Exhibit 10.2
PHANTOM EQUITY GRANT AGREEMENT
THIS AGREEMENT, made as of November 15, 2022 (the “Grant Date”), between Suburban Propane Partners, L.P., a Delaware partnership (the “Partnership”), and _____________ (the “Grantee”).
WHEREAS, the Partnership has adopted the Suburban Propane Partners, L.P. 2022 Phantom Unit Plan (the “Plan”) in order to provide incentive to certain selected employees and elected Supervisors of the Partnership and Affiliates; and
WHEREAS, the Partnership has determined to grant rights to receive Phantom Equity to the Grantee as provided herein;
NOW THEREFORE, the parties hereto agree as follows:
1.1 The Partnership hereby grants to the Grantee the right to receive _________ units of Phantom Equity (the “Award”) subject to, and in accordance with, the terms and conditions set forth in this Agreement and the Plan.
Forfeiture. Subject to the other provisions of this Agreement and the Plan, the Grantee’s rights with respect to the Award shall remain forfeitable at all times prior to the date on which the restrictions thereon shall have lapsed in accordance with Article 4 of the Plan. Notwithstanding any other provision in the Plan, if a Grantee’s employment terminates as a result of Retirement, as defined in the Plan, the units of Phantom Equity granted to such Grantee which were granted to Grantee more than twelve (12) months prior to the effective date of such Retirement shall vest six (6) months after the effective date of such Retirement and the applicable Payment, calculated in accordance with Article 2.21 of the Plan, and shall be paid as soon as is practical following the date of vesting.
SUBURBAN PROPANE PARTNERS, L.P.
By: __________________________________
Mr. Michael Stivala
President and Chief Executive Officer
By:__________________________________
_____________
Grantee