100% of the shares subject to the Event Bonus Option will vest, and Executive's interim position will be converted to standing President/CEO, upon the effective date of any one of the following events: (i) the successful closing of a merger or acquisition brought forth primarily due to the efforts of Executive (excluding any merger or acquisition with TPL or any affiliated company) as approved by the Board of Directors;

How does this read as a merger with TPL?

Might it instead mean that any joint venture with TPL or affiliates are excluded from the bonus option?

If TPL want anything from PTSC, it is the 50% of the MMP Portfolio that they don't already own, in my very humble opinion. There is therefore absolutely no reason to merge or acquire PTSC.

Be well