PVG GP, LLC DEFERRED COMMON UNIT GRANT AGREEMENT

Exhibit 10.3

PVG GP, LLC

DEFERRED COMMON UNIT GRANT AGREEMENT

This DEFERRED COMMON UNIT GRANT AGREEMENT, dated as of «Date» (the “Date of Grant”), is delivered by PVG GP, LLC (the “Company”) to «Name» (the “Grantee”).

RECITALS

The Company’s Long-Term Incentive Plan (the “Plan”) provides for the grant of Deferred Common Units (as defined in the Plan) in accordance with the terms and conditions of the Plan. The Compensation and Benefits Committee of the Board of Directors of the Company (the “Committee”) has decided to grant Deferred Common Units to the Grantee as an inducement for the Grantee to promote the best interests of the Partnership and its unitholders. All terms capitalized but not defined herein will have the meanings assigned to them in the Plan. A copy of the Plan is attached as Exhibit A hereto.

NOW, THEREFORE, the parties to this Agreement, intending to be legally bound hereby, agree as follows:

1. Grant of Deferred Common Units. Subject to the terms and conditions set forth in this Agreement and the Plan, the Company hereby grants the Grantee «Units» Deferred Common Units. The Company will establish an Account in the Grantee’s name that will be credited with the number of Deferred Common Units granted hereunder or received pursuant to Section 2 hereof.

2. Unit Distributions. On each date on which the Company makes a Distribution, the Grantee’s Account shall be credited with that number of Deferred Common Units equal to (x) the product of (i) the amount of cash or the fair market value of other property paid in such Distribution multiplied by (ii) the number of Deferred Common Units in the Grantee’s Account divided by (y) the Fair Market Value on the date of such Distribution.

3. Vesting and Non-transferability.

(a) The Grantee shall be fully vested at all times in the Deferred Common Units granted hereunder and in the Deferred Common Units received by the Grantee pursuant to Section 2 hereof.

(b) Deferred Common Units shall not be transferable unless otherwise determined by the Board.

4. Distribution of Deferred Common Units. Deferred Common Units credited to the Grantee’s Account will be distributed to the Grantee on the date on which t