CRESTWOOD MIDSTREAM PARTNERS LP PHANTOM UNIT AWARD AGREEMENT
Exhibit 10.26
Participant:
|
||||
Number of Phantom Units:
|
||||
Date of Grant:
|
1. Under the terms and conditions of the Crestwood Midstream Partners LP Third
Amended and Restated 2007 Equity Plan (the “Plan”), a copy of which is attached hereto and
incorporated herein by reference, Crestwood Midstream Partners LP, a Delaware limited partnership
(the “Partnership”), grants to the Participant named above the number of Phantom Units set forth
above. Terms not defined in this Agreement have the meanings set forth in the Plan.
2. One-third (1/3rd) of the Phantom Units will become vested on January
15, 2012 (the “Initial Vesting Date”) and an additional one-third (1/3rd) of the Phantom
Units shall become vested on each of the first two anniversaries of the Initial Vesting Date
(which, with the Initial Vesting Date, shall be referred to as the “Vesting Dates”), provided that
the Participant has remained an employee of the Company or its Affiliates through each such Vesting
Date (and further provided that in no event will the Participant become entitled to settlement of a
fraction of a Unit).
3. Notwithstanding the Vesting Dates described above, in the event of a Change in
Control while the Participant is employed by the Company or an Affiliate or in the event that the
Participant terminates employment with the Company or its Affiliates by reason of disability (as
determined by the Committee in good faith) or death, the nonvested Phantom Units will immediately
become 100% vested. If the Participant terminates employment with the Company and its Affiliates
for any reason other than such disability or death, any nonvested Phantom Units will be forfeited
immediately.
4. Each vested Phantom Unit will entitle the Participant to receive a lump sum cash
payment equal to the Market Value per Unit determined as of the date the Phantom Units become
vested. Payment will be made as soon as practicable following the date the Phantom Units become
vested, but in no event later than 10 days after such date. In no event will payment be made later
than March 15 of the calendar year following the calendar year in which the Phantom Units become
vested.
5. The Participant will have none of the rights of a unitholder of the Partnership
with respect to any Units underlying the Phantom Units, including the right to vote such Units or
receive any distributions that may be paid thereon. Furthermore, nothing herein will confer upon
the Participant any right to remain in the employ of the Company or an Affiliate.
6. The Participant hereby accepts and agrees to be bound by all the terms and
conditions of the Plan and this Agreement. Any amendment to the Plan will be deemed to be an
amendment to this Agreement to the extent that the Plan amendment is applicable hereto; provided,
however, that no amendment will adversely affect the rights of the Participant under this Agreement
without the Participant’s consent.
ACCEPTED:
| Signature of Participant |
||||
