Document:

Exhibit 10.52

 

RESTRICTED STOCK UNIT AWARD AGREEMENT

(CASH ONLY)

ADDENDUM

 

THIS ADDENDUM TO THE RESTRICTED STOCK UNIT AWARD AGREEMENT (CASH ONLY) provides the rules and procedures relating to the grant of the Award and the operation of the Restricted Stock Unit Account and the Dividend Equivalent Unit Account.

 

A.            Whenever the following terms are used in the Restricted Stock Unit Award Agreement or in this Addendum, they shall have the meaning specified below, unless the context clearly indicates to the contrary:

 

Dividend Equivalent  Unit Account means the memorandum account maintained by the Company or its agent on behalf of Colleague which is credited with Dividend Equivalent Units and debited and credited with earnings and losses on Investment Options under this Agreement.

 

Dividend Equivalent Unit means a unit of measurement which is deemed for bookkeeping and payment purposes to represent one dollar ($1.00) solely for purposes of this Agreement.

 

Fair Market Value shall mean, with respect to Common Stock of the Company, the price at which the Stock sold on the last normal transaction of the trading day on a specified date, or if no trading occurs on such specified date, on the most recent preceding business day on which trading occurred, as quoted on the New York Stock Exchange.

 

Investment Options shall mean the investment indices or securities selected by the Company among which the Colleague will select for the purpose of determining how the Colleague’s Restricted Stock Unit Account and Dividend Equivalent Unit Account will be deemed to be invested in order to determine the amount of earnings or losses to be credited or debited to the Colleague’s Restricted Stock Unit Account and Dividend Equivalent Unit Account.  Specifically, the Investment Options are the S&P 500 Composite Index, the Lehman Brothers Aggregate Bond Index and the Three Month U. S. Treasury Bill.

 

Investment Performance shall mean the total return amount of the S& P 500 Composite Index and the Lehman Brothers Aggregate Bond Index for these Investment Options and the average quarterly yield of the Three Month U.S. Treasury Bill Investment Option reported in the Wall Street Journal or if not so reported, in any nationally recognized financial publication, as of the last day of each calendar quarter.

 

Restricted Stock Unit means a non-voting unit of measurement which is deemed for bookkeeping and payment purposes to represent one outstanding share of Common Stock of the Company solely for purposes of this Agreement.

 

Restricted Stock Unit Account means the memorandum account maintained by the Company on behalf of each Colleague which is credited with Restricted Stock Units under this Agreement.  Each Restricted Stock Unit represents the right to receive a distribution of cash in the amount of the Fair Market Value of one Share at the date of distribution as provided in the Restricted Stock Unit Award Agreement and this Addendum.

 

1

 

Shares means shares of the Company’s Common Stock.

 

B.            Restricted Stock Unit Account.  As soon as practical following the Award Date, the Company shall credit the Colleague’s Restricted Stock Unit Account with the number of Restricted Stock Units awarded.

 

C.            Dividend Equivalent Unit  Account. As soon as practical following each of the Company’s dividend payable dates, the Colleague’s Dividend Equivalent Unit Account shall be credited with the number of Dividend Equivalent Units equal to the dividends paid by the Company during the quarter on a number of Shares equal to the aggregate number of Restricted Stock Units in the Colleague’s Restricted Stock Unit Account as of the record date for such quarter’s dividend payment. Colleague shall be given the opportunity to elect one or more of the Investment Options for the purpose of determining the Investment Performance of the Colleague’s Dividend Equivalent Unit Account.  Colleague’s initial election shall remain effective until amended; amendments will be allowed no more than once per calendar quarter and will be effective for the quarter following the quarter in which the election is made.  If Colleague does not make an election, then Colleague’s Investment Performance will be calculated using the Three Month U.S. Treasury Bill Investment Option. The Colleague’s Dividend Equivalent Units will be increased or decreased at the end of each calendar quarter to reflect the results of such quarter’s Investment Performance on the Investment Options selected by the Colleague.

 

D.            Distributions.  As soon as practical following the Lapse of Forfeiture Restrictions as set forth in the Colleague’s Restricted Stock Unit Award Agreement or, if the Colleague is a “key employee” as defined in Section 409A of the Internal Revenue Code (“Section 409A”), such later date as required by Section 409A, the Restricted Stock Units credited to the Colleague’s Restricted Stock Unit Account, which are not subject to forfeiture as provided in the Plan and the Dividend Equivalent Units credited to the Colleague’s Dividend Equivalent Unit Account shall be converted to cash and the cash shall be distributed to the Colleague (or, in the event of his or her death, the Colleague’s Beneficiary).

 

E.            Adjustments in Case of Changes in Common Stock.  If there shall occur any change in the outstanding Shares of the Company’s Common Stock such as described in Section 7.2(a) of the Plan, the Company shall make such proportionate and equitable adjustments consistent with the effect of such event on stockholders generally, as the Committee determines to be necessary or appropriate, in the number, kind and/or character of RSUs, DEUs or other securities, property and/or rights contemplated hereunder, including any appropriate adjustments to the market prices used in the determination of the number and Restricted Stock Units, and in rights in respect of the Colleague’s Restricted Stock Unit Account credited under this Agreement so as to preserve the benefits intended.

 

F.             Plan Construction.  It is the intent of the Company that transactions pursuant to the Plan satisfy and be interpreted in a manner that satisfies the applicable conditions for exemption under Rule 16b-3 promulgated under the Exchange Act (“Rule 16b-3”) so that to the extent consistent therewith the crediting of Restricted Stock Units and Dividend Equivalents and the distribution of the balance remaining in the Restricted Stock Unit Account and the Dividend Equivalent Unit Account hereunder will be entitled to the benefits of Rule 16b-3 or other exemptive rules under Section 16 of the Exchange Act and will not be subjected to avoidable liability thereunder.

 

2

 

It is the intent of the Company that the Restricted Stock Units and Dividend Equivalent Units to which the Restricted Stock Unit Award Agreement and this Addendum applies shall comply with Section 409A, and the Restricted Stock Unit Award Agreement and this Addendum shall be interpreted in a manner which is consistent with the foregoing intent.  Any provisions of the Restricted Stock Unit Award Agreement and this Addendum which would not comply with the requirements of Section 409A and the Regulations adopted thereunder shall be deemed to be modified or eliminated in order to comply with these requirements.

 

G.            Unfunded Plan.  The liability of the Company to the Colleague under this Restricted Stock Unit Award Agreement shall be that of a debtor only pursuant to such contractual obligations as are created by the Plan, the Agreement and this Addendum, and no such obligation of the Company shall be deemed to be secured by any assets, pledges, or other encumbrances on any property of the Company.  The Company has not segregated or earmarked any of the Company’s assets for the benefit of Colleague or his/her beneficiary or estate, and the Plan does not, and shall not be construed to, require the Company to do so.  The Colleague and his/her beneficiary or estate shall have only an unsecured, contractual right against the Company with respect to any Restricted Stock Units or Dividend Equivalent Units, and such right shall not be deemed superior to the right of any other creditor.

 

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  Exhibit 4.22    
    

 
    SIXTH SUPPLEMENTAL INDENTURE    
    

        This SIXTH SUPPLEMENTAL INDENTURE (this "Supplemental Indenture"), dated as of December 27, 2011, is among MarkWest Energy
Partners, L.P., a Delaware limited partnership (the "Partnership"), MarkWest Energy Finance Corporation, a Delaware corporation ("MarkWest Finance" and, together with the Partnership, the
"Issuers"), each of the other parties identified on the signature page hereto (the "Subsidiary Guarantors") and Wells Fargo Bank, National Association, a national banking association, as Trustee. 

 
 

  RECITALS    
    

        WHEREAS, the Issuers, the Subsidiary Guarantors and the Trustee are parties to (i) an Indenture, dated as of November 2,
2010 (as amended and supplemented by the first supplemental indenture, the third supplemental indenture and the fourth supplemental indenture thereto, the "2020 Notes Indenture"), pursuant to which
the Issuers have issued $500,000,000 in principal amount of 63/4% Senior Notes due 2020 (the "2020 Notes"), (ii) an Indenture, dated as of November 2, 2010 (as amended and
supplemented by the second supplemental indenture, the third supplemental indenture and the fourth supplemental indenture thereto, the "2021 Notes Indenture"), pursuant to which the Issuers have
issued $500,000,000 in principal amount of 6.5% Senior Notes due 2021 (the "2021 Notes") and (iii) an Indenture, dated as of November 2, 2010 (as amended and
supplemented by the fifth supplemental indenture thereto, the "2022 Notes Indenture" and together with the 2020 Notes Indenture and the 2021 Notes Indenture, the "Indentures"), pursuant to which the
Issuers have issued $700,000,000 in principal amount of 6.25% Senior Notes due 2022 (the "2022 Notes" and together with the 2020 Notes and the 2021 Notes, the "Notes"); 

        WHEREAS,
Section 10.01(a) of each of the Indentures provides that the Issuers, the Subsidiary Guarantors and the Trustee may amend or supplement the Indentures in order to cure
any ambiguity, defect or inconsistency, without the consent of the Holders of the Notes; 

        WHEREAS,
clause (c) of the definition of "Non-Recourse Debt" in Section 2.01 of each Indenture refers to an exception contemplated by clause (o) of the
definition of "Permitted Liens" allowing recourse by lenders in certain circumstances to the stock or assets of the Partnership or any of its Restricted Subsidiaries; 

        WHEREAS,
such clause (o) contemplates no such exception and relates solely to certain Liens incurred in the ordinary course of business of the Partnership or any of its Restricted
Subsidiaries, while the preceding clause (n) relates to Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by the Partnership or any of its
Restricted Subsidiaries to the extent securing Non-Recourse Debt or other Indebtedness of such Unrestricted Subsidiary or Joint Venture; 

        WHEREAS,
such clause (o) of the definition of "Permitted Liens" is manifestly inconsistent with the reference to it in clause (c) of the definition of
"Non-Recourse Debt," such reference being manifestly to, and consistent only with, the preceding clause (n) of the definition of "Permitted Liens"; and 

        WHEREAS,
all acts and things prescribed by the Indentures, by law and by the Certificate of Incorporation and the Bylaws (or comparable constituent documents) of the Issuers, of the
Subsidiary Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid instrument legally binding on the Issuers, the Subsidiary Guarantors and the Trustee, in accordance with
its terms, have been duly done and performed; 

 

        NOW,
THEREFORE, to comply with the provisions of the Indentures and in consideration of the above premises, the Issuers, the Subsidiary Guarantors and the Trustee covenant and agree for
the equal and proportionate benefit of the respective Holders of the Notes as follows: 

 
 

  ARTICLE 1    
    

        This Supplemental Indenture is supplemental to the Indentures and does and shall be deemed to form a part of, and shall be
construed in connection with and as part of, the Indentures for any and all purposes. 

        This
Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Issuers, the Subsidiary Guarantors and the Trustee. 

 
 

  ARTICLE II    
    

        Clause (c) in the definition of "Non-Recourse Debt" in Section 2.01 of each Indenture is hereby amended by
substituting the words "clause (n)" for the words "clause (o)" in the final line thereof. 

 
 

  ARTICLE III    
    

        Except as specifically modified herein, the Indentures and the Notes are in all respects ratified and confirmed
(mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition
having the same respective meanings ascribed to them as in the Indentures. 

        The
Trustee accepts the amendments of the Indentures effected by this Supplemental Indenture and agrees to execute the trust created by the Indentures as hereby amended, but on the terms
and conditions set forth in the Indentures, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, which terms and provisions shall in like
manner define and limit its liabilities and responsibilities in the performance of the trust created by the Indentures as
hereby amended, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to any of the recitals or statements contained
herein, all of which recitals or statements are made solely by the Issuers and the Subsidiary Guarantors, and the Trustee makes no representation with respect to any such matters. Additionally, the
Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. 

        THIS
SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

        The
parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same
agreement. 

        [NEXT
PAGE IS SIGNATURE PAGE] 

   

   

        Sixth Supplemental Indenture

2

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all as of the date first written above. 

 

					
	 
	 	MARKWEST ENERGY FINANCE CORPORATION
	

 
	
 	
  By:	
 	
/s/ Nancy Buese

 
	 
	 	Name:	 	Nancy Buese
	 
	 	Title:	 	Senior Vice President and Chief Financial Officer
	 
	 	  MARKWEST ENERGY PARTNERS, L.P.

	 
	 	 By:
	 	 MarkWest Energy GP, L.L.C.,

its General Partner

	

 
	
 	
 By:	
 	
/s/ Nancy Buese

 
	 
	 	Name:	 	Nancy Buese
	 
	 	Title:	 	Senior Vice President and Chief Financial Officer
	 
	 	   MARKWEST HYDROCARBON, INC.

	

 
	
 	
 By:	
 	
/s/ Nancy Buese

 
	 
	 	Name:	 	Nancy Buese
	 
	 	Title:	 	Senior Vice President and Chief Financial Officer
	 
	 	   MARKWEST ENERGY GP, L.L.C.

	

 
	
 	
 By:	
 	
/s/ Nancy Buese

 
	 
	 	Name:	 	Nancy Buese
	 
	 	Title:	 	Senior Vice President and Chief Financial Officer

 

   

   

         Signature Page to Sixth Supplemental Indenture

3

 

 

 

					
	 
	 	 MASON PIPELINE LIMITED LIABILITY COMPANY
	 
	 	 By:
	 	 MarkWest Hydrocarbon, Inc.,

its Sole Member

	

 
	
 	
 By:	
 	
/s/ Nancy Buese

 
	 
	 	Name:	 	Nancy Buese
	 
	 	Title:	 	Senior Vice President and Chief Financial Officer
	 
	 	   MARKWEST ENERGY OPERATING COMPANY, L.L.C.

	 
	 	 By:
	 	 MarkWest Energy Partners, L.P.,

its Managing Member

	 
	 	 By:
	 	 MarkWest Energy GP, L.L.C.,

its General Partner

	

 
	
 	
 By:	
 	
/s/ Nancy Buese

 
	 
	 	Name:	 	Nancy Buese
	 
	 	Title:	 	Senior Vice President and Chief Financial Officer

 

   

   

         Signature Page to Sixth Supplemental Indenture

4

 

 

					
	 
	 	  MARKWEST BLACKHAWK, L.L.C.

	 
	 	  MARKWEST ENERGY APPALACHIA, L.L.C.

	 
	 	  MARKWEST ENERGY EAST TEXAS GAS COMPANY, L.L.C.

	 
	 	  MARKWEST GAS MARKETING, L.L.C.

	 
	 	  MARKWEST GAS SERVICES, L.L.C.

	 
	 	  MARKWEST JAVELINA COMPANY, L.L.C.

	 
	 	  MARKWEST JAVELINA PIPELINE COMPANY, L.L.C.

	 
	 	  MARKWEST LIBERTY GAS GATHERING, L.L.C.

	 
	 	  MARKWEST MARKETING, L.L.C.

	 
	 	  MARKWEST MOUNTAINEER PIPELINE COPMANY, L.L.C.

	 
	 	  MARKWEST NEW MEXICO, L.L.C.

	 
	 	  MARKWEST PINNACLE, L.L.C.

	 
	 	  MARKWEST PIPELINE COMPANY, L.L.C.

	 
	 	  MARKWEST PNG UTILITY, L.L.C.

	 
	 	  MARKWEST POWER TEX, L.L.C.

	 
	 	  MARKWEST TEXAS PNG UTILITY, L.L.C.

	 
	 	 By:
	 	 MarkWest Energy Operating Company, L.L.C.,

its Sole Member

	 
	 	 By:
	 	 MarkWest Energy Partners, L.P.,

its Managing Member

	 
	 	 By:
	 	 MarkWest Energy GP, L.L.C.,

its General Partner

	 
	 	 By:
	 	 /s/ Nancy Buese

 
	 
	 	 Name:
	 	Nancy Buese
	 
	 	 Title:
	 	Senior Vice President and Chief Financial Officer

 

 Signature Page to Sixth Supplemental Indenture

5

 
 

					
	

 	
 	
MARKWEST MICHIGAN PIPELINE COMPANY, L.L.C.

MARKWEST OKLAHOMA GAS COMPANY, L.L.C.
	

 	
 	
By:	
 	
MarkWest Energy Operating Company, L.L.C.,

its Managing Member
	

 	
 	
By:	
 	
MarkWest Energy Partners, L.P.,

its Managing Member
	

 	
 	
By:	
 	
MarkWest Energy GP, L.L.C.,

its General Partner
	

 	
 	
By:	
 	
/s/ Nancy Buese

 
	 	 	Name:	 	Nancy Buese
	 	 	Title:	 	Senior Vice President and Chief Financial Officer
	

 	
 	
MATREX, L.L.C.
	

 	
 	
By:	
 	
West Shore Processing Company L.L.C.,

its Sole Member and Manager
	

 	
 	
By:	
 	
MarkWest Energy Operating Company, L.L.C.,

its Sole Member and Manager
	

 	
 	
By:	
 	
MarkWest Energy Partners, L.P.,

its Managing Member
	

 	
 	
By:	
 	
MarkWest Energy GP, L.L.C.,

its General Partner
	

 	
 	
By:	
 	
/s/ Nancy Buese

 
	 	 	Name:	 	Nancy Buese
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

 

 Signature Page to Sixth Supplemental Indenture

6

 

 

					
	 	 	 MARKWEST MCALESTER, L.L.C.
	

 	
 	
By:	
 	
MarkWest Oklahoma Gas Company, L.L.C.,

its Sole Member
	

 	
 	
By:	
 	
MarkWest Energy Operating Company, L.L.C.,

its Managing Member
	

 	
 	
By:	
 	
MarkWest Energy Partners, L.P.,

its Managing Member
	

 	
 	
By:	
 	
MarkWest Energy GP, L.L.C.,

its General Partner
	

 	
 	
By:	
 	
/s/ Nancy Buese

 
	 	 	Name:	 	Nancy Buese
	 	 	Title:	 	Senior Vice President and Chief Financial Officer
	

 	
 	
MARKWEST RANGER PIPELINE COMPANY, L.L.C
	

 	
 	
By:	
 	
MarkWest Energy Appalachia, L.L.C.,

its Sole Member
	

 	
 	
By:	
 	
MarkWest Energy Operating Company, L.L.C.,

its Sole Member
	

 	
 	
By:	
 	
MarkWest Energy Partners, L.P.,

its Managing Member
	

 	
 	
By:	
 	
MarkWest Energy GP, L.L.C.,

its General Partner
	

 	
 	
By:	
 	
/s/ Nancy Buese

 
	 	 	Name:	 	Nancy Buese
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

 

 Signature Page to Sixth Supplemental Indenture

7

 
 

					
	 	 	 WEST SHORE PROCESSING COMPANY L.L.C.
	

 	
 	
By:	
 	
MarkWest Energy Operating Company, L.L.C.,

its Sole Member and Manager
	

 	
 	
By:	
 	
MarkWest Energy Partners, L.P.,

its Managing Member
	

 	
 	
By:	
 	
MarkWest Energy GP, L.L.C.,

its General Partner
	

 	
 	
By:	
 	
/s/ Nancy Buese

 
	 	 	Name:	 	Nancy Buese
	 	 	Title:	 	Senior Vice President and Chief Financial Officer

 

 Signature Page to Sixth Supplemental Indenture

8

 
 

					
	 	 	 WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
	

 	
 	
By:	
 	
/s/ Patrick Giordano

 
	 	 	Name:	 	Patrick Giordano
	 	 	Title:	 	Vice President

 

 Signature Page to Sixth Supplemental Indenture

9

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Exhibit 4.22

SIXTH SUPPLEMENTAL INDENTURE

RECITALS

ARTICLE 1

ARTICLE II

ARTICLE III

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