Document:

Form of Restricted Phantom Unit Grant

 Exhibit 10.5 
 Long-Term Incentive Plan 
 Restricted Phantom Unit Grant Agreement

Grantee:                       
                                    

Grant
Date:                                        
              
 Performance
Period:                                      

  

	1.	Grant of Restricted Phantom Units. DCP Midstream GP, LLC (the “Company”) hereby grants to you
            Restricted Phantom Units (“RPUs”) under the DCP Midstream Partners, LP Long-Term Incentive Plan (the “Plan”) on the terms and conditions set forth
herein. The number of RPUs has been determined based on the closing price of DCP Midstream Partners, LP Common Units on the Grant Date and includes a tandem distribution equivalent right (“DER”) grant with respect to each RPU. The Company
will establish a DER bookkeeping account for you with respect to each RPU granted that shall be credited with an amount equal to the cash distributions made during the Performance Period on the DCP Midstream Partners, LP Common Units. Unless
otherwise defined herein, terms used, but not defined, in this Grant Agreement shall have the same meaning as set forth in the Plan. 

  

	2.	Vesting. Except as provided in Paragraph 3 below, the RPUs granted hereunder shall become Vested only if you have not ceased to be an Employee
(“Termination of Service”) prior to the end of the Performance Period. 

  

	3.	Early Vesting Events. You may become Vested prior to the end of the Performance Period as provided in Paragraph (a) below.

  

	 	(a)	Death, Disability, Retirement or Layoff. If you incur a Termination of Service after the first anniversary of the Grant Date as a result of your:
(i) death, (ii) disability that entitles you to benefits under the Company’s long-term disability plan, (iii) retirement on or after attaining the age of 55 and completing five (5) continuous years of service with the
Company or its Affiliates, or (iv) involuntary termination by the Company for reasons other than “Cause”, as determined by the Company in accordance with its employment practices, the Performance Period shall terminate and your RPUs
and DERs will become fully Vested on the date of your Termination of Service. 

  

	 	(b)	Other Terminations of Service. If your Termination of Service occurs prior to the end of the Performance Period for any reason other than as provided in
Paragraph 3(a) above, the Performance Period shall terminate and all of your RPUs and unpaid DERs shall be forfeited automatically upon the date of your Termination of Service. 

 

	4.	Change of Control. If a Change of Control occurs prior to the end of the Performance Period the following will occur: (i) if there is no change in
job (same status) within twelve (12) months of the Change of Control, RPUs will be replaced with equivalent ownership interests of the new enterprise; however (ii) if you are severed or your job is lower in status within twelve
(12) months of the Change of Control, the Performance Period terminates and all RPUs will become immediately Vested. For purposes of this Agreement, a Change of Control means any person other than DCP Midstream, LLC and/or an affiliate thereof
becomes the beneficial owner of more than 50% of the combined voting power of the Company’s equity interests. 

  

	5.	Payments. 

  

	 	(a)	RPUs. As soon as administratively practicable after the last day of the Performance Period, the Company will either pay you cash or issue you DCP
Midstream Partners, LP Common Units, or a combination thereof, at the sole discretion of the Compensation Committee. If payment is made in cash, such payment will be made in a lump sum equal 

	 	 
to the then average closing price of your Vested RPUs based on the last twenty trading days immediately prior to the end of the Performance Period, less any taxes the Company is required to
withhold from such payment. If the Compensation Committee decides to settle your RPUs in DCP Midstream Partners, LP Common Units, the RPUs that have become Vested will be exchanged for a like number of DCP Midstream Partners, LP Common Units, less
any taxes the Company is required to withhold from such payment, valuing such RPUs and applicable tax withholding as of the settlement date. Payment will be made as soon as practicable after the end of the Performance Period, but no later than 2 1/2 months following the end of the Plan year in which
the Performance Period terminates unless deferred into the Executive Deferred Compensation Plan in accordance with Code Section 409A, less all applicable taxes required to be withheld therefrom. 

 

	 	(b)	DERs. As soon as practicable after the end of each calendar quarter during the Performance Period, the Company shall pay you, with respect to each RPU, an
amount of cash equal to the DERs credited to your DER account during that calendar quarter less all applicable taxes required to be withheld therefrom. 

  

	6.	Limitations Upon Transfer. All rights under this Agreement shall belong to you alone and may not be transferred, assigned, pledged, or hypothecated by you
in any way (whether by operation of law or otherwise), other than by will or the laws of descent and distribution or by a beneficiary designation form filed with the Company in accordance with the procedures established by the Company for such
designation, and shall not be subject to execution, attachment, or similar process. Upon any attempt by you to transfer, assign, pledge, hypothecate, or otherwise dispose of such rights contrary to the provisions in this Agreement or the Plan, or
upon the levy of any attachment or similar process upon such rights, such rights shall immediately become null and void. 

  

	7.	Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and upon any person lawfully
claiming under you. 

  

	8.	Entire Agreement. This Agreement along with the Plan constitutes the entire agreement of the parties with regard to the subject matter hereof, and
contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the RPUs granted hereby. Without limiting the scope of the preceding sentence, all prior understandings and agreements, if any,
among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. 

  

	9.	Modifications. Any modification of this Agreement shall be effective only if it is in writing and signed by both you and an authorized officer of the
Company. 

  

	10.	Governing Law. This grant shall be governed by, and construed in accordance with, the laws of the State of Colorado, without regard to conflicts of laws
principles thereof. 

  

	11.	Plan Controls. By accepting this Grant, you acknowledge and agree that the RPUs are granted under and governed by the terms and conditions of this
Agreement and the Plan, a copy of which has been furnished to you. In the event of any conflict between the Plan and this Agreement, the terms of the Plan shall control. All decisions or interpretations of the Committee upon any questions relating
to the Plan or this Agreement are binding, conclusive and final on all persons. 

  
 -2-

			
	DCP MIDSTREAM GP, LLC
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	Grantee Acknowledgement and Acceptance
		
	By:	 	  

		
	Name:	 	  

  
 -3-Twelfth Amendment to Omnibus Agreement, dated January 1, 2011

 Exhibit 10.19 
 TWELFTH AMENDMENT 
 TO 

OMNIBUS AGREEMENT 
 This Twelfth Amendment to Omnibus Agreement (this “Amendment”) is dated as of January 1, 2011 and entered into by and among DCP Midstream, LLC, a Delaware limited liability company
(“DCPM”), DCP Midstream GP, LLC, a Delaware limited liability company (“DCPM GP LLC”), DCP Midstream GP, LP, a Delaware limited partnership (the “General Partner”), DCP Midstream Partners, LP, a
Delaware limited partnership (the “MLP”), and DCP Midstream Operating, LP (the “OLP”). The above-named entities are sometimes referred to in this Amendment each as a “Party” and collectively as the
“Parties”. 
 RECITALS 

 

	 	A.	The Parties entered into that certain Omnibus Agreement dated as of December 7, 2005, as amended by that certain First Amendment to Omnibus Agreement dated
April 1, 2006, Second Amendment to Omnibus Agreement dated November 1, 2006, Third Amendment to Omnibus Agreement dated May 9, 2007, Fourth Amendment to Omnibus Agreement dated July 1, 2007, Fifth Amendment to Omnibus Agreement
dated August 7, 2007, Sixth Amendment to Omnibus Agreement dated August 29, 2007, Seventh Amendment to Omnibus Agreement dated October 1, 2008, the Eight Amendment to Omnibus Agreement dated December 31, 2008, the Ninth Amendment
to Omnibus Agreement dated November 24, 2009, the Tenth Amendment to Omnibus Agreement dated December 3, 2009, and the Eleventh Amendment to Omnibus Agreement dated January 27, 2010 (together referred to as the “Omnibus
Agreement”) (capitalized terms used but not defined herein shall have the meaning given thereto in the Omnibus Agreement). 

  

	 	B.	The Parties desire to amend certain sections of the Omnibus Agreement to revise the definition of “MLP Assets”, to revise the additional indemnification
provision of Section 2.3(b) and to revise the limitation on reimbursement for fixed general and administrative expenses provision of Section 3.3(a). 

 FOR GOOD AND VALUABLE CONSIDERATION, the receipt and sufficiency of which is hereby acknowledge, the Parties hereby agree as follows: 

 

	 	1.	Omnibus Agreement Amendment. The following sections of the Omnibus Agreement are hereby amended: 

 

	 	a.	Section 1.1(b) is amended to change the definition of “MLP Assets” to read as follows:  

“MLP Assets” means the assets owned by or necessary for the operation of the business, properties or assets of
any member of the Partnership Group.” 
  

	 	b.	Section 2.3(b) is amended in its entirety and replaced with the following: 

 In addition to and not in limitation of the indemnification provided under this Article II or in the MLP Agreement, the Partnership Group shall indemnify, defend, and hold harmless DCPM and its
Subsidiaries, other than any Subsidiary constituting part of the Partnership Group, by reason of or arising out of events and conditions associated with the operation of the MLP Assets. 

 

	 	c.	Section 3.3(a), Limitations on Reimbursement, is amended in its entirety and replaced with the following: 

The amount for which DCPM shall be entitled to reimbursement from the Partnership Group pursuant to Section 3.1(b) for
general and administrative expenses (excluding direct bill items associated with public company and audit costs and insurance) shall be determined in accordance with the following: 

 

	 	(i)	General and administrative expenses associated with the assets of the Partnership Group shall be a fixed fee equal to $10.2 million per year through calendar year 2011
(the “G&A Expenses Limit”). After calendar year 2011, the G&A Expenses Limit shall be increased annually in January by the percentage increase in the Consumer Price Index – All Urban Consumers, U.S. City Average, Not
Seasonally Adjusted for the prior calendar year (the “CPI Adjustment”). 

  

	 	(ii)	In the event that the Partnership Group makes any acquisitions of assets or businesses or the business of the Partnership Group otherwise expands the G&A Expense
Limit shall be appropriately increased in order to account for adjustments in the nature and extent of the general and administrative services by DCPM to the Partnership Group. 

	 	(iii)	Notwithstanding anything to the contrary, for time periods after December 31, 2011, either Party may terminate this Omnibus Agreement by giving the other Party
notice no less than 120 days prior to the end of the calendar year in which such termination shall occur. 

  

	 	2.	Acknowledgement. Except as amended hereby, the Omnibus Agreement shall remain in full force and effect as previously executed, and the Parties hereby ratify the
Omnibus Agreement as amended hereby. 

  

	 	3.	Counterparts. This Amendment may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become effective
when one or more counterparts have been signed by each of the Parties hereto and delivered (including by facsimile) to the other Parties. 

 EACH OF THE UNDERSIGNED, intending to be legally bound, has caused this Amendment to be duly executed and delivered to be effective as of January 1, 2011, regardless of the actual date of
execution of this Amendment. 
  

					
	DCP MIDSTREAM, LLC	 	
			
	By:	 	/s/ Brent Backes	 	
	 Name: Brent L. Backes
	 	
	Title: Group Vice President, General Counsel & Corporate Secretary
		
	DCP MIDSTREAM GP, LLC	 	
			
	By:	 	 /s/ Michael Richards
	 	
	Name: Michael S. Richards	 	
	Title: Vice President, General Counsel & Secretary	 	
		
	DCP MIDSTREAM GP, LP	 	
	By: DCP MIDSTREAM GP, LLC, its general partner	 	
			
	By:	 	/s/ Michael Richards	 	
	Name: Michael S. Richards 	 	
	Title: Vice President, General Counsel & Secretary	 	
		
	DCP MIDSTREAM PARTNERS, LP	 	
	 By: DCP MIDSTREAM GP, LP, its general partner
	 	
	 By: DCP MIDSTREAM GP, LLC, its general partner
	 	
			
	By:	 	/s/ Michael Richards	 	
	Name: Michael S. Richards	 	
	Title: Vice President, General Counsel & Secretary	 	
		
	DCP MIDSTREAM OPERATING, LP	 	
			
	By:	 	/s/ Michael Richards	 	
	 Name: Michael S. Richards
	 	
	 Title: Vice President, General Counsel & Secretary

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