2.2.0.25falsefalse0218 - Disclosure - Unit-Based Compensation Planstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>18. UNIT-BASED COMPENSATION PLANS</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     BGH GP has an Equity Compensation Plan for certain members of BGH GP’s senior management, who
also serve as our senior management. Compensation expense recorded with respect to the override
units, prior to the modification discussed below, was $1.2 million, $1.3 million and $1.4 million
for the years ended December 31, 2010, 2009 and 2008, respectively. On December 31, 2010, BGH GP
modified the override unit plan, which resulted in the recognition of $21.1 million of additional
compensation expense.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     We award unit-based compensation to employees and directors primarily under the LTIP, which
became effective in March 2009. We formerly awarded options to acquire LP Units to employees
pursuant to the Option Plan. We recognized compensation expense related to the LTIP and the Option
Plan of $7.7 million, $3.1 million
and $0.5 million for the years ended December 31, 2010, 2009 and 2008, respectively. These
compensation plans are discussed below.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>Management Units</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Prior to BGH’s initial public offering of its common units (the “IPO”) on August 9, 2006, our
general partner was owned by MainLine, L.P. (“MainLine”), a privately held limited partnership. In
May 2004, MainLine instituted a Unit Compensation Plan and issued 16,216,668 Class B Units to
certain members of senior management.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Coincident with BGH’s IPO on August 9, 2006, the equity interests of MainLine were exchanged
for BGH’s equity interests. The Class B Units of MainLine were exchanged for 1,362,000 of BGH’s
management units. Pursuant to the terms of the exchange, 70%, or 953,400 management units, became
vested immediately upon their exchange, and the remaining 30%, or 408,600 of the management units,
were subject to vesting over a three year period. However, coincident with the sale of
Carlyle/Riverstone BPL Holdings II, L.P.’s interests in BGH in June of 2007, all the remaining
unvested management units immediately vested and were expensed. There were no additional
management units available for issue.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     We recognized deferred compensation in 2006 for the management units for which both (i)
vesting was accelerated compared to the MainLine Class B Units, and (ii) were now deemed probable
of vesting compared to our previous estimates. We determined that these criteria applied to
272,400 management units, the market value of which was $17.00 per unit or approximately $4.6
million in total at August 9, 2006. Of the total equity compensation charge of $4.6 million, we
expensed approximately $3.5 million in 2006. The balance of $1.1 million was recorded as
compensation expense in the first half of 2007. In connection with the Merger, the outstanding
management units were converted into common units and then exchanged for LP Units using a ratio of
0.705 LP Units per common unit. At December 31, 2010, no management units were outstanding.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>BGH GP’s Override Units</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Effective on June 25, 2007, BGH GP instituted an Equity Compensation Plan for certain members
of BGH GP’s senior management. This Equity Compensation Plan included both time-based and
performance-based participation in the equity of BGH GP (but not ours) referred to as override
units. We were required to reflect, as compensation expense and a corresponding contribution to
Unitholders’ equity, the fair value of the compensation. We are not the sponsor of this plan and
have no obligations with respect to it. Compensation expense recorded with respect to the override
units, prior to the modification, was $1.2 million, $1.3 million and $1.4 million for the years
ended December 31, 2010, 2009 and 2008, respectively. On December 31, 2010, BGH GP modified the
override unit plan, which resulted in the recognition of $21.1 million of additional compensation
expense.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The override units consisted of three equal tranches of units consisting of: Value A Units,
Value B Units and Operating Units. The Operating Units vested over four years semi-annually
beginning with a one-year cliff. The Value A Units generally vested based on the occurrence of an
exit event as discussed below, an investment return of 2.0 times the original investment and an
internal rate of return of at least 10%. The Value B Units generally vest based on the occurrence
of an exit event, an investment return of 3.5 times the original investment and an internal rate of
return of at least 10% or on a pro-rata basis on an investment return ranging from 2.0 to 3.5 times
the original investment and an internal rate of return of at least 10%.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The above-noted exit event is generally defined as the sale by ArcLight, Kelso and their
affiliates of their interests in BGH GP, the sale of substantially all the assets of BGH GP and its
subsidiaries, or any other “extraordinary” transaction that the Board of Directors of BGH GP
determines is an exit event.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The investment return is calculated generally as the sum of all the distributions that
ArcLight and Kelso have received from BGH GP prior to and through the exit event, divided by the
total amount of capital contributions to BGH GP that ArcLight and Kelso have made prior to the exit
event.
</div>
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</div>
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<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     In general, the override units are subject to forfeiture if a grantee resigns or is terminated
for cause. Under certain conditions, as declared by the Board of BGH GP, grantees can receive
interim distributions on the override units.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On December 31, 2010, the override unit plan was modified. All outstanding unvested Value A
and Operating Units were immediately vested and those vested units were exchanged for LP Units.
The vesting terms of the Value B Units remained unchanged. As a result of the modification, we
recognized $21.1 million of additional compensation expense during the year ended December 31, 2010
related to the Value A and Operating Units. The equity plan modification expense related to the
Operating Units was measured as the sum of the remaining unamortized compensation expense based on
the grant-date fair values and the incremental value of the LP Units received over the calculated
fair value of the Operating Units immediately prior to the modification. The fair value of the
Operating Units immediately prior to the modification was calculated using a Monte Carlo simulation
method that incorporated the market-based vesting condition that existed prior to the modification.
The Monte Carlo simulation is a procedure to estimate the future equity value from the time of the
valuation date to the exit event. The assumptions used for this estimate include an equity value
of BGH GP of $822.2 million, an expected life of 1 year, a risk-free interest rate of 0.29%,
volatility of 25% and dividends of zero. The equity plan modification expense related to the Value
A Units was measured as the fair value of the LP Units received in exchange.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following is a summary of the activity of the override units (in thousands) and the
weighted average fair value per unit granted for the periods indicated. There were no override
units granted during the year ended December 31, 2010.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="11" style="border-bottom: 1px solid #000000"><b>Number of Override Units</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Total Number</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>of Units</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Value A Units</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Value B Units</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Units</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Awarded</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unvested at January 1, 2009
</div></td>
<td> </td>
<td> </td>
<td align="right">1,763</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,763</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,245</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,771</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Granted in 2009
</div></td>
<td> </td>
<td> </td>
<td align="right">212</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">212</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">212</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">636</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Vested in 2009
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(422</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(422</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Forfeited in 2009
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(276</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(276</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(223</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(775</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unvested at December 31, 2009
</div></td>
<td> </td>
<td> </td>
<td align="right">1,699</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,699</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">812</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,210</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Vested in 2010 (1)
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,699</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(812</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,511</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unvested at December 31, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,699</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,699</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Value A</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Value B</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Operating</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2009 Weighted average fair
value per unit granted
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">2.33</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">1.60</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">3.34</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2008 Weighted average fair
value per unit granted
</div></td>
<td> </td>
<td> </td>
<td align="right">2.11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.43</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.98</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>On December 31, 2010, all outstanding unvested Value A Units and Operating Units vested
immediately. Vested override units were then exchanged for LP Units. Value B Units
remained outstanding.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The vesting of the Value B Units is contingent on a performance condition, namely the
completion of the exit event discussed above, an investment return of 3.5 times the original
investment and an internal rate of return of at least 10% or on a pro-rata basis on an investment
return ranging from 2.0 to 3.5 times the original investment and an internal rate of return of at
least 10%. Accordingly, no compensation expense for the Value B Units will be recorded until an
exit event and other requirements to vest occur.
</div>
<!-- Folio -->
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</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif">
<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     At grant date, the override units were valued using the Monte Carlo simulation method that
incorporated the market-based vesting condition into the grant date fair value of the unit awards.
The following assumptions were used for grants during the periods indicated:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Year Ended December 31,</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>2008</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Current equity value (in millions)
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">439.06</td>
<td> </td>
<td> </td>
<td align="right">$</td>
<td align="right">439.02</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected life in years
</div></td>
<td> </td>
<td> </td>
<td align="right">3.4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.8</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Risk-free interest rate
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">1.8</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">3.0</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Volatility
</div></td>
<td> </td>
<td> </td>
<td align="right">0.45</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.35</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>LTIP</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On March 20, 2009, the LTIP became effective. The LTIP, which is administered by the
Compensation Committee of the Board of Directors of Buckeye GP (the “Compensation Committee”),
provides for the grant of phantom units, performance units and in certain cases, distribution
equivalent rights (“DERs”) which provide the participant a right to receive payments based on
distributions we make on our LP Units. Phantom units are notional LP Units whose vesting is subject
to service-based restrictions or other conditions established by the Compensation Committee in its
discretion. Phantom units entitle a participant to receive an LP Unit, without payment of an
exercise price, upon vesting. Performance units are notional LP Units whose vesting is subject to
the attainment of one or more performance goals, and which entitle a participant to receive LP
Units without payment of an exercise price upon vesting. DERs are rights to receive a cash payment
per phantom unit or performance unit, as applicable, equal to the per unit cash distribution we pay
on our LP Units.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The LTIP provides for the issuance of up to 1,500,000 LP Units, subject to certain
adjustments. The number of LP Units that may be granted to any one individual in a calendar year
will not exceed 100,000. If awards are forfeited, terminated or otherwise not paid in full, the LP
Units underlying such awards will again be available for purposes of the LTIP. Persons eligible to
receive grants under the LTIP are (i) officers and employees of Buckeye GP and any of our
affiliates who provide services to us and (ii) independent members of the Board of Directors of
Buckeye GP or of MainLine Management. Phantom units or performance units may be granted to
participants at any time as determined by the Compensation Committee. After giving effect to the
issuance or forfeiture of phantom unit and performance unit awards through December 31, 2010,
awards representing a total of 1,115,926 additional LP Units could be issued under the LTIP.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The fair values of both the performance unit and phantom unit grants are based on the average
market price of our LP Units on the date of grant. Compensation expense equal to the fair value of
those performance unit and phantom unit awards that are expected to vest is estimated and recorded
over the period the grants are earned, which is the vesting period. Compensation expense estimates
are updated periodically. The vesting of the performance unit awards is also contingent upon the
attainment of predetermined performance goals. Depending on the estimated probability of
attainment of those performance goals, the compensation expense recognized related to the awards
could increase or decrease over the remaining vesting period. Quarterly distributions related to
DERs associated with phantom and performance units are recorded as a reduction of our Limited
Partners’ Capital on the consolidated balance sheets.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     On December 16, 2009, the Compensation Committee approved the terms of the Buckeye Partners,
L.P. Unit Deferral and Incentive Plan (“Deferral Plan”). The Compensation Committee is expressly
authorized to adopt the Deferral Plan under the terms of the LTIP, which grants the Compensation
Committee the authority to establish a program pursuant to which our phantom units may be awarded
in lieu of cash compensation at the election of the employee. At December 31, 2010 and 2009,
eligible employees were allowed to defer up to 50% of their 2010 and 2009 compensation award under
our Annual Incentive Compensation Plan or other discretionary bonus program in exchange for grants
of phantom units equal in value to the amount of their cash award deferral (each such unit, a
“Deferral Unit”). Participants also receive one matching phantom unit for each Deferral Unit.
Approximately $1.8 million of 2009 compensation awards had been deferred at December 31, 2009, for
which 62,332 phantom units
(including matching units) were granted during 2010. These 2010 grants are included as
granted in the LTIP activity table below. Approximately $1.6 million of 2010 compensation awards
had been deferred at December 31, 2010 for which phantom units will be granted in 2011.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>Awards under the LTIP</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     During the year ended December 31, 2010, the Compensation Committee granted 123,998 phantom
units to employees (including the 62,332 phantom units granted pursuant to the Deferral Plan
discussed above), 12,000 phantom units to independent directors of Buckeye GP and MainLine
Management, and 123,338 performance units to employees. The vesting criteria for the performance
units are the attainment of a performance goal, defined in the award agreements as “distributable
cash flow per unit”, during the third year of a three-year period and remaining employed by us
throughout such three-year period.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Phantom unit grantees will be paid quarterly distributions on DERs associated with phantom
units over their respective vesting periods of one-year or three-years in the same amounts per
phantom unit as distributions paid on our LP Units over those same one-year or three-year periods.
The amount paid with respect to phantom unit distributions was $0.6 million and $0.1 million for
the years ended December 31, 2010 and 2009, respectively. Distributions may be paid on performance
units at the end of the three-year vesting period. In such case, DERs will be paid on the number
of LP Units for which the performance units will be settled.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following table sets forth the LTIP activity for the periods indicated (dollars in
thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Grant Date</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Number of</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Fair Value</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>LP Units</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>per LP Unit (</b>1)</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total Value</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unvested at January 1, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">140,095</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">39.81</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">5,577</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Granted
</div></td>
<td> </td>
<td> </td>
<td align="right">259,336</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">56.26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,590</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Vested
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18,642</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">39.20</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(731</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Forfeited
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(15,876</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">49.50</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(786</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Unvested at December 31, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">364,913</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">51.11</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">18,650</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>Determined by dividing the aggregate grant date fair value of awards by the number of awards
issued. The weighted-average grant date fair value per LP Unit for forfeited and vested
awards is determined before an allowance for forfeitures.</td>
</tr>
</table>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     At December 31, 2010, approximately $10.0 million of compensation expense related to the LTIP
is expected to be recognized over a weighted average period of approximately 1.7 years.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><i>Unit Option and Distribution Equivalent Plan</i>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     We also sponsor the Option Plan pursuant to which we historically granted options to employees
to purchase LP Units at the market price of our LP Units on the date of grant. Generally, the
options vest three years from the date of grant and expire ten years from the date of grant. As
unit options are exercised, we issue new LP Units to the holder. We have not historically
repurchased, and do not expect to repurchase in 2011, any of our LP Units.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     For the retirement eligibility provisions of the Option Plan, we follow the non-substantive
vesting method and recognize compensation expense immediately for options granted to
retirement-eligible employees, or over the period from the grant date to the date retirement
eligibility is achieved. Unit-based compensation expense recognized in the consolidated statements
of operations for the year ended December 31, 2010 is based upon options ultimately expected to
vest. Forfeitures have been estimated at the time of grant and will be revised, if necessary, in
subsequent periods if actual forfeitures differ from those estimates. Forfeitures were
estimated based upon historical experience.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Generally, compensation expense is recognized based on the fair value on the date of grant
estimated using a Black-Scholes option pricing model. We recognize compensation expense for these
awards granted on a straight-line basis over the requisite service period. Compensation expense is
based on options ultimately expected to vest by estimating forfeitures at the date of grant based
upon historical experience and revising those estimates, if necessary, in subsequent periods if
actual forfeitures differ from those estimates.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     Due to regulations adopted under Internal Revenue Code Section 409A, holders of options
granted during 2008 would have been subject to certain adverse tax consequences if the terms of the
grant were not modified. We received the approval of the holders of options granted in 2008 to
shorten the term of those options to avoid the adverse tax consequences under Section 409A.
Options granted before January 1, 2008 were not impacted by the Internal Revenue Service
regulations. This modification did not have a material impact on our financial results. Following
the adoption of the LTIP on March 20, 2009, we ceased making additional grants under the Option
Plan.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The fair value of unit options granted to employees was estimated using the Black-Scholes
option pricing model with the following assumptions for the period indicated:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="75%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Year Ended</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>December 31, 2008</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected dividend yield
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">6.3</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected unit price volatility
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">16.0</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Risk-Free interest rate
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">2.7</td>
<td nowrap="nowrap">%</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected life (in years)
</div></td>
<td> </td>
<td> </td>
<td align="right">4.8</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Weighted-average fair value at grant date
</div></td>
<td> </td>
<td align="right">$</td>
<td align="right">2.89</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The expected dividend yield was based on 4.8 years of historic yields of LP Units. The
expected volatility was based upon 4.8 years of historical volatility of our LP Units. We used
historical experience in determining the expected life assumption used to value our options. The
risk-free interest rate is calculated using the U.S. Treasury yield curves in effect at the time of
grant, for the periods within the expected life of the options. There were no option grants during
2009 or 2010.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The following is a summary of the changes in the options outstanding (all of which are vested
or are expected to vest) under the Option Plan for the periods indicated (dollars in thousands):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted-</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Weighted-</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Average</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Remaining</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Aggregate</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Number of</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Strike Price</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Contractual</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Intrinsic</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>LP Units</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>($/LP Unit)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Term (in years)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Value (</b>1)</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at January 1, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">349,400</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">46.25</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Exercised
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(107,900</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">44.41</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Forfeited, cancelled or expired
</div></td>
<td> </td>
<td> </td>
<td align="right">300</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">58.96</td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Outstanding at December 31, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">241,800</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47.04</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5.8</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">4,785</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Exercisable at December 31, 2010
</div></td>
<td> </td>
<td> </td>
<td align="right">142,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">45.97</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.8</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2,962</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>Aggregate intrinsic value reflects fully vested LP Unit options at the date indicated.
Intrinsic value is determined by calculating the difference between our closing LP Unit price
on the last trading day in 2010 and the exercise price, multiplied by the number of
exercisable, in-the-money options.</td>
</tr>
</table>
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<div align="center" style="font-size: 10pt; margin-top: 0pt">
<b>
</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">     The total intrinsic value of options exercised during the years ended December 31, 2010, 2009
and 2008 was $1.7 million, $0.5 million and $0.1 million, respectively. At December 31, 2010,
total unrecognized compensation cost related to unvested options was minimal. We expect to
recognize this cost over a weighted average period of 0.2 years. At December 31, 2010, 333,000 LP
Units were available for grant in connection with the Option Plan. However, with the adoption and
utilization of the LTIP, we do not expect to make any future grants pursuant to the Option Plan.
The fair value of options vested was $0.4 million, $0.4 million and $0.2 million during the years
ended December 31, 2010, 2009 and 2008, respectively.
</div>
<div align="left">
</div>
</div>
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