Document:

Offer Letter of Employment dated August 16,2004 with John Walsh

 EXHIBIT 10.20 
  
 August 16, 2004 
  
 Mr. John Walsh 
 5480 Bromely Drive 
 Oak Park, Ca 91377-4749

  
 Dear John, 
  
 I am pleased on behalf of Ducommun Incorporated (the “Company”) to confirm our offer of employment to you as President,
Ducommun Technologies. This letter documents the terms of your employment. 
  
 1.    Commencement 
  
 This offer is
contingent on your reporting to work on September 6, 2004. 
  
 2.    Salary 
  
 Your base salary will
be $242,000 per year, paid biweekly. Merit and salary reviews are conducted annually. 
  
 3.    Incentive 
  
 You will be
eligible, with CEO approval, to participate in Ducommun’s annual bonus plan with a bonus target of 40% of base salary (with a maximum bonus potential of 120% of base salary). A copy of Ducommun’s 2004 Bonus Plan is attached to this letter.
Bonuses are subject to the approval and are at the discretion of the Compensation Committee of the Board of Directors. Your first year of participation will be for the year ending 2004 which will be prorated for the portion of 2004 you are employed
by the Company, with bonus awards made in the Spring of 2005. As a bonus participant, you must be employed by the Company at the time a bonus payment is made in order to be eligible to receive a bonus. 
  
 4.    Stock Option 
  
 A recommendation will be made to the Compensation Committee of the Board of Directors,
that a stock option award be granted to you, with an exercise price equal to the closing price of Ducommun stock on the date of the next Compensation Committee. 
  

5.    Benefits 
  
 You will be eligible to participate in the following benefit programs provided by Ducommun Technologies: 
  

	 	•	 	Health, dental, disability and life insurance (effective your date of hire) 

  

	 	•	 	401(k) plan participation and Company matching contribution (currently the matching contribution is 50% of the first 4% of salary deferred, subject to IRS limits) (Effective the first of the
month following 90 days of employment) 

  

	 	•	 	Deferred compensation plan participation 

  

	 	•	 	Monthly auto allowance in accordance with Company policy 

  

	 	•	 	Three (3) weeks paid vacation per year in accordance with Company policy 

 7.    Moving Allowance 
  
 The Company will reimburse you, or pay on your behalf, the usual and reasonable out-of-pocket moving expenses you incur should you
decide to relocate your residence from Oak Park to a location in the proximity of the Company’s corporate headquarters in Carson, California. 
  
 8.    Interim Housing Allowance 
  
 The Company will reimburse you, as an expense item, for the cost of renting an apart-ment or condominium, for utilities and other similar expenses for interim
housing for a period not to exceed three (3) months from the commencement of your employment. Home business communication expenses (computer, fax) will also be included as an expense item. 
  
 9.    Inventions 
  
 You will assign all of your rights to any invention to the Company as follows: all
inventions which you developed during your working time; all inventions which you developed using Company equipment, supplies, facilities, or trade secret information; and all inventions developed entirely on your own time if those inventions
relate, at the time, to the Company’s business or to actual or demonstrably anticipated research or development of the Company, or if those inventions resulted from any work performed by you for the Company. This does not apply to an invention
of yours that is protected from being assigned to the Company under California Labor Code Section 2870. 
  
 10.    Business Conduct 
  
 During your employment by the Company, you will not act in any manner contrary to the best interests of the Company, its parent, subsidiary, or affiliated companies, or its employees. During your employment by the Company you will not
engage in, or have any financial or other interest in, or render any service in any capacity to any competitor, customer, or supplier of the Company. During your employment by the Company you will not solicit or encourage a customer of the Company
to take its business elsewhere. During your employment by the Company and forever thereafter, you will, upon demand (or upon termination of your employment), immediately return all Company property and you will not solicit or encourage a Company
employee to work elsewhere or disclose or use any trade secret or confidential information of the Company. You understand that the term “trade secret” or “confidential information” means all materials, chemicals, formulae, data,
drawings and techniques used, tests performed, machines operated and processes used by the Company, and includes without limitation, all other information concerning the Company, any parent, any subsidiary, any affiliate, any supplier, or any
customer (including, but not limited to, information regarding the peculiarities, preferences and manner of doing business) that is not generally known to the public or to other persons. You also agree that the remedy of law for your breach of this
paragraph is inadequate and that the Company, in addition to any other remedy, can seek appropriate injunctive relief from an appropriate California court or arbitrator, at its election. 
  
 11.    Company Policies 
  
 You will be subject to and will adhere to all of the Company’s policies applicable to the Company’s employees generally, including but not limited to, all
policies relating to standards of conduct, conflicts of interest, and compliance with the Company’s rules and obligations. You represent that you have no agreement with or obligations to anyone or anything that would in 

  

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any way conflict with any of your obligations contained in this Agreement. Further, you will immediately notify the Company, in writing, of any other employment or
work that you accept during your employment by the Company. 
  
 12.    Termination of Agreement and Employment At Will 
  
 Your employment by the Company is at will. This means that your employment may be terminated at any time, with or without cause, and with or without notice by you or by the Company. Additionally, the Company can change the
terms of employment, with or without cause, and with or without notice including, but not limited to, demotion, promotion, transfer, compensation, benefits, duties, and location of work. This at-will relationship can only be changed by an agreement
in writing signed by the chief executive officer of the Company and approved in writing as to form by the general counsel for Ducommun Incorporated. Any oral statement or conduct by a supervisor or manger of the Company will not alter your at-will
employment status. Upon termination, all of the Company’s and your obligations under this Agreement cease, other than your obligation to immediately return all Company property, your obligations under paragraph 9, and your obligations under
paragraph 10 concerning solicitation of Company employees and trade secrets and confidential information (all of which will forever survive the termination, breach or expiration of this Agreement), and the Company’s obligations to pay any
unpaid, earned salary and any unpaid earned vacation pay, and to reimburse any unpaid, properly incurred business expenses. 
  
 13.    Arbitration 
  
 Your employment by the Company is conditioned on and in consideration of your signing a separate Arbitration Agreement (a copy of which is attached to this letter)
and returning it to me at the same time as this letter. 
  
 14.    Applicable Law; Savings Clause; Entire Agreement 
  
 This Agreement will be governed by the laws of the State of California applicable to employment contracts. If any of the paragraphs of this Agreement are or are held to be invalid under the laws of the State of California, this
Agreement will be performed, construed, and, if necessary, enforced to the fullest extent possible to conform to the intentions of the parties as evidenced by this Agreement and by all of its paragraphs, including the invalid paragraph. Furthermore,
the Company’s failure to enforce any provision of this Agreement will not be construed as a waiver of that or any other provision and will not prevent the Company from later enforcing that or any other provision. This Agreement constitutes the
entire agreement between the Company and you with respect to the subject matter hereof, and supersedes all prior oral and written agreements and all contemporaneous oral agreements. 
  

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 Your signature below will constitute your full acceptance of the terms and conditions set forth in this Agreement.
Please return one executed copy of this Agreement to me no later than August 20th, 2004. 
  

			
	 Sincerely,

	
	 DUCOMMUN INCORPORATED

		
	 By:
	 	 /s/ Sue Grove        

	 	 	 Sue Grove
 VP Human Resources—Shared Services

  
 ACCEPTED AND AGREED: 
  

	
	 /s/ John Walsh        

	John Walsh
	
	 Date:

  
 Attachments 
  

 4Amended and Restated Long-Term Incentive Plan

 Exhibit 10.6 
  
 AMENDED AND RESTATED PENN VIRGINIA RESOURCE GP, LLC 
 LONG-TERM INCENTIVE PLAN 
  
 SECTION 1. Purpose of the Plan. 
  
 The Penn Virginia Resource GP, LLC Long-Term Incentive Plan (the “Plan”) is intended to promote the interests of Penn Virginia Resource Partners, L.P., a Delaware limited partnership (the “Partnership”), by providing to
employees and directors of Penn Virginia Resource 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, Unit, 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 30, 2001, (iii) a
“change of control” of Penn Virginia Corporation, as provided in its 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 Resource Partners, 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; provided, however, the Restricted Period with
respect to any Award may not terminate prior to the end of the Subordination Period (as defined in the Partnership Agreement) except (i) at the same time and in the same proportion as subordinated units are converted into Common Units, and (ii) upon
a Change in Control. 
  

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 “Restricted Unit” means a Unit granted under the Plan that remains subject to a Restricted
Period. 
  
 “Rule 16b-3” means Rule 16b-3 promulgated by
the SEC under the Exchange Act, or any successor rule or regulation thereto as in effect from time to time. 
  
 “SEC” means the Securities and Exchange Commission, or any successor thereto. 
  
 “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.

  
 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. 
  

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 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. 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. 
  
 (ii) 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 

  

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may include, without limitation, accelerated vesting upon 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 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 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. 
  
 (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 

  

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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 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, Deferred Common Units shall be entitled to receive all Unit Distributions. 
  
 (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 Company 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.

  
 (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. 
  

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 (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 paid thereon. 
  
 (iv) Distributions. Except as otherwise provided in the terms of the Deferred Common Unit award, the
Units represented by Deferred Common Units credited to each Director’s Account shall be distributed to such Director on the date on which such 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 Share. 
  
 (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 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 

  

 7 

 
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, 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, 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 without payment or provide for a replacement grant with respect to such property and on such terms as it deems appropriate.

  
 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; and provided further that, without 

  

 8 

 
limiting the foregoing, the Board may amend or terminate the Plan in any manner that the Board deems appropriate, if necessary or appropriate to comply with
Section 409A of the Code, and any regulations issued thereunder, or other applicable law, with the consent of any Director or Employee. 
  
 (b) Amendments to Awards. Subject to Section 7(a), the Committee may waive any conditions or rights under, amend any terms of, or alter any Award
theretofore granted, provided no change, other than pursuant to Section 7(c), in any Award shall materially reduce the benefit to a Participant without the consent of such Participant. 
  
 (c) 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 

  

 9 

 
or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken
as to such jurisdiction, person or award and the remainder of the Plan and any such Award shall remain in full force and effect. 
  
 (f) Other Laws. The Committee may refuse to issue or transfer any Units or other consideration under an Award if, in its sole discretion, it
determines that the issuance or transfer 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. 
  

 10

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