Document:

Exhibit 10.5

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this “Agreement”), effective as of March 3,
2008, is made and entered into by and between BHG Acquisition Corp., a Delaware
corporation (the “Company”), and BHG Investors
LLC, a Delaware limited liability company (the “Buyer”).

 

RECITALS

 

WHEREAS, the Buyer
wishes to purchase from the Company 10,062,500 shares (the “Shares”) of the Company’s common stock,
par value $0.0001 per share (the “Common Stock”);
and warrants, in the form attached hereto as Exhibit A, to purchase
10,062,500 shares of the Common Stock (the “Warrants”
and together with the Shares, the “Securities”);
and

 

WHEREAS, the Buyer
wishes to purchase the Securities from the Company and the Company wishes to
sell the Securities to the Buyer on the terms and subject to the conditions set
forth in this Agreement.

 

STATEMENT OF AGREEMENT

 

NOW, THEREFORE, in consideration of the premises, the representations,
warranties and mutual covenants contained in this Agreement, and for other good
and valuable consideration, the receipt, sufficiency and adequacy of which are
hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree
as follows:

 

ARTICLE I.

DEFINITIONS

 

The terms defined in this Article I
shall have for all purposes of this Agreement the respective meanings set forth
below:

 

“Buyer”
shall have the meaning set forth in the preamble to this Agreement.

 

“Closing”
shall have the meaning set forth in Section 2.3 of this Agreement.

 

“Closing Date”
shall have the meaning set forth in Section 2.3 of this Agreement.

 

“Common Stock”
shall have the meaning set forth in the recitals to this Agreement.

 

“Company”
shall have the meaning set forth in the preamble to this Agreement.

 

“Consent”
shall mean any consent, approval, notification, waiver, or other similar action
that is necessary or convenient.

 

“Contract”
shall mean a contract, agreement, arrangement, commitment, instrument, document
or similar understanding (whether written or oral), including a lease or
sublease and rights thereunder.

 

 

“Governmental Body”
shall mean any legislature, agency, bureau, branch, department, division,
commission, court, tribunal or other similar recognized organization or body of
any federal, state, county, municipal, local or foreign government or other
similar recognized organization or body exercising similar powers or authority.

 

“Law” shall
mean any law (statutory, common or otherwise), constitution, ordinance, rule,
regulation, executive order or other similar authority enacted, adopted,
promulgated or applied by any Governmental Body.

 

“Lien” shall
mean a mortgage, deed of trust, pledge, hypothecation, assignment, encumbrance,
charge, restriction, lien (statutory or otherwise, including, without
limitation, any lien for taxes), security interest, preference, participation
interest, priority or security agreement or preferential arrangement of any
kind or nature whatsoever (including, without limitation, any conditional sale
or other title retention agreement, any financing lease having substantially
the same economic effect as any of the foregoing and the filing of any document
under the law of any applicable jurisdiction to evidence any of the foregoing)
other than (i) statutory, mechanics’ or other Liens incurred in the Company’s
ordinary course of business or (ii) Liens for taxes incurred but not yet due.

 

“Order”
shall mean an order, ruling, decision, award, judgment, injunction or other
similar determination or finding by, before or under the supervision of any
Governmental Body or arbitrator.

 

“Permit”
shall mean a permit, license, certificate, waiver, notice or similar
authorization to which Buyer is a party or by which Buyer is bound or any of
its assets are subject.

 

“Purchase Price”
shall have the meaning set forth in Section 2.2 of this Agreement.

 

“SEC” shall
mean the United States Securities and Exchange Commission.

 

“Securities”
shall have the meaning set forth in the recitals to this Agreement.

 

“Securities Act”
shall mean the United States Securities Act of 1933, as amended, or any
successor federal statute, and the applicable rules and regulations promulgated
and in effect from time to time thereunder.

 

“Shares”
shall have the meaning set forth in the recitals to this Agreement.

 

“Warrants”
shall have the meaning set forth in the recitals to this Agreement.

 

ARTICLE II

PURCHASE OF SECURITIES

 

Section 2.1            Purchase and Sale of the Securities.  Subject to the terms and conditions hereof
and in reliance upon the representations and warranties of the parties
contained or incorporated by reference herein, simultaneous with the execution
hereof, the Company shall sell and deliver to the Buyer, and the Buyer shall
purchase from the Company, the Securities, in consideration of the payment of
the Purchase Price noted herein.

 

2

 

Section 2.2            Purchase Price.  As payment in full for the Securities being
purchased under this Agreement and against delivery of the certificates
therefor, simultaneous with the execution hereof, the Buyer shall pay an
aggregate of $30,188 to the Company by wire transfer in immediately available
funds or by such other method as may be reasonably acceptable to the Company
(the “Purchase Price”).

 

Section 2.3            Closing.  The closing of the purchase and sale of the Shares
(the “Closing”) shall be held on
the date of this Agreement (“Closing Date”) at the
offices of Akin Gump Strauss Hauer & Feld LLP, 590 Madison Avenue, New
York, New York 10022, or such other place as may be agreed upon by the parties
hereto.

 

Section 2.4            Closing Deliveries.  All actions taken at the Closing shall be
deemed to have been taken simultaneously.

 

(a)           Buyer Deliveries.  At the Closing the Buyer shall deliver to the
Company the Purchase Price.

 

(b)           Company Deliveries.  At the Closing, or within a reasonable time
after the Closing but in no event later than thirty (30) days after the Closing,
the Company shall deliver to the Buyer the certificates representing the Securities
and the warrants.

 

Section 2.5            Further Assurances.  The parties hereto shall execute and deliver
such additional documents and take such additional actions as any party hereto
may reasonably deem to be practical and necessary in order to consummate the
transactions contemplated by this Agreement.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES OF THE BUYER

 

The Buyer represents and warrants to the
Company that the statements contained in this ARTICLE III are correct
and complete as of the date of this Agreement.

 

Section 3.1            Organization
and Requisite Authority.  The Buyer is a limited liability company,
duly organized, validly existing and in good standing under the laws of the
State of Delaware.  The Buyer possesses
all requisite power and authority necessary to carry out the transactions
contemplated by this Agreement.

 

Section 3.2            Authorization; No Breach.

 

(a)           This Agreement constitutes a valid and binding
obligation of the Buyer, enforceable in accordance with its terms, subject to
bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and
other laws of general applicability relating to or affecting creditors’ rights
and to general equitable principles (whether considered in a proceeding in
equity or law).

 

(b)           The execution and delivery by the Buyer of this
Agreement and the fulfillment of and compliance with the terms hereof by the Buyer
does not and shall not as of the Closing Date conflict with or result in a
breach of the terms, conditions or provisions of the 

 

3

 

organizational documents of the Buyer or any other agreement,
instrument, order, judgment or decree to which the Buyer is subject.

 

Section 3.3            Investment Representations.

 

(a)           The Buyer is acquiring the Securities for
its own account, for investment purposes only and not with a view towards, or
for resale in connection with, any public sale or distribution thereof.

 

(b)           The Buyer is an “accredited investor” as
such term is defined in Rule 501(a)(3) of Regulation D of the
Securities Act of 1933.

 

(c)           The Buyer understands that the Securities
are being offered and will be sold to it in reliance on specific exemptions
from the registration requirements of the United States federal and state
securities laws and that the Company is relying upon the truth and accuracy of,
and the Buyer’s compliance with, the representations and warranties of the
Buyer set forth herein in order to determine the availability of such
exemptions and the eligibility of the Buyer to acquire such Securities.

 

(d)           The Buyer did not decide to enter into
this Agreement as a result of any general solicitation or general advertising
within the meaning of Rule 502(c) under the Securities Act.

 

(e)           The Buyer has been furnished with all
materials relating to the business, finances and operations of the Company and
materials relating to the offer and sale of the Securities which have been
requested by the
Buyer. The
Buyer has been afforded the opportunity to ask questions of the executive
officers and directors of the Company. The Buyer understands that its
investment in the Securities involves a high degree of risk and it has sought
such accounting, legal and tax advice as it has considered necessary to make an
informed investment decision with respect to the acquisition of the Securities.

 

(f)            The Buyer understands that no United
States federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Securities or
the fairness or suitability of the investment in the Securities by the Buyer
nor have such authorities passed upon or endorsed the merits of the offering of
the Securities.

 

(g)           The Buyer understands that: (a) the Securities
have not been and are not being registered under the Securities Act or any
state securities laws, and may not be offered for sale, sold, assigned or
transferred unless (1) subsequently registered thereunder or (2) sold in
reliance on an exemption therefrom; and (b) except as specifically set
forth in any registration rights agreement, neither the Company nor any other
person is under any obligation to register the Securities under the Securities
Act or any state securities laws or to comply with the terms and conditions of
any exemption thereunder. In this regard, the Buyer understands that the
Securities and Exchange Commission has taken the position that promoters or
affiliates of a blank check company and their transferees, both before and
after a business combination, are deemed to be “underwriters” under the
Securities Act when reselling the securities of a blank check company. Based on
that position, Rule 144 adopted pursuant to the Securities Act would 

 

4

 

not be available for resale transactions of the Securities despite
technical compliance with the requirements of such Rule, and the Securities can
be resold only through a registered offering or in reliance upon another
exemption from the registration requirements of the Securities Act.

 

(h)           The Buyer has such knowledge and
experience in financial and business matters, knows of the high degree of risk
associated with investments in the securities of companies in the development
stage such as the Company, is capable of evaluating the merits and risks of an
investment in the Securities and is able to bear the economic risk of an
investment in the Securities in the amount contemplated hereunder for an
indefinite period of time.  The Buyer has
adequate means of providing for its current financial needs and contingencies
and will have no current or anticipated future needs for liquidity which would
be jeopardized by the investment in the Securities. The Buyer can afford a
complete loss of its investment in the Securities.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF THE COMPANY

 

The Company represents and warrants to the Buyer that
the statements contained in this ARTICLE IV are correct and complete as
of the date of this Agreement.

 

Section 4.1            Organization
and Corporate Power.  The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Delaware
and is qualified to do business in every jurisdiction in which the failure to
so qualify would reasonably be expected to have a material adverse effect on
the financial condition, operating results or assets of the Company.  The Company possesses all requisite corporate
power and authority necessary to carry out the transactions contemplated by
this Agreement.

 

Section 4.2            Authorization;
No Breach.

 

(a)           The execution, delivery and performance
of this Agreement have been duly authorized by the Company as of the Closing
Date. This Agreement constitutes the valid and binding obligation of the
Company, enforceable in accordance with its terms.

 

(b)           The execution and delivery by the Company of this Agreement, the issuance
and sale of the Securities and
the fulfillment of and compliance with the respective terms hereof and thereof
by the Company, do not and will not as of the Closing Date (a) conflict with or
result in a breach of the terms, conditions or provisions of, (b) constitute
a default under, (c) result in the creation of any lien, security interest,
charge or encumbrance upon the Company’s capital stock or assets under, (d) result
in a violation of, or (e) require any authorization, consent, approval,
exemption or other action by or notice or declaration to, or filing with, any
court or administrative or governmental body or agency pursuant to the
certificate of incorporation of the Company or the bylaws of the Company, or
any material law, statute, rule or regulation to which the Company is
subject, or any agreement, order, judgment or decree to which the Company is
subject, except for any filings required after the date hereof under federal or
state securities laws.

 

Section 4.3            Authorization;
Title to the Securities. The
Shares have been duly authorized and, when issued in accordance with this
Agreement, will be duly and validly issued, 

 

5

 

fully paid and nonassessable and will be free and clear
of all Liens of any kind, other than (i) transfer restrictions hereunder
and under the other agreements contemplated hereby, (ii) transfer
restrictions under federal and state securities laws, and (iii) Liens
imposed due to the actions of the Buyer. The shares of Common Stock issuable
upon exercise of the Warrants have been duly authorized and, when issued in
accordance with the terms of the Warrants, will be duly and validly issued,
fully paid and nonassessable and will be free and clear of all Liens
of any kind, other than (i) transfer restrictions hereunder and under the other
agreements contemplated hereby, (ii) transfer restrictions under federal and
state securities laws, and (iii) Liens imposed due to the actions of the
Buyer.

 

Section 4.4            Governmental
Consents.  No Permit,
Consent, approval or authorization of, or declaration to or filing with, any
governmental authority is required in connection with the execution, delivery
and performance by the Company of this Agreement or the consummation by the
Company of any other transactions contemplated hereby.

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1            Entire Agreement.  This Agreement, together with the
certificates, documents, instruments and writings that are delivered pursuant
hereto, constitutes the entire agreement and understanding of the parties
hereto in respect of its subject matter and supersedes all prior
understandings, agreements, or representations by or among the parties hereto,
written or oral, to the extent they relate in any way to the subject matter
hereof or the transactions contemplated hereby.

 

Section 5.2            Successors.  All of the terms, agreements, covenants,
representations, warranties, and conditions of this Agreement are binding upon,
and inure to the benefit of and are enforceable by, the parties hereto and
their respective successors.

 

Section 5.3            Assignments.  Except as otherwise provided herein, no party
hereto may assign either this Agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of the other party.  Any purported assignment in violation of this
Section 5.3 shall be void and ineffectual and shall not operate to
transfer or assign any interest or title to the purported assignee.

 

Section 5.4            Waiver of Jury Trial.  THE PARTIES HERETO EACH HEREBY AGREE TO WAIVE
THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING OUT
OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG
THEM RELATING TO THE TRANSACTIONS.  THE
SCOPE OF THIS WAIVER IS INTENDED TO BE ALL ENCOMPASSING OF ANY AND ALL ACTIONS
THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THE
TRANSACTIONS, INCLUDING, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS,
AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. 
THE PARTIES HERETO EACH ACKNOWLEDGE THAT THIS WAIVER IS A MATERIAL
INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP AND THAT THEY WILL CONTINUE TO
RELY ON THE WAIVER IN THEIR RELATED FUTURE DEALINGS.  EACH PARTY 

 

6

 

HERETO
FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL
COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. 
NOTWITHSTANDING ANYTHING TO THE CONTRARY HEREIN, THIS WAIVER IS
IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED ORALLY OR IN WRITING, AND THE
WAIVER WILL APPLY TO ANY AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS TO
THIS AGREEMENT OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING HERETO.  IN THE EVENT OF AN ACTION, THIS AGREEMENT MAY
BE FILED AS A WRITTEN CONSENT TO TRIAL BY A COURT.

 

Section 5.5            Counterparts.  This Agreement may be executed in two or more
counterparts, each of which will be deemed an original but all of which
together will constitute one and the same instrument.

 

Section 5.6            Headings.  The article and section headings contained in
this Agreement are inserted for convenience only and will not affect in any way
the meaning or interpretation of this Agreement.

 

Section 5.7            Governing Law.  This Agreement, the entire relationship of
the parties hereto, and any litigation between the parties (whether grounded in
contract, tort, statute, law or equity) shall be governed by, construed in
accordance with, and interpreted pursuant to the laws of the State of Delaware,
without giving effect to its choice of laws principles.

 

Section 5.8            Amendments.  This Agreement may not be amended, modified
or waived as to any particular provision, except by a written instrument
executed by all parties hereto.

 

Section 5.9            Severability.  The provisions of this Agreement will be
deemed severable and the invalidity or unenforceability of any provision will
not affect the validity or enforceability of the other provisions hereof;
provided that if any provision of this Agreement, as applied to any party  hereto or to any circumstance, is adjudged by
a Governmental Body, arbitrator, or mediator not to be enforceable in
accordance with its terms, the parties hereto agree that the Governmental Body,
arbitrator, or mediator making such determination will have the power to modify
the provision in a manner consistent with its objectives such that it is
enforceable, and/or to delete specific words or phrases, and in its reduced
form, such provision will then be enforceable and will be enforced.

 

Section 5.10          Expenses.  Except as otherwise expressly provided in
this Agreement, each party hereto will bear its own costs and expenses incurred
in connection with the preparation, execution and performance of this Agreement
and the consummation of the transactions contemplated hereby, including all
fees and expenses of agents, representatives, financial advisors, legal counsel
and accountants.

 

Section 5.11          Construction.  The parties hereto have participated jointly
in the negotiation and drafting of this Agreement.  If an ambiguity or question of intent or
interpretation arises, this Agreement will be construed as if drafted jointly
by the parties hereto and no presumption or burden of proof will arise favoring
or disfavoring any party hereto because of the 

 

7

 

authorship
of any provision of this Agreement.  Any
reference to any federal, state, local, or foreign Law will be deemed also to
refer to Law as amended and all rules and regulations promulgated thereunder,
unless the context requires otherwise. 
The words “include,” “includes,”
and “including” will be deemed to be followed
by “without limitation.”  Pronouns in masculine, feminine, and neuter
genders will be construed to include any other gender, and words in the
singular form will be construed to include the plural and vice versa, unless
the context otherwise requires.  The
words “this Agreement,” “herein,”
“hereof,” “hereby,”
“hereunder,” and words of similar import
refer to this Agreement as a whole and not to any particular subdivision unless
expressly so limited.  The parties hereto
intend that each representation, warranty, and covenant contained herein will
have independent significance.  If any
party hereto has breached any representation, warranty, or covenant contained
herein in any respect, the fact that there exists another representation,
warranty or covenant relating to the same subject matter (regardless of the
relative levels of specificity) which such party hereto has not breached will
not detract from or mitigate the fact that such party hereto is in breach of
the first representation, warranty, or covenant.

 

Section 5.12          Waiver.  No waiver by any party hereto of any default,
misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default,
misrepresentation, or breach of warranty or covenant hereunder or affect in any
way any rights arising because of any prior or subsequent occurrence.

 

[Signature Page Follows]

 

8

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement to be effective as of the date first
set forth above.

 

	
   

  	
  COMPANY:

  
	
   

  	
   

  	
   

  
	
   

  	
  BHG ACQUISITION CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CLIFTON S. ROBBINS

  
	
   

  	
  Name:

  	
  Clifton S. Robbins

  
	
   

  	
  Title:

  	
  CEO

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BUYER:

  
	
   

  	
   

  	
   

  
	
   

  	
  BHG INVESTORS LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ CLIFTON S. ROBBINS

  
	
   

  	
  Name:

  	
  Clifton S. Robbins

  
	
   

  	
  Title:

  	
  CEO

  

 

Securities Purchase Agreement Signature Pageexhibit4_1.htm

    
      EXHIBIT
4.1

       

      AMENDED
AND RESTATED

    

    
      2008 ENTERPRISE PRODUCTS LONG-TERM
INCENTIVE PLAN

    

    
       (May 2,
2008)

    

    
      

    

    
      

    

     

    
      Section 1.  Purpose
of the Plan.  The 2008
Enterprise Products Long-Term Incentive Plan, as established hereby (the
“Plan”), is intended to promote the interests of EPCO, Inc., a Texas corporation
(the “Company”), Enterprise Products Partners L.P., a Delaware limited
partnership (the “Partnership”) and Enterprise Products GP, LLC, the general
partner of the Partnership (“General Partner”), by encouraging directors,
employees and consultants of the Company and employees and consultants of its
Affiliates who perform services for the Partnership or its subsidiaries to
acquire or increase their equity interests in the Partnership and to provide a
means whereby they may develop a sense of proprietorship and personal
involvement in the development and financial success of the Partnership, and to
encourage them to remain with the Company and its Affiliates and to devote their
best efforts to the Company, the General Partner and the
Partnership.

    

    
       

    

    
      Section 2.  Definitions.  As used in the
Plan, the following terms shall have the meanings set forth
below:

    

    
       

    

    
      “Affiliate” means, with
respect to any Person, any other Person that, directly or indirectly, through
one or more intermediaries controls, is controlled by or is under common control
with, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership of voting
securities, by contract or otherwise.

    

    
       

    

    
      “Award” means an Option,
Common Unit Appreciation Right, a Restricted Unit, a Phantom Unit or DER granted
under the Plan.

    

    
       

    

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

    

    
       

    

    
      “Committee” means the Audit,
Conflicts and Governance Committee of the Board of Directors of the General
Partner.

    

    
       

    

    
      “Common Unit” means a Common
Unit of the Partnership.

    

    
       

    

    
      “Common Unit Appreciation
Right” or “CUAR” means an Award that, upon vesting entitles the holder to
receive the excess, or such designated portion of the excess not to exceed 100%,
of the Fair Market Value of a Common Unit on the vesting date over the grant
price established for such Common Unit Appreciation Right. Such excess may be
paid in cash and/or in Common Units as determined by the Committee in its
discretion.

    

    
       

    

    
      “Consultant” means an
individual, other than an Employee or a Director, providing bona fide services
to the Partnership or any of its subsidiaries as a consultant or advisor, as
applicable, provided that (i) such individual is a natural person, and
(ii) the grant of an Award to such Person could not reasonably be expected
to result in adverse federal income tax consequences under Section 409A of
the Code; provided that for purposes of issuing Options or Unit Appreciation
Rights, “subsidiary” means any entity in a chain of entities in which the
Partnership has a “controlling interest” within the meaning of Treas. Reg.
Section 1.414(c)-2(b)(2)(i), but using the threshold of 50 percent
ownership wherever 80 percent appears.

    

    
       

    

    
      “DER” means a contingent
right to receive an amount of cash equal to all or a designated portion (whether
by formula or otherwise) of the cash distributions made by the Partnership with
respect to a Common Unit during a specified period.

    

    
       

    

    
      “Director” means a
“non-employee director,” as defined in Rule 16b-3, of the General
Partner.

    

    
      

        
          
             

          

          
            1

            
              

            

          

          
             

          

        

    

    “Employee” means any employee
of the Company or an Affiliate who performs services for the Partnership or its
subsidiaries; provided that for purposes of issuing Options or Unit Appreciation
Rights, “subsidiary” means any entity in a chain of entities in which the
Partnership has a “controlling interest” within the meaning of Treas. Reg.
Section 1.414(c)-2(b)(2)(i), but using the threshold of 50 percent
ownership wherever 80 percent appears.

    
       

    

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

    

    
      

    

    
      “Fair Market Value” means the
closing sales price of a Common Unit on the applicable date (or if there is no
trading in the Common 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 Common 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 Common Units granted under the Plan.

    

    
       

    

    
      “Participant” means any
Employee, Director or Consultant granted an Award under the
Plan.

    

    
       

    

    
      “Person” means any
individual, corporation, limited liability company, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, government
or political subdivision thereof or other entity.

    

    
       

    

    
      “Phantom Unit” means a
notional or phantom unit granted under the Plan which upon vesting entitles the
holder to receive one Unit upon vesting.

    

    
       

    

    
      “Restricted Unit” means a
Unit granted under the Plan that is subject to forfeiture provisions and
restrictions on its transferability.

    

    
       

    

    
      “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.

    

    
       

    

    
      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 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 Common 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 thereof.

    

    
       

    

    
      Section 4.  Common
Units Available for Awards.  

    

    
       

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    (a) Common
Units Available.  Subject to
adjustment as provided in Section 4(c), the number of Common Units with
respect to which Awards may be granted under the Plan is 10,000,000. To the
extent an Award is forfeited or otherwise terminates or is canceled without the
delivery of Common Units, then the Common Units covered by such Award, to the
extent of such forfeiture, termination or cancellation, shall again be Common
Units with respect to which Awards may be granted. If any Award is exercised and
less than all of the Common Units covered by such Award are delivered in
connection with such exercise, then the Common Units covered by such Award which
were not delivered upon such exercise shall again be Common Units with respect
to which Awards may be granted. Common Units withheld to satisfy tax withholding
obligations of the Company or an Affiliate shall not be considered to have been
delivered under the Plan for this purpose.

    
       

    

    
      (b) Sources
of Common Units Deliverable Under Awards.  Any Common Units
delivered pursuant to an Award shall consist, in whole or in part, of Common
Units acquired in the open market, from any Affiliate (including, without
limitation, the Partnership) or other Person, or any combination of the
foregoing, as determined by the Committee in its discretion. If, at the time of
exercise by a Participant of all or a portion of such Participant’s Award, the
Company determines to acquire Common Units in the open market and the Company is
prohibited, under applicable law, or the rules and/or regulations promulgated by
the Securities and Exchange Committee or the New York Stock Exchange or the
policies of the Company or an Affiliate, from acquiring Common Units in the open
market, delivery of any Common Units to the Participant in connection with such
Participant’s exercise of an Award may be delayed until such reasonable time as
the Company is entitled to acquire, and does acquire, Common Units in the open
market.

    

    
       

    

    
      (c) Adjustments.  In the event the
Committee determines that any distribution (whether in the form of cash, Common
Units, other securities, or other property), recapitalization, split, reverse
split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Common Units or other securities of the Partnership,
issuance of warrants or other rights to purchase Common Units or other
securities of the Partnership, or other similar transaction or event affects the
Common 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 Common Units (or other securities or property)
with respect to which Awards may be granted, (ii) the number and type of
Common Units (or other securities or property) subject to outstanding Awards,
and (iii) the grant or exercise price with respect to any Award; provided,
that the number of Common Units subject to any Award shall always be a whole
number.

    

    
       

    

    
      Section 5.  Eligibility.  Any Employee,
Director or Consultant shall be eligible to be designated a
Participant.

    

    
       

    

    
      Section 6.  Awards.  

    

    
       

    

    
      (a) Options.  The Committee
shall have the authority to determine the Employees, Directors and Consultants
to whom Options shall be granted, the number of Common Units to be covered by
each Option, the exercise 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 or intent of the
Plan.

    

    
       

    

    
      (i) Exercise
Price.  The purchase
price per Common Unit purchasable under an Option shall be determined by the
Committee at the time the Option is granted, but may not be less than 100% of
the Fair Market Value per Common Unit as of the date of
grant.

    

    
       

    

    
      (ii) Time and
Method of Exercise.  The Committee
shall determine the time or times at which an Option may be exercised in whole
or in part, and the method or methods by which any 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

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    
      approved
by the Company); other property (including, with the consent of the Committee,
the withholding of Common Units that may otherwise be delivered to the optionee
upon the exercise of the Option); or any combination thereof, in each case
having a value on the exercise date equal to the relevant exercise
price.

    

    
       

    

    
      (iii) Term.  Each Option
shall expire as provided in the grant agreement for such
Option.

    

    
       

    

    
      (b) Restricted
Units.  The Committee
shall have the authority to determine the Employees, Directors and Consultants
to whom Restricted Units shall be granted, the number of Restricted Units to be
granted to each such Participant, the period and 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 or other criteria, and such other terms and conditions as the
Committee may establish with respect to such Award, including whether any
distributions made by the Partnership with respect to the Restricted Units shall
be payable with respect to, and/or accrue on, such Restricted Units and, if
payable and/or accrued, whether such distributions shall be subject to
forfeiture and/or other restrictions. If distributions are to be forfeited
and/or otherwise restricted, such restrictions (including forfeitures, if any)
shall be determined in the sole discretion of the Committee.

    

    

    
      (c) Phantom
Units.  The Committee
shall have the authority to determine the Employees, Directors and Consultants
to whom Phantom Units shall be granted, the number of Phantom Units to be
granted to each such Participant, the period during which the Award remains
subject to forfeiture, the conditions under which the Phantom Units may become
vested or forfeited, and such other terms and conditions as the Committee may
establish with respect to such Award. Upon or as soon as reasonably practical
following the vesting of each Phantom Unit, the Participant shall be entitled to
receive payment thereof in a single lump sum no later than the fifteenth (15th)
day of the third (3rd) month following the date on which vesting occurs and the
restrictions lapse. Should the Participant die before receiving all amounts
payable hereunder, the balance shall be paid to the Participant’s estate by this
date.

    

    
       

    

    
      (d) DERs.  The Committee
shall have the authority to determine the Employees, Directors and Consultants
to whom DERs shall be granted, the number of DERs to be granted to each such
Participant, the period during which the Award remains subject to forfeiture,
the limits, if any, or portion of a DER that is payable, the conditions under
which the DERs may become vested or forfeited, and such other terms and
conditions as the Committee may establish with respect to such Award. To the
extent DER’s are subject to any payment restrictions, any amounts not previously
paid shall be paid to the Participant at the time the payment restrictions
lapse. Such amounts shall be distributed in a single lump sum no later than the
fifteenth (15th) day of the third (3rd) month following the date on which the
payment restrictions lapse. Should the Participant die before receiving all
amounts payable hereunder, the balance shall be paid to the Participant’s estate
by this date.

    

    
       

    

    
      (e) CUARs.  The Committee
shall have the authority to determine the Employees, Directors and Consultants
to whom CUARs shall be granted, the number of Common Units to be covered by each
grant, the exercise price therefor and the conditions and limitations applicable
to the exercise of the CUAR, and such additional terms and conditions as the
Committee may establish with respect to such Award.

    

    
       

    

    
      (f) 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.

    

    
      

    

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    (A) 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) No
Award and no right under any such Award may be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by a Participant otherwise
than by will or by the laws of descent and distribution and any such purported
assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall
be void and unenforceable against the Company or any
Affiliate.

    

    
       

    

    
      (iii) Common
Unit Certificates.  All certificates
for Common 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 Common 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.

    

    
       

    

    
      (iv) Consideration
for Grants.  Awards may be
granted for no cash consideration payable by a Participant or for such
consideration payable by a Participant as the Committee determines including,
without limitation, services or such minimal cash consideration as may be
required by applicable law.

    

    
       

    

    
      (v) Delivery
of Common Units or other Securities and Payment by Participant of
Consideration.  No Common 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
required 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, withholding of Common 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 property so tendered
to, or withheld by, 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.

    

    
       

    

    
      Section 7.  Amendment
and Termination.  Except to the
extent prohibited by applicable law and unless otherwise expressly provided in
an Award agreement or in the Plan:

    

    
       

    

    
      (i) Amendments
to the Plan.  Except as
required by applicable law or the rules of the principal securities exchange on
which the Common Units are traded and subject to Section 7(ii) below, the
Board or the Committee may amend, alter, suspend, discontinue, or terminate the
Plan without the consent of any partner, Participant, other holder or
beneficiary of an Award, or other Person.

    

    
       

    

    
      (ii) Amendments
to Awards.  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(iii), in any Award shall materially reduce the benefit to
Participant without the consent of such Participant.

    

    
       

    

    
      (iii) Adjustment
or Termination of Awards Upon the Occurrence of Certain Events.  The Committee is
hereby authorized to make adjustments in the terms and conditions of, and the
criteria (if any) included in, Awards in recognition of unusual or significant
events (including, without limitation, the events described in Section 4(c)
of the Plan) affecting the Partnership or the financial statements of the
Partnership, of changes in applicable laws, regulations, or accounting
principles, or a change in control of the Company (as determined by its Board)
or the Partnership (as determined by the Committee), 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. Such adjustments may include, without limitation, accelerating
the exercisability of an Award, accelerating the date on which the Award will
terminate and/or canceling Awards by the issuance or transfer of Common Units
having a value equal to the Option’s positive “spread.”

    

    
       

    

    
      Section 8.  General
Provisions.  

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
       

    

    
      (a) No
Rights to Awards.  No Person shall
have any claim to be granted any Award, 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) Termination
of Employment.  For purposes of
the Plan, unless the Award agreement provides to the contrary, a Participant
shall not be deemed to have terminated employment with the Company and its
Affiliates or membership from the Board until such date as the Participant is no
longer either an Employee of the Company or an Affiliate or a Director, i.e., a
change in status from Employee to Director or Director to Employee shall not be
a termination.

    

    
       

    

    
      (c) No Right
to Employment or Services.  The grant of an
Award shall not be construed as giving a Participant the right to be retained in
the employ of the Company or any Affiliate, to continue services as a Consultant
or to remain a Director, as applicable. Further, the Company or an Affiliate may
at any time dismiss a Participant from employment or terminate a consulting
relationship, free from any liability or any claim under the Plan, unless
otherwise expressly provided in the Plan or in any Award agreement. Nothing in
the Plan or any Award agreement shall operate or be construed as constituting an
employment agreement with any Participant and each Participant shall be an “at
will” employee, unless such Participant has entered into a separate written
employment or other agreement with the Company or an
Affiliate.

    

    
       

    

    
      (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 and applicable federal law, without giving effect to principles of
conflicts of law.

    

    
      

    

    
      (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.

    

    
       

    

    
      (f) Other
Laws.  The Committee
may refuse to issue or transfer any Common Units or other consideration under an
Award if, in its sole discretion, it determines that the issuance or transfer or
such Common Units or such other consideration might violate any applicable law
or regulation, the rules of any securities exchange, 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 Fund Created; Unsecured Creditors.  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 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 Affiliate pursuant to an Award, such
right shall be no greater than the right of any general unsecured creditor of
the Company or the Affiliate.

    

    
       

    

    
      (h) No
Fractional Common Units.  No fractional
Common Units shall be issued or delivered pursuant to the Plan or any Award, and
any such fractional Common Units or any rights thereto shall be canceled,
terminated, or otherwise eliminated, without the payment of any consideration
therefor.

    

    
       

    

    
      (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.

    

    
       

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    (j) Tax
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, Common Units 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 or the Affiliate to satisfy its withholding obligations for the
payment of such taxes.

    
       

    

    
      (k) 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 and its Affiliates shall be relieved of any further liability for
payment of such amounts.

    

    
       

    

    
      (l) Participation
by Affiliates.  In making Awards
to Employees employed by an Affiliate of the Company, the Committee shall be
acting on behalf of the Affiliate, and to the extent the Partnership has an
obligation to reimburse the Affiliate for compensation paid to Employees for
services rendered for the benefit of the Partnership, such payments or
reimbursement payments may be made by the Partnership directly to the Affiliate,
and, if made to the Company, shall be received by the Company as agent for the
Affiliate.

    

    
       

    

    
      Section 9.  Term of
the Plan; Unitholder Approval.  The Plan shall
be effective on the date of its approval by the Unitholders of the Partnership
and shall continue until the earliest of (i) all available Common Units
under the Plan have been paid to Participants, (ii) the termination of the
Plan by action of the Board or the Committee or (iii) the
10th anniversary of the date of the approval by the Unitholders of this
Plan. 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.

    

    
       

    

    Section 10.  Section 409A.  Notwithstanding
anything in this Plan to the contrary, if any Plan provision or Award under the
Plan would result in the imposition of an additional tax under Code
Section 409A and related regulations and United States Department of the
Treasury pronouncements (“Section 409A”), that Plan provision or Award will
be reformed to the extent practicable to avoid imposition of the applicable tax
and no action taken to comply with Section 409A shall be deemed to
adversely affect the Participant’s rights to an Award or require the consent of
the Participant. Notwithstanding any provisions in the Plan to the contrary, to
the extent that the Participant is a “specified employee” (as defined in
Section 409A of the Code and applicable regulatory guidance) subject to the
six month delay under Section 409A in distributions under the Plan, no
distribution or payment that is subject to Section 409A of the Code shall
be made hereunder on account of such Participant’s “separation from service” (as
defined in Section 409A of the Code and applicable regulatory guidance)
before the date that is the first day of the month that occurs six months after
the date of the Participant’s separation from service (or, if earlier, the date
of death of the Participant or any other date permitted under Section 409A
of the Code and applicable regulatory guidance). Any such amount that is
otherwise payable within the six-month period following the Participant’s
separation from service will be paid in a lump sum without
interest.

    
      	7

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