QUICKSILVER GAS SERVICES LP PHANTOM UNIT AWARD AGREEMENT
Exhibit 10.11
QUICKSILVER GAS SERVICES LP
PHANTOM UNIT AWARD AGREEMENT
PHANTOM UNIT AWARD AGREEMENT
Participant: |
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Number of Phantom Units: |
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Date of Grant: |
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1. Under the terms and conditions of the Quicksilver Gas Services LP 2007 Equity Plan (the
“Plan”), a copy of which is attached hereto and incorporated herein by reference, Quicksilver Gas
Services 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 the first business
day of each of the first three calendar years beginning after the Date of Grant (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 acquire 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 Phantom Unit will entitle the Participant to receive one Unit with respect to each
such Phantom Unit that becomes vested. Payment will be made (i) with respect to Phantom Units that
become vested in accordance with Section 2 above, as of the applicable Vesting Date, (ii) with
respect to Phantom Units that become vested due to the Participant’s death or disability in
accordance with Section 3 above, as of the earlier of (A) the next Vesting Date coincident with or
following the date the Phantom Units become vested or (B) the date of the occurrence of a Change in
Control, and (iii) with respect to Phantom Units that become vested due to a Change in Control in
accordance with Section 3 above, as of the date of the occurrence of the Change in Control. In no
event will settlement of vested Phantom Units be made later than March 15 of the calendar year
following the calendar year in which the Phantom Units become vested. Payment will be evidenced by
book entry registration or by a certificate registered in the name of the Participant.
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 until such time, if any, that the Participant
has been determined to be a unitholder of record by the Partnership’s transfer agent or one or more
certificates of Units are delivered to the Participant in settlement thereof. 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
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