Document:

EX-10.05.1.3

 Exhibit 10.05.1.3 

To the Notary: 
 Please file in your Registry of Public Deeds one
evidencing the modification to the Second Addendum to the Subordination of Rights and Conditional Assignment Agreement (“Modification to the Second Addendum and Assignment Agreement”) entered into by and between: 

 

	 	•	 	ODEBRECHT LATINVEST PERU DUCTOS, S.A., a corporation duly organized and validly existing under the laws of Peru, with Taxpayer (RUC) Nr. 20513396571, with domicile for the purpose hereof at Avenida Víctor
Andrés Belaúnde 280, Oficina 501, San Isidro, Lima, acting by and through Jorge Henrique Simoes Barata, holder of National Identification Document (DNI) 000317457 and Javier Bernardo de Souza Ferreira Barclay, holder of DNI 08230306,
as per powers of attorney registered in Electronic Entry Nr. 11893941 of the Registry of Legal Entities of the Lima and Callao Registration Office (“OLPD”); 

 

	 	•	 	ODEBRECHT S.A., a corporation duly organized and validly existing under the laws of Brazil, identified with Taxpayer (CNPJ) Nr. 05.144.757/0001.72, with domicile for the purpose hereof at Avenida Luis Viana 2841,
Ed. Odebrecht, Salvador, Bahía, Brazil, acting by and through Javier Bernardo de Souza Ferreira Barclay, holder of DNI 08230306 and Diana Elizabeth Ortiz Mendoza, holder of DNI 03658529, as per powers of attorney included in the instrument
granted on August 2, 2016, which in your capacity as Notary Public you are hereby requested to insert (“ODB”); 

  

	 	•	 	INVERSIONES EN INFRASTRUCTURA DE TRANSPORTE POR DUCTOS S.A.C., a corporation duly organized and validly existing under the laws of Peru, with Taxpayer (RUC) Nr. 2054837130, with domicile for the purpose hereof at
Avenida Víctor Andrés Belaúnde 280, Oficina 502, San Isidro, Lima, acting by and through Jorge Henrique Simoes Barata, holder of National Identification Document (DNI) 000317457 and Javier Bernardo de Souza Ferreira Barclay,
holder of DNI 08230306, as per powers of attorney registered in Electronic Entry Nr. 12866524 of the Registry of Legal Entities of the Lima and Callao Registration Office (“IITD”); 

 

	 	•	 	ODEBRECHT PERÚ INGENIERÍA Y CONSTRUCCIÓN S.A.C., a corporation duly organized and validly existing under the laws of Peru, with Taxpayer (RUC) Nr. 20166012687, at Avenida Víctor
Andrés Belaúnde 280, San Isidro, Lima, acting by and through Raymundo Nonato Trindade Serra, holder of Foreign Resident Card (CE) 000071156, and Allan Chan Matos, holder of Foreign Resident Card (CE) 000614605, both as per powers of
attorney registered under Item C00336 of Registration Entry 11000180 of the Registry of Legal Entities of Trujillo (“OPIC”); 

  

	 	•	 	 CONSTRUCTORA NORBERTO ODEBRECHT S.A., SUCURSAL DEL PERÚ, a branch office of a foreign corporation
duly organized and validly existing under the laws of Peru, with Taxpayer (RUC) Nr. 20509656607, with domicile for the purpose hereof at Avenida Víctor Andrés Belaúnde 280, San Isidro, Lima, acting by and through Raymundo Nonato
Trindade Serra, holder of Foreign Resident Card (CE) 000071156, and Allan Chan Matos, holder of Foreign Resident Card (CE) 000614605, 

	 	 
as per powers of attorney registered in Registration Entry 11686833 of the Registry of Legal Entities of the Trujillo Registration Office (“CNO” and jointly, with OLPD, ODB, IITD
and OPIC, “Odebrecht” and with the Original Parties – as this term is defined herein below, the “Parties”); 

And 
  

	 	•	 	ENAGÁS S.A., a corporation duly organized and validly existing under the laws of Spain, identified with Fiscal Identification Code A-28294726, with domicile for the
purpose hereof at Avenida Santo Toribio 173, Oficina 501, San Isidro, Lima, acting by and through Pedro Martín-Ondarza Gonzalez, holder of Foreign Resident Card (CE) 001232975, as per powers of attorney granted under the special Power of
Attorney Deed, dated August 4, 2016, which in your capacity as Notary Public you are hereby requested to insert (“Enagás”); 

And 
  

	 	•	 	GRAÑA Y MONTERO S.A.A., a corporation duly organized and validly existing under the laws of Peru, with Taxpayer (RUC) Nr. 20332600592, with domicile for the purpose hereof at Avenida Paseo de la
República 4675, Surquillo, Lima, acting by and through Luis Francisco Díaz Olivero, holder of DNI 07872756 and Mónica María Miloslavich Hart, holder of DNI 10545024, as per powers of attorney registered in Electronic
Entry 11028652 of the Registry of Legal Entities of the Lima and Callao Registration Office (“G&M”); 

  

	 	•	 	GyM S.A., a corporation duly organized and validly existing under the laws of Peru, with Taxpayer (RUC) Nr. 20100154057, with domicile for the purpose hereof at Avenida Paseo de la República 4675,
Surquillo, Lima, acting by and through Luis Francisco Díaz Olivero, holder of DNI 07872756 and Mónica María Miloslavich Hart, holder of DNI 10545024, as per powers of attorney registered in Electronic Entry 11006796 of the
Registry of Legal Entities of the Lima and Callao Registration Office (“GyM”); 

  

	 	•	 	NEGOCIOS DE GAS S.A., a corporation duly organized and validly existing under the laws of Peru, with Taxpayer (RUC) Nr. 20600703499, with domicile for the purpose hereof at Avenida Paseo de la República
4675, Surquillo, Lima, acting by and through Luis Francisco Díaz Olivero, holder of DNI 07872756 and Mónica María Miloslavich Hart, holder of DNI 10545024, as per powers of attorney registered in Electronic Entry 13493968 of the
Registry of Legal Entities of the Lima and Callao Registration Office (“NG” and jointly, with G&M and GyM, “Graña”); 

And with the participation of: 
  

	 	•	 	 GASODUCTO SUR PERUANO S.A., a corporation duly organized and validly existing under the laws of Peru, with
Taxpayer (RUC) Nr. 20563236354, at Avenida Víctor Andrés Belaúnde 280, Piso 2, San Isidro, Lima, acting by and through Dennis Gray Febres, holder of DNI 101567015 and Marcio Luiz Perez Ribeiro, holder of Foreign

	 	 
Resident Card (CE) 001259266, as per powers of attorney registered in Electronic Entry 1322717 of the Registry of Legal Entities of the Lima and Callao Registration Office (“GSP”
and jointly with OLPD, ODB, Enagás, G&M, IITD and NG, the “Original Parties”); 

 The Parties hereby enter
into this Modification to the Second Addendum and Assignment Agreement in the following terms and conditions: 
 ONE: RECITALS 

 

	1.1.	On April 29, 2016, the Original Parties entered into the Subordination of Rights Agreement in order to regulate the exercise of certain collection rights that they or their related entities hold or may hold with
GSP (the “Agreement”) a copy of which is attached hereto as Exhibit 1 to this Second Addendum and Assignment Agreement. 

  

	1.2.	On June 24, 2016, the Parties entered into the First Addendum to the Agreement in the terms and conditions established therein (the “First Addendum”) a copy of which is attached hereto as Exhibit 2
to this Second Addendum and Assignment Agreement. 

  

	1.3.	On August 11, 22016, IITD, OLPD, CNO, OPIC, Enagás Internacional S.L.U., G&M, NG, GyM and GSP have signed a document called Contributions Payment Commitment, whereby it was agreed to make certain
contributions to the capital stock of GSP in the amounts and dates established therein (the “Contributions Payment Commitment”). 

  

	1.4.	On August 11, 2016, the Parties executed the Second Addendum to the Agreement on Subordination of Rights and Conditional Assignment of Subordinated Rights. 

 

	1.5.	The Parties consider it convenient to modify the Second Addendum to the Agreement on Subordination of Rights and Conditional Assignment of Subordinated Rights. 

TWO: MODIFICATION TO THE SECOND ADDENDUM AND ASSIGNMENT AGREEMENT 
  

	2.1.	The Parties agree to modify Sub clause 4.1 of the Agreement: Assignment of Rights, which hereinafter will read as follows: 

“4.1 Under this Second Addendum and Assignment Agreement, each and every one of OLPD, ODB, IITD, OPIC and CNO (jointly the
“Assignors”) assign (the “Assignment”) and agree to cause that the members of their economic group assign any and all amounts due, credits, interest or entitlements held with GSP, current or future, certain or
contingent (including any right of the Assignors over the equity of GSP in any scenario for their respective capital contributions or for any other concept over any equity account, including any right in case of liquidation of GSP or selling of its
assets) (the “Assigned Credit Rights”) in favor of G&M and Enagás (“the 

 
Assignees”) subject to the condition precedent that the following event is verified (the “Condition Precedent”): (i) that notification of the resolution issued by the
competent authority of the Peruvian Institute for the Defense of Free Competition and Intellectual Property – INDECOPI, declaring the bankruptcy situation of GSP be served.” 

 

	2.2.	The Parties agree to include Sub clause 4.4 to Clause 4: Assignment of Rights, which hereinafter will read as follows: 

“4.4 The Assignors are hereby bound to provide, immediately and irrevocably, to the Assignees (and to their respective successors,
including, without limitation, any person or autonomous equity that may acquire the Assigned Credit Rights) any and all documentation and information that may be required to prove the existence, origin, legitimacy, amount, enforceability, ownership
and effective transfer of the Assigned Credit Rights in favor of the Assignees, as well as any other documentation that may be necessary, in the Assignees’ discretion or as may be required by the competent bankruptcy proceeding authority so
that the said credits are timely verified and recognized before such authority. 
 Thus, without being limited to the list below, the
Assignors shall be in the obligation to provide to the Assignees promptly after being requested to, the following: (a) the documents that prove the existence, origin, amount, ownership and enforceability of the Assigned Credit Rights (including
the contracts and/or agreements from which said credits derive); (b) the certificates of the accounting entries showing the Assigned Credit Rights as accounts receivable from GSP, signed by a Certified Public Accountant (authenticated by notary
public, if required by the Assignees) as well as any other accounting documents evidence registration of the Assigned Credit Rights; (c) affidavits stating that no payments have been received with regard to the Assigned Credit Rights or that
partial payments have been received, including invoices, vouchers, receipts and/or bank account statements; (d) liquidations of the amounts owed under the Assigned Credit Rights; (e) communications exchanged between debtor of the Assigned
Credit Rights and the Assignors; (f) tax-related documents concerning the Assigned Credit Rights and, in general, (g) any minutes, certification, affidavit and/or public and/or private document that
may be required to comply with the purposes set forth in this paragraph, as well as any other information and/or document that may be or is required by the competent bankruptcy authority in order to timely recognize the Assigned Credit Rights as
credits recognized in the bankruptcy proceeding of GSP and always considering the timeframes provided in the applicable bankruptcy laws. 

The Assignors hereby agree to send to the Assignees (i) a list of the Assigned Credit Rights as at the closing of the month of
September 2016; and (ii) the information indicated in the foregoing paragraph corresponding to the credits indicated in the preceding item (i) within eight (8) business days after this document is executed. For any other Assigned
Credit Right not included in the list to be sent pursuant to the provisions in the preceding item (i) the Assignors shall send the information previously mentioned to the Assignees within eight (8) business days as of the date when such
new assigned credit rights are generated. 

 Once the above-mentioned documentation has been delivered, it must be updated by the Assignors
every forty-five (45) calendar days and as requested by the Assignees, until the Assigned Credit Rights are verified and recognized by the competent bankruptcy authority. 

If requested by the Assignees, Assignors undertake to intervene in any incorporation act of an autonomous equity (e.g., Trust Agreements)
that include Assigned Credit Rights, so that the obligation to prove the existence, origin, legitimacy, amount, ownership and enforceability of the Assigned Credit Rights as provided for in the foregoing paragraph, may be enforceable in favor of
such autonomous equity, which will act by and through the entity in charge of its administration (e.g., the Fiduciary Agent). 

Finally, if required by the Assignees or by the competent bankruptcy authority, the Assignors undertake to sign any request, writ or any
other document that may be required for the verification and recognition of the Assigned Credit Rights by the competent bankruptcy authority”. 

In witness whereof the Parties hereunto set their hands in Lima, on October 25, 2016. 

 

			
	/s/ Jorge Henrique Simoes Barata	 	/s/ Javier Bernardo de Souza Ferreira Barclay
	ODEBRECHT LATINVEST PERÚ DUCTOS S.A.
		
	/s/ Javier Bernardo de Souza Ferreira Barclay	 	/s/ Diana Elizabeth Ortiz Mendoza
	ODEBRECHT S.A.	 	ODEBRECHT S.A.
		
	/s/ Jorge Henrique Simoes Barata	 	/s/ Javier Bernardo de Souza Ferreira Barclay
	INVERSIONES EN INFRAESTRUCTURA DE TRANSPORTE POR DUCTOS S.A.C.
		
	/s/ Raymundo Nonato Trindade Serra	 	/s/ Allan Chan Matos
	ODEBRECHT PERÚ INGENIERÍA Y CONSTRUCCIÓN S.A.C.
		
	/s/ Raymundo Nonato Trindade Serra	 	/s/ Allan Chan Matos
	CONSTRUCTORA NORBERTO ODEBRECHT S.A., SUCURSAL DEL PERÚ
	
	/s/ Pedro Martín-Ondarza Gonzalez
	ENAGÁS S.A.
		
	/s/ Luis Francisco Díaz Olivera	 	/s/ Mónica María Miloslavich Hart
	GRAÑA Y MONTERO S.A.A.	 	GRAÑA Y MONTERO S.A.A.

			
	 /s/ Luis Francisco Díaz Olivera

GyM S.A.
	 	 /s/ Mónica María Miloslavich Hart

GyM S.A.

		
	 /s/ Luis Francisco Díaz Olivera

NEGOCIOS DE GAS S.A.
	 	 /s/ Mónica María Miloslavich Hart

NEGOCIOS DE GAS S.A.

		
	 /s/ Dennis Gray Febres

GASODUCTO SUR PERUANO S.A.
	 	 /s/ Marcio Luiz Perez Ribeiro

GASODUCTO SUR PERUANO S.A.

  

			
	(Seal)	  	LAOS DE LAMA NOTARY PUBLIC’S OFFICE
		  	Kardex Nr. 235387sph-ex101_18.htm

 

Exhibit 10.1

 

SUBURBAN PROPANE PARTNERS, L.P. 

2018 RESTRICTED UNIT PLAN 

EFFECTIVE JUNE 1, 2018

ARTICLE I 

PURPOSE AND APPROVAL 

The purpose of this Plan is to strengthen Suburban Propane Partners, L.P., a Delaware limited partnership (the “Partnership”), by providing an incentive to certain selected employees and Supervisors of the Partnership and its Affiliates, and thereby encouraging them to devote their abilities and industry to the success of the Partnership’s business enterprise in such a manner as to maximize the Partnership’s value. It is intended that this purpose be achieved by extending to such individuals an added long-term incentive for continued service to the Partnership in the form of rights to receive Common Units (as hereinafter defined) of the Partnership, and to encourage Common Unit ownership in order to further align the interests of the participants with the interests of the Partnership’s Unitholders. 

This Plan, in the form set forth herein, is effective as of the Effective Date (as defined below) and was approved by the limited partners of the Partnership at their tri-annual meeting held on May 15, 2018. 

ARTICLE II 

DEFINITIONS 

For the purposes of this Plan, unless otherwise specified in an Agreement, capitalized terms shall have the following meanings: 

2.1 “Act” shall mean the Securities Act of 1933, as amended. 

2.2  “Affiliate” shall mean any corporation, partnership, limited liability company, or other entity that, directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the Partnership.  For this purpose, “control” (including, with its correlative meanings, “controlled by” and “under common control with”) means the possession, direct or indirect, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of Voting Securities, by contract or otherwise.

2.3 “Agreement” shall mean the written agreement between the Partnership and a Grantee evidencing the grant of an Award and setting forth the terms and conditions thereof. 

2.4 “Award” shall mean a grant of restricted Common Units pursuant to the terms of this Plan. 

2.5 “Beneficial Ownership” shall be determined pursuant to Rule 13d-3 promulgated under the Exchange Act. 

2.6 “Board” shall mean the Board of Supervisors of the Partnership. 

2.7 “Cause” shall mean, unless otherwise provided in an Agreement or in a written employment agreement between the Grantee and the Partnership or any of its Affiliates, (a) the Grantee’s gross negligence or willful misconduct in the performance of his duties, (b) the Grantee’s willful or grossly negligent failure to perform his duties, (c) the breach by the Grantee of any written covenants to the Partnership or any of its Affiliates, (d) dishonest, fraudulent or unlawful behavior by the Grantee (whether or not in conjunction with employment) or the Grantee being subject to a judgment, order or decree (by consent or otherwise) by any governmental or regulatory authority which restricts his ability to engage in the business conducted by the Partnership or any of its Affiliates, or (e) willful or reckless breach by the Grantee of any policy adopted by the Partnership or any of its Affiliates, concerning conflicts of interest, standards of business conduct, fair employment practices or compliance with applicable law. 

2.8 “Change in Capitalization” shall mean any increase or reduction in the number of Common Units, or any change (including, but not limited to, a change in value) in the Common Units, or exchange of Common Units for a different number or kind of units or other securities of the Partnership, by reason of a reclassification, recapitalization, merger, consolidation, reorganization, spin-off, split-up, issuance of warrants or rights or other convertible securities, unit distribution, unit split or reverse unit split, cash dividend, property dividend, combination or exchange of units, repurchase of units, change in corporate structure or otherwise; in each case provided that such increase, reduction or other change does not occur in connection with a Change of Control. 

 

2.9 “Change of Control” shall mean: 

(a) the date (which must be a date subsequent to the Effective Date) on which any Person (including the Partnership’s general partner) or More than One Person Acting as a Group (other than the Partnership and/or its Affiliates) acquires, during the 12 month period ending on the date of the most recent acquisition, Common Units or other voting equity interests eligible to vote for the election of Supervisors (or of any entity, including the Partnership’s general partner, that has the same authority as the Board to manage the affairs of the Partnership) (“Voting Securities”) representing thirty percent (30%) or more of the combined voting power of the Partnership’s then outstanding Voting Securities; provided, however, that in determining whether a Change of Control has occurred, Voting Securities which have been acquired in a “Non-Control Acquisition” shall be excluded from the numerator. A “Non-Control Acquisition” shall mean an acquisition of Voting Securities (x) by the Partnership, any of its Affiliates and/or an employee benefit plan (or a trust forming a part thereof) maintained by any one or more of them, or (y) in connection with a “Non-Control Transaction;” or 

(b) the date of the consummation of (x) a merger, consolidation or reorganization involving the Partnership, unless (A) the holders of the Voting Securities of the Partnership immediately before such merger, consolidation or reorganization own, directly or indirectly, immediately following such merger, consolidation or reorganization, at least fifty percent (50%) of the combined voting power of the outstanding Voting Securities of the entity resulting from such merger, consolidation or reorganization (the “Surviving Entity”) in substantially the same proportion as their ownership of the Voting Securities of the Partnership immediately before such merger, consolidation or reorganization, and (B) no person or entity (other than the Partnership, any Affiliate, any employee benefit plan (or any trust forming a part thereof) maintained by the Partnership, any Affiliate, the Surviving Entity, or any Person who, immediately prior to such merger, consolidation or reorganization, had Beneficial Ownership of more than twenty five percent (25%) of the then outstanding Voting Securities of the Partnership), has Beneficial Ownership of more than twenty five percent (25%) of the combined voting power of the Surviving Entity’s then outstanding Voting Securities; or (y) the sale or other disposition of forty percent (40%) of the total gross fair market value of all the assets of the Partnership to any Person or More than One Person Acting as a Group (other than a transfer to an Affiliate). For this purpose, gross fair market value means the value of the assets of the Partnership, or the value of the assets being disposed of, determined without regard to any liability associated with such assets. A transaction described in clause (A) or (B) of subsection (x) hereof shall be referred to as a “Non-Control Transaction;” or 

(c) the date a majority of the members of the Board is replaced during any twelve-month period by the action of the Board taken when a majority of the Supervisors who are then members of the Board are not Continuing Supervisors (for purposes of this section, the term “Continuing Supervisor” means a Supervisor who was either (A) first elected or appointed as a Supervisor prior to the Effective Date; or (B) subsequently elected or appointed as a Supervisor if such Supervisor was nominated or appointed by at least a majority of the then Continuing Supervisors); 

Notwithstanding the foregoing, a Change of Control shall not be deemed to occur solely because any Person (the “Subject Person”) acquired Beneficial Ownership of more than the permitted amount of the outstanding Voting Securities as a result of the acquisition of Voting Securities by the Partnership which, by reducing the number of Voting Securities outstanding, increases the proportional number of Voting Securities Beneficially Owned by the Subject Person, provided that if a Change of Control would occur (but for the operation of this sentence) as a result of the acquisition of Voting Securities by the Partnership, and after such acquisition of Voting Securities by the Partnership, the Subject Person becomes the Beneficial Owner of any additional Voting Securities which increases the percentage of the then outstanding Voting Securities Beneficially Owned by the Subject Person, then a Change of Control shall occur. In addition, so long as Section 409A of the Code (or any successor provision thereto) remains in effect, notwithstanding anything herein to the contrary, none of the foregoing events shall be deemed to be a “Change of Control” unless such event constitutes a “change in control event” within the meaning of Section 409A of the Code and the regulations and guidance promulgated thereunder. 

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2.10 “Code” shall mean the Internal Revenue Code of 1986, as amended, or any successor to the Internal Revenue Code of 1986. 

2.11 “Committee” shall mean the Compensation Committee of the Board, or any successor committee of the Board responsible for administering executive compensation. The powers of the Committee under the Plan may be exercised by the Board, consistent with the provisions of the Code, the Exchange Act and the regulations thereunder. 

2.12 “Common Units” shall mean the common units representing limited partnership interests of the Partnership. 

2.13 “Cure Period” shall mean the thirty-day period, following receipt by the Vice President of Human Resources (or an acting equivalent) of a notification by a Grantee that a Good Reason event has occurred, during which the Partnership has the option of rectifying the Good Reason event. 

2.14 “Disability” shall have the same meaning that such term (or similar term) has under the Partnership’s long-term disability policy then in effect, or as otherwise determined by the Committee.  

2.15 “Effective Date” shall mean June 1, 2018.

2.16 “Employment,” or derivative terms, when used with respect to a Supervisor, shall mean service on the Board.   With respect to an employee of the Partnership or its Affiliates, the duration of a Grantee’s employment with the Partnership or its Affiliates shall be calculated using the effective date of that Grantee’s commencement of employment with, or most recent rehire by, the Partnership or any Affiliate, as determined by and maintained in the records of the Partnership’s Human Resources Department as that Grantee’s “Company Seniority Date.”  

2.17 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

2.18 “Fair Market Value” per unit on any date shall mean the average of the high and low sale prices of the Common Units on such date on the principal national securities exchange on which such Common Units are listed or admitted to trading, or if such Common Units are not so listed or admitted to trading, the arithmetic mean of the per Common Unit closing bid price and per Common Unit closing asked price on such date as quoted on the National Association of Securities Dealers Automated Quotation System or such other market on which such prices are regularly quoted, or, if there have been no published bid or asked quotations with respect to Common Units on such date, the Fair Market Value shall be the value established by the Committee in good faith. 

2.19 “Good Reason” shall mean, unless otherwise provided in an Agreement or in a written employment agreement between the Grantee and the Partnership or its Affiliate, (a) any failure by the Partnership or any of its Affiliates to comply in any material respect with the compensation provisions of a written employment agreement between the Grantee and the Partnership or its Affiliate, (b) a material adverse change in the Grantee’s title without his consent, or (c) the assignment to the Grantee, without his consent, of duties and responsibilities materially inconsistent with his level of responsibility. For purposes of this provision and Section 5.2, a Grantee may terminate his employment with the Partnership or one of its Affiliates for Good Reason only if such termination occurs within ninety days following the date of the Good Reason event.

2.20 “Grantee” shall mean a person to whom an Award has been granted under the Plan. 

2.21 “More than one Person Acting as a Group” has the same meaning as set forth in Treasury Regulation 1.409A-3(i)(5)(v)(B). 

2.22 “Partnership” shall mean Suburban Propane Partners, L.P., a Delaware limited partnership, and its successors. 

2.23 “Person” shall mean a natural person or any entity and shall include two or more Persons acting as a partnership, limited partnership, limited liability company, syndicate, or other group. 

2.24 “Plan” shall mean this Suburban Propane Partners, L.P. 2018 Restricted Unit Plan. 

2.25 “Retirement” shall mean voluntary termination of employment by a Grantee who has attained age 55 and who has been employed by the Partnership, its Affiliates, or its predecessors for 10 years or more, in connection 

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with a bona fide intent by the Grantee to no longer seek full time employment in the industries in which the Partnership or any of its Affiliates then participates. Retirement shall not include voluntary termination of employment by a Grantee in response to, or anticipation of, a termination of employment for Cause by the Partnership or any of its Affiliates. 

2.26 “Supervisor” shall mean any member of the Board that is not an employee of the Partnership or any of its Affiliates. 

 

ARTICLE III 

ADMINISTRATION OF THE PLAN 

3.1 The Plan shall be administered by the Committee, which shall hold meetings at such times as may be necessary for the proper administration of the Plan. Any decision or determination reduced to writing and signed by a majority of all of the members of the Committee shall be as fully effective as if made by a majority vote at a meeting duly called and held. Notwithstanding anything else herein to the contrary, the Committee may delegate to any individual or committee of individuals the responsibility to carry out any of its rights and duties with respect to the Plan. No member of the Committee or any individual to whom it has delegated any of its rights and duties shall be liable for any action, failure to act, determination or interpretation made in good faith with respect to this Plan or any transaction hereunder, except for liability arising from his own willful misfeasance, gross negligence or reckless disregard of his duties. The Partnership hereby agrees to indemnify each member of the Committee and its delegates for all costs and expenses and, to the extent permitted by applicable law, any liability incurred in connection with defending against, responding to, negotiating for the settlement of or otherwise dealing with any claim, cause of action or dispute of any kind arising in connection with any actions in administering this Plan or in authorizing or denying authorization for any transaction hereunder. 

3.2 Each member of the Committee shall be (i) a “Non-Employee Director” within the meaning of Rule 16b-3 under the Exchange Act and (ii) an “independent director” within the meaning of the listing standards of the New York Stock Exchange. 

3.3 Subject to the express terms and conditions set forth herein, the Committee shall have the power, consistent with Rule 16b-3 under the Exchange Act, from time to time to: 

 

	
 
	
(a)
	
select those employees and Supervisors to whom Awards shall be granted and to determine the terms and conditions (which need not be identical) of each such Award; 

 

	
 
	
(b)
	
make any amendment or modification to any Agreement consistent with the terms of the Plan; 

 

	
 
	
(c)
	
construe and interpret the Plan and the Awards, and establish, amend and revoke rules and regulations for the administration of the Plan, including, but not limited to, correcting any defect or supplying any omission, or reconciling any inconsistency in the Plan or in any Agreement or between the Plan and any Agreement, in the manner and to the extent it shall deem necessary or advisable so that the Plan complies with applicable law, including Rule 16b-3 under the Exchange Act to the extent applicable, and otherwise to make the Plan fully effective. All decisions and determinations by the Committee or its delegates in the exercise of this power shall be final, binding and conclusive upon the Partnership, its Affiliates, the Grantees and all other persons having any interest therein; 

 

	
 
	
(d)
	
exercise its discretion with respect to the powers and rights granted to it as set forth in the Plan; and 

 

	
 
	
(e)
	
generally, exercise such powers and perform such acts as it deems necessary or advisable to promote the best interests of the Partnership with respect to the Plan. 

3.4 Subject to adjustment as provided in Article 7, the total number of restricted Common Units that may be made subject to Awards granted under the Plan shall be 1,800,000 (subject to the unitholder approval requirements set forth in Section 9.6). The Partnership shall reserve for purposes of the Plan, out of its authorized but unissued units, an equivalent amount of Common Units. 

 

ARTICLE IV 

RESTRICTED COMMON UNIT GRANTS 

4.1 Time Vesting Grants. From time to time, the Committee may grant restricted Common Units to Grantees, in such amounts as it deems prudent and proper. Such restricted Common Units shall be granted, and the Common 

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Units underlying such restricted Common Units shall be issued, in consideration of the performance of services and for no other consideration. 

4.2 Forfeiture. A Grantee’s rights with respect to the restricted Common Units shall remain forfeitable at all times prior to the date on which the restrictions thereon shall have lapsed in accordance with the terms of the Plan and the applicable Agreement. 

4.3 Vesting Schedule.  Restricted Common Unit grants made pursuant to Section 4.1  shall vest and become non-forfeitable, unless, subject to Section 5.7, otherwise determined by the Committee (at the time of Award, though in no case will the vesting schedule be shorter than twelve months from the date of grant, or otherwise), and the restrictions thereon shall lapse, (a) at a rate of 1/3 (one third) on the first anniversary of the grant date of the applicable Award, a second 1/3 (one third) on the second anniversary of the grant date of the applicable Award, and a final 1/3 (one third) on the third anniversary of the grant date of the applicable Award, provided that the Grantee is employed on each such date (the “minimum vesting schedule”), or (b) by reason of death or Disability as set forth in Section 5.3.  Notwithstanding the provisions of the Plan, the Committee may grant Awards that are not subject to the minimum vesting schedule, provided that the aggregate number of restricted Common Units not subject to the minimum vesting schedule (excluding any such Awards to the extent that they have been forfeited or cancelled) may not exceed 5% of the restricted Common Units reserved for issuance in Section 3.4. 

4.4 Other Grants. Notwithstanding anything else herein to the contrary but expressly subject to Sections 4.3 and 5.7, the Committee may grant restricted Common Units on such terms and conditions as it determines in its sole discretion, the terms and conditions of which shall be set forth in the applicable Agreement. 

ARTICLE V 

OTHER PROVISIONS APPLICABLE TO VESTING 

5.1 Change of Control. Notwithstanding anything in this Plan to the contrary, upon a Change of Control, all restrictions contained in all Awards outstanding hereunder shall lapse immediately (unless otherwise set forth in the terms of the applicable Agreement) and all restricted Common Units subject to such Awards shall become fully vested and non-forfeitable Common Units, and will be distributed, as of the date of the Change of Control. 

5.2 Forfeiture. Unless, subject to Section 5.7, otherwise provided in an Agreement, any and all restricted Common Units in respect of which the restrictions have not previously lapsed shall be forfeited (and automatically transferred to and reacquired by the Partnership at no cost to the Partnership and neither the Grantee nor any successors, heirs, assigns, or personal representatives of such Grantee shall thereafter have any further right or interest therein) upon the termination of the Grantee’s employment with the Partnership or one of its Affiliates for any reason; provided, however, that in the event that a Grantee’s employment by the Partnership or one of its Affiliates was terminated without Cause or by the Grantee for Good Reason, in either case, within six months prior to a Change of Control, no forfeiture of restricted Common Units shall be treated as occurring by reason of such termination and the restricted Common Units shall vest and become non-forfeitable Common Units, and will be distributed, as of the date of the Change of Control in accordance with Section 5.1. As a condition precedent for such vesting to occur when the Grantee terminated employment for Good Reason within six months prior to a Change of Control, prior to such termination the Grantee must have both (a) notified the Partnership’s Vice President of Human Resources (or if there be no such person, the then highest ranking member of the Partnership’s Human Resources Department) of the Good Reason event by certified mail or overnight courier within sixty days following the date of such event and (b) allowed a Cure Period following the date of such notice but the event was not rectified by the Partnership prior to the expiration of such Cure Period. 

5.3 Disability or Death. Notwithstanding the provisions of Section 5.2, unless otherwise provided in an Agreement, if a Grantee’s active employment terminates as a result of Disability, the restricted Common Units held by such Grantee on the date the Grantee’s eligibility for active health and welfare benefits terminates shall vest on the six month anniversary of the effective date of such active benefit termination and shall be distributed on the day following the date of vesting.  Upon executing his Agreements, in the event of a distribution as a result of Disability, each Grantee agrees to remit to the Partnership the employee portion of any applicable FICA taxes that inure to the issuance of Common Units under this provision.  The Partnership reserves the right to restrict access to Common Units distributed as a result of Disability until the Grantee has remitted all applicable FICA taxes to the Partnership. Notwithstanding the provisions of Section 5.2, unless otherwise provided in an Agreement, if a Grantee’s employment terminates as a result of death, all restricted Common Units held by such Grantee on the date of 

5

Grantee’s death shall vest on the six month anniversary of the effective date of such termination and shall be distributed to Grantee’s estate on the day following the date of vesting. 

 

5.4 Retirement. Notwithstanding the provisions of Section 5.2, unless, subject to Section 5.7, otherwise provided in an Agreement, if a Grantee’s employment terminates as a result of Retirement, the restricted Common Units held by such Grantee which were awarded to Grantee more than twelve months prior to the effective date of such Retirement shall vest on the six month anniversary of the effective date of such Retirement and shall be distributed on the day following the date of vesting. Upon executing his Agreements, each Grantee issued Common Units under this Section 5.4 agrees to remit to the Partnership the employee portion of any applicable FICA taxes that inure to the issuance of such Common Units. The Partnership reserves the right to restrict access to Common Units distributed as a result of Retirement until the Grantee has remitted all applicable FICA taxes to the Partnership.

5.5 Recycling of Forfeited Shares. Subject to the restrictions set forth in Rule 16b-3 of the Exchange Act, any Common Units forfeited hereunder may be, after any applicable six month period referenced in Section 5.2 has expired, the subject of another Award pursuant to this Plan. 

5.6 Recoupment Policy. Notwithstanding anything in this Plan to the contrary, awards of restricted Common Units granted under the Plan shall be deemed “Incentive Compensation” covered by the terms of the Partnership’s Incentive Compensation Recoupment Policy (the “Policy”) adopted by the Board on April 25, 2007, as amended from time to time, which is incorporated herein by reference. In accordance with the Policy, in the event of a significant restatement of the Partnership’s published financial results and the Committee determines that fraud or intentional misconduct by a Grantee was a contributing factor to such restatement, then, in addition to other disciplinary action, the Committee may require cancellation of any unvested restricted Common Units granted under the Plan to that Grantee. This Section 5.6 shall be interpreted and administered in accordance with the Policy as in effect from time to time. 

5.7 Limitation on Acceleration of Vesting.  Notwithstanding any other provision of this Plan or of any Agreement, no acceleration of the vesting of any restricted Common Units may occur, or be authorized by the Committee, prior to the twelve month anniversary of the effective date of the Award, except as otherwise expressly provided in the last sentence of Section 4.3, in Section 5.1 or in Section 5.3.

ARTICLE VI 

DELIVERY OF UNITS, ETC. 

6.1 Delivery of Common Units. Subject to Section 9.3, the Partnership shall deliver to the Grantee the applicable number of vested Common Units in book-entry form, free of all restrictions hereunder, on (a) the date of vesting of the restricted Common Units pursuant to Sections 4.3, 5.1 or 5.2, or (b) on the day following the date of vesting of the restricted Common Units pursuant to Sections 5.3 or 5.4. 

6.2 Transferability. Until such time as restricted Common Units have vested and become non-forfeitable, and Common Units in respect thereof have been delivered to the Grantee, a Grantee shall not be entitled to transfer such restricted Common Units. 

6.3 Rights of Grantees. Until such time as restricted Common Units have vested and become non-forfeitable, and Common Units in respect thereof have been delivered to the Grantee, a Grantee shall not be entitled to exercise any rights of a unitholder with respect thereto, including the right to vote such units and the right to receive allocations or distributions thereon. 

ARTICLE VII 

ADJUSTMENT UPON CHANGES IN CAPITALIZATION 

7.1 In the event of a Change in Capitalization, the Committee shall conclusively determine the appropriate adjustments, if any, to (i) the maximum number and class of restricted Common Units or other units or securities with respect to which Awards may be granted under the Plan, (ii) the number of restricted Common Units or other units or securities which are subject to outstanding Awards granted under the Plan, and the purchase price thereof, if applicable. 

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7.2 If, by reason of a Change in Capitalization, a Grantee of an Award shall be entitled to new, additional or different rights to acquire Common Units or other securities, such new, additional or different rights or securities shall thereupon be subject to all of the conditions, restrictions and performance criteria which were applicable to the restricted Common Units subject to the Award prior to such Change in Capitalization, unless determined otherwise by the Committee. 

ARTICLE VIII 

TERMINATION AND AMENDMENT OF THE PLAN 

The Plan shall terminate on the day preceding the tenth anniversary of the Effective Date and no Award may be granted thereafter, but such termination shall not impair or adversely affect any Awards theretofore granted 

under the Plan, which Awards shall continue in effect in accordance with the terms and conditions of this Plan and of the applicable Agreement. The Committee may sooner terminate the Plan and the Committee may at any time and from time to time amend, terminate, modify or suspend the Plan or any Agreement provided, however, that no such amendment, modification, suspension or termination shall impair or adversely affect any Awards theretofore granted under the Plan, except with the consent of the Grantee, nor shall any amendment, modification, suspension or termination deprive any Grantee of any Common Units which he may have acquired through or as a result of the Plan. To the extent required under Section 16(b) of the Exchange Act and the rules and regulations promulgated thereunder or any other applicable law, rule or regulation, including, without limitation, any requirement of a securities exchange on which the Common Units are listed for trading, no amendment shall be effective unless approved by the unitholders of the Partnership in accordance with applicable law, rule or regulation. 

ARTICLE IX 

MISCELLANEOUS 

9.1 Non-Exclusivity of the Plan. The adoption of the Plan by the Committee shall not be construed as amending, modifying or rescinding any previously approved incentive arrangement or as creating any limitations on the power of the Committee to adopt such other incentive arrangements as it may deem desirable, including, without limitation, the granting of options to acquire Common Units, and such arrangements may be either applicable generally or only in specific cases. 

9.2 Limitation of Liability. As illustrative of the limitations of liability of the Partnership, but not intended to be exhaustive thereof, nothing in the Plan shall be construed to: 

	
 
	
(a)
	
give any person any right to be granted an Award other than at the sole discretion of the Committee; 

 

	
 
	
(b)
	
give any person any rights whatsoever with respect to the restricted Common Units except as specifically provided in the Plan or an Agreement; 

 

	
 
	
(c)
	
limit in any way the right of the Partnership or any of its Affiliates to terminate the employment of any person at any time; or 

 

	
 
	
(d)
	
be evidence of any agreement or understanding, express or implied, that the Partnership or any of its Affiliates will employ any person at any particular rate of compensation or for any particular period of time. 

9.3 Regulations and Other Approvals; Governing Law. Except as to matters of federal law, this Plan and the rights of all persons claiming hereunder shall be construed and determined in accordance with the laws of the State of Delaware without giving effect to conflicts of law principles. 

Notwithstanding any other provisions of this Plan, the obligation of the Partnership to deliver the Common Units under the Plan shall, in each case, be subject to all applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the Committee. 

 

	
 
	
(a)
	
Except as otherwise provided in Article VIII hereof, the Committee may make such changes to the Plan or an Agreement as may be necessary or appropriate to comply with the rules and regulations of any government authority. 

 

7

	
 
	
(b)
	
Each Award is subject to the requirement that, if at any time the Committee determines, in its sole and absolute discretion, that the listing, registration or qualification of the Common Units issuable pursuant to 

the Plan is required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the grant of an Award or the issuance of the Common Units, no Awards shall be granted and no Common Units shall be issued, in whole or in part, unless and until such listing, registration, qualification, consent or approval has been effected or obtained free of any conditions not acceptable to the Committee. 

 

	
 
	
(c)
	
Notwithstanding anything contained in the Plan or any Agreement to the contrary, in the event that the disposition by the Grantee of the Common Units or any other securities acquired pursuant to 

	
 
	
the Plan is not covered by a then current registration statement under the Act or is not otherwise exempt from such registration, such Common Units shall be restricted against transfer to the extent required by the Act and Rule 144 or other regulations thereunder. The Committee may require any Grantee receiving Common Units pursuant to an Award, as a condition precedent to receipt of such Common Units, to represent and warrant to the Partnership in writing that the Common Units acquired by such Grantee are acquired without a view to any distribution thereof and will not be sold or transferred other than pursuant to an effective registration thereof under said Act or pursuant to an exemption applicable under the Act or the rules and regulations promulgated thereunder. The book entry units evidencing any of such Common Units shall be appropriately legended to reflect their status as restricted securities as aforesaid. 

 

	
 
	
(d)
	
Although the Partnership makes no guarantee with respect to the tax treatment of distributions hereunder, this Plan is intended to comply with Section 409A of the Code. This Plan and any Agreement shall be interpreted and administered in a manner so that any amount or benefit payable shall be paid or provided in a manner that is either exempt from or compliant with the requirements of Section 409A of the Code and the regulations and rulings promulgated thereunder. Notwithstanding anything in the Plan or in any Agreement to the contrary, the Committee may amend the Plan on an Agreement, to take effect retroactively or otherwise, as deemed necessary or advisable for the purpose of conforming the Plan or Agreement to Section 409A of the Code (and the administrative regulations and rulings promulgated thereunder). By accepting an Award under this Plan, a Grantee agrees to any amendment made pursuant to this Section 9.3(d) to any Agreement granted under the Plan without further consideration or action. 

9.4 Withholding of Taxes. At such times as a Grantee recognizes taxable income in connection with the rights to acquire Common Units granted hereunder (a “Taxable Event”), the Grantee shall pay, or agree to pay, to the Partnership an amount equal to the federal, state and local income taxes and other amounts as may be required by law to be withheld by the Partnership in connection with the Taxable Event (the “Withholding Taxes”) prior to the issuance of such Common Units. The Partnership shall have the right to deduct from any payment of cash to a Grantee an amount equal to the Withholding Taxes in satisfaction of the obligation to pay Withholding Taxes. In satisfaction of the obligation to pay Withholding Taxes to the Partnership, the Grantee may make a written election (the “Tax Election”), which may be accepted or rejected in the discretion of the Committee, to have withheld a portion of the Common Units then issuable to him having an aggregate Fair Market Value, on the date preceding the date of such issuance, equal to the Withholding Taxes, provided that in respect of a Grantee who may be subject to liability under Section 16(b) of the Exchange Act, such withholding is done in accordance with any applicable Rule under Section 16(b) of the Exchange Act. Common Units withheld from Grantees under the provisions of this Plan for Withholding Taxes purposes shall be deemed extinguished and unavailable for reissuance.

9.5 Interpretation. The Plan is intended to comply with Rule 16b-3 promulgated under the Exchange Act, and the Committee shall interpret and administer the provisions of the Plan or any Agreement in a manner consistent therewith. Any provisions inconsistent with such rule shall be inoperative and shall not affect the validity of the Plan. Whenever the context requires, the words used herein shall include the masculine and feminine gender, and the singular and the plural.

9.6 Effective Date. The effective date of the Plan shall be the Effective Date. The effectiveness of the Plan is subject to approval of the Plan prior to the Effective Date by the limited partners of the Partnership. 

 

 

  

 

 

 

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