Board Justification

The compensation philosophy aims to provide competitive compensation opportunities that align with company performance and drive employee performance toward the creation of sustained long-term unitholder value. The absence of targeted performance-based criteria is intended to discourage excessive risk-taking.

Board Justification

The bonus awards are discretionary and are intended to yield competitive total compensation levels for the named executive officers. The annual bonus amount reflects a general consideration of the company's overall financial and certain operating results, including cash flow from operating activities per unit, distributable cash flow per unit, gross operating margin, return on invested capital, and equity total return performance relative to peers. No specific weight or formula is given to any financial or operating performance measure.

Board Justification

Includes contributions to defined contribution retirement plans, distributions paid on equity-based awards, imputed value of life insurance premiums, and other amounts.

Board Justification

Vesting of phantom unit awards, which are notional units that entitle the holder to receive common units upon vesting. The vesting of phantom units is subject to certain conditions and restrictions as determined by the company.