CRESTWOOD MIDSTREAM PARTNERS LP PHANTOM UNIT AWARD AGREEMENT
Exhibit 10.25
Director:
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Number of Phantom Units:
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Date of Grant:
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January , 2011 |
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 Director 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. The Phantom Units will become fully vested on the fifteenth day of January of the first
calendar year following the Date of Xxxxx, provided that the Director has remained a member of the
Board through such date. Notwithstanding the foregoing, in the event of a Change in Control while
the Director is a member of the Board, any nonvested Phantom Units will automatically become 100%
vested. If the Director ceases to be a member of the Board prior to such date, the nonvested
Phantom Units will be forfeited immediately.
3. Each Phantom Unit will entitle the Director to receive one Unit with respect to each such
Phantom Unit that becomes vested. Payment will be evidenced by book entry registration (or by a
certificate registered in the name of the Director) as of the date that the Phantom Units become
vested in accordance with Section 2.
4. The Director 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 Director 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 Director in settlement thereof.
5. The Director xxxxxx 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 Director under this Agreement without the
Director’s consent.
ACCEPTED:
| Signature of Director | ||||
