Document:

Second Amendment to Amended and Restated Credit Agreement

 Exhibit 10.16 
 SECOND AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS SECOND AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (the “Second Amendment”) is dated as of August 22, 2006, effective as of
August 15, 2006, and is made by and among PENN VIRGINIA OPERATING CO., LLC, a Delaware limited liability company (the “Borrower”), the GUARANTORS (individually a “Guarantor” and collectively, the
“Guarantors”), the FINANCIAL INSTITUTIONS PARTY HERETO (individually a “Lender” and collectively, the “Lenders”), and PNC BANK, NATIONAL ASSOCIATION, as agent for the Lenders
(the “Agent”). 
 RECITALS: 
 WHEREAS, the Borrower, the Guarantors, the Lenders, and the Agent are parties to that certain Amended and Restated Credit Agreement, dated as of March 3, 2005, as amended by that certain First Amendment, Waiver,
and Consent to Amended and Restated Credit Agreement, dated as of July 15, 2005 (as amended, the “Credit Agreement”) (unless otherwise defined herein, capitalized terms used herein shall have the meanings given to them in the
Credit Agreement); 
 WHEREAS, the parties hereto desire to amend the Credit Agreement as hereinafter provided. 
 NOW, THEREFORE, in consideration of the foregoing and intending to be legally bound, and incorporating the above-defined terms herein, the parties hereto
agree as follows: 
 1. Recitals. The foregoing recitals are true and correct and incorporated herein by reference. 
 2. Amendment to Credit Agreement. 
 (a) Definitions. 
 The following new definitions shall be inserted in Section 1.1 of the Credit
Agreement in alphabetical order: 
 (i) “Pricing Grid Consolidated EBITDA shall mean, for any period of
determination, Consolidated Net Income for such period, (x) excluding therefrom (A) any non-cash extraordinary items of gain or loss (including without limitation those items created by mandated changes in accounting treatment) and
(B) any gain or loss of any other Person accounted for on the equity method, except to the extent of cash distributions received during the relevant period plus (y) the aggregate amounts deducted in determining Consolidated Net Income for
such period in respect of (i) Consolidated Interest Expense, (ii) income taxes, (iii) depletion and depreciation expense, and (iv) amortization expense; provided, however, that for the purposes of this definition,
(1) with respect to a business acquired by the Loan Parties pursuant to a Permitted 

 
Acquisition, Pricing Grid Consolidated EBITDA shall be calculated on a pro forma basis, using historical numbers, in accordance with GAAP as if the Permitted
Acquisition had been consummated at the beginning of such period, (2) with respect to a business or assets disposed of by the Loan Parties pursuant to Section 8.2.7 hereof, Pricing Grid Consolidated EBITDA shall be calculated as if such
disposition had been consummated at the beginning of such period and (3) to the extent that the computation of Pricing Grid Consolidated EBITDA includes a gain or loss with respect to a Hedging Transaction, Pricing Grid Consolidated EBITDA
shall be (a) increased by any non-cash items of loss arising from Hedging Transactions net of any actual cash payments related to the items(s) giving rise to the loss and (b) decreased by any non-cash items of gain arising from Hedging
Transactions net of any actual cash payments related to the items(s) giving rise to the gain.” 
 (ii) “Pricing
Grid Leverage Ratio shall mean as of any date of determination, the ratio of (i) Consolidated Total Indebtedness of the Parent and its Subsidiaries to (ii) Pricing Grid Consolidated EBITDA for the four (4) fiscal quarters ending
on such date of determination.” 
 (b) Schedule 1.1(A). 
 Schedule 1.1(A) of the Credit Agreement shall be amended so that each reference to the phrase “Leverage Ratio” in such schedule
shall be replaced with the phrase “Pricing Grid Leverage Ratio.” 
 3. Conditions to Closing. The foregoing amendments
contained in Section 2 of this Second Amendment shall have an effective date of August 15, 2006 (the “Second Amendment Effective Date”) once each of the following conditions has been satisfied to the satisfaction of the
Agent. This Second Amendment shall be dated the date upon which each of the following conditions has been satisfied to the satisfaction of the Agent (the “Second Amendment Closing Date”): 
 (a) Execution and Delivery of Second Amendment. The Borrower, the Guarantors, the Lenders whose Revolving Credit Commitment is increasing, and the
Agent shall have executed those Loan Documents to which it is a party, and all other documentation necessary for effectiveness of this Amendment shall have been executed and delivered all to the satisfaction of the Borrower, the Lenders and the
Agent. 
 (b) Material Adverse Change. Each of the Loan Parties represents and warrants to the Agent and the Lenders that, by its
execution and delivery hereof to the Agent, after giving effect to this Second Amendment, no Material Adverse Change shall have occurred with respect to the Borrower or any of the Loan Parties since the Closing Date of the Credit Agreement.

 (c) Litigation. Each of the Loan Parties represents and warrants to the Agent and the Lenders that, by its execution and delivery
hereof to the Agent, after giving effect to this Second Amendment, there are no actions, suits, investigations, litigation or governmental proceedings 

  

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pending or, to the Loans Parties’ knowledge, threatened against any of the Loan Parties that could reasonably be expected to result in a Material
Adverse Change. 
 (d) Representations and Warranties; No Event of Default. The representations and warranties set forth in the Credit
Agreement and this Second Amendment shall be true and correct on and as of the Second Amendment Effective Date with the same effect as though such representations and warranties had been made on and as of such date (except representations and
warranties which relate solely to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein), and no Potential Default or Event of Default shall exist and be
continuing under the Credit Agreement or under any other Material Contract, as of the Second Amendment Effective Date. 
 4. Amendment
Effective Upon the Amendment of the Note Purchase Agreement. The following provision shall become effective at such time that (i) the definition of “Consolidated EBITDA” under the Note Purchase Agreement has been amended in a
similar manner as determined by the Agent or (ii) the Borrower has prepaid each Note in the “Make-Whole Amount” (as defined in the Note Purchase Agreement) and that all the obligations under the Note Purchase Agreement have been paid
in full and fully satisfied (until such time, the definition of Consolidated EBITDA under the Credit Agreement shall remain unchanged in its current form). Furthermore, upon the effectiveness of the following amendment, Exhibit 8.3.4
[Quarterly Compliance Certificate] to the Credit Agreement shall be revised in accordance with the amended definition of “Consolidated EBITDA” as set forth below. 
 (a) Definitions. 
 (i)
The following existing definition in Section 1.1 of the Credit Agreement is hereby amended and restated to read as follows: 
 “Consolidated EBITDA shall mean, for any period of determination, Consolidated Net Income for such period, (x) excluding therefrom (A) any non-cash extraordinary items of gain or loss (including without limitation
those items created by mandated changes in accounting treatment) and (B) any gain or loss of any other Person accounted for on the equity method, except to the extent of cash distributions received during the relevant period plus (y) the
aggregate amounts deducted in determining Consolidated Net Income for such period in respect of (i) Consolidated Interest Expense, (ii) income taxes, (iii) depletion and depreciation expense, and (iv) amortization expense;
provided, however, that for the purposes of this definition, (1) with respect to a business acquired by the Loan Parties pursuant to a Permitted Acquisition, Consolidated EBITDA shall be calculated on a pro forma basis, using
historical numbers, in accordance with GAAP as if the Permitted Acquisition had been consummated at the beginning of such period, (2) with respect to a business or assets disposed of by the Loan Parties pursuant to Section 8.2.7 hereof,
Consolidated EBITDA shall be calculated as if such disposition had been consummated at the beginning of such period and 

  

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(3) to the extent that the computation of Consolidated EBITDA includes a gain or loss with respect to a Hedging Transaction, Consolidated EBITDA shall
be (a) increased by any non-cash items of loss arising from Hedging Transactions net of any actual cash payments related to the items(s) giving rise to the loss and (b) decreased by any non-cash items of gain arising from Hedging
Transactions net of any actual cash payments related to the items(s) giving rise to the gain.” 
 5. Miscellaneous. 

(a) Representations and Warranties. By its execution and delivery hereof to the Agent, each of the Loan Parties represents and warrants to the
Agent and the Lenders that (i) such Loan Party has duly authorized, executed and delivered this Second Amendment, and (ii) no “Default” or “Event of Default” (as such terms are defined in the Note Purchase Agreement)
shall have occurred and be continuing under the Note Purchase Agreement after giving effect to the amendments set forth in the Second Amendment. 
 (b) Full Force and Effect. All provisions of the Credit Agreement remain in full force and effect on and after the Second Amendment Effective Date and the date hereof except as expressly amended hereby. The parties do not amend any
provisions of the Credit Agreement except as expressly amended hereby. 
 (c) Counterparts. This Second Amendment may be signed in
counterparts (by facsimile transmission or otherwise) but all of which together shall constitute one and the same instrument. 
 (d)
Incorporation into Credit Agreement. This Second Amendment shall be incorporated into the Credit Agreement by this reference. All representations, warranties, Events of Default and covenants set forth herein shall be a part of the Credit
Agreement as if originally contained therein. 
 (e) Governing Law. This Second Amendment and the rights and obligations of the
parties hereunder shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania without regard to its conflict of laws principles. 
 (f) Payment of Fees and Expenses. The Borrower unconditionally agrees to pay and reimburse the Agent and save the Agent harmless against liability for the payment of all out-of-pocket costs, expenses and
disbursements, including without limitation, to the Agent for itself the reasonable costs and expenses of the Agent including, without limitation, the reasonable fees and expenses of counsel incurred by the Agent in connection with the development,
preparation, execution, administration, interpretation or performance of this Amendment and all other documents or instruments to be delivered in connection herewith. 
 (g) No Novation. Except as amended hereby, all of the terms and conditions of the Credit Agreement and the other Loan Documents shall remain in full force and effect. Borrower, the Guarantors, each Lender, and
the Agent acknowledge and agree that this Second Amendment 

  

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is not intended to constitute, nor does it constitute, a novation, interruption, suspension of continuity, satisfaction, discharge or termination of the
obligations, loans, liabilities, or indebtedness under the Credit Agreement or the other Loan Documents. 
 (h) Joinder of Guarantors.
Each of the Guarantors hereby joins in this Second Amendment to evidence its consent hereto, and each Guarantor hereby reaffirms its obligations set forth in the Credit Agreement as hereby amended, and in each other Loan Document given by it in
connection therewith. 
 [SIGNATURE PAGES FOLLOW] 
  

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 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 SECOND AMENDMENT TO CREDIT AGREEMENT] 
 IN WITNESS WHEREOF, the parties hereto, by their officers thereunto duly authorized, have executed this Second Amendment as of the day and year first above written. 
  

					
	PENN VIRGINIA OPERATING CO., LLC
	 PENN VIRGINIA RESOURCE PARTNERS,
 L.P.

		 	 By:
	 	 Penn Virginia Resource GP, LLC, its sole
 general partner

	CONNECT ENERGY SERVICES, LLC
	FIELDCREST RESOURCES LLC
	 K RAIL LLC

	 LOADOUT LLC

	PVR CHEROKEE GAS PROCESSING LLC
	PVR GAS PIPELINE, LLC
	PVR GAS PROCESSING LLC
	PVR GAS RESOURCES, LLC
	PVR HAMLIN I, LLC
	PVR HAMLIN II, LLC
	PVR HAMLIN, LP
		 	 By:
	 	 PVR Hamlin I, LLC, its sole general
 partner

	PVR HYDROCARBONS LLC
	 PVR LAVERNE GAS PROCESSING LLC
 PVR
MIDSTREAM LLC

	PVR NATURAL GAS GATHERING LLC
	 PVR OKLAHOMA NATURAL GAS
 GATHERING
LLC

	 SUNCREST RESOURCES LLC
 WISE LLC

		
	 By:
	 	 /s/ Frank A. Pici

	 Name:
	 	 Frank A. Pici

	 Title:
	 	 Vice President

 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 SECOND AMENDMENT TO CREDIT AGREEMENT] 
  

			
	LENDERS
	
	 BNP PARIBAS, individually and as Managing
 Agent

		
	 By:
	 	 /s/ Mark A. Cox

	 Name:
	 	 Mark A. Cox

	 Title:
	 	 Director

		
	 By:
	 	 /s/ Russell Otts

	 Name:
	 	 Russell Otts

	 Title:
	 	 Vice President

	
	BRANCH BANKING & TRUST COMPANY
		
	 By:
	 	 /s/ Hugh Ferguson

	 Name:
	 	 Hugh Ferguson

	 Title:
	 	 Vice President

	
	COMERICA BANK
		
	 By:
	 	 /s/ Huma Vadgama

	 Name:
	 	 Huma Vadgama

	 Title:
	 	 Vice President

 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 SECOND AMENDMENT TO CREDIT AGREEMENT] 
  

			
	 BANK OF AMERICA, N.A. successor by merger
 to FLEET NATIONAL BANK, individually and
 as Documentation Agent

		
	By:	 	 /s/ Adam H. Fey

	 Name:
	 	 Adam H. Fey

	 Title:
	 	 Vice President

	
	FORTIS CAPITAL CORP.
		
	 By:
	 	 /s/ Darrell Holley

	 Name:
	 	 Darrell Holley

	 Title:
	 	 Managing Director

		
	 By:
	 	 /s/ Casey Lowary

	 Name:
	 	 Casey Lowary

	 Title:
	 	 Senior Vice President

	
	JPMORGAN CHASE BANK, N.A.
		
	 By:
	 	 /s/ Tara Narasiman

	 Name:
	 	 Tara Narasiman

	 Title:
	 	 Associate

	
	 PNC BANK, NATIONAL ASSOCIATION,
 individually and as Agent

		
	 By:
	 	 /s/ Holly L. Kay

	 Name:
	 	 Holly L. Kay

	 Title:
	 	 Corporate Banking Officer

 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 SECOND AMENDMENT TO CREDIT AGREEMENT] 
  

			
	ROYAL BANK OF CANADA
		
	By:	 	 /s/ Jason S. York

	 Name:
	 	 Jason S. York

	 Title:
	 	 Authorized Signatory

	
	 SOCIÉTÉ GÉNÉRALE, individually and as
 Managing Agent

		
	 By:
	 	 /s/ Elena Robciuc

	 Name:
	 	 Elena Robciuc

	 Title:
	 	 Vice President

	
	 AMEGY BANK NATIONAL ASSOCIATION
 (formerly Southwest Bank of Texas, N.A.)

		
	By:	 	 /s/ W. Bryan Chapman

	 Name:
	 	 W. Bryan Chapman

	 Title:
	 	 Senior Vice President

 [SIGNATURE PAGE TO PENN VIRGINIA OPERATING CO., LLC 
 SECOND AMENDMENT TO CREDIT AGREEMENT] 
  

			
	 SUNTRUST BANK, individually and as
 Documentation Agent

		
	By:	 	 /s/ Peter Panos

	 Name:
	 	 Peter Panos

	 Title:
	 	 Vice President

	
	 WACHOVIA BANK, NATIONAL
 ASSOCIATION, individually and as
 Documentation Agent

		
	 By:
	 	 /s/ Jonathan R. Richardson

	 Name:
	 	 Jonathan R. Richardson

	 Title:
	 	 Vice PresidentLong-Term Incentive Plan

 Exhibit 10.17 
  
 PENN VIRGINIA GP HOLDINGS, L.P. 
 LONG-TERM INCENTIVE PLAN 
  
 SECTION 1.
Purpose of the Plan. 
  
 The Penn Virginia GP Holdings, L.P.
Long-Term Incentive Plan (the “Plan”) is intended to promote the interests of Penn Virginia GP Holdings, L.P., a Delaware limited partnership (the “Partnership”), by providing to employees and directors of PVG GP, LLC (the
“Company”) and its Affiliates who perform services for the Partnership incentive compensation awards for superior performance that are based on Units. The Plan is also contemplated to enhance the ability of the Company and its Affiliates
to attract and retain the services of individuals who are essential for the growth and profitability of the Partnership and to encourage them to devote their best efforts to the business of the Partnership, thereby advancing the interests of the
Partnership and its partners. 
  
 SECTION 2. Definitions. 
  
 As used in the Plan, the following terms shall have the meanings set forth
below: 
  
 “Account” means the bookkeeping reserve
account established and maintained for each Director pursuant to Section 6(d)(iii) hereof solely to determine the amount of Deferred Common Units payable to the Director pursuant to Section 6(d)(i) and shall not constitute a separate fund
of assets. Each such Account shall consist of such subaccounts as the Committee deems necessary or desirable for the administration of the Plan. 
  
 “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 or Deferred Common Unit granted under the Plan, and shall include any tandem DERs granted with respect to a Phantom Unit. 
  
 “Board” means the Board of Directors of the Company. 
  
 “Change in Control” shall be deemed to have occurred upon the
occurrence of one or more of the following events: (i) any sale, lease, exchange or other transfer (in one or a series of related transactions) of all or substantially all of the assets of the Partnership or the Company to any Person or its
Affiliates, other than the Partnership, the Company or any of their Affiliates, (ii) any merger, reorganization, consolidation or other transaction pursuant to which more than 50% of the combined voting power of the equity interests in the
Company ceases to be owned by Persons who own such interests as of October 1, 2006, (iii) a “change of control” of Penn Virginia Corporation, as provided in its Second Amended and Restated 1999 Employee Stock Incentive Plan, or
(iv) the general partner (whether the Company or any other Person) of the Partnership ceases to be an Affiliate of Penn Virginia Corporation. 

 “Committee” means the Compensation Committee of the Board or such other committee of the Board
appointed by the Board to administer the Plan. 
  
 “Deferred
Common Unit” means a bookkeeping entry representing a single Unit. 
  
 “DER” means a contingent right, granted in tandem with a specific Phantom Unit, to receive an amount in cash equal to the cash distributions made by the Partnership with respect to a Unit during the period such Phantom Unit is
outstanding. 
  
 “Director” means a member of the Board
who is not an Employee. 
  
 “Employee” means any
employee of the Company or an Affiliate who performs services for the Partnership, as determined by the Committee. 
  
 “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 publicly traded 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. 
  
 “Option” means an option to purchase Units granted under the Plan. 
  
 “Participant” means any Employee or Director granted an Award under the Plan. 
  
 “Partnership Agreement” means the Amended and Restated Agreement of
Limited Partnership of Penn Virginia GP Holdings, L.P. 
  
 “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, whichever is determined by the Committee. 
  
 “Restricted Period” means the period established by the Committee with respect to an Award during which the Award
remains subject to forfeiture (is not vested) and is not exercisable by or payable to the Participant. 
  
 “Restricted Unit” means a Unit granted under the Plan that remains subject to a Restricted Period. 
  
 “Retirement” means the voluntary termination by an Optionee or a
Participant of his employment with the Company and its Affiliates after such Optionee or Participant has (i) reached the age of 62 and (ii) provided at least ten consecutive Years of Service. 
  

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 “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. 
  
 “Unit” means a Common Unit of the Partnership. 
  
 “Unit Distribution” means any cash distribution or other distribution paid by the Company on account of the Units. 
  
 “Year of Service” means any calendar year in which an employee of
the Company is paid or entitled to be paid for 1,000 hours of service. 
  
 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 any applicable law, the Committee, in its sole discretion, may delegate any or all of its powers and duties under the Plan (provided the Chief Executive
Officer is a member of the Board), 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. 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) Units Available. Subject to adjustment as provided in Section 4(c), the number of Units
with respect to which Awards may be granted under the Plan is 300,000. 

   

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If any Option, Restricted Unit or Phantom Unit is forfeited or otherwise terminates or is canceled without the delivery of Units, then the Units covered by
such Award, to the extent of such forfeiture, termination or cancellation, shall again be Units with respect to which Awards may be granted. 
  
 (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 that the Committee determines that 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 affects the Units such that an adjustment is determined by the Committee to be appropriate in order to prevent
dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Units (or other
securities or property) with respect to which Awards may be granted, (ii) the number and type of Units (or other securities or property) subject to outstanding Awards, and (iii) the grant or exercise price with respect to any Award or, if
deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, that the number of Units subject to any Award shall always be a whole number. 
  
 SECTION 5. Eligibility. 
  
 Any Employee or Director shall be eligible to be designated a Participant and receive an Award under the Plan, except that only Directors shall be
eligible to receive Deferred Common Units. 
  
 SECTION 6. Awards.

  
 (a) Options. The Committee shall
have the authority to determine the Employees and Directors to whom Options shall be granted, the number of Units to be covered by each Option, the purchase price therefor and the 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 purchase price per Unit purchasable under an Option shall be determined by
the Committee at the time the Option is granted and may be more or 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, i.e., the time or times at which an Option
may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon 

  

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the achievement of specified performance goals, 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 approved by the Company, other securities or other property, a recourse note from the
Participant in a form acceptable to the Company, or any combination thereof, having a Fair Market Value on the exercise date equal to the relevant exercise price. 
  
 (iii) Forfeiture. Except as otherwise provided in the terms of the Option grant, upon termination of
a Participant’s employment with the Company and its Affiliates or membership on the Board, whichever is applicable, for any reason other than Retirement 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. 
  
 (b) Phantom Units. The Committee shall have the authority to determine the Employees and Directors to whom Phantom Units shall be
granted, the number of Phantom Units to be granted to each such Participant, the Restricted Period, the conditions under which the Phantom Units may become vested or forfeited, which may include, without limitation, the accelerated vesting upon the
achievement of specified performance goals, and such other terms and conditions as the Committee may establish with respect to such Awards, including whether DERs are granted with respect to such Phantom Units. 
  
 (i) DERs. To the extent provided by the Committee, in
its discretion, a grant of Phantom Units may include a tandem DER grant, which may provide that such DERs shall be paid directly to the Participant, be credited to a bookkeeping account (with or without interest in the discretion of the Committee)
subject to the same vesting restrictions as the tandem Award, or be subject to such other provisions or restrictions as determined by the Committee in its discretion. Notwithstanding the foregoing however, DERs shall not be granted with respect to
any Award prior to the end of the Subordination Period (as defined in the Partnership Agreement). 
  
 (ii) Forfeiture. Except as otherwise provided in the terms of the Phantom Units grant, upon termination of a Participant’s
employment with the Company and its Affiliates or membership on the Board, whichever is applicable, for any reason other than Retirement during the applicable Restricted Period, all Phantom Units 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 Phantom Units. 
  
 (iii) Lapse of Restrictions. Upon or as soon as reasonably practical following the vesting of each Phantom Unit, 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. 
  

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 (c) Restricted Units. The Committee shall have the authority to determine the
Employees and Directors to whom Restricted Units shall be granted, the number of Restricted Units to be granted to each such Participant, the Restricted Period, the conditions under which the Restricted Units may become vested or forfeited, which
may include, without limitation, the accelerated vesting upon the achievement of specified performance goals, and such other terms and conditions as the Committee may establish with respect to such Awards. 
  
 (i) Forfeiture. Except as otherwise provided in the
terms of the Restricted Units grant, upon termination of a Participant’s employment with the Company and its Affiliates or membership on the Board, whichever is applicable, for any reason other than Retirement during the applicable Restricted
Period, all Restricted Units 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 Restricted Units. 
  
 (ii) Lapse of Restrictions. Upon or as soon as
reasonably practical following the vesting of each Restricted Unit, the Participant shall be entitled to receive from the Company one Unit that is not subject to a Restricted Period. 
  
 (iii) Distributions. As provided by the Committee, in its discretion, in a grant of Restricted Units,
distributions on a Restricted Unit may be paid directly to the Participant or may be made subject to a risk of forfeiture and transfer restrictions during the Restricted Period, in which event such distributions shall be held, without interest, by
the Company and paid to the Participant upon the vesting of the related Restricted Unit or forfeited upon the forfeiture of the related Restricted Unit, as the case may be. 
  
 (d) Deferred Common Units. The Committee shall have the authority to determine the Directors to whom
Deferred Common Units shall be awarded, the number of Deferred Common Units awarded to each such Director, the conditions under which the Deferred Common Units may become vested or forfeited, the Restricted Period, if any, and such other terms and
conditions as the Committee may establish with respect to such Awards. 
  
 (i) Unit Distributions. Except as otherwise provided in the terms of the Deferred Common Unit award, on each date on which the Partnership makes a Unit Distribution (the “Unit Distribution Date”), the
Account of each Director shall be credited with, at the Committee’s discretion, either (A) an amount of cash equal to (x) the amount of cash or the fair market value of other property comprising such Unit Distribution, times
(y) the number of Deferred Common Units credited to the Director’s Account as of the Unit Distribution Date or (B) that number of Deferred Common Units equal to (x) the product of (1) the amount of cash or the fair market
value of other property comprising such Unit Distribution, times (2) the number of Deferred Common Units credited to the Director’s Account as of the Unit Distribution Date, divided by (y) the Fair Market Value on the Unit
Distribution Date. 
  

 -6- 

 (ii) Deferred Common Unit Accounts. 
  
 (A) The Committee shall establish an Account on behalf of
each Director who receives Deferred Common Units. The establishment of an Account shall not require segregation of any funds of the Partnership or provide any Director with any rights to any assets of the Company or the Partnership, except as a
general creditor thereof. A Director shall have no right to receive payment of any amount credited to his Account except as expressly provided in Section 6(d)(iv). 
  
 (B) Each Director’s Account as of any Grant Date shall consist of Deferred Common Units credited to
the Director’s Account and any Unit Distributions credited under 6(d)(i) above. 
  
 (C) Periodically (as determined by the Committee), each Director shall receive a statement indicating the amounts credited to and payable
from the Director’s Account. 
  
 (iii)
Vesting. Except as otherwise provided in the terms of the Deferred Common Unit award, each Director shall be 100% vested at all times in (i) the Deferred Common Units credited to such Director’s Account and (ii) Unit
Distributions attributable thereto. 
  
 (iv)
Account Distributions. Except as otherwise provided in the terms of the Deferred Common Unit award, the Units represented by Deferred Common Units credited to a Director’s Account and the amount attributable to Unit Distributions
credited to a Director’s Account shall be distributed to the Director on the date on which the Director ceases for any reason to be a member of the Board; provided that, upon the death of a Director, such distributions shall be made to the
beneficiary designated by such Director, or, if no such designation has been made, or if the beneficiary predeceases the Director, to the Director’s estate. Each Deferred Common Unit shall be payable in one Unit. 
  
 (e) 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 (C) below,
each Option shall be exercisable only by the Participant during the Participant’s lifetime, or by 

  

 -7- 

 
the person to whom the Participant’s rights shall pass by will or the laws of descent and distribution. 
  
 (B) Except as provided in (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 or any Affiliate. 
  
 (C) To the extent specifically provided by the Committee with respect to an Option grant, 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. In addition, Awards may be transferred by will and the laws of descent and distribution. 
  
 (iii) Term of Awards. The term of each Award shall be
for such period as may be determined by the Committee. 
  
 (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.
Such payment may be made by such method or methods and in such form or forms as the Committee shall determine, including, without limitation, cash, other Awards, withholding of Units, cashless-broker exercises with simultaneous sale, or any
combination thereof; provided that the combined value, 

  

 -8- 

 
as determined by the Committee, of all cash and cash equivalents and the Fair Market Value of any such Units or other property so tendered to the Company, as
of the date of such tender, is at least equal to the full amount required to be paid to the Company pursuant to the Plan or the applicable Award agreement. 
  
 (vii) Change in Control. Upon a Change in Control (or such period prior thereto as may be established by the Committee) and upon
Retirement, all Awards shall automatically vest and become payable or exercisable, as the case may be, in full. In this regard, all Restricted Periods shall terminate and all performance criteria, if any, shall be deemed to have been achieved at the
maximum level. To the extent an Option is not exercised upon a Change in Control, the Committee may, in its discretion, cancel such Award either without payment or by paying an amount equal to the excess, if any, of the value of a Unit over the
exercise price of such Option or provide for a replacement grant with respect to such property and on such terms as it deems appropriate. Notwithstanding the foregoing, no Award that is subject to Section 409A of the Internal Revenue Code of
1986, as amended, shall be payable in the event of a Change of Control unless such Change of Control is also a “change of control” for purposes of Section 409A and the acceleration of such payment is permitted by Section 409A and
the guidance issued thereunder. 
  
 (viii)
Compliance with Section 409A. Nothing in the Plan or any Award agreement shall operate or be construed to cause the Plan or an Award to fail to comply with the requirements of Section 409A of the Internal Revenue Code. The
applicable provisions of Section 409A and the regulations thereunder, if any, that are required by Section 409A to be in the Plan are hereby incorporated by reference and the applicable provisions of Section 409A shall control over
any Plan or Award agreement provision in conflict therewith. 
  
 SECTION 7.
Amendment and Termination. 
  
 Except to the extent
prohibited by applicable law: 
  
 (a)
Amendments to the Plan. Except as required by the rules of the principal securities exchange on which the Units are traded and subject to Section 7(b) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate
the Plan in any manner, including increasing the number of Units available for Awards under the Plan, without the consent of any partner, Participant, other holder or beneficiary of an Award, or other Person; provided, however, that no amendment to
the Plan may be made without the approval of a Unit Majority (as defined in the Partnership Agreement) that would either (i) accelerate vesting to prior to the end of the Subordination Period, except as provided in the current definition of
Restricted Period, or (ii) permit DERs to be granted prior to the end of the Subordination Period. 
  
 (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 

  

 -9- 

 
granted, provided no change, other than pursuant to Section 7(c), in any Award shall materially reduce the benefit to a Participant without the consent
of such Participant. 
  
 (c) Adjustment of
Awards Upon the Occurrence of Certain Unusual or Nonrecurring Events. The Committee is hereby authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events
(including, without limitation, the events described in Section 4(c) of the Plan) affecting the Partnership or the financial statements of the Partnership, or of changes in applicable laws, regulations, or accounting principles, whenever the
Committee determines that such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 
  
 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) Withholding. 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, other securities, 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. 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 or to remain on the Board, as applicable. Further, the Company or an Affiliate may
at any time dismiss a Participant from employment, free from any liability or any claim under the Plan, unless otherwise expressly provided in the Plan or in any Award 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 law without regard to its conflict of laws principles. 
  
 (e) Severability. If any provision of the Plan or any award is or becomes or is deemed to be invalid, illegal, or unenforceable in
any jurisdiction or as to any Person or Award, or would disqualify the Plan or any award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable 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. 
  

 -10- 

 (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 or 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) Gender and Number. Words in the masculine gender shall include the feminine gender, the plural shall include the singular and
the singular shall include the plural. 
  
 SECTION 9. Term of the Plan.

  
 The Plan shall be effective on the date of its approval
by the Board and shall continue until the date terminated by the Board or Units are no longer available for the payment of Awards under the Plan, whichever occurs first. 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 Board or the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall
extend beyond such termination date. 
  

 -11-

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