Boardroom Alpha
Start trial
10-K primary document
NGL · Annual Report (Form 10-K) · Filed May 28, 2026

Ngl Energy Partners LP — 10-K exhibit

ex102303312610k.htm
Ngl Energy Partners LP on Boardroom Alpha
Document

Exhibit 10.23

nglepbluelogo.jpg

6120 S. Yale Avenue • Suite 1300 • Tulsa •OK • 74136-4217
Phone 918-481-1119 • Fax 918-481-5896

[DATE]

[Title. First Name Last Name]
[Address]
[City, State ZIP]

Re: NGL Energy Partners LP (“NGL”) Restricted Unit Grant Agreement

Dear [Title. Last Name]:

The Compensation Committee of NGL Energy Holdings LLC (“NGL Energy”), through the consent of NGL Energy’s Board of Directors, has awarded you Restricted Units (“Grants”) representing [total number of units using numbers, i.e. 3,000] NGL common units under the terms of the NGL Energy Partners LP 2025 Long-Term Incentive Plan, as amended from time to time (“LTIP”). The Grant shall be subject to the terms and conditions of the LTIP and this Agreement. This Grant vests as indicated below, subject to your continued employment on each vesting date. Any portion of this Grant that does not vest will be forfeited. Common units will be issued to you upon vesting. The unit value of your Grant will be determined based on the high/low average of the Company’s daily market price on the date of vesting. Cash distributions will not be accrued or paid until the Grants are vested. Subsequent to vesting, distributions will be made at the same times and in the same amounts as other outstanding common units.

Vesting Schedule
Grant AwardDate of VestingGrant AwardDate Vesting
[# of units vesting, i.e. 500][Vesting Date][# of units vesting, i.e. 500][Vesting Date]
[# of units vesting, i.e. 500][Vesting Date][# of units vesting, i.e. 500][Vesting Date]
[# of units vesting, i.e. 500][Vesting Date][# of units vesting, i.e. 500][Vesting Date]

Please note that like any compensation arrangement, Grants under the LTIP are to be kept confidential unless required by SEC disclosure regulations. It is a pleasure for us to be associated with you in building an even greater Master Limited Partnership.

Please login to NetBenefits through Fidelity at https://nb.fidelity.com/static/mybenefits/netbenefitslogin/#/login to ACCEPT the Grant Award within the next fifteen (15) business days. Copies of the LTIP, Prospectus and Clawback Policy are available under the Documents Tab on your Net Benefits home page. If you have any trouble logging in to NetBenefits, please contact Fidelity at 1.800.544.9354.

Thank you.

NGL Energy Partners LP
By:NGL Energy Holdings LLC, its general partner
By:
H. Michael Krimbill, Chief Executive Officer


Disclaimer

The opinions and information contained herein have been obtained or derived from sources believed to be reliable, but Boardroom Alpha cannot guarantee its accuracy and completeness, and that of the opinions based thereon.

This report contains opinions and is provided for informational purposes only – it does not constitute investment, legal or tax advice. You should not rely solely upon the research herein for purposes of transacting securities or other investments, and you are encouraged to conduct your own research and due diligence, and to seek the advice of a qualified securities professional before you make any investment.

None of the information contained in this report constitutes, or is intended to constitute a recommendation by Boardroom Alpha of any particular security or trading strategy or a determination by Boardroom Alpha that any security or trading strategy is suitable for any specific person. To the extent any of the information contained herein may be deemed to be investment advice, such information is impersonal and not tailored to the investment needs of any specific person.

No representation or warranty, expressed or implied, is made on behalf of Boardroom Alpha as to the accuracy or completeness of the information contained herein. Boardroom Alpha does not accept any liability for any direct, indirect or consequential loss or damage suffered by any person as a result of relying on all or any part of this research and any liability is expressly disclaimed.

Full disclaimer