plan or any grant agreement to the contrary, delivery of Units pursuant to the exercise or vesting of an Award may be deferred for any period during which, in the good faith determination of the
Committee, the Partnership is not reasonably able to obtain Units to deliver pursuant to such Award without violating applicable law or the applicable rules or regulations of any governmental agency or authority or securities exchange. No Units or
other securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award grant agreement (including, without limitation, any exercise price or tax withholding) is
received by the Partnership. 
  
 (vii) Change
of Control. Unless specifically provided otherwise in the Award Agreement, upon a Change of Control all outstanding Awards shall automatically vest and be payable at their maximum target level or become exercisable in full, as the case may be.

  
 (viii) Substitute Awards. Awards may
be granted under the Plan in substitution for similar assumed, canceled or forfeited awards held by individuals who become Employees, Consultants 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 may have exercise prices less than the Fair Market Value of a Unit on the date of such substitution. 
  
 SECTION 7. Amendment and Termination. 
  
 Except to the extent prohibited by applicable law: 
  
 (a) Amendments to the Plan. Except as required by the
rules of the principal securities exchange on which the Units are traded and subject to Section 7(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the Plan in any manner, including increasing the number
of Units available for Awards under the Plan, without the consent of any partner, Participant, other holder or beneficiary of an Award, or any other Person. 
  
 (b) Amendments to Awards. Subject to Section 7(a), the Committee may waive any conditions or rights under, amend any terms of,
or alter any Award theretofore granted, provided no change, other than pursuant to Section 7(c), in any Award shall materially reduce the benefit to a Participant without the consent of such Participant. 
  
 (c) Actions Upon the Occurrence of Certain Events.
Upon the occurrence of any event described in Section 4(c) of the Plan, any Change of Control, any change in applicable law or regulation affecting the Plan or Awards thereunder, or any change in accounting principles affecting the financial
statements of the Partnership, the Committee, in its sole discretion and on such terms and conditions as it deems appropriate, may take any one or more of the following actions in order to prevent dilution or enlargement of the benefits or potential
benefits intended to be made available under the Plan or an outstanding Award: 
  
 (A) provide for either (i) the termination of any Award in exchange for an amount of cash, if any, equal to the amount that would
have been attained upon the exercise of such Award or realization of the Participant’s rights (and, for the avoidance of doubt, if as of the date of the occurrence of such transaction or event the Committee determines in good faith that no
amount would have been attained upon the exercise of such Award or realization of the Participant’s rights, then such Award may be terminated by the Partnership without payment) or (ii) the replacement of such Award with other rights or
property selected by the Committee in its sole discretion; 
  

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

  
 (C) make adjustments in the number and type
of Units (or other securities or property) subject to outstanding Awards, and in the number and kind of outstanding Awards or in the terms and conditions of (including the exercise price), and the vesting/performance criteria included in,
outstanding Awards, or both; 
  
 (D) provide that
such Award shall be exercisable or payable, notwithstanding anything to the contrary in the Plan or the applicable Award Agreement; and 
  
 (E) provide that the Award cannot be exercised or become payable after such event, i.e., shall terminate upon such event.

  
 SECTION 8. General Provisions. 
  
 (a) No Rights to Award. No Person shall have any claim to be granted
any Award under the Plan, and there is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 
  
 (b) Tax Withholding. Unless other arrangements have been made that are acceptable to the Partnership, the Partnership
or any Affiliate is authorized to withhold from any Award, from any payment due or transfer made under any Award or from any compensation or other amount owing to a Participant the amount (in cash, Units, Units that would otherwise be issued
pursuant to such Award or other property) of any applicable taxes payable in respect of the grant of an Award, its exercise, the lapse of restrictions thereon, or any payment or transfer under an Award or under the Plan and to take such other action
as may be necessary in the opinion of the Partnership to satisfy its withholding obligations for the payment of such taxes. 
  
 (c) No Right to Employment or Services. The grant of an Award shall not be construed as giving a Participant the right to be retained in the employ
of the Partnership or any Affiliate, continue consulting services or to remain on the Board, as applicable. Furthermore, the Partnership or an Affiliate may at any time dismiss a Participant from employment or consulting 

  

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free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan, any Award agreement or other agreement. 
  
 (d) Governing Law. The validity, construction, and effect of the Plan
and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware without regard to its conflict of laws principles. 
  
 (e) Severability. If any provision of the Plan or any Award is or becomes or is deemed to be invalid, illegal, or
unenforceable in any jurisdiction or as to any Person or Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable law, or if
it cannot be construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan
and any such Award shall remain in full force and effect. 
  
 (f)
Other Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole discretion, it determines that the issuance or transfer of such Units or such other consideration might violate any
applicable law or regulation, the rules of the principal securities exchange on which the Units are then traded, or entitle the Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to
the Partnership 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. 
  
 (g) No Trust or Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or
separate fund of any kind or a fiduciary relationship between the Partnership or any participating Affiliate and a Participant or any other Person. To the extent that any Person acquires a right to receive payments from the Partnership or any
participating Affiliate 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. 
  
 (h) No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any Award, and the
Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or otherwise eliminated.

  
 (i) Headings. Headings are given to the Sections and
subsections of the Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
  
 (j) Facility Payment. Any amounts payable hereunder to any person
under legal disability or who, in the judgment of the Committee, is unable to manage properly his financial affairs, may be paid to the legal representative of such person, or may be applied for the benefit of such person in any manner that the
Committee may select, and the Partnership shall be relieved of any further liability for payment of such amounts. 
  

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 (k) Participation by Affiliates. In making Awards to Employees employed by an entity other than
the Partnership, the Committee shall be acting on behalf of the Affiliate, and to the extent the Partnership has an obligation to reimburse the Affiliate for compensation paid for services rendered for the benefit of the Partnership, such payments
or reimbursement payments may be made by the Partnership directly to the Affiliate. 
  
 (l) Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and the singular shall include the plural. 
  
 SECTION 9. Compliance with Section 409A. 
  
 (a) Nothing in the Plan or any Award Agreement shall operate or be construed
to cause the Plan or an Award to fail to comply with the requirements of Section 409A of the Internal Revenue Code. The applicable provisions of Section 409A and the regulations and guidelines issued thereunder are hereby incorporated by
reference and, with respect to an Award the Committee intended to comply with Section 409A, shall control over any Plan or Award Agreement provision in conflict therewith. 
  
 (b) With respect to an Award that is subject to Section 409A of the Code, notwithstanding anything in the Plan or the
Award Agreement to the contrary, 
  
 (i) payment
under the Plan may not be made earlier than as permitted by Section 409A(a)(2) of the Code, i.e., a separation from service, death, a specified time (or fixed schedule) specified at the date of the deferral, a “change in ownership, control
or effective control, as provided in regulations or other guidance under Section 409A”, or the occurrence of an unforeseen event; 
  
 (ii) the time or schedule of any payment under the Plan may not be accelerated except as provided in regulations or guidance issued under
Section 409A; 
  
 (iii) no elections may be
made by a Participant to defer compensation under the Plan; and 
  
 (iv) no elections may be made by a Participant to change the time and form of payment under the Plan. 
  
 SECTION 10. Term of the Plan. 
  
 The Plan shall be effective on the date of its approval by the Board and shall continue until the date terminated by the Board or the Committee or the
10th anniversary of the date the Plan is adopted by the Partnership. Unless otherwise expressly provided in the Plan or in an applicable Award Agreement, however, any Award granted prior to such termination, and the authority of the Board or the
Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such termination date. 
  

 -11-PPG Industries, Inc. Stock Plan

 Exhibit 10.13 
  
 PPG INDUSTRIES, INC. 
 STOCK PLAN 
  
 1. Purpose

  
 The purpose of the Plan is to promote the growth and
profitability of the Company and its Subsidiaries by giving Directors and selected Employees an opportunity to own and to benefit from the growth of the value of the Common Stock of the Company, thereby (1) providing them with additional
incentive to cause the Company and its Subsidiaries to grow and profit, (2) making their compensation competitive with opportunities available in competing industries, and (3) encouraging them to continue in the employ or service of the
Company or a Subsidiary. 
  
 2. Definitions 
  

	 	(a)	“Award” means any Option, Stock Appreciation Right, Restricted Stock or Restricted Stock Unit granted hereunder. 

  

	 	(b)	“Award Agreement” means the written agreement evidencing an Award, which shall be executed by the Company and the Participant. 

  

	 	(c)	“Award Date” means the date as of which an Award is granted, unless another date is specified by the Board, the Committee or other person granting such Award.

  

	 	(d)	“Award Grantor” means the Board, the Committee or the person or persons to whom the Board or the Committee has delegated authority to grant Awards hereunder.

  

	 	(e)	“Board” means the Board of Directors of the Company. 

  

	 	(f)	“Code” means the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder. 

  

	 	(g)	“Committee” means the Officers-Directors Compensation Committee (or any successor) of the Board. 

  

	 	(h)	“Common Stock” means the Common Stock of the Company. 

  

	 	(i)	“Company” means PPG Industries, Inc. 

	 	(j)	“Director” means any director of the Company or any of its Subsidiaries. 

  

	 	(k)	“Disability” means any long-term disability. The Committee shall determine a Participant’s Disability; provided, however, that a Participant who is approved to
receive Long-Term Disability benefits pursuant to the PPG Industries, Inc. Long-Term Disability Plan shall be deemed to have a Disability so long as such person continues to receive such benefits thereunder. 

  

	 	(l)	“Dividend Equivalent” means a hypothetical dividend on Restricted Stock Units granted on the same date as dividends are paid on the Common Stock and having a value on the
date granted equal to the value of actual dividends paid on a share of the Common Stock on the same date. 

  

	 	(m)	“Eligible Person” means any Director or any Employee. 

  

	 	(n)	“Employee” means any person (including any officer) employed by the Company or any of its Subsidiaries. 

  

	 	(o)	“Fair Market Value” of a share of Common Stock means the closing sale price reported for any applicable date on the New York Stock Exchange Composite Tape or, if there is
no sale on such date, for the nearest preceding date upon which such a sale took place. 

  

	 	(p)	“Incentive Option” means an Option which qualifies as an “incentive stock option” as defined in Section 422 of the Code. 

  

	 	(q)	“Nonqualified Option” means an Option which does not qualify as an Incentive Option. 

  

	 	(r)	“Option” means an option granted hereunder to purchase a specified number of shares of Common Stock. 

  

	 	(s)	“Option Expiration Date” means the date set forth in the Award Agreement on which the right to exercise an Option will expire due to lapse of time.

  

	 	(t)	“Option Price” means the price per share to be paid upon exercise of an Option for the purchase of shares subject to the Option. 

  

	 	(u)	“Option Term” means, with respect to any Option, the period from the Award Date for such Option through the Option Expiration Date for such Option.

  

 -2- 

	 	(v)	“Optionee” means a Participant who is granted an Option and the Participant’s Successor. 

  

	 	(w)	“Participant” means any Eligible Person who has received an Award hereunder. 

  

	 	(x)	“Plan” means the PPG Industries, Inc. Stock Plan, as set forth herein and as amended from time to time. 

  

	 	(y)	“Restricted Stock” means Common Stock granted pursuant to Section 7 hereof, but any shares of Common Stock shall cease to be Restricted Stock when the conditions
specified in the Award of such Restricted Stock have been satisfied. 

  

	 	(z)	“Restricted Stock Unit” shall mean a contingent right to receive, upon vesting and upon satisfaction of any terms or conditions attributable to any such Restricted Stock
Unit, a payment, which payment may be made in cash or in shares of Common Stock as specified in the Award Agreement or, if not so specified, as the Board or the Committee shall determine in its sole discretion, equal to the Fair Market Value of the
number of shares of Common Stock earned pursuant to the terms of such Restricted Stock Unit. 

  

	 	(aa)	“Stock Appreciation Right” means the right to receive cash or shares of Common Stock in lieu of exercising an Option, as more fully described in Section 6.

  

	 	(bb)	“Subsidiary” means any corporation fifty percent (50%) or more of the outstanding voting stock or voting power of which is owned, directly or indirectly, by the
Company and any partnership or other entity in which the Company has a fifty percent (50%) or more ownership interest. 

  

	 	(cc)	“Successor” means the executor or administrator of a Participant’s estate, or that person or persons to whom is transferred, by will or the laws of descent and
distribution, or as otherwise permitted by the Board or Committee within the terms hereof, the right to exercise an Option or Stock Appreciation Right or the ownership of Restricted Stock or Restricted Stock Units. 

  

	 	(dd)	“Vesting Date” means the date specified in the Award Agreement as the “Vesting Date” or “Award Maturity Date” or “Exercise Date” or, if no
such date is specified as such, the vesting date of the Award or the date the Award otherwise first becomes exercisable by or payable to the Participant. 

  

 -3- 

 3. Administration 
  
 The Board and the Committee shall both have full power and authority pursuant and subject to the provisions hereof: (1) to determine from time to
time the number and type of Awards; (2) to determine from time to time which Eligible Persons shall be granted Awards; (3) to determine, with respect to Options, the number of shares of Common Stock subject to each Option, the Option
Price, the form of payment of the Option Price, the Option Term, whether an Option shall be an Incentive Option or a Nonqualified Option, whether an Option shall be accompanied by Stock Appreciation Rights, whether an Option may be transferred and
under what conditions, the form in which Stock Appreciation Rights may be paid and the terms and conditions upon which Options or Stock Appreciation Rights may be exercised; (4) to prescribe the provisions to be contained in Award Agreements
(which need not be identical); (5) to construe and interpret the Plan, to establish, amend and revoke rules and regulations relating to the Plan, and to determine all questions or controversies arising in the administration or operation of the
Plan; and (6) generally, to exercise such powers and take such actions as the Board or the Committee may deem necessary or advisable to administer or implement the Plan. Any determination or decision made or action taken by the Board or the
Committee in connection with the Plan shall be final, conclusive and binding on all persons, including the Company, its shareholders and Participants. The Board or the Committee may delegate to another person or persons the right to grant Awards,
including the right to determine whether an Option shall be an Incentive Option or a Nonqualified Option, to Eligible Persons who are not Directors of the Company or officers of the Company subject to Section 16 of the Securities Exchange Act
of 1934. 
  
 4. Awards 
  
 Awards hereunder may be made in any of the following forms (or any
combination thereof): (a) Restricted Stock; (b) Restricted Stock Units; (c) Incentive Options; (d) Nonqualified Options; and (e) Stock Appreciation Rights. 
  
 5. Options 
  
 (a) Options to purchase a specified number of shares of Common Stock at a specified price may be granted from time to time to those Eligible Persons who
have the ability to make a contribution to the growth and profitability of the Company or any of its Subsidiaries. Options granted hereunder may be Incentive Options or Nonqualified Options. 
  
 (b) The aggregate Fair Market Value (determined as of the time an Incentive
Option is granted) of the Common Stock for which an Eligible Person may be granted 

  

 -4- 

 
Incentive Options in the calendar year of such grant (under all plans of the Company or its parent or subsidiary corporations, or a predecessor corporation
of any such corporation, all within the meaning of Section 422 of the Code) shall not exceed $100,000 plus any unused limit carryover to such year or such other maximum as may be specified in the Code. No Incentive Option will be transferable
except by will or by the operation of the laws of descent and distribution. 
  
 (c) The grant of an Option shall be evidenced by a written Award Agreement executed by the Company and the Optionee, specifying the number of shares of Common Stock subject to the Option, the Option Price and the
Option Expiration Date and may contain other provisions, not inconsistent herewith. 
  
 (d) The Option Price of each Option shall be as determined by the Board or the Committee but in no event shall be less than the Fair Market Value of a share of Common Stock on the Award Date. The Option Price may be
paid in full in the form of cash, shares of Common Stock or a combination of both, as the Board or the Committee may specify. 
  
 (e) Options may be exercised at such times and in such manner as shall be prescribed by the Board or the Committee, except that no Option shall be
exercisable under any circumstances more than ten (10) years from the Award Date. 
  
 (f) The Board or the Committee may specify, at the time of grant or, with respect to Nonqualified Options, at or after the time of grant, that an Optionee shall be granted a Nonqualified Option (a “Restored
Option”) in the event that (i) such Optionee exercises all or part of an Option (an “Original Option”) by surrendering (or certifying ownership of) already owned shares of Common Stock in full or partial payment of the Option
Price under such Original Option and/or (ii) such Optionee surrenders shares of Common Stock or causes shares of Common Stock to be withheld to pay withholding taxes in connection with the exercise of such Original Option. All Restored Options
are subject to the availability of shares of Common Stock under the Plan at the time of such exercise. A Restored Option shall cover a number of shares of Common Stock not greater than the number of shares of Common Stock surrendered (or to which
ownership has been certified) in payment of the Option Price under such Original Option and/or used to pay withholding taxes in connection with the exercise of such Original Option. Each Restored Option shall have an Option Price equal to the Fair
Market Value of the Common Stock on the Award Date of the Restored Option and shall expire on the Option Expiration Date of the Original Option or such earlier specific date as the Original Option will expire provided such earlier date has been
established on the Award Date of the Restored Option. The Award Date of a Restored Option shall be the date of exercise of the Original Option. A Restored Option shall be exercisable at any time and from time to time from or after the Award Date of
the Restored Option (or, as the Board or the 

  

 -5- 

 
Committee in its sole discretion shall specify in the Award Agreement for the Restored Option). An Award Agreement for a Restored Option shall contain such
other terms and conditions, which may include a restriction on the transferability of the Common Stock received upon the exercise of the Original Option, as the Board or the Committee in its sole discretion shall deem desirable and which may be set
forth in rules or regulations adopted by the Board or the Committee or in the Award Agreement evidencing the Restored Option. Successive Restored Options may be granted to the extent and upon such terms and conditions consistent with this
Section 5(f) as the Board or the Committee in its sole discretion shall specify. Notwithstanding anything to the contrary herein contained, in no event shall any Restored Option be granted on account of the exercise of any Original Option
initially granted on or after January 1, 2003. 
  

 -6- 

 6. Stock Appreciation Rights 
  
 (a) The Board or the Committee may grant Stock Appreciation Rights with respect to all or any of the shares of Common Stock
subject to an Option. Stock Appreciation Rights with respect to an Incentive Option may be granted only on the Award Date of the related Option. Stock Appreciation Rights with respect to a Nonqualified Option may be granted either on the Award Date
of the related Option or at any time thereafter during the Option Term. 
  
 (b) Stock Appreciation Rights shall entitle the Optionee, upon exercise, to receive a payment equal to the amount by which the value of a share of Common Stock exceeds the Option Price, multiplied by the number of shares with respect to
which Stock Appreciation Rights are exercised. Such value shall be the Fair Market Value of a share of Common Stock on the date of exercise or, in the discretion of the Board or the Committee, the average of the Fair Market Values of a share of
Common Stock over such period as the Board or the Committee may specify. Such payment may be made in the form of cash, shares of Common Stock or a combination of both, as the Board or the Committee may specify. 
  
 (c) Stock Appreciation Rights may be exercised in such manner and at such
times as may be prescribed by the Board or the Committee, but only to the extent the related Option is exercisable. To the extent Stock Appreciation Rights are exercised, the related Option shall be deemed to have been exercised. 
  
 7. Restricted Stock 
  
 Restricted Stock may be awarded to any Eligible Person. An Award of Restricted Stock may set forth such terms and
conditions, including, but not limited to, forfeiture and vesting provisions and restrictions against sale, assignment, transfer or other disposition as the Board or the Committee may determine. Restricted Stock shall be duly issued and transferred
by the Company on such dates as the Award Grantor may determine, and a certificate for such Restricted Stock shall be issued to each Participant to whom an award is made. The Participant shall thereupon become a stockholder of the Company with
respect to such Restricted Stock, and shall be entitled to vote and to receive the dividends on such stock; provided, however, that: (1) stock certificates for Restricted Stock shall be imprinted with a legend to the effect that the stock
represented thereby may not be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of except in accordance with the terms hereof, and each transfer agent for the Common Stock shall be instructed to such effect; and
(2) upon the date specified in the grant as the “Award Maturity Date”, unless cancelled earlier by the Board or the Committee, the restrictions imposed upon the Restricted Stock shall lapse, and the Participant shall be fully vested
in the award. 
  

 -7- 

 8. Restricted Stock Units 
  
 Restricted Stock Units may be awarded to any Eligible Person. An Award of Restricted Stock Units shall be evidenced by a
written Award Agreement specifying the number of Restricted Stock Units subject to such Award and may include such terms and conditions not inconsistent herewith as the Board or the Committee may determine, including, but not limited to, forfeiture
and vesting provisions; restrictions against sale, exchange, assignment, transfer, pledge, hypothecation or other disposition; and performance goals and targets applicable to each such Award; provided, however, that no Restricted Stock Unit shall
vest more than ten (10) years after the Award Date. The Board or the Committee may determine that one or more Participants shall be entitled to receive a Dividend Equivalent during the Award Period on each Restricted Stock Unit held by each
applicable Participant; provided, however, that in no event shall Dividend Equivalent payments be made to a Participant on Restricted Stock Units following the date of such Participant’s retirement as an Employee or Director, Disability, job
elimination, death or other termination of employment. Unless otherwise provided in the Participant’s Award Agreement, Dividend Equivalents shall be credited into the Participant’s account in the PPG Industries, Inc. Deferred Compensation
Plan or the PPG Industries, Inc. Deferred Compensation Plan for Directors, as applicable, and invested in accordance with the Participant’s investment elections thereunder. A Participant shall be entitled to payment of Dividend Equivalents in
accordance with the provisions of the PPG Industries, Inc. Deferred Compensation Plan or the PPG Industries, Inc. Deferred Compensation Plan for Directors, as applicable, or as otherwise specified in the applicable Award Agreement, without regard to
the actual payment or non-payment of the Award to which the Dividend Equivalents relate. If the Board or Committee determines to settle any Restricted Stock Unit in shares of Common Stock, a stock certificate representing such shares shall be issued
to the Participant; provided, however, that the Board or Committee may impose such restrictions concerning forfeiture, sale, exchange, assignment, transfer, pledge, hypothecation or other disposition of such shares as provided in the Award Agreement
and the stock certificates representing such shares may be imprinted with a legend to the effect that the stock represented thereby is subject to such restrictions, and each transfer agent for the Common Stock shall be instructed to such effect. The
Participant shall thereupon become a stockholder of the Company with respect to such shares of Common Stock and shall possess all attendant rights of a shareholder with respect thereto. 
  
 9. Number of Shares Available for Issuance and Subject to Awards 
  
 (a) From and after April 18, 2002, the maximum number of shares of Common Stock as to which Awards may be granted is 14
Million and the maximum number of shares of Common Stock which may be issued hereunder shall be 30.6 Million. Any shares of Common Stock subject to Awards that are forfeited or unexercised, to the extent 

  

 -8- 

 
Options remain unexercised at the expiration or termination thereof or Restricted Stock is forfeited prior to the Award Maturity Date, may be subject to the
grant of further Awards hereunder. In addition, shares of Common Stock that are surrendered (or to which ownership has been certified) by Participants as full or partial payment to the Company of the purchase price of shares being acquired through
the exercise of an option granted hereunder and any shares surrendered by the Participant or withheld by the Company to pay withholding taxes in connection with the exercise of an Option shall also be available for issuance and for the grant of
Awards hereunder. The number of shares which may be issued hereunder and as to which Options may be granted shall be further subject to adjustment in accordance with Section 13. 
  
 (b) In no event, except as subject to adjustment as provided in Section 13, shall more than two hundred fifty thousand
(250,000) shares of Common Stock be cumulatively available for issuance as Restricted Stock or upon settlement of Restricted Stock Units granted hereunder. 
  

(c) The Common Stock to be issued hereunder may be either authorized but unissued shares or issued shares acquired by the Company and held in its
treasury. 
  
 10. Government and Other Regulations 
  
 The obligation of the Company to issue or transfer and deliver shares for
Options exercised pursuant to the terms hereof shall be subject to (1) the effectiveness of a registration statement under the Securities Act of 1933, as amended, with respect to such issue or transfer, if deemed necessary or appropriate by
counsel for the Company; (2) the condition that the shares of Common Stock authorized to be issued hereunder shall have been listed (or authorized for listing upon official notice of issuance) upon each stock exchange on which outstanding
shares of Common Stock may then be listed; and (3) all other applicable laws, regulations, rules and orders which shall then be in effect. 
  
 11. Limit on Awards 
  
 More than one Award may be granted to a Participant, but except as subject to adjustment as provided in Section 13 the aggregate number of shares of
Common Stock subject to Awards granted to any Participant after April 18, 2002 may not exceed two million (2,000,000) shares. 
  
 12. No Right to Employment 
  
 Neither the existence of the Plan nor the grant of any Award pursuant to the Plan shall create in any Participant or Eligible Person the right to continue
to be employed by or to continue as a Director of the Company or a Subsidiary. 
  

 -9- 

 13. Adjustments Upon Changes in Capitalization 
  
 In the event of any change in the number of outstanding shares of Common Stock by reason of any stock dividend, stock split
or similar change, a corresponding change shall be made in the numbers, and Option Prices, of shares subject to outstanding Awards, and in the maximum number of shares which then remain available for issuance, and in the number of shares of
Restricted Stock and shares issuable in respect of Restricted Stock Units which then remain available for issuance hereunder and the limits as to Awards to individual Eligible Persons. In the event of any change in the outstanding shares of Common
Stock, or in the number thereof, by reason of any merger, consolidation, combination, sale of assets, exchange of shares, recapitalization, reorganization, spin-off or similar change, the Board or the Committee may make such changes in the shares,
and in the numbers or Option Prices of shares, subject to outstanding Awards, and in the maximum number of shares which may be issued hereunder, as the Board or the Committee may deem to be equitable. No such change, without the consent of a
Participant may adversely affect the rights of such Participant with respect to an Award previously granted, and any such change shall be final, conclusive and binding on all persons, including the Company, its shareholders and Participants.

  
 14. Amendment and Termination 
  
 The Board may amend, suspend or terminate the Plan, in whole or in part, at
any time, but no amendment may, without shareholder approval, (1) increase the maximum number of shares which may be issued and for which Awards may be granted hereunder, either in the aggregate or to any individual Participant; (2) change
the manner of determining the minimum Option Price, other than to change the manner of determining the Fair Market Value of the Common Stock to conform to any then-applicable provision of the Code; (3) extend the date upon which the Plan shall
terminate; or (4) increase the maximum period during which Options may be exercised hereunder. The Plan shall terminate on, and no Award may be granted after, December 31, 2007, or on such earlier date as may be determined by the Board. No
amendment, suspension or termination of the Plan may affect adversely, without the consent of the Participant, the rights of such Participant with respect to an Award previously granted. 
  
 15. Effective Date 
  
 The Plan shall be effective as of April 18, 2002, as amended July 20, 2005. 
  

 -10-

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