Document:

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                                                                   EXHIBIT 10.73

                                                               EXECUTION VERSION

                      FOURTH AMENDMENT TO CREDIT AGREEMENT

     This FOURTH AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated as of
July 5, 2006, is entered into by and among THE GYMBOREE CORPORATION, a Delaware
corporation (the "Company"), each other Borrower named in the signature pages
hereof (together with the Company, each a "Borrower" and, collectively, the
"Borrowers"), and BANK OF AMERICA, N.A. (the "Lender").

                                    RECITALS

     A. The Borrowers and the Lender are parties to a Credit Agreement, dated as
of August 11, 2003 (as amended, restated, extended, supplemented or otherwise
modified from time to time, including as amended pursuant to that certain Waiver
and First Amendment to Credit Agreement dated as of December 6, 2004 among the
Borrowers and the Lender, that certain Second Amendment to Credit Agreement
dated as of July 27, 2005, and that certain Third Amendment to Credit Agreement
dated as of March 30, 2006, the "Credit Agreement"), pursuant to which the
Lender has extended certain credit facilities to the Borrowers.

     B. The Borrowers have requested that the Lender agree to amend the Credit
Agreement, and the Lender has agreed to such request, subject to the terms and
conditions of this Amendment.

     NOW, THEREFORE, for valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto hereby agree as follows:

     1. Defined Terms. Unless otherwise defined herein, capitalized terms used
herein shall have the meanings, if any, assigned to such terms in the Credit
Agreement (as amended hereby). As used herein, "Amendment Documents" means this
Amendment, the Credit Agreement (as amended by this Amendment), and each
certificate and other document executed and delivered by the Borrowers pursuant
to Section 5 hereof.

     2. Interpretation. The rules of interpretation set forth in Sections 1.02,
1.03, 1.04, 1.05, and 1.06 of the Credit Agreement shall be applicable to this
Amendment and are incorporated herein by this reference.

     3. Amendments to Credit Agreement. Subject to the terms and conditions
hereof, and with effect from and after the Effective Date, the Credit Agreement
shall be amended as follows:

          (a) Section 1.01 of the Credit Agreement shall be amended by adding
the following definition to such Section in the appropriate alphabetical order:

               "Fourth Amendment Date" means July 5, 2006."

          (b) Section 7.06(e) of the Credit Agreement shall be amended by
amending and restating such subsection to read in its entirety as follows

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               "(e) the Company may purchase, redeem or otherwise acquire shares
          of its capital stock for cash, in an aggregate amount not to exceed,
          for all such purchases, redemptions and other acquisitions together
          occurring from and after the Second Amendment Date, the amount of
          $110,000,000; provided, that after giving effect to such proposed
          action, no Default would exist."

          (c) Section 7.11(a) of the Credit Agreement shall be amended by
amending and restating such subsection to read in its entirety as follows:

               "(a) Consolidated Tangible Net Worth. Permit Consolidated
          Tangible Net Worth at any time prior to the Fourth Amendment Date to
          be less than the sum of (a) an amount equal to 85% of Consolidated
          Tangible Net Worth as of the Benchmark Date, (b) an amount equal to
          75% of the Consolidated Net Income earned in each fiscal quarter
          ending after such date (with no deduction for a net loss in any such
          fiscal quarter) and (c) an amount equal to 100% of the aggregate
          increases in Shareholders' Equity of the Company and its Subsidiaries
          after such date by reason of the issuance and sale of capital stock or
          other equity interests of the Company or any Subsidiary (other than
          issuances to the Company or a wholly-owned Subsidiary), including upon
          any conversion of debt securities of the Company into such capital
          stock or other equity interests."

          (d) Schedule 2 to the form of Compliance Certificate set forth as
Exhibit C to the Credit Agreement shall be amended and restated in the form
attached hereto as Annex A for Compliance Certificates delivered after the
Fourth Amendment Date.

     4. Representations and Warranties. Each Borrower hereby represents and
warrants to the Lender as follows:

          (a) No Default has occurred and is continuing (or would result from
the amendment to the Credit Agreement contemplated hereby).

          (b) The execution, delivery and performance by the Borrowers of this
Amendment have been duly authorized by all necessary corporate and other action
and do not and will not require any registration with, consent or approval of,
or notice to or action by, any Person (including any Governmental Authority) in
order to be effective and enforceable.

          (c) The Amendment Documents constitute the legal, valid and binding
obligations of the Borrowers party thereto, enforceable against each such
Borrower in accordance with their respective terms, without defense,
counterclaim or offset.

          (d) All representations and warranties of the Borrowers contained in
Article V of the Credit Agreement are true and correct on and as of the
Effective Date, except to the extent that any such representation and warranty
specifically relates to an earlier date, in which case they are true and correct
as of such earlier date.

          (e) Each Borrower is entering into this Amendment on the basis of its
own investigation and for its own reasons, without reliance upon the Lender or
any other Person.

                                        2

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          (f) There has occurred since January 28, 2006 no event or circumstance
that has resulted or could reasonably be expected to result in a Material
Adverse Effect.

          (g) The Obligations of each Borrower under the Credit Agreement and
each other Loan Document are not subject to any defense, counterclaim, set-off,
right of recoupment, abatement or other claim.

     5. Effective Date. (a) This Amendment will become effective when each of
the conditions precedent set forth in this Section 5 has been satisfied (the
"Effective Date"):

               (i) The Lender shall have received from each Borrower a duly
     executed original (or, if elected by the Lender, an executed facsimile
     copy) counterpart to this Amendment.

               (ii) The Lender shall have received from the Company a
     certificate signed by the assistant secretary of each Borrower, dated the
     Effective Date, in form and substance satisfactory to the Lender, and
     certifying evidence of the authorization of the execution, delivery and
     performance by each Borrower of the Amendment Documents to which it is
     party.

               (iii) The Lender shall have received, in form and substance
     satisfactory to it, such additional approvals, consents, opinions,
     documents and other information as the Lender shall request.

          (b) From and after the Effective Date, the Credit Agreement is amended
as set forth herein. Except as expressly amended pursuant hereto, the Credit
Agreement shall remain unchanged and in full force and effect and is hereby
ratified and confirmed in all respects.

     6. Reservation of Rights. Each Borrower acknowledges and agrees that
neither the execution nor the delivery by the Lender of this Amendment shall (a)
be deemed to create a course of dealing or otherwise obligate the Lender to
execute similar amendments under the same or similar circumstances in the future
or (b) be deemed to create any implied waiver of any right or remedy of the
Lender with respect to any term or provision of any Loan Document (including any
term or provision relating to the occurrence of a Material Adverse Effect).

     7. Miscellaneous.

          (a) Except as herein expressly amended, all terms, covenants and
provisions of the Credit Agreement are and shall remain in full force and effect
and all references therein to such Credit Agreement shall henceforth refer to
the Credit Agreement as amended by this Amendment. This Amendment shall be
deemed incorporated into, and a part of, the Credit Agreement.

          (b) This Amendment shall be binding upon and inure to the benefit of
the parties hereto and thereto and their respective successors and assigns. No
third party beneficiaries are intended in connection with this Amendment.

                                        3

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          (c) THIS AMENDMENT IS SUBJECT TO THE PROVISIONS OF SECTIONS 9.19, 9.20
and 9.23 OF THE CREDIT AGREEMENT RELATING TO GOVERNING LAW, VENUE, WAIVER OF
RIGHT TO TRIAL BY JURY AND JUDICIAL REFERENCE, THE PROVISIONS OF WHICH ARE BY
THIS REFERENCE INCORPORATED HEREIN IN FULL.

          (d) This Amendment may be executed in any number of counterparts, each
of which shall be deemed an original, but all such counterparts together shall
constitute but one and the same instrument. Each of the parties hereto
understands and agrees that this document (and any other document required
herein) may be delivered by any party hereto or thereto either in the form of an
executed original or an executed original sent by facsimile transmission to be
followed promptly by mailing of a hard copy original, and the receipt by the
Lender of a facsimile transmitted document purportedly bearing the signature of
a Borrower shall bind such Borrower with the same force and effect as the
delivery of a hard copy original. Any failure by the Lender to receive the hard
copy executed original of such document shall not diminish the binding effect of
receipt of the facsimile transmitted executed original of such document of the
party whose hard copy page was not received by the Lender.

          (e) This Amendment, together with the Credit Agreement, contains the
entire and exclusive agreement of the parties hereto with reference to the
matters discussed herein and therein. This Amendment supersedes all prior drafts
and communications with respect thereto. This Amendment may not be amended
except in accordance with the provisions of Section 9.01 of the Credit
Agreement.

          (f) If any term or provision of this Amendment shall be deemed
prohibited by or invalid under any applicable law, such provision shall be
invalidated without affecting the remaining provisions of this Amendment or the
Credit Agreement, respectively.

          (g) Each Borrower covenants to pay to or reimburse the Lender, upon
demand, for all costs and expenses (including Attorney Costs and the
non-duplicative allocated costs of in-house counsel) incurred in connection with
the development, preparation, negotiation, execution and delivery of this
Amendment.

          (h) This Amendment shall constitute a "Loan Document" under and as
defined in the Credit Agreement.

                  [Remainder of Page Intentionally Left Blank]

                                        4

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

                                        THE GYMBOREE CORPORATION,
                                        as a Borrower

                                        By: /s/ BLAIR W. LAMBERT
                                            ------------------------------------
                                        Name: Blair W. Lambert
                                        Title: C.O.O. - C.F.O.

                                        GYMBOREE MANUFACTURING, INC.,
                                        as a Borrower

                                        By: /s/ BLAIR W. LAMBERT
                                            ------------------------------------
                                        Name: Blair W. Lambert
                                        Title: C.O.O. - C.F.O.

                                        GYM-MARK, INC.,
                                        as a Borrower

                                        By: /s/ BLAIR W. LAMBERT
                                            ------------------------------------
                                        Name: Blair W. Lambert
                                        Title: C.O.O. - C.F.O.

           Signature Page One to Fourth Amendment to Credit Agreement

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                                        GYMBOREE RETAIL STORES, INC.,
                                        as a Borrower

                                        By: /s/ BLAIR W. LAMBERT
                                            ------------------------------------
                                        Name: Blair W. Lambert
                                        Title: C.O.O. - C.F.O.

                                        THE GYMBOREE STORES, INC.,
                                        as a Borrower

                                        By: /s/ BLAIR W. LAMBERT
                                            ------------------------------------
                                        Name: Blair W. Lambert
                                        Title: C.O.O. - C.F.O.

                                        GYMBOREE LOGISTICS PARTNERSHIP,
                                        as a Borrower

                                        By: GYMBOREE RETAIL STORES, INC.
                                            as General Partner

                                        By: /s/ BLAIR W. LAMBERT
                                            ------------------------------------
                                        Name: Blair W. Lambert
                                        Title: C.O.O. - C.F.O.

                                        GYMBOREE PLAY PROGRAMS, INC.,
                                        as a Borrower

                                        By: /s/ BLAIR W. LAMBERT
                                            ------------------------------------
                                        Name: Blair W. Lambert
                                        Title: C.O.O. - C.F.O.

           Signature Page Two to Fourth Amendment to Credit Agreement

<PAGE>

                                        GYMBOREE OPERATIONS, INC.,
                                        as a Borrower

                                        By: /s/ BLAIR W. LAMBERT
                                            ------------------------------------
                                        Name: Blair W. Lambert
                                        Title: C.O.O. - C.F.O.

                                        GYMBOREE, INC. (CANADA),
                                        as a Borrower

                                        By: /s/ BLAIR W. LAMBERT
                                            ------------------------------------
                                        Name: Blair W. Lambert
                                        Title: C.O.O. - C.F.O.

                                        LENDER

                                        BANK OF AMERICA, N.A., as the Lender

                                        By: /s/ RONALD J. DROBNY
                                            ------------------------------------
                                        Name: Ronald J. Drobny
                                        Title: Senior Vice President

         Signature Page Three to Fourth Amendment to Credit Agreement

<PAGE>

                                     ANNEX A

                     TO FOURTH AMENDMENT TO CREDIT AGREEMENT

   (Please see attached amended and restated Schedule 2 to form of Compliance
                                  Certificate.)

<PAGE>

                       For the Quarter/Year ended ___________ ("Statement Date")

                                   SCHEDULE 2
                          to the Compliance Certificate
                                  ($ in 000's)

I.   SECTION 7.11(B) -- CONSOLIDATED ASSET COVERAGE RATIO

     A.   Current Assets determined as of Statement Date:

          1.   Cash:                                               $____________

          2.   Marketable Securities:                              $____________

          3.   Trade Accounts Receivable:                          $____________

          4.   Inventory:                                          $____________

          5.   Current Assets (I.A.1 + 2 + 3 + 4):                 $____________

     B.   Current Liabilities as of Statement Date                 $____________

     C.   Outstanding Amounts as of Statement Date
          (without duplication to I.B):                            $____________

     D.   Consolidated Asset Coverage Ratio (I.A.5 / (I.B + I.C)): _____ to 1.00

          Minimum Required: 1.00:1.00

<PAGE>

II.  SECTION 7.11(C)/APPLICABLE RATE -- CONSOLIDATED ADJUSTED LEVERAGE RATIO.

     A.   Consolidated Adjusted EBITDA for four consecutive fiscal
          quarters ending on above date ("Subject Period"):

          1.   Consolidated Net Income for Subject Period:         $____________

          2.   Consolidated Interest Charges for Subject Period:   $____________

          3.   Provision for income taxes payable during Subject
               Period:                                             $____________

          4.   Depreciation expense for Subject Period:            $____________

          5.   Amortization expense for Subject Period:            $____________

          6.   Non-cash expenses recognized by the Company during
               the Subject Period in connection with the issuance
               of stock options and other equity interests in the
               Company in consideration of employee services:      $____________

          7.   Losses during the Subject Period resulting solely
               from the UK Dispositions and included in the
               calculation of Consolidated Net Income in Line
               II.A.1:                                             $____________

          8.   Consolidated Adjusted EBITDA for Subject Period
               (II.A.1 + 2 + 3 + 4 + 5 + 6 + 7):                   $____________

     B.   1.   Lease Expenses for Subject Period:                  $ ___________

          2.   Consolidated Adjusted EBITDAR for Subject Period
               (II.A.8 + II.B.1):                                  $ ___________

     C.   Consolidated Funded Indebtedness at Statement Date:      $ ___________

     D.   Lease Expenses for Subject Period:                       $ ___________

     E.   6 x II.D:                                                $ ___________

     F.   Consolidated Leverage Ratio ((II.C+II.E) / II.B.2):      _____ to 1.00

          Maximum permitted:

          (1)  At any time prior to the Second Amendment Date:         3.00:1.00

          (2)  At any time from and after the Second Amendment
               Date:                                                   4.00:1.00

III. SECTION 7.12 -- CAPITAL EXPENDITURES.

     A.   Capital expenditures made during fiscal year to date:    $____________

     B.   Maximum permitted capital expenditures for fiscal year:  $____________

     C.   Excess (deficiency) for covenant compliance (Line III.B
          less III.A):exv10w2

 

Exhibit 10.2

EV ENERGY PARTNERS, L.P.

LONG-TERM INCENTIVE PLAN

SECTION 1. Purpose of the Plan.

     The EV Energy Partners, LP Long-Term Incentive Plan (the “Plan”) has been adopted by EV
Management, LLC, a Delaware limited liability company (the “Company”), the general partner of EV
Energy GP, L.P., a Delaware limited partnership (the “General Partner”) which is the general
partner of EV Energy Partners, LP, a Delaware limited partnership (the “Partnership”), and is
intended to promote the interests of the Partnership and the Company by providing to Employees,
Consultants and Directors incentive compensation awards for superior performance that are based on
Units. The Plan is also contemplated to enhance the ability of the Company, the Partnership and
their 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, Substitute Award or DERs granted under
the Plan.

     “Award Agreement” means the written or electronic agreement by which an Award shall be
evidenced.

     “Board” means the Board of Directors of the Company.

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

     “Committee” means the Board, the Compensation Committee of the Board or such other committee
as may be appointed by the Board to administer the Plan.

     “Consultant” means an individual, other than an Employee or a Director, who provides services
to the Company, the Partnership or an Affiliate.

 

 

     “DER” means a contingent right 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 Company or an Affiliate.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Fair Market Value” means the closing sales price of a Unit 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). In the event Units are not traded on a national securities 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; provided, however, that if the Award to
which such Unit relates is subject to Code Section 409A, the determination of Fair Market Value
will be made consistent with the requirements under Code Section 409A in order to satisfy any
exception thereto, but only to the extent inconsistent with the methods for determining Fair Market
Value above.

     “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 Amended and Restated Agreement of Limited Partnership of EV
Energy Partners, LP, 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, government agency or political
subdivision thereof or other entity.

     “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 either 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(d)(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.

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 following and applicable law, the Committee, in
its sole discretion, may delegate any or all of its powers and duties under the Plan, including the
power to grant Awards under the Plan, to the Chief Executive Officer of the Company, subject to
such limitations on such delegated powers and duties as the Committee may impose, if any. Upon any
such delegation all references in the Plan to the “Committee”, other than in Section 7, shall be
deemed to include the Chief Executive Officer; provided, however, that such delegation shall not
limit the Chief Executive Officer’s right to receive Awards under the Plan. Notwithstanding the
foregoing, the Chief Executive Officer may not grant Awards to, or take any action with respect to
any Award previously granted to, a person who is an officer subject to Rule 16b-3 or a member of
the Board. Subject to the terms of the Plan and applicable law, and in addition to other express
powers and authorizations conferred on the Committee by the Plan, the Committee shall have full
power and authority to: (i) designate Participants; (ii) determine the type or types of Awards to
be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv)
determine the terms and conditions of any Award; (v) determine whether, to what extent, and under
what circumstances Awards may be settled, exercised, canceled, or forfeited; (vi) interpret and
administer the Plan and any instrument or agreement relating to an Award made under the Plan; (vii)
establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall
deem appropriate for the proper administration of the Plan; and (viii) make any other determination
and take any other action that the Committee deems necessary or desirable for the administration of
the Plan. The Committee may correct any defect or supply any omission or reconcile any
inconsistency in the Plan or an Award Agreement in such manner and extent the Committee deems
necessary or appropriate. Unless otherwise expressly provided in the Plan, all designations,
determinations, interpretations, and other decisions under or with respect to the Plan or any Award
shall be within the sole discretion of the Committee, may be made at any time and shall be final,
conclusive, and binding upon all Persons, including the Company, the Partnership, any 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 775,000. Units
withheld from an Award to satisfy the Company’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 or with respect 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 cash, Units,
other securities, or other property), 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; provided, however, that the number of Units
available under the Plan shall (i) in the event of an increase in the number of Units outstanding,
be proportionately increased and the exercise price or Fair Market Value of the Awards awarded
shall be proportionately reduced; and (ii) in the event of a reduction in the number of Units
outstanding, be proportionately reduced, and the exercise price or Fair Market Value of the Awards
awarded shall be proportionately increased.

SECTION 5. Eligibility.

     Any Employee, Consultant or Director 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, 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 as provided in Section 6(d)(viii), may not be less than its
Fair Market Value as of the date of grant.

 

 

     (ii) Time and Method of Exercise. The Committee shall determine 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 Company, a “cashless-broker” exercise through procedures, including
limitations, approved by the Company, withholding Units from the Award upon 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
Company 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; provided such waiver (i) is not adverse to the
Participant to whom such Award was granted, (ii) is consented to by such Participant, and
(iii) does not cause the Award to provide for the deferral of compensation in a manner that
does not comply with Code Section 409A (unless otherwise determined by the Committee).

     (b) 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 as specified in the Award Agreements.

     (i) 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.

     (ii) 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 Company 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.

     (iii) 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 Company one Unit or cash equal to
the Fair Market Value of a Unit, as determined by the Committee in its discretion.

     (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.

     (c) DERs. The Committee shall have the authority to determine the Employees,
Consultants and Directors to whom DERs are granted, whether such DERs are tandem or separate
Awards, whether the DERs shall be paid directly to the Participant, be credited to a bookkeeping
account (with or without interest in the discretion of the Committee) the vesting restrictions and
payment provisions applicable to the Award, and such other provisions or restrictions as determined
by the Committee in its discretion all of which shall be specified in the Award Agreements.

     (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 Company or any Affiliate. Awards granted in addition to or in tandem with other
Awards or awards granted under any other plan of the Company or any Affiliate may be granted
either at the same time as or at a different time from the grant of such other Awards or
awards.

     (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 Company, 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 and specified in the Award Agreement.

     (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 put 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.

     (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 Company
is not reasonably able to obtain Units to deliver pursuant to such Award without violating
the rules or regulations of any applicable law 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 Company.

     (vii) Substitute Awards. Awards may be granted under the Plan in substitution of
similar awards held by individuals who become Employees, Consultants or Directors as a
result of a merger, consolidation or acquisition by the Company or an Affiliate of another
entity or the assets of another entity. A Substitute Awards that is an Option may have an
exercise price less than the Fair Market Value of a Unit on the date of such substitution,
unless such exercise price causes any Award to provide for the deferral of compensation in a
manner that is subject to taxation under Code Section 409A (unless otherwise determined by
the Committee).

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 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 to any Award shall be made, other than pursuant to Section 7(c), unless it (i) is not
adverse to the Grantee to whom such Incentive Award was granted, (ii) is consented to by such
Grantee, and (iii) does not cause the Incentive Award to provide for the deferral of compensation
in a manner that does not comply with Code Section 409A (unless otherwise determined by the
Committee).

     (c) Actions Upon the Occurrence of Certain Events. In connection with any event
described in Section 4(c) of the Plan, or a Change of Control, any changes in applicable laws,
regulations, or 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 Company without
payment) or (ii) the replacement of such Award with other rights or property selected by the
Committee in its sole discretion;

     (B) provide that such Award be assumed by the successor or survivor entity, or a parent
or subsidiary thereof, or be substituted for by 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 and/or in
the terms and conditions of (including the exercise price), and the vesting/performance
criteria included in, outstanding Awards;

     (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.

     Provided, however, that no action shall be taken under Section 7(c) if such action causes any
Award to provide for the deferral of compensation in a manner that is subject to taxation under
Code Section 409A (unless otherwise determined by the Committee).

 

 

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 Company, the Company 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 Company 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 Company or any Affiliate,
continue consulting services or to remain on the Board, as applicable. Further, the Company or an
Affiliate may at any time dismiss a Participant from employment or consulting 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 Compensation Committee,
such provision shall be construed or deemed amended to conform to the applicable laws, 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 Company by a Participant, other holder or beneficiary in connection with
the exercise of such Award shall be promptly refunded to the relevant Participant, holder or
beneficiary.

     (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

 

 

Company 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 Company or any participating Affiliate
pursuant to an Award, such right shall be no greater than the right of any general unsecured
creditor of the Company 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 properly manage 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 which the Committee may select, and the Company shall be relieved of
any further liability for payment of such amounts.

     (k) Participation by Affiliates. In making Awards to Employees employed by an entity
other than by the Company, the Committee shall be acting on behalf of the Affiliate, and to the
extent the Partnership has an obligation to reimburse the Company 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, and, if made to the Company, shall be
received by the Company as agent for 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.

     (m) Compliance with Section 409A. To the extent that any provision of the Plan or any
Award Agreement is subject to Code Section 409A, the Plan and Award Agreement shall be construed to
qualify with the provisions of Code Section 409A and related regulations and Treasury
pronouncements (“Section 409A”). If any provision provided herein results in the imposition of an
excise tax on any Participant under Section 409A, such provision will be reformed to avoid any such
imposition in such manner as the Company determines is appropriate to comply with Section 409A.

SECTION 9. Term of the Plan.

The Plan shall be effective on the date of its approval by the Board and shall continue until the
earliest of (i) the date terminated by the Board, (ii) all Units available under the Plan have been
paid to Participants, or (iii) the 10th anniversary of the date the Plan is approved by the
unitholders of the Company. However, unless otherwise expressly provided in the Plan or in an
applicable Award Agreement, any Award granted prior to such termination, and the authority of

 

 

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.

IN WITNESS WHEREOF, the Company has caused this Plan to be duly executed in its name and on its
behalf by its duly authorized officer, effective as of                                         , 2006.

	 	 	 	 	 	 	 
	 	 	EV MANAGEMENT, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 

	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 

	 	 
	 

	 	Title:

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