Document:

Form of Indemnification Agreement

 Exhibit 10.7 
 SEMGROUP ENERGY PARTNERS, L.P. 
 INDEMNIFICATION AGREEMENT 
 THIS AGREEMENT (this “Agreement”) is effective
                    , 2007, among SemGroup Energy Partners, L.P., a Delaware limited partnership (the “MLP”), SemGroup Energy
Partners G.P., L.L.C., a Delaware limited liability company (the “Company”), and the undersigned director or officer of the Company (“Indemnitee”). 
 WHEREAS, the MLP Partnership Agreement (as defined below) provides for indemnification of each director and officer of the Company and the MLP, as well as persons serving in various other capacities, to the maximum
extent permitted by law; 
 WHEREAS, the Indemnitee is entitled to indemnification pursuant to the MLP Partnership Agreement; 
 WHEREAS, the Company LLC Agreement (as defined below) provides indemnification of each director and officer of the Company, as well as persons serving in
other capacities, to the maximum extent authorized by law; 
 WHEREAS, the Indemnitee is entitled to indemnification pursuant to the Company
LLC Agreement; 
 WHEREAS, there are questions concerning the adequacy and reliability of the protection that might be afforded to directors
and officers from the acquisition of policies of directors’ and officers’ liability insurance (“D&O Insurance”), covering certain liabilities that might be incurred by directors or officers in the performance of their
services to the MLP and/or the Company; 
 WHEREAS, in recognition of Indemnitee’s need for substantial protection against personal
liability in order to enhance Indemnitee’s continued service to the MLP and the Company in an effective manner, the MLP and the Company wish to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to
the fullest extent permitted by law (whether partial or complete) and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage of Indemnitee under the MLP’s and/or the Company’s directors’
and officers’ liability insurance policies; and 
 WHEREAS, Indemnitee is willing to serve, continue to serve and to take on additional
service for or on behalf of the MLP and/or the Company on condition that the Indemnitee be so indemnified; 
 NOW, THEREFORE, in
consideration of the premises and the covenants contained herein, the MLP, the Company and Indemnitee do hereby covenant and agree as follows: 
 1. Definitions. As used in this Agreement: 
  

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 (a) The term “Proceeding” shall include any threatened, pending or completed action, suit,
inquiry or proceeding, whether brought by or in the right of the MLP or the Company or any predecessor, subsidiary or affiliated company or otherwise and whether of a civil, criminal, administrative, arbitrative or investigative nature, in which
Indemnitee is or will be involved as a party, as a witness or otherwise, by reason of the fact that Indemnitee is or was a director or officer of the MLP or the Company, by reason of any action taken by him or of any inaction on his part while
acting as a director or officer or by reason of the fact that he is or was serving at the request of the MLP or the Company as a director, officer, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited
liability company or other enterprise; in each case whether or not he is acting or serving in any such capacity at the time any liability or expense is incurred for which indemnification or reimbursement can be provided under this Agreement;
provided that any such action, suit or proceeding which is brought by Indemnitee against the MLP or the Company or any predecessor, subsidiary or affiliated company or directors or officers of the MLP or the Company or any predecessor, subsidiary or
affiliated company, other than an action brought by Indemnitee to enforce his rights under this Agreement, shall not be deemed a Proceeding without prior approval by a majority of the Board of Directors of the Company. 
 (b) The term “Expenses” shall include, without limitation, any judgments, fines and penalties against Indemnitee in connection with a
Proceeding; amounts paid by Indemnitee in settlement of a Proceeding; and all attorneys’ fees and disbursements, accountants’ fees, private investigation fees and disbursements, retainers, court costs, transcript costs, fees of experts,
fees and expenses of witnesses, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements, or expenses, reasonably incurred by or for Indemnitee in connection with
prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in a Proceeding or establishing Indemnitee’s right of entitlement to indemnification for any of the foregoing. 
 (c) References to Indemnitee’s being or acting as “a director or officer of the MLP or the Company” or “serving at the request of the
MLP or the Company as a director, officer, trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company or other enterprise” shall include, in each case, service to or actions taken while and
as a result of being a director, officer, trustee, employee or agent of any predecessor, subsidiary or affiliated company of the MLP or the Company. 
 (d) References to “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to
“serving at the request of the MLP or the Company” shall include any service as a director, officer, employee or agent of the MLP or the Company which imposes duties on, or involves services by, such director, officer, trustee, employee or
agent with respect to an employee benefit plan, its participants or beneficiaries. 
 (e) The term “substantiating documentation”
shall mean copies of bills or invoices for costs incurred by or for Indemnitee, or copies of court or agency orders or decrees or settlement agreements, as the case may be, accompanied by a sworn statement from Indemnitee 

  

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that such bills, invoices, court or agency orders or decrees or settlement agreements, represent costs or liabilities meeting the definition of
“Expenses” herein. 
 (f) The terms “he” and “his” have been used for convenience and mean “she” and
“her” if Indemnitee is a female. 
 (g) The term “MLP Partnership Agreement” means the Amended and Restated Agreement of
Limited Partnership of the MLP, dated as of                     , 2007, as amended or restated from time to time. 
 (h) The term “Company LLC Agreement” means the Amended and Restated Limited Liability Company Agreement of the Company, dated as of
                    , 2007, as amended or restated from time to time. 
 (i) The term “LLC Statute” means the Delaware Limited Liability Company Act. 
 (j) The term “Partnership Statute” means the Delaware Revised Uniform Limited Partnership Act. 
 (k) The term “Board of Directors” means the Board of Directors of the Company. 
 2. Indemnity of Indemnitee. Each of the MLP and the Company hereby agrees (subject to the provisions of Section 5 below) to hold harmless and
indemnify Indemnitee against Expenses to the fullest extent authorized or permitted by law (including the applicable provisions of the Partnership Statute and the LLC Statute). The phrase “to the fullest extent permitted by law” shall
include, but not be limited to (a) to the fullest extent permitted by any provision of the Partnership Statute and the LLC Statute that authorizes or permits additional indemnification by agreement, or the corresponding provision of any
amendment to or replacement of the Partnership Statute and the LLC Statute and (b) to the fullest extent authorized or permitted by any amendments to or replacements of the Partnership Statute and the LLC Statute adopted after the date of this
Agreement that increase the extent to which an entity may indemnify its officers and directors. Any amendment, alteration or repeal of the Partnership Statute and the LLC Statute that adversely affects any right of Indemnitee shall be prospective
only and shall not limit or eliminate any such right with respect to any Proceeding involving any occurrence or alleged occurrence of any action or omission to act that took place prior to such amendment or repeal. 
 3. Additional Indemnity. Each of the MLP and the Company hereby further agrees (subject to the provisions of Section 5 below) to hold
harmless and indemnify Indemnitee against Expenses incurred by reason of the fact that Indemnitee is or was a director or officer of the MLP or the Company, or is or was serving at the request of the MLP or the Company as a director, officer,
trustee, employee or agent of another corporation, partnership, joint venture, trust, limited liability company or other enterprise, including, without limitation, any predecessor, subsidiary or affiliated entity of the MLP or the Company,
provided that the Indemnitee shall not be indemnified and held harmless if there has been a final and non-appealable judgment entered by a court of competent jurisdiction determining that, in respect of the matter for which the Indemnitee is
seeking indemnification pursuant to this Agreement, the Indemnitee acted in bad 

  

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faith or engaged in fraud or willful misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s conduct was unlawful.
The termination of any Proceeding by judgment, order of the court, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall not, of itself, create a presumption that Indemnitee acted in bad faith or engaged in fraud or
willful misconduct or, in the case of a criminal matter, acted with knowledge that the Indemnitee’s conduct was unlawful. 
 4.
Contribution. If the indemnification provided under Section 2 is unavailable by reason of a court decision, based on grounds other than any of those set forth in Section 5 below, then, in respect of any Proceeding in which the MLP or
the Company is jointly liable with Indemnitee (or would be if joined in such Proceeding), the MLP and the Company shall contribute to the amount of Expenses actually and reasonably incurred and paid or payable by Indemnitee in such proportion as is
appropriate to reflect (a) the relative benefits received by the MLP or the Company on one hand and Indemnitee on the other from the transaction from which such Proceeding arose and (b) the relative fault of the MLP or the Company on the
one hand and of Indemnitee on the other in connection with the events that resulted in such Expenses as well as any other relevant equitable considerations. The relative fault of the MLP or the Company on the one hand and of Indemnitee on the other
shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent the circumstances resulting in such Expenses. Each of the MLP and the Company agrees
that it would not be just and equitable if contribution pursuant to this Section 4 were determined by pro rata allocation or any other method of allocation that does not take into account of the foregoing equitable considerations. 

5. Exceptions. Any other provision herein to the contrary notwithstanding, the MLP and the Company shall not be obligated pursuant to the terms
of this Agreement: 
 (a) Claims Initiated by Indemnitee. To indemnify or advance expenses to Indemnitee with respect to proceedings
or claims initiated or brought voluntarily by Indemnitee and not by way of defense, except with respect to proceedings brought to establish or enforce a right to indemnification under this Agreement; 
 (b) Insured Claims. To indemnify Indemnitee for expenses or liabilities of any type whatsoever (including, but not limited to, judgments, fines,
ERISA excise taxes or penalties, and amounts paid in settlement) to the extent such expenses or liabilities have been paid directly to Indemnitee by an insurance carrier under a policy of directors’ and officers’ liability insurance;

 (c) Claims Under Section 16(b). To indemnify Indemnitee for expenses or the payment of profits arising from the purchase and
sale by Indemnitee of securities in violation of Section 16(b) of the Securities Exchange Act of 1934, as amended, or any similar successor statute; 
 (d) Unlawful Claims. To indemnify Indemnitee to the extent such indemnification is prohibited by applicable law; or 
  

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 (e) Unauthorized Settlement. To indemnify Indemnitee with regard to any judicial award if the MLP
or the Company was not given a reasonable and timely opportunity, to participate in the defense of such action or to indemnify Indemnitee for any amounts paid in settlement of any Proceeding effected without the MLP’s or the Company’s
prior written consent. 
 6. Choice of Counsel. If Indemnitee is a director but not an officer of the MLP or the Company, he, together
with the other directors who are not officers of the MLP or the Company and are seeking indemnification (the “Outside Directors”), shall be entitled to employ, and be reimbursed for the fees and disbursements of, a single counsel separate
from that chosen by Indemnitees who are officers of the MLP or the Company. The principal counsel for Outside Directors (“Principal Counsel”) shall be determined by majority vote of the Outside Directors who are seeking indemnification,
and the Principal Counsel for the Indemnitees who are not Outside Directors (“Separate Counsel”) shall be determined by majority vote of such Indemnitees. The obligation of the MLP and the Company to reimburse Indemnitee for the fees and
disbursements of counsel hereunder shall not extend to the fees and disbursements of any counsel employed by Indemnitee other than Principal Counsel or Separate Counsel, as the case may be, unless Indemnitee has interests that are different from
those of the other Indemnitees or defenses available to him that are in addition to or different from those of the other Indemnitees such that Principal Counsel or Separate Counsel, as the case may be, would have an actual or potential conflict of
interest in representing Indemnitee. 
 7. Advances of Expenses. 
 (a) Expenses (other than judgments, penalties, fines and settlements) incurred by Indemnitee shall be paid by the MLP and the Company, in advance of the
final disposition of the Proceeding, within five business days after receipt of Indemnitee’s written request accompanied by substantiating documentation and Indemnitee’s written affirmation as described in subsection (c) below. No
objections based on or involving the question whether such charges meet the definition of “Expenses,” including any question regarding the reasonableness of such Expenses, shall be grounds for failure to advance to such Indemnitee, or to
reimburse such Indemnitee for, the amount claimed within such five business day period, and the undertaking of Indemnitee set forth in this Section 7 to repay any such amount to the extent it is ultimately determined that Indemnitee is not
entitled to indemnification shall be deemed to include an undertaking to repay any such amounts determined not to have met such definition. 
 (b) Indemnitee hereby undertakes to repay to the MLP and the Company (i) any advances or payment of Expenses made pursuant to this Section 7 and (ii) any judgments, penalties, fines and settlements paid to or on behalf of
Indemnitee hereunder, in each case to the extent that it is ultimately determined in a final judgment or other final adjudication of a court of competent jurisdiction that Indemnitee is not entitled to indemnification. 
 (c) As a condition to the advancement of such Expenses or the payment of such judgments, penalties, fines and settlements, Indemnitee shall execute an
acknowledgment wherein Indemnitee affirms (i) that Indemnitee has met the applicable standard of conduct for 

  

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indemnification and (ii) that such Expenses or such judgments, penalties, fines and settlements, as the case may be, are delivered pursuant and are
subject to the provisions of this Agreement. 
 8. Right of Indemnitee to Indemnification Upon Application; Procedure Upon Application.
Any indemnification payment under this Agreement, other than pursuant to Section 7 hereof, shall be made no later than 30 days after receipt by the MLP and the Company of the written request of Indemnitee, accompanied by substantiating
documentation, unless a determination is made within said 30-day period that Indemnitee has not met the relevant standards for indemnification set forth in Section 3 hereof by (a) the Board of Directors by a majority vote of a quorum
consisting of directors who are not or were not parties to such Proceeding, (b) a committee of the Board of Directors designated by majority vote of the Board of Directors, even though less than a quorum, (c) if there are no such
directors, or if such directors so direct, independent legal counsel in a written opinion or (d) the equity owners. 
 The right to
indemnification or advances as provided by this Agreement shall be enforceable by Indemnitee in any court of competent jurisdiction. The burden of proving that indemnification is not appropriate shall be on the MLP and the Company. Neither the
failure of the MLP or the Company (including its Board of Directors, any committee thereof, independent legal counsel or its equity owners) to have made a determination prior to the commencement of such action that indemnification is proper in the
circumstances because Indemnitee has met the applicable standards of conduct, nor an actual determination by the MLP and the Company (including its Board of Directors, any committee thereof, independent legal counsel or its equity owners) that
Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct. 
 9. Indemnification Hereunder Not Exclusive. The indemnification and advancement of expenses provided by this Agreement shall not be deemed
exclusive of any other rights to which Indemnitee may be entitled under the MLP Partnership Agreement, the Company LLC Agreement, the Partnership Statute, the LLC Statute, any D&O Insurance maintained by or on behalf of the MLP or the Company,
any agreement, or otherwise, both as to action in his official capacity and as to action in another capacity while holding such office; provided, however, that this Agreement supersedes all prior written indemnification agreements between the MLP or
the Company (or any predecessor thereof) and Indemnitee with respect to the subject matter hereof. However, Indemnitee shall reimburse the MLP and the Company for amounts paid to Indemnitee pursuant to such other rights to the extent such payments
duplicate any payments received pursuant to this Agreement. 
 10. Continuation of Indemnity. All agreements and obligations of the
MLP and the Company contained herein shall continue during the period Indemnitee is a director or officer of the MLP or the Company (or is or was serving at the request of the MLP or the Company as a director, officer, employee or agent of another
corporation, partnership, joint venture, trust, limited liability company or other enterprise) and shall continue thereafter so long as Indemnitee shall be subject to any possible Proceeding (notwithstanding the fact that Indemnitee has ceased to
serve the MLP or the Company). 
  

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 11. Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to
indemnification by the MLP and the Company for a portion of Expenses, but not, however, for the total amount thereof, the MLP and the Company shall nevertheless indemnify Indemnitee for the portion of such Expenses to which Indemnitee is entitled.

 12. Settlement of Claims. Neither the MLP nor the Company shall be liable to indemnify Indemnitee under this Agreement for any
amounts paid in settlement of any Proceeding effected without the written consent of the MLP and the Company. Neither the MLP nor the Company shall settle any Proceeding in any manner that would impose any penalty or limitation on Indemnitee without
Indemnitee’s written consent. None of the MLP, the Company or Indemnitee will unreasonably withhold their consent to any proposed settlement. Neither the MLP nor the Company shall be liable to indemnify Indemnitee under this Agreement with
regard to any judicial award if the MLP and the Company were not given a reasonable and timely opportunity, at their expense, to participate in the defense of such action. 
 13. Acknowledgements. Each of the MLP and the Company expressly confirms and agrees that it has entered into this Agreement and assumed the
obligations imposed on it hereby in order to induce Indemnitee to serve or to continue to serve as a director or officer of the MLP and/or the Company, and acknowledges that Indemnitee is relying upon this Agreement in agreeing to serve or in
continuing to serve as a director or officer of the MLP and/or the Company. 
 14. Enforcement. In the event Indemnitee is required to
bring any action or other proceeding to enforce rights or to collect moneys due under this Agreement and is successful in such action, the MLP and the Company shall reimburse Indemnitee for all of Indemnitee’s expenses in bringing and pursuing
such action. 
 15. Severability. If any provision of this Agreement shall be held to be invalid, illegal or unenforceable
(a) the validity, legality and enforceability of the remaining provisions of this Agreement shall not be in any way affected or impaired thereby, and (b) to the fullest extent possible, the provisions of this Agreement shall be construed
so as to give effect to the intent manifested by the provision held invalid, illegal or unenforceable. Each section of this Agreement is a separate and independent portion of this Agreement. If the indemnification to which Indemnitee is entitled
with respect to any aspect of any claim varies between two or more sections of this Agreement, that section providing the most comprehensive indemnification shall apply. 
 16. Liability Insurance. To the extent the MLP or the Company maintains an insurance policy or policies providing D&O Insurance, Indemnitee shall be covered by such policy or policies, in accordance with
its or their terms, to the maximum extent of the coverage available and maintained by the MLP or the Company for any director or officer of the MLP or the Company or any applicable subsidiary or affiliated company. 
  

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 17. Miscellaneous. 
 (a) Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of
the State of Delaware, without giving effect to principles of conflict of law. 
 (b) Entire Agreement; Enforcement of Rights. This
Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under
this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by any party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party. 
 (c) Construction. This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective
counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto. 
 (d) Notices. All notices, demands or other communications to be given or delivered under or by reason of the provisions of this Agreement shall be
in writing and shall be deemed to have been given (i) when delivered personally to the recipient, (ii) one business day after the date when sent to the recipient by reputable overnight courier service (charges prepaid), or (iii) five
business days after the date when mailed to the recipient by certified or registered mail, return receipt requested and postage prepaid. Such notices, demands and other communications shall be sent to the parties at the addresses indicated on the
signature page hereto, or to such other address as any party hereto may, from time to time, designate in writing delivered pursuant to the terms of this Section 17(d). 
 (e) Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument. 
 (f) Successors and Assigns. This Agreement shall be binding upon the MLP and the Company and their
respective successors and assigns and shall inure to the benefit of Indemnitee and Indemnitee’s heirs, legal representatives and assigns. 
 (g) Subrogation. In the event of payment under this Agreement, the MLP and the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all documents required and
shall do all acts that may be necessary to secure such rights and to enable the MLP and the Company to effectively bring suit to enforce such rights. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and year first
above written. 
  

			
	SEMGROUP ENERGY PARTNERS, L.P.
		
	By:	 	SemGroup Energy Partners G.P., L.L.C.
		 	Its General Partner
		
	By:	 	  
	Name:	 	  
	Title:	 	  
		
	Address:	 	Two Warren Place
		 	6120 South Yale Avenue, Suite 700
		 	Tulsa, Oklahoma 74136
	
	SEMGROUP ENERGY PARTNERS G.P, L.L.C.
		
	By:	 	  
	Name:	 	  
	Title:	 	  
		
	Address:	 	Two Warren Place
		 	6120 South Yale Avenue, Suite 700
		 	Tulsa, Oklahoma 74136

  

	
	INDEMNITEE:
	
	   
	[Name]
	
	Address:

  

 9Form of Phantom Unit Agreement

 Exhibit 10.8 
 SEMGROUP ENERGY PARTNERS G.P., L.L.C. 
 LONG-TERM INCENTIVE PLAN 
 EMPLOYEE PHANTOM UNIT AGREEMENT 
 This
Phantom Unit Agreement (“Agreement”) between SemGroup Energy Partners G.P., L.L.C. (the “Company”) and
                                 (the “Participant”), regarding an award
(“Award”) of              Phantom Units (as defined in the SemGroup Energy Partners G.P., L.L.C. Long-Term Incentive Plan (the “Plan”)) granted to the Participant
on                                      (the “Grant
Date”), such number of Phantom Units subject to adjustment as provided in the Plan, and further subject to the following terms and conditions: 
 1. Relationship to Plan. This Award is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, which have been adopted by the Committee thereunder and are in
effect on the date hereof. Except as otherwise provided herein, capitalized terms shall have the same meanings ascribed to them under the Plan. 
 2. Definitions. 
 “Cause” means (i) conviction of the Participant by a court of competent
jurisdiction of any felony or a crime involving moral turpitude; (ii) the Participant’s willful and intentional failure or willful and intentional refusal to follow reasonable and lawful instructions of the Board; (iii) the
Participant’s material breach or default in the performance of his obligations under this Agreement; or (iv) the Participant’s act of misappropriation, embezzlement, intentional fraud or similar conduct involving the Company or any of
its Affiliates. 
 “Disability” means the Participant either (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) the Participant is, by reason of any
medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three
months under an accident and health plan covering employees of the Company or any entity that would be considered a single “service recipient” with the Company pursuant to Section 409A of the Internal Revenue Code of 1986, as amended
(the “Code”). 
 3. Vesting Schedule. 
 (a) This Award shall vest and the Restricted Period with respect to the Phantom Units subject thereto shall end in installments in
accordance with the following schedule: 
  

							
	 Anniversary of the
 Grant Date
	 	Vested
Increment	 	 	Total Vested
Percentage	 
	First Anniversary	 	25	%	 	25	%
	Second Anniversary	 	25	%	 	50	%
	Third Anniversary	 	25	%	 	75	%
	Fourth Anniversary	 	25	%	 	100	%

 The number of Phantom Units that vest as of each date described above will be
rounded down to the nearest whole Phantom Unit, with any remaining Phantom Units to vest with the final installment. The Participant must be continuously employed with the Company or any of its Affiliates from the Grant Date through the applicable
vesting date in order for the Award to become vested with respect to additional Phantom Units on such date. 
 (b)
Notwithstanding the limitations set forth in subparagraph (a) above, all Phantom Units subject to this Award shall vest upon the occurrence of a Change of Control, provided that the Participant has been continuously employed with the Company or
any of its Affiliates since the Grant Date. 
 (c) Within 60 days following vesting with respect to a Phantom Unit, the
Participant shall be entitled to receive a Unit, and the Company shall deliver to the Participant a certificate evidencing the Unit. Upon delivery of a Unit in respect of a Phantom Unit, such Phantom Unit shall cease to be outstanding in the
Participant’s notional account described below in Section 5. 
 4. Forfeiture of Award.  
 (a) If the Participant’s employment with the Company and all Affiliates is terminated by Participant’s employer without Cause,
or by reason of death or Disability, all unvested Phantom Units shall immediately vest and the Restricted Period shall terminate as of the date of the Participant’s termination. 
 (b) If the Participant’s employment with the Company and all Affiliates terminates for any reason not described in
Section 4(a), all unvested Phantom Units shall be immediately forfeited as of the date of the Participant’s termination. 
 5.
Distribution Equivalent Rights. During the Restricted Period, the Award of Phantom Units hereunder shall be evidenced by entry in a bookkeeping account and may include a tandem Distribution Equivalent Right with respect to the Phantom Units.
For each fiscal quarter of the Partnership in which the Partnership’s Distributable Cash Flow (as defined below) for such quarter equals or exceeds $9.0 million (or $9.6 million if the underwriters in the Partnership’s initial public
offering exercise their over-allotment option in full), the Phantom Units shall have a tandem Distribution Equivalent Right. If such test is met for any consecutive four-quarter period, then the Phantom Units will have a Distribution Equivalent
Right for the remainder of the Restricted Period. Pursuant to the Distribution Equivalent Right, within 45 days following the end of each fiscal quarter for which a cash distribution is made with respect to 

  

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Units, the Participant shall be entitled to receive a cash payment with respect to each Phantom Unit then outstanding equal to the cash distribution made by
the Partnership with respect to each Unit. “Distributable Cash Flow” means the Partnership’s earnings before interest, income taxes, depreciation and amortization for such fiscal quarter (which shall be computed in the same manner as
in the Partnership’s final prospectus relating to its initial public offering) less interest expense for such fiscal quarter less Maintenance Capital Expenditures (as defined in the First Amended and Restated Agreement of Limited Partnership of
the Partnership) for such fiscal quarter. 
 6. Rights as Unitholder; Delivery of Units. Until delivery of Units as described in
Section 3(c), the Participant shall have no rights as a unitholder as a result of the grant of Phantom Units hereunder. The Company shall not be obligated to deliver any Units if counsel to the Company determines that such sale or delivery
would violate any applicable law or any rule or regulations of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which the Units are listed or quoted. The Company
shall in no event be obligated to take any affirmative action in order to cause the delivery of Units to comply with any such law, rule, regulations or agreement. 
 7. Assignment of Award. The Participant’s rights under this Agreement and the Plan are personal; no assignment or transfer of the Participant’s rights under and interest in this Award may be made by
the Participant other than by will, by beneficiary designation, by the laws of descent and distribution or by a qualified domestic relations order. 
 8. Withholding. No certificates representing Units hereunder shall be delivered to or in respect of a Participant unless the amount of all federal, state and other governmental withholding tax requirements imposed upon the Company
with respect to the issuance of such Units has been remitted to the Company or unless provisions to pay such withholding requirements have been made to the satisfaction of the Committee. The Committee may make such provisions as it may deem
appropriate for the withholding of any taxes which it determines is required in connection with this Award. The Participant may pay all or any portion of the taxes required to be withheld by the Company or paid by the Participant in connection with
the vesting of all or any portion of this Award by delivering cash, or, with the Committee’s approval, by electing to have the Company withhold Units, or by delivering previously owned Units, having a Fair Market Value equal to the amount
required to be withheld or paid. The Participant may only request the withholding of Units having a Fair Market Value equal to the statutory minimum withholding amount. The Participant must make the foregoing election on or before the date that the
amount of tax to be withheld is determined. 
 9. No Employment Guaranteed. No provision of this Agreement shall confer any
right upon the Participant to continued employment with the Company or any Affiliate. 
 10. Governing Law. This Agreement
shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware. 
  

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 11. Amendment. This Agreement cannot be modified, altered or amended, except by an agreement, in
writing, signed by both the Company and the Participant. 
  

							
		 		 	SEMGROUP ENERGY PARTNERS G.P., L.L.C.
				
	Date:
                                    	 		 	By:	 	  

							
		 		 	Name: 	 	  

							
		 		 	Title: 	 	  

 The Participant hereby accepts the foregoing Agreement, subject to the terms and provisions of the
Plan and administrative interpretations thereof referred to above. 
  

							
		 		 	PARTICIPANT:
				
	Date:
                                    	 		 		 	  

  

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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00124-of-00352.parquet"}]]