Document:

PVG GP, LLC Non-Employee Directors Deferred Compensation Plan

 Exhibit 10.1 
 FINAL 
 PVG GP, LLC 
 NON-EMPLOYEE DIRECTORS 
 DEFERRED COMPENSATION PLAN 
 Effective December 31, 2006 

 PVG GP, LLC 
 NON-EMPLOYEE DIRECTORS 
 DEFERRED COMPENSATION PLAN 
 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page
	ARTICLE I	 	PURPOSE AND EFFECTIVE DATE	  	1
	    1.1.	 	Purpose.	  	1
	    1.2.	 	Effective Date.	  	1
			
	ARTICLE II	 	DEFINITIONS	  	1
			
	ARTICLE III	 	ELIGIBILITY	  	5
	    3.1.	 	Eligibility.	  	5
	    3.2.	 	Participation and Deferral Agreements.	  	5
			
	ARTICLE IV	 	CONTRIBUTIONS	  	5
	    4.1.	 	Fee Deferrals.	  	5
	    4.2.	 	Unit Award Deferrals.	  	6
	    4.3.	 	Automatic Unit Distribution Deferral.	  	6
			
	ARTICLE V	 	DETERMINATION OF ACCOUNTS	  	7
	    5.1.	 	Account Establishment.	  	7
	    5.2.	 	Deferrals.	  	7
	    5.3.	 	Earnings on Fee Deferrals and Unit Distributions.	  	7
	    5.4.	 	Distributions.	  	7
	    5.5.	 	Adjustments.	  	7
			
	ARTICLE VI	 	VESTING	  	7
	    6.1.	 	Fee Deferrals.	  	7
	    6.2.	 	DCUs.	  	8
	    6.3.	 	DRUs.	  	8
	    6.4.	 	Unit Distributions.	  	8
	    6.5.	 	Change in Control.	  	8
			
	ARTICLE VII	 	DISTRIBUTIONS	  	8
	    7.1.	 	Normal Distribution Date.	  	8
	    7.2.	 	Alternative Distribution Election.	  	8
	    7.3.	 	Hardship Withdrawals.	  	8
	    7.4.	 	Death Benefits.	  	9
	    7.5.	 	Form of Payment.	  	9

  

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	ARTICLE VIII	 	NO FUNDING	  	9
			
	ARTICLE IX	 	ADMINISTRATION	  	9
	    9.1.	 	Administration.	  	9
	    9.2.	 	Administrative Review.	  	10
	    9.3.	 	General.	  	10
			
	ARTICLE X	 	AMENDMENT, DISCONTINUANCE AND TERMINATION	  	10
			
	ARTICLE XI	 	MISCELLANEOUS	  	10
	    11.1.	 	No Rights to Board Membership.	  	10
	    11.2.	 	Rights of Participants to Benefits.	  	10
	    11.3.	 	No Assignment.	  	10
	    11.4.	 	Withholding.	  	11
	    11.5.	 	Account Statements.	  	11
	    11.6.	 	Number.	  	11
	    11.7.	 	Titles.	  	11
	    11.8.	 	Governing Law.	  	11
	    11.9.	 	Other Plans.	  	11

  

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 PVG GP, LLC 
 NON-EMPLOYEE DIRECTORS 
 DEFERRED COMPENSATION PLAN 
 ARTICLE I 
 PURPOSE AND EFFECTIVE DATE 
 1.1. Purpose. The Plan is intended to provide deferred compensation for non-employee directors of PVG GP, LLC. The Plan is an unfunded plan that
does not cover any employees and thus is not subject to the Employee Retirement Income Security Act of 1974, as amended, nor is it intended to qualify under section 401(a) of the Code. 
 1.2. Effective Date. The Plan is effective December 31, 2006. 
 ARTICLE II 
 DEFINITIONS 
 As used herein, the following terms shall have the following meanings: 
 2.1. “Account”
means the bookkeeping reserve account established and maintained for each Participant pursuant to Article V solely to determine the amount payable to the Participant pursuant to Article VII and shall not constitute a separate fund of assets. Each
such Account shall consist of such subaccounts as the Committee deems necessary or desirable for the administration of the Plan. 
 2.2.
“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. 
 2.3. “Beneficiary” means the person(s), trust(s) or other entities the Participant designates, in accordance with procedures established
by the Committee, to receive any benefits under the Plan after the death of the Participant. If the Participant has not designated a Beneficiary, or if no Beneficiary survives the Participant, the Participant’s rights related to Common Units
under the terms of the Long-Term Incentive Plan and the aggregate amount of Fee Deferrals (and earnings thereupon) credited to the Participant’s Account shall pass by will or the laws of descent and distribution. 
 2.4. “Board” means the Board of Directors of the Company. 
 2.5. “Cessation of Service” means the removal of a Director from the Board pursuant to applicable provisions of the Company’s limited liability company agreement or the voluntary resignation by a
Director of his or her membership on the Board. 
  

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 2.6. “Change in Control” shall be deemed to have occurred upon the occurrence any of the
following events: 
 (a) The acquisition, after December 31, 2006, directly or indirectly, by any Person (as defined below) or
“group” (within the meaning of Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) of “beneficial ownership” (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of: 
 (i) equity securities of Penn Virginia Corporation, a Virginia corporation (“PVA”) that entitle the
“beneficial owners” thereof to control more than fifty percent (50%) of the combined voting power of PVA, 
 (ii) equity
securities of the Company that entitle the “beneficial owners” thereof to control more than fifty percent (50%) of the total combined voting power of the Company, or 
 (iii) equity securities of the Partnership that entitle the “beneficial owners” thereof to control more than fifty percent (50%) of the
total combined voting power of Common Units of the Partnership; 
 provided, however, any acquisition, directly or indirectly, by or from PVA, the Company,
the Partnership or any Affiliate of PVA, or by any employee benefit plan (or related trust) sponsored or maintained by PVA or any Affiliate, shall not constitute a Change in Control. 
 (b) Approval, after December 31, 2006, by the equity security holders of PVA or the Partnership or the occurrence of a merger, reorganization,
consolidation, exchange of equity interests, recapitalization, restructuring or other business combination that results in beneficial ownership of more than fifty percent (50%) of the total voting power of PVA or the Partnership being
transferred to a Person (as defined below), unless the equity security holders of PVA or the Partnership, as applicable, immediately before such transaction beneficially own, directly or indirectly, immediately following such transaction, at least a
majority of the combined voting power of the outstanding voting securities of the Person resulting from such transaction or the Person acquiring such properties and assets, entitled to vote generally on the election of such resulting or acquiring
Person’s directors, in substantially the same proportion as their ownership of such equity securities immediately before such transaction; 
 (c) Approval, after December 31, 2006, by the equity security holders of PVA or the Partnership or the occurrence of a sale of all or substantially all of the assets of PVA or the Partnership to a Person other than PVA or any of its
Affiliates; or 
 (d) Individuals who, after December 31, 2006, constitute the Board and any new director (other than a director
designated by a Person who has entered into an agreement with the Company to effect a transaction described in clause (a), clause (b) or clause (c) of this definition or any such individual whose initial assumption of office occurs as a
result of either an actual or threatened election contest (as such terms are used in Rule 14a-l 1 of Regulation 14A promulgated under the Exchange Act) or other actual or threatened solicitation of proxies or consents) whose election by the Board or
nomination for election by the Company’s equity security holders was approved by a vote of at least two-thirds (2/3) of the 
  

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 directors then still in office who either were directors at the beginning of such period or whose election or nomination
for election was previously so approved, cease for any reason to constitute a majority of the Board. 
 2.7. “Code” means
the Internal Revenue Code of 1986, as amended. 
 2.8. “Committee” means the Compensation Committee of the Board or such
other committee or subcommittee of the Board appointed by the Board to administer the Plan. 
 2.9. “Common Unit” means a
Common Unit of the Partnership as defined in the Partnership Agreement and awarded under the Long Term Incentive Plan. 
 2.10.
“Company” means PVG GP, LLC. 
 2.11. “Deferral Agreement” means the written agreement entered into between
the Participant and the Company pursuant to Article III. 
 2.12. “Deferred Common Unit” or “DCU” means a
notional entry that is entered in a Participant’s Account and that represents the right to one Common Unit in accordance with the terms of the Long-Term Incentive Plan. 
 2.13. “Deferred Restricted Unit” or “DRU” means a notional entry that is entered in a Participant’s Account and
that represents the right to one Restricted Unit in accordance with the terms of the Long-Term Incentive Plan (and subject to the restrictions contained therein). 
 2.14. “Fee” means base compensation for services as a Non-Employee Director and shall include (a) the annual retainer, (b) board and committee meeting fees and (c) any other additional
compensation for services as a Non-Employee Director. Fees shall not include expense allowances or reimbursements. 
 2.15. “Fee
Deferrals” means part or all of Fees, the receipt of which is deferred by the Participant pursuant to Section 4.1. 
 2.16.
“Long-Term Incentive Plan” or “LTIP” means the PVG GP, LLC Long-Term Incentive Plan, as amended from time to time. 
 2.17. “Non-Employee Director” means each director of the Company who is not an employee of the Company or any of the Company’s subsidiaries (as defined in section 425(f) of the Code). 

2.18. “Normal Distribution Date” means January 1 of the calendar year following the calendar year of the earlier to occur of the
Participant’s attainment of age 70 or Cessation of Service. 
 2.19. “Participant” means an individual who is eligible
to participate in the Plan pursuant to Article III and who has delivered an executed Deferral Agreement to the Committee in accordance with the provisions of Article III. Such individual shall remain a Participant in the Plan until such time as all
benefits payable under the Plan have been paid in accordance with the provisions hereof or the Plan is terminated in accordance with Article X. 
  

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 2.20. “Partnership” means Penn Virginia GP Holdings, L.P., a Delaware limited
partnership. 
 2.21. “Partnership Agreement” means the Amended and Restated Agreement of Limited Partnership of the
Partnership dated as of December 8, 2006, as amended from time to time. 
 2.22. “Person” means a “person” as
defined in section 3(a)(9) of the Exchange Act, as modified, applied and used in sections 13(d) and 14(d) thereof; provided, however, a Person shall not include (a) PVA, the Company, the Partnership or any of their respective subsidiaries,
(b) a trustee or other fiduciary holding securities under an employee benefit plan of PVA, the Company, the Partnership or any of their respective subsidiaries (in its capacity as such), (c) an underwriter temporarily holding securities
pursuant to an offering of such securities, or (d) a corporation owned, directly or indirectly, by the stockholders of PVA in substantially the same character and proportions as their ownership of equity of PVA. 
 2.23. “Plan Year” means the calendar year. 
 2.24. “Restricted Unit” means a “Restricted Unit” granted under the LTIP and subject to the restrictions thereunder. 
 2.25. “Tranche” means the amount of Fee Deferral and Award Deferrals credited to a Participant’s Account during any one Plan Year.

 2.26. “Unit” means a Common Unit or a Restricted Unit. 
 2.27. “Unit Award” means an “Award” under the Long-Term Incentive Plan, which is subject to deferral hereunder and is either a
Unit or a Restricted Unit granted thereunder. 
 2.28. “Unit Award Deferrals” means part or all of the Unit Awards payable
under the Long-Term Incentive Plan, the receipt of which is deferred by the Participant pursuant to Section 4.2. 
 2.29. “Unit
Distribution” means distributions made under the terms of the LTIP with respect to any Unit deferred under this Plan 
 2.30.
“Valuation Date” means the business day used for purposes of valuing the Fee Deferrals and Unit Award Deferrals credited to a Participant’s Account prior to a distribution described in Article VII. 
  

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 ARTICLE III 
 ELIGIBILITY 
 3.1. Eligibility. Each Non-Employee Director who is selected by the Committee shall be
eligible to become a Participant as of the date designated by the Committee. An eligible Director shall remain eligible to submit a Deferral Agreement until such time as the Committee affirmatively revokes such Director’s eligibility. Eligible
Directors, whether their eligibility has been revoked or not, shall remain Participants in the Plan until such time as all benefits payable under the Plan have been paid in accordance with the provisions hereof or the Plan has been terminated in
accordance with Article X. 
 3.2. Participation and Deferral Agreements. To become a Participant and receive credit for Fee Deferrals
and Unit Award Deferrals in such Participant’s Account, an eligible Non-Employee Director must deliver an executed Deferral Agreement in the form and manner prescribed by the Committee and in accordance with the restrictions described in this
Section 3.2. A Director may separately elect to defer Unit Awards (both Common Units and Restricted Units) and Fees. 
 (a) Newly
Eligible Directors. Each newly eligible Director who elects to participate in the Plan must deliver an executed Deferral Agreement to the Committee within thirty (30) days after the Committee notifies the Director of his or her eligibility
to participate. Such Deferral Agreement shall be effective with regard to the Fees earned and Unit Awards that are otherwise payable for periods beginning on the effective date of such Director’s commencement of participation in the Plan.

 (b) Previously Eligible Directors. Except as provided in Section 3.2(a) above, an eligible Director may make a deferral
election with respect to a subsequent Plan Year by delivering an executed Deferral Agreement to the Committee on or before December 31 of the year immediately preceding the Plan Year to which such deferral election is to apply. 
 (c) Subsequent Elections. A Participant’s executed Deferral Agreement with respect to Fee Deferrals and Award Deferrals shall be effective
only with respect to the specific Plan Year to which such Deferral Agreement applies and shall not be effective for any subsequent Plan Year. 
 ARTICLE IV 
 CONTRIBUTIONS 
 4.1. Fee Deferrals. 
 (a) Pursuant to the Deferral Agreement, a Participant may defer the receipt of all or any portion of
Fees payable by the Company to the Participant for services to be performed during a Plan Year. The Participant’s executed Deferral Agreement, delivered to the Committee in accordance with the provisions of Section 3.2, shall set forth an
exact whole dollar amount or a whole percentage of Fees to be deferred. A Fee Deferral election with respect to any Plan Year is irrevocable once the applicable executed Deferral Agreement is delivered to the Committee. A Fee Deferral election shall
be automatically revoked in the event the Director is permitted to take a distribution due to financial hardship. Such a Director shall not be eligible to make a new Fee Deferral election under the Plan. 
  

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 (b) The amount of any Fees deferred with respect to any Plan Year shall reduce the amount of such Fees
otherwise payable to the Participant as of the date such payment otherwise would have been made, and the amount of such reduction shall be allocated to the Participant’s Account effective as of the date the applicable Fees would otherwise have
been payable. 
 (c) In determining the percentage amount of any Fee Deferral, the Participant’s full Fee shall be considered without
regard to any deferrals made under the Plan. In no event shall a Participant be permitted to make Fee Deferrals that exceed 100% of his or her Fees. 
 4.2. Unit Award Deferrals. 
 (a) A Participant may separately elect to defer the receipt of all or a
portion of Unit Awards under the LTIP. The Participant’s executed Deferral Agreement, delivered to the Committee in accordance with the provisions of Section 3.2, shall set forth a whole number or percentage of the type of Unit Award to be
deferred. A Unit Award Deferral election with respect to a Plan Year is irrevocable once the applicable executed Deferral Agreement is delivered to the Committee. A Unit Award Deferral election shall be automatically revoked in the event the
Director is permitted to take a distribution due to financial hardship. Such a Director shall not be eligible to make a new Unit Award Deferral election under the Plan. 
 (b) The amount of any Unit Awards deferred with respect to any Plan Year shall reduce the amount of such Unit Awards otherwise due to the Participant as of the date such Unit Awards otherwise would have been made, and
the amount of such reduction shall be allocated to the Participant’s Account effective as of the date the applicable Unit Award would otherwise have been made. 
 (c) A Common Unit shall be credited as a DCU to the Participant’s Account. 
 (d) A Restricted Unit
shall be credited as a DRU to the Participant’s Account. 
 4.3. Automatic Unit Distribution Deferral. 
 (a) If a Participant elects to defer the receipt of any Unit Awards in accordance with Section 4.2, such Participant automatically shall be deemed
to have elected to defer the receipt of each Unit Distribution payable with respect to the underlying Unit Award deferred hereunder. 
 (b)
Any Unit Distribution deferred in accordance with this shall be credited to a Participant’s Account in the same manner as Fee Deferrals. 
  

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 ARTICLE V 
 DETERMINATION OF ACCOUNTS 
 5.1. Account Establishment. The Committee shall establish an
Account on behalf of each Participant. The establishment of an Account shall not require segregation of any funds of the Company or provide any Participant with any rights to any assets of the Company, except as a general creditor thereof. A
Participant shall have no right to receive payment of any amount credited to the Participant’s Account except as expressly provided in Article VI of this Plan. 
 5.2. Deferrals. Each Participant’s Account as of the Valuation Date shall consist of Fee Deferrals, DRUs and DCUs credited to the Participant’s Account. Each Account shall consist of such subaccounts
as the Committee deems necessary or desirable to determine the amounts payable by Tranche if different distribution elections apply with respect to such Tranches. 
 5.3. Earnings on Fee Deferrals and Unit Distributions. The Fee Deferrals and Unit Distribution portion of a Participant’s Account shall be credited with earnings quarterly, as if the balance of that
portion of such Participant’s Account which represents Fee Deferrals and Unit Deferrals as of the first day of such quarter on the first day of each quarter has been invested at a rate equal to the prime rate as correctly published in the
Wall Street Journal on the last business day of the immediately preceding quarter. 
 5.4. Distributions. Any Unit
Distributions payable with respect to Units underlying DRUs or DCUs, shall be credited with interest in the same manner as Fee Deferrals as described in Section 5.3. 
 5.5. Adjustments. In the event that 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 in good faith to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the LTIP, then the Committee shall, in such manner as it may deem equitable, under the LTIP, adjust any or all of (i) the number and type of Common Units (or other securities or property) with respect to
which Unit Awards may be granted, and (ii) the number and type of Common Units (or other securities or property) subject to outstanding Unit Awards; provided, that the number of Common Units subject to any Unit Award shall always be a whole
number. 
 ARTICLE VI 
 VESTING

 6.1. Fee Deferrals. A Participant shall be one hundred percent (100%) vested at all times in the amounts of Fees elected to be
deferred under the Plan and earnings credited thereon. 
  

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 6.2. DCUs. A Participant shall be one hundred percent (100%) vested at all times in the DCUs
credited to the Participant’s Account. 
 6.3. DRUs. DRUs credited to a Participant’s Account shall be subject to the same
vesting and forfeiture restrictions that apply to the underlying Restricted Units on which such DRU is credited. 
 6.4. Unit
Distributions. Unit Distributions paid with respect to any Unit underlying a DCU or DRU will be 100% vested at all times. 
 6.5.
Change in Control. Upon a Change in Control, all DRUs credited to a Participant’s Account shall automatically vest and become payable in full in accordance with the terms of the Long-Term Incentive Plan. 
 ARTICLE VII 
 DISTRIBUTIONS 
 7.1. Normal Distribution Date. Unless the Participant has elected another available distribution date in his or her executed Deferral Agreement or
the Participant dies prior to such date, the vested portion of a Participant’s Account shall be distributed to the Participant on the Participant’s Normal Distribution Date. 
 7.2. Alternative Distribution Election. For each Plan Year, a Participant may elect to receive benefit distributions under the Plan on a date
selected in the Participant’s Deferral Agreement for the applicable Plan Year. In no event shall the date selected be earlier than the first day of the calendar year beginning after the third anniversary of the filing of the applicable Deferral
Agreement under Section 3.2. The Participant may file an amendment to defer further the receipt of a Tranche (and earnings credited thereon) (or a portion of the Tranche) under this paragraph only three times, and each amendment must
(a) provide for a payout under this Section at a date at least twenty-four (24) months after the payout date under the election in force for such Tranche immediately prior to the filing of such an amendment, and (b) be filed with the
Committee by December 15 of the calendar year prior to the calendar year in which payment was to commence under the election then in force. 
 7.3. Hardship Withdrawals. The Committee shall establish procedures under which a Participant may request a withdrawal of some or all of the Participant’s Account in the event of an unforeseeable severe financial emergency. In
general, an unforeseeable severe financial emergency would include circumstances resulting from a sudden and unexpected illness or accident of the Participant or of the Participant’s spouse or dependent, uninsured loss of the Participant’s
property due to casualty, or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant and for which the resulting financial hardship cannot be reasonably relieved through other
sources of funds or by cessation of deferrals under this Plan. The Committee, in its sole and absolute discretion, shall determine whether any such financial emergency warrants a withdrawal from the Participant’s Account and shall determine the
amount of such withdrawal so as to limit the withdrawal to that amount (including a reasonable amount for taxes) that is required to satisfy the emergency need. In no event shall DRUs be subject to hardship withdrawals prior to the expiration of any
restrictions on the underlying Restricted Units. 
  

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 7.4. Death Benefits. Notwithstanding Sections 7.1 and 7.2, upon the death of a Participant, the
Company shall pay to the Participant’s Beneficiary the vested portion of the Participant’s Account as soon as practicable following the date of the Participant’s death. 
 7.5. Form of Payment. 
 (a) Fee
Deferrals and Unit Distributions. Fee Deferrals, Unit Distributions and earnings credited thereon shall be paid in a cash lump sum. 
 (b) Unit Award Deferrals. Unit Award Deferrals shall be payable in Units in accordance with the terms of the LTIP with respect to the type of Unit awarded (Restricted Unit or Common Unit). 
 ARTICLE VIII 
 NO FUNDING 
 The obligations of the Company to distribute benefits under this Plan shall be interpreted solely as an unfunded, contractual obligation to distribute
only those amounts credited to the Participant’s Account pursuant to Article V in the manner and under the conditions prescribed in Articles VI and VII. Any assets set aside, including any assets transferred to a grantor trust or purchased by
the Company with respect to amounts payable under the Plan, shall be subject to the claims of the Company’s general creditors, and no person other than the Company shall, by virtue of the provisions of the Plan, have any interest in such
assets. All amounts deferred pursuant to this Plan may, in the Committee’s discretion, be transferred to an irrevocable grantor trust as soon as practicable after such amounts are allocated to a Participant’s Account pursuant to Article
IV. 
 ARTICLE IX 
 ADMINISTRATION

 9.1. Administration. The Plan shall be administered by the Committee. The Committee shall have authority to act to the full extent
of its absolute discretion to: 
 (a) interpret the Plan; 
 (b) resolve and determine all disputes, questions or claims arising under the Plan, including the power to determine the rights of Participants and Beneficiaries, and their respective benefits, and to remedy any
ambiguities, inconsistencies or omissions in the Plan; 
 (c) create and revise rules and procedures for the administration of the Plan and
prescribe such forms as may be required for Participants to make elections under, and otherwise participate in, the Plan; and 
  

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 (d) take any other actions and make any other determinations as it may deem necessary and proper for the
administration of the Plan. 
 Any expenses incurred in the administration of the Plan shall be paid by the Company. 
 9.2. Administrative Review. Except as the Committee may otherwise determine, all decisions and determinations by the Committee shall be final and
binding upon all Participants and Beneficiaries. 
 9.3. General. No member of the Committee shall participate in any matter involving
any questions or decisions relating solely to his or her own participation or benefits under the Plan. The Committee shall be entitled to rely conclusively upon, and shall be fully protected in any action or omission taken by it in good faith
reliance upon the advice or opinion of any persons, firms or agents retained by it, including but not limited to accountants, actuaries, counsel and other specialists. Nothing in this Plan shall preclude the Company from indemnifying the members of
the Committee for all actions under this Plan, or from purchasing liability insurance to protect such persons with respect to the Plan. 
 ARTICLE X 
 AMENDMENT, DISCONTINUANCE AND TERMINATION 
 Except as required by the rules of the principal securities exchange on which the Common Units are traded, the Board or the Committee shall have the right to amend, modify, discontinue or terminate the Plan in any
manner; provided, however, that no amendment, modification, discontinuance or termination shall adversely affect the rights of Participants to amounts credited to the Accounts maintained on their behalf before such amendment, modification,
discontinuance or termination. In the case of termination of the Plan, any amounts credited to the Account of a Participant may, in the sole discretion of the Committee, be distributed in full to such Participant as soon as reasonably practicable
following such termination. 
 ARTICLE XI 
 MISCELLANEOUS 
 11.1. No Rights to Board Membership. Nothing in the Plan shall confer on any Director any right to continue
as a member of the Board of the Company or its subsidiaries or interfere in any way with the right of the Company, its subsidiaries and each of their equity holders to remove or not re-elect an individual from or to the Board. 
 11.2. Rights of Participants to Benefits. All rights of a Participant under the Plan to amounts credited to the Participant’s Account are
mere unsecured contractual rights of the Participant (or his or her Beneficiary) against the Company. 
 11.3. No Assignment. No
amounts credited to Accounts nor any rights or benefits under the Plan shall be subject in any way to voluntary or involuntary alienation, sale, transfer, assignment, pledge, attachment, garnishment, execution, or encumbrance, and any attempt to
accomplish the same shall be void. 
  

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 11.4. Withholding. The Company shall have the right to deduct from any distribution made hereunder
any taxes required by law to be withheld from a Participant with respect to such payment, and, shall have the right, in accordance with this Section and Section 8(b) of the Long-Term Incentive Plan, to require that a portion of a
Participant’s Account distribution (in cash, Common Units or other property) be payable as may be necessary in the opinion of the Company to satisfy its withholding obligations for the payment of such taxes. 
 11.5. Account Statements. Periodically (as determined by the Committee), each Participant shall receive a statement indicating the amounts (and
earnings thereupon, if applicable) credited to and payable from the Participant’s Account. 
 11.6. Number. The singular shall be
read in the plural, and vice versa, whenever the context shall so require. 
 11.7. Titles. The titles to articles and sections in
this Plan are placed herein for convenience of reference only, and the Plan is not to be construed by reference thereto. 
 11.8.
Governing Law. The validity, construction and effect of the Plan and any rules or regulations relating to the Plan shall be determined in accordance with the laws of the state of Delaware without regard to its conflict of laws principles.

 11.9. Other Plans. Except as specifically provided herein, nothing in this Plan shall be construed to affect the rights of a
Participant, a Participant’s Beneficiaries, or a Participant’s estate to receive any retirement or death benefit under any tax-qualified or nonqualified pension plan, deferred compensation agreement, insurance agreement or other retirement
plan of the Company. 
 As in effect on December 31, 2006. 
  

 - 11 -PVG GP, LLC Long-Term Incentive Plan

 Exhibit 10.2 
 PENN VIRGINIA GP HOLDINGS, L.P. 
 LONG-TERM INCENTIVE PLAN 
 SECTION 1. Purpose of the Plan. 
 The Penn Virginia GP
Holdings, L.P. Long-Term Incentive Plan (the “Plan”) is intended to promote the interests of Penn Virginia GP Holdings, L.P., a Delaware limited partnership (the “Partnership”), by providing to employees and directors of PVG GP,
LLC (the “Company”) and its Affiliates who perform services for the Partnership incentive compensation awards for superior performance that are based on Units. The Plan is also contemplated to enhance the ability of the Company and its
Affiliates to attract and retain the services of individuals who are essential for the growth and profitability of the Partnership and to encourage them to devote their best efforts to the business of the Partnership, thereby advancing the interests
of the Partnership and its partners. 
 SECTION 2. Definitions. 
 As used in the Plan, the following terms shall have the meanings set forth below: 
 “Account” means
the bookkeeping reserve account established and maintained for each Director pursuant to Section 6(d)(iii) hereof solely to determine the amount of Deferred Common Units payable to the Director pursuant to Section 6(d)(i) and shall not
constitute a separate fund of assets. Each such Account shall consist of such subaccounts as the Committee deems necessary or desirable for the administration of the Plan. 
 “Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls, is
controlled by or is under common control with, the Person in question. As used herein, the term “control” means the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise. 
 “Award” means an Option, Restricted Unit, Phantom Unit
or Deferred Common Unit granted under the Plan, and shall include any tandem DERs granted with respect to a Phantom Unit. 
 “Board” means the Board of Directors of the Company. 
 “Change in Control” shall be deemed to have occurred
upon the occurrence of one or more of the following events: (i) any sale, lease, exchange or other transfer (in one or a series of related transactions) of all or substantially all of the assets of the Partnership or the Company to any Person
or its Affiliates, other than the Partnership, the Company or any of their Affiliates, (ii) any merger, reorganization, consolidation or other transaction pursuant to which more than 50% of the combined voting power of the equity interests in
the Company ceases to be owned by Persons who own such interests as of October 1, 2006, (iii) a “change of control” of Penn Virginia Corporation, as provided in its Second Amended and Restated 1999 Employee Stock Incentive Plan,
or (iv) the general partner (whether the Company or any other Person) of the Partnership ceases to be an Affiliate of Penn Virginia Corporation. 

 “Committee” means the Compensation Committee of the Board or such other committee of the Board
appointed by the Board to administer the Plan. 
 “Deferred Common Unit” means a bookkeeping entry representing a single Unit.

 “DER” means a contingent right, granted in tandem with a specific Phantom Unit, to receive an amount in cash equal to the cash
distributions made by the Partnership with respect to a Unit during the period such Phantom Unit is outstanding. 
 “Director”
means a member of the Board who is not an Employee. 
 “Employee” means any employee of the Company or an Affiliate who performs
services for the Partnership, as determined by the Committee. 
 “Exchange Act” means the Securities Exchange Act of 1934, as
amended. 
 “Fair Market Value” means the closing sales price of a Unit on the applicable date (or if there is no trading in the
Units on such date, on the next preceding date on which there was trading) as reported in The Wall Street Journal (or other reporting service approved by the Committee). In the event Units are not publicly traded at the time a determination of fair
market value is required to be made hereunder, the determination of fair market value shall be made in good faith by the Committee. 
 “Option” means an option to purchase Units granted under the Plan. 
 “Participant” means any Employee or
Director granted an Award under the Plan. 
 “Partnership Agreement” means the Amended and Restated Agreement of Limited
Partnership of Penn Virginia GP Holdings, L.P. 
 “Person” means an individual or a corporation, limited liability company,
partnership, joint venture, trust, unincorporated organization, association, government agency or political subdivision thereof or other entity. 
 “Phantom Unit” means a phantom (notional) Unit granted under the Plan which upon vesting entitles the Participant to receive a Unit or an amount of cash equal to the Fair Market Value of a Unit, whichever is determined by the
Committee. 
 “Restricted Period” means the period established by the Committee with respect to an Award during which the Award
remains subject to forfeiture (is not vested) and is not exercisable by or payable to the Participant. 
 “Restricted Unit” means a
Unit granted under the Plan that remains subject to a Restricted Period. 
 “Retirement” means the voluntary termination by an
Optionee or a Participant of his employment with the Company and its Affiliates after such Optionee or Participant has (i) reached the age of 62 and (ii) provided at least ten consecutive Years of Service. 
  

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 “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor
rule or regulation thereto as in effect from time to time. 
 “SEC” means the Securities and Exchange Commission, or any successor
thereto. 
 “Unit” means a Common Unit of the Partnership. 
 “Unit Distribution” means any cash distribution or other distribution paid by the Company on account of the Units. 
 “Year of Service” means any calendar year in which an employee of the Company is paid or entitled to be paid for 1,000 hours of service.

 SECTION 3. Administration. 
 The Plan
shall be administered by the Committee. A majority of the Committee shall constitute a quorum, and the acts of the members of the Committee who are present at any meeting thereof at which a quorum is present, or acts unanimously approved by the
members of the Committee in writing, shall be the acts of the Committee. Subject to the following and any applicable law, the Committee, in its sole discretion, may delegate any or all of its powers and duties under the Plan (provided the Chief
Executive Officer is a member of the Board), including the power to grant Awards under the Plan, to the Chief Executive Officer of the Company, subject to such limitations on such delegated powers and duties as the Committee may impose, if any. Upon
any such delegation all references in the Plan to the “Committee”, other than in Section 7, shall be deemed to include the Chief Executive Officer; provided, however, that such delegation shall not limit the Chief Executive
Officer’s right to receive Awards under the Plan. Notwithstanding the foregoing, the Chief Executive Officer may not grant Awards to, or take any action with respect to any Award previously granted to, a person who is an officer subject to Rule
16b-3 or a member of the Board. Subject to the terms of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to:
(i) designate Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii) determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of any Award;
(v) determine whether, to what extent, and under what circumstances Awards may be settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any instrument or agreement relating to an Award made under the Plan;
(vii) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (viii) make any other determination and take any other action that the
Committee deems necessary or desirable for the administration of the Plan. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan or any Award shall
be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all Persons, including the Company, the Partnership, any Affiliate, any Participant, and any beneficiary of any Award.

 SECTION 4. Units. 
 (a)
Units Available. Subject to adjustment as provided in Section 4(c), the number of Units with respect to which Awards may be granted under the Plan is 300,000. 

  

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If any Option, Restricted Unit or Phantom Unit is forfeited or otherwise terminates or is canceled without the delivery of Units, then the Units covered by
such Award, to the extent of such forfeiture, termination or cancellation, shall again be Units with respect to which Awards may be granted. 
 (b) Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an Award shall consist, in whole or in part, of Units acquired in the open market, from any Affiliate, the Partnership or any other
Person, or any combination of the foregoing, as determined by the Committee in its discretion. 
 (c) Adjustments. In
the event that the Committee determines that any distribution (whether in the form of cash, Units, other securities, or other property), recapitalization, split, reverse split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Units or other securities of the Partnership, issuance of warrants or other rights to purchase Units or other securities of the Partnership, or other similar transaction or event affects the Units such that an adjustment
is determined by the Committee to be appropriate in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan, then the Committee shall, in such manner as it may deem equitable,
adjust any or all of (i) the number and type of Units (or other securities or property) with respect to which Awards may be granted, (ii) the number and type of Units (or other securities or property) subject to outstanding Awards, and
(iii) the grant or exercise price with respect to any Award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding Award; provided, that the number of Units subject to any Award shall always be a whole
number. 
 SECTION 5. Eligibility. 
 Any
Employee or Director shall be eligible to be designated a Participant and receive an Award under the Plan, except that only Directors shall be eligible to receive Deferred Common Units. 
 SECTION 6. Awards. 
 (a) Options. The Committee shall have the authority to
determine the Employees and Directors to whom Options shall be granted, the number of Units to be covered by each Option, the purchase price therefor and the conditions and limitations applicable to the exercise of the Option, including the
following terms and conditions and such additional terms and conditions, as the Committee shall determine, that are not inconsistent with the provisions of the Plan. 
 (i) Exercise Price. The purchase price per Unit purchasable under an Option shall be determined by the Committee at the time the
Option is granted and may be more or less than its Fair Market Value as of the date of grant. 
 (ii) Time and Method of
Exercise. The Committee shall determine the Restricted Period, i.e., the time or times at which an Option may be exercised in whole or in part, which may include, without limitation, accelerated vesting upon 

  

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

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 (c) Restricted Units. The Committee shall have the authority to determine the
Employees and Directors to whom Restricted Units shall be granted, the number of Restricted Units to be granted to each such Participant, the Restricted Period, the conditions under which the Restricted Units may become vested or forfeited, which
may include, without limitation, the accelerated vesting upon the achievement of specified performance goals, and such other terms and conditions as the Committee may establish with respect to such Awards. 
 (i) Forfeiture. Except as otherwise provided in the terms of the Restricted Units grant, upon termination of a Participant’s
employment with the Company and its Affiliates or membership on the Board, whichever is applicable, for any reason other than Retirement during the applicable Restricted Period, all Restricted Units shall be forfeited by the Participant. The
Committee may, in its discretion, waive in whole or in part such forfeiture with respect to a Participant’s Restricted Units. 
 (ii) Lapse of Restrictions. Upon or as soon as reasonably practical following the vesting of each Restricted Unit, the Participant shall be entitled to receive from the Company one Unit that is not subject to a Restricted Period.

 (iii) Distributions. As provided by the Committee, in its discretion, in a grant of Restricted Units, distributions
on a Restricted Unit may be paid directly to the Participant or may be made subject to a risk of forfeiture and transfer restrictions during the Restricted Period, in which event such distributions shall be held, without interest, by the Company and
paid to the Participant upon the vesting of the related Restricted Unit or forfeited upon the forfeiture of the related Restricted Unit, as the case may be. 
 (d) Deferred Common Units. The Committee shall have the authority to determine the Directors to whom Deferred Common Units shall be
awarded, the number of Deferred Common Units awarded to each such Director, the conditions under which the Deferred Common Units may become vested or forfeited, the Restricted Period, if any, and such other terms and conditions as the Committee may
establish with respect to such Awards. 
 (i) Unit Distributions. Except as otherwise provided in the terms of the
Deferred Common Unit award, on each date on which the Partnership makes a Unit Distribution (the “Unit Distribution Date”), the Account of each Director shall be credited with, at the Committee’s discretion, either (A) an amount
of cash equal to (x) the amount of cash or the fair market value of other property comprising such Unit Distribution, times (y) the number of Deferred Common Units credited to the Director’s Account as of the Unit Distribution Date or
(B) that number of Deferred Common Units equal to (x) the product of (1) the amount of cash or the fair market value of other property comprising such Unit Distribution, times (2) the number of Deferred Common Units credited to
the Director’s Account as of the Unit Distribution Date, divided by (y) the Fair Market Value on the Unit Distribution Date. 
  

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 (ii) Deferred Common Unit Accounts. 
 (A) The Committee shall establish an Account on behalf of each Director who receives Deferred Common Units. The establishment of an
Account shall not require segregation of any funds of the Partnership or provide any Director with any rights to any assets of the Company or the Partnership, except as a general creditor thereof. A Director shall have no right to receive payment of
any amount credited to his Account except as expressly provided in Section 6(d)(iv). 
 (B) Each Director’s Account
as of any Grant Date shall consist of Deferred Common Units credited to the Director’s Account and any Unit Distributions credited under 6(d)(i) above. 
 (C) Periodically (as determined by the Committee), each Director shall receive a statement indicating the amounts credited to and payable
from the Director’s Account. 
 (iii) Vesting. Except as otherwise provided in the terms of the Deferred Common
Unit award, each Director shall be 100% vested at all times in (i) the Deferred Common Units credited to such Director’s Account and (ii) Unit Distributions attributable thereto. 
 (iv) Account Distributions. Except as otherwise provided in the terms of the Deferred Common Unit award, the Units represented by
Deferred Common Units credited to a Director’s Account and the amount attributable to Unit Distributions credited to a Director’s Account shall be distributed to the Director on the date on which the Director ceases for any reason to be a
member of the Board; provided that, upon the death of a Director, such distributions shall be made to the beneficiary designated by such Director, or, if no such designation has been made, or if the beneficiary predeceases the Director, to the
Director’s estate. Each Deferred Common Unit shall be payable in one Unit. 
 (e) General. 
 (i) Awards May Be Granted Separately or Together. Awards may, in the discretion of the Committee, be granted either alone or in
addition to, in tandem with, or in substitution for any other Award granted under the Plan or any award granted under any other plan of the Company or any Affiliate. Awards granted in addition to or in tandem with other Awards or awards granted
under any other plan of the Company or any Affiliate may be granted either at the same time as or at a different time from the grant of such other Awards or awards. 
 (ii) Limits on Transfer of Awards. 
 (A) Except as provided in (C) below, each Option shall be exercisable only by the Participant during the Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or
the laws of descent and distribution. 
  

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 (B) Except as provided in (C) below, no Award and no right under any such Award may
be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by a Participant and any such purported assignment, alienation, pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the
Company or any Affiliate. 
 (C) To the extent specifically provided by the Committee with respect to an Option grant, an
Option may be transferred by a Participant without consideration to immediate family members or related family trusts, limited partnerships or similar entities or on such terms and conditions as the Committee may from time to time establish. In
addition, Awards may be transferred by will and the laws of descent and distribution. 
 (iii) Term of Awards. The term
of each Award shall be for such period as may be determined by the Committee. 
 (iv) Unit Certificates. All
certificates for Units or other securities of the Partnership delivered under the Plan pursuant to any Award or the exercise thereof shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the
Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which such Units or other securities are then listed, and any applicable federal or state laws, and the Committee may cause a legend or legends to be put on
any such certificates to make appropriate reference to such restrictions. 
 (v) Consideration for Grants. Awards may
be granted for such consideration, including services, as the Committee determines. 
 (vi) Delivery of Units or other
Securities and Payment by Participant of Consideration. Notwithstanding anything in the Plan or any grant agreement to the contrary, delivery of Units pursuant to the exercise or vesting of an Award may be deferred for any period during which,
in the good faith determination of the Committee, the Company is not reasonably able to obtain Units to deliver pursuant to such Award without violating the rules or regulations of any applicable law or securities exchange. No Units or other
securities shall be delivered pursuant to any Award until payment in full of any amount required to be paid pursuant to the Plan or the applicable Award grant agreement (including, without limitation, any exercise price or tax withholding) is
received by the Company. Such payment may be made by such method or methods and in such form or forms as the Committee shall determine, including, without limitation, cash, other Awards, withholding of Units, cashless-broker exercises with
simultaneous sale, or any combination thereof; provided that the combined value, 
  

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

  

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 (c) Adjustment of Awards Upon the Occurrence of Certain Unusual or Nonrecurring
Events. The Committee is hereby authorized to make adjustments in the terms and conditions of, and the criteria included in, Awards in recognition of unusual or nonrecurring events (including, without limitation, the events described in
Section 4(c) of the Plan) affecting the Partnership or the financial statements of the Partnership, or of changes in applicable laws, regulations, or accounting principles, whenever the Committee determines that such adjustments are appropriate
in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Plan. 
 SECTION 8. General
Provisions. 
 (a) No Rights to Award. No Person shall have any claim to be granted any Award under the Plan, and
there is no obligation for uniformity of treatment of Participants. The terms and conditions of Awards need not be the same with respect to each recipient. 
 (b) Withholding. The Company or any Affiliate is authorized to withhold from any Award, from any payment due or transfer made under any Award or from any compensation or other amount owing to a Participant the
amount (in cash, Units, other securities, Units that would otherwise be issued pursuant to such Award or other property) of any applicable taxes payable in respect of the grant of an Award, its exercise, the lapse of restrictions thereon, or any
payment or transfer under an Award or under the Plan and to take such other action as may be necessary in the opinion of the Company to satisfy its withholding obligations for the payment of such taxes. 
 (c) No Right to Employment. The grant of an Award shall not be construed as giving a Participant the right to be retained in the
employ of the Company or any Affiliate or to remain on the Board, as applicable. Further, the Company or an Affiliate may at any time dismiss a Participant from employment, free from any liability or any claim under the Plan, unless otherwise
expressly provided in the Plan or in any Award agreement. 
 (d) Governing Law. The validity, construction, and effect
of the Plan and any rules and regulations relating to the Plan shall be determined in accordance with the laws of the State of Delaware law without regard to its conflict of laws principles. 
 (e) Severability. If any provision of the Plan or any award is or becomes or is deemed to be invalid, illegal, or unenforceable in
any jurisdiction or as to any Person or Award, or would disqualify the Plan or any award under any law deemed applicable by the Committee, such provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot be
construed or deemed amended without, in the determination of the Committee, materially altering the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction, person or award and the remainder of the Plan and any such
Award shall remain in full force and effect. 
  

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 (f) Other Laws. The Committee may refuse to issue or transfer any Units or other
consideration under an Award if, in its sole discretion, it determines that the issuance or transfer or such Units or such other consideration might violate any applicable law or regulation, the rules of the principal securities exchange on which
the Units are then traded, or entitle the Partnership or an Affiliate to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a Participant, other holder or beneficiary in connection with the
exercise of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary. 
 (g) No Trust or
Fund Created. Neither the Plan nor any Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship between the Company or any participating Affiliate and a Participant or any other Person. To the
extent that any Person acquires a right to receive payments from the Company or any participating Affiliate pursuant to an award, such right shall be no greater than the right of any general unsecured creditor of the Company or any participating
Affiliate. 
 (h) No Fractional Units. No fractional Units shall be issued or delivered pursuant to the Plan or any
Award, and the Committee shall determine whether cash, other securities, or other property shall be paid or transferred in lieu of any fractional Units or whether such fractional Units or any rights thereto shall be canceled, terminated, or
otherwise eliminated. 
 (i) Headings. Headings are given to the Sections and subsections of the Plan solely as a
convenience to facilitate reference. Such headings shall not be deemed in any way material or relevant to the construction or interpretation of the Plan or any provision thereof. 
 (j) Facility Payment. Any amounts payable hereunder to any person under legal disability or who, in the judgment of the Committee,
is unable to properly manage his financial affairs, may be paid to the legal representative of such person, or may be applied for the benefit of such person in any manner which the Committee may select, and the Company shall be relieved of any
further liability for payment of such amounts. 
 (k) Gender and Number. Words in the masculine gender shall include
the feminine gender, the plural shall include the singular and the singular shall include the plural. 
 SECTION 9. Term of the Plan. 
 The Plan shall be effective on the date of its approval by the Board and shall continue until the date terminated by the Board or Units are no longer
available for the payment of Awards under the Plan, whichever occurs first. However, unless otherwise expressly provided in the Plan or in an applicable Award Agreement, any Award granted prior to such termination, and the authority of the Board or
the Committee to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such Award, shall extend beyond such termination date. 
  

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