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Exhibit 10.1

 

UNIT PURCHASE AGREEMENT
 

 
by and between
 

 
BOARDWALK PIPELINE PARTNERS, LP
 
and
 
BOARDWALK PIPELINES HOLDING CORP.
 

 
 

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TABLE OF CONTENTS
 
                                    ARTICLE I
DEFINITIONS                                                                                                                                                                                                                                                                  
1
                                                                                                                                                                                                                                                                        
 
Section 1.1   
Definitions...................................................................................................................................................................................................................................................................1

                                
            ARTICLE II AGREEMENT TO SELL AND
PURCHASE                                                                                                                                                                                                                4
                                                                                                                                                                                                                                                                                                                                                       
 
Section 2.1    Sale and
Purchase.....................................................................................................................................................................................................................................................
4

 
Section 2.2   
Closing.........................................................................................................................................................................................................................................................................4

 
Section 2.3    Mutual
Conditions.....................................................................................................................................................................................................................................................4

 
Section 2.4   The Purchaser’s
Conditions......................................................................................................................................................................................................................................5

 
Section 2.5    Boardwalk’s
Conditions............................................................................................................................................................................................................................................5

 
Section 2.6    Boardwalk
Deliveries.................................................................................................................................................................................................................................................5

 
Section 2.7    Purchaser
Deliveries..................................................................................................................................................................................................................................................6

                               
            ARTICLE III REPRESENTATIONS AND WARRANTIES OF
BOARDWALK                                                                                                                                                                         
7
 
 
Section 3.1   
Existence......................................................................................................................................................................................................................................................................7

 
Section 3.2    No
Conflict..................................................................................................................................................................................................................................................................7

 
Section 3.3    No
Default...................................................................................................................................................................................................................................................................8

 
Section 3.4   
Authority.....................................................................................................................................................................................................................................................................8

 
Section 3.5    Due
Authorization......................................................................................................................................................................................................................................................8

 
Section 3.6    Valid
Issuance.............................................................................................................................................................................................................................................................8

 
Section 3.7    No Preemptive or Registration
Rights.....................................................................................................................................................................................................................9

 
Section 3.8    Periodic
Reports..........................................................................................................................................................................................................................................................9

 
Section 3.9   
Litigation......................................................................................................................................................................................................................................................................9

 
Section 3.10  Certain
Fees.................................................................................................................................................................................................................................................................9

 
Section 3.11  No Side
Agreements..................................................................................................................................................................................................................................................9

 
Section 3.12  No
Registration.........................................................................................................................................................................................................................................................10

 
Section 3.13  No
Integration...........................................................................................................................................................................................................................................................10

 
           ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE
PURCHASER                                                                                                                                                                10
 
 
Section 4.1   
Existence.....................................................................................................................................................................................................................................................................10

 
Section 4.2    Authorization,
Enforceability..................................................................................................................................................................................................................................10

 
Section 4.3    No
Breach...................................................................................................................................................................................................................................................................10

 
Section 4.4    Certain
Fees................................................................................................................................................................................................................................................................11

 
Section 4.5    No Side
Agreements.................................................................................................................................................................................................................................................11

 
Section 4.6   
Investment..................................................................................................................................................................................................................................................................11

 
Section 4.7    Nature of
Purchaser...................................................................................................................................................................................................................................................11

 
Section 4.8    Restricted
Securities..................................................................................................................................................................................................................................................11

 
Section 4.9   
Legend.........................................................................................................................................................................................................................................................................12

 
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            ARTICLE V
COVENANTS                                                                                                                                                                                                                                                               
12
 
 
Section 5.1    Taking of Necessary
Action..................................................................................................................................................................................................................................12

 
Section 5.2    Payment of
Expenses..............................................................................................................................................................................................................................................12

 
            ARTICLE VI
MISCELLANEOUS                                                                                                                                                                                                                                                    
12
 
 
Section 6.1    Interpretation and Survival of
Provisions...........................................................................................................................................................................................................12

 
Section 6.2    Survival of
Provisions............................................................................................................................................................................................................................................13

 
Section 6.3    No Waiver; Modifications in
Writing..................................................................................................................................................................................................................13

 
Section 6.4    Binding Effect;
Assignment..................................................................................................................................................................................................................................13

 
Section 6.5   
Communications......................................................................................................................................................................................................................................................14

 
Section 6.6    Removal of
Legend.................................................................................................................................................................................................................................................14

 
Section 6.7    Entire
Agreement....................................................................................................................................................................................................................................................14

 
Section 6.8    Governing
Law........................................................................................................................................................................................................................................................15

 
Section 6.9    Execution in
Counterparts.....................................................................................................................................................................................................................................15

 
Section
6.10  Termination..............................................................................................................................................................................................................................................................15

 
Section 6.11  Recapitalization, Exchanges, Etc. Affecting the
Units......................................................................................................................................................................................15

 
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UNIT PURCHASE AGREEMENT
 
This UNIT PURCHASE AGREEMENT, dated as of June 23, 2009 (this “Agreement”), is
by and between BOARDWALK PIPELINE PARTNERS, LP, a Delaware limited partnership
(“Boardwalk”), and BOARDWALK PIPELINES HOLDING CORP., a Delaware corporation
(the “Purchaser”).
 
WHEREAS, subject to the terms and conditions set forth herein, Boardwalk desires
to sell and Purchaser desires to purchase 6,684,857 Common Units (the “Units”)
from Boardwalk in accordance with the provisions of this Agreement;
 
WHEREAS, Boardwalk has agreed to provide the Purchaser with certain registration
rights with respect to the Units acquired pursuant hereto; and
 
WHEREAS, the General Partner (as hereinafter defined) has indicated it intends
to exercise its right to make additional capital contributions pursuant to
Section 5.2(b) of the Partnership Agreement (such contribution, the “GP 2%
Contribution”) in connection with the issuance of the Units contemplated hereby;
 
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:
 
ARTICLE I
 

 
DEFINITIONS
 
Section 1.1 Definitions
 
.  Capitalized terms used but not defined herein have the meanings assigned to
such terms in the Partnership Agreement (as hereinafter defined).  As used in
this Agreement, and unless the context requires a different meaning, the
following terms have the meanings indicated:
 
“Affiliate” means, with respect to any Person, any other Person that directly or
indirectly through one or more intermediaries controls, is controlled by or is
under common control with, the Person in question. As used herein, the term
“control” means the possession, direct or indirect, of the power to direct or
cause the direction of the management and policies of a Person, whether through
ownership of voting securities, by contract or otherwise.
 
“Agreement” has the meaning set forth in the introductory paragraph.
 
“BGL” means Boardwalk GP, LLC, a Delaware limited liability company.
 
“Boardwalk” has the meaning set forth in the introductory paragraph.
 
“Boardwalk Entity” means Boardwalk and its Subsidiaries.
 
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“Business Day” means Monday through Friday of each week, except that a legal
holiday recognized as such by the government of the United States of America or
the State of Kentucky shall not be regarded as a Business Day.
 
“Closing” has the meaning specified in Section 2.2.
 
“Closing Date” has the meaning specified in Section 2.2.
 
“Commission” means the United States Securities and Exchange Commission.
 
“Common Units” means the common units representing limited partner interests in
Boardwalk.
 
“Delaware LP Act” has the meaning specified in Section 3.1.
 
“Delaware LLC Act” has the meaning specified in Section 3.1.
 
“Exchange Act” means the Securities Exchange Act of 1934, as amended from time
to time, and the rules and regulations of the Commission promulgated thereunder.
 
“General Partner” means Boardwalk GP, LP, a Delaware limited partnership.
 
“Governmental Authority” means, with respect to a particular Person, any
country, state, county, city and political subdivision in which such Person or
such Person’s Property is located or that exercises valid jurisdiction over any
such Person or such Person’s Property, and any court, agency, department,
commission, board, bureau or instrumentality of any of them and any monetary
authority that exercises valid jurisdiction over any such Person or such
Person’s Property.  Unless otherwise specified, all references to Governmental
Authority herein with respect to Boardwalk means a Governmental Authority having
jurisdiction over Boardwalk, its Subsidiaries or any of their respective
Properties.
 
 “Law” means any federal, state, local or foreign order, writ, injunction,
judgment, settlement, award, decree, statute, law, rule or regulation.
 
“Lien” means any interest in Property securing an obligation owed to, or a claim
by, a Person other than the owner of the Property, whether such interest is
based on the common law, statute or contract, and whether such obligation or
claim is fixed or contingent, and including but not limited to the lien or
security interest arising from a mortgage, encumbrance, pledge, security
agreement, conditional sale or trust receipt or a lease, consignment or bailment
for security purposes.  For the purpose of this Agreement, a Person shall be
deemed to be the owner of any Property that it has acquired or holds subject to
a conditional sale agreement, or leases under a financing lease or other
arrangement pursuant to which title to the Property has been retained by or
vested in some other Person in a transaction intended to create a financing.
 
“Material Adverse Effect” has the meaning specified in Section 3.1.
 
“NYSE” means The New York Stock Exchange, Inc.
 
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“Operative Documents” means, collectively, this Agreement, the Registration
Rights Agreement and any other agreements or instruments executed and delivered
by the Parties on even date herewith or at the Closing relating to the issuance
and sale of the Units, or any amendments, supplements, continuations or
modifications thereto.
 
“Partnership Agreement” means the Third Amended and Restated Agreement of
Limited Partnership of Boardwalk dated June 17, 2008, as amended from time to
time.
 
“Partnership Securities” means any class or series of equity interest in
Boardwalk (but excluding any options, rights, warrants and appreciation rights
relating to an equity interest in Boardwalk), including without limitation any
Common Units, Class B Units and Incentive Distribution Rights (as defined in the
Partnership Agreement).
 
“Person” means an individual or a corporation, limited liability company,
partnership, joint venture, trust, unincorporated organization, association,
government agency or political subdivision thereof or other entity.
 
“Property” means any interest in any kind of property or asset, whether real,
personal or mixed, or tangible or intangible.
 
“Purchase Price” means an amount equal to the product of the number of Units
multiplied by the Unit Price.
 
“Purchaser” has the meaning set forth in the introductory paragraph.
 
“Registration Rights Agreement” means the Second Amended and Restated
Registration Rights Agreement, to be entered into at the Closing, between
Boardwalk and the Purchaser in the form attached hereto as Exhibit A.
 
“Representatives” of any Person means the officers, directors, managers,
employees, agents, counsel, accountants, investment bankers and other
representatives of such Person.
 
“Securities Act” means the Securities Act of 1933, as amended from time to time,
and the rules and regulations of the Commission promulgated thereunder.
 
“Subsidiary” means, with respect to any Person, (a) a corporation of which more
than 50% of the voting power of shares entitled (without regard to the
occurrence of any contingency) to vote in the election of directors or other
governing body of such corporation is owned, directly or indirectly, at the date
of determination, by such Person, by one or more Subsidiaries of such Person or
a combination thereof, (b) a partnership (whether general or limited) in which
such Person or a Subsidiary of such Person is, at the date of determination, a
general or limited partner of such partnership, but only if more than 50% of the
partnership interests of such partnership (considering all of the partnership
interests of the partnership as a single class) is owned, directly or
indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person, or a combination thereof, or (c) any other Person
(other than a corporation or a partnership) in which such Person, one or more
Subsidiaries of such Person, or a combination thereof, directly or indirectly,
at the date of determination, has (i) at least a majority ownership interest or
(ii) the power to elect or direct the election of a majority of the directors or
other governing body of such Person.
 
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“Unitholders” means the unitholders of Boardwalk.
 
“Unit Price” has the meaning specified in Section 2.1(b).
 
“Units” has the meaning set forth in the recitals to this Agreement.
 
“Waiver and Consent Agreement” means the Waiver and Consent of Lender, dated as
of the date hereof, between the Purchaser and Boardwalk Pipelines, LP.
 
ARTICLE II
 

 
AGREEMENT TO SELL AND PURCHASE
 
Section 2.1  Sale and Purchase.
 
(a) Subject to the terms and conditions hereof, Boardwalk hereby agrees to issue
and sell to the Purchaser and the Purchaser hereby agrees to purchase from
Boardwalk, 6,684,857 Common Units, and the Purchaser agrees to pay Boardwalk the
Unit Price for each Purchased Unit as set forth in paragraph (b) below.
 
(b) The amount per Unit the Purchaser will pay to Boardwalk to purchase the
Units (the “Unit Price”) hereunder shall be $21.99.
 
Section 2.2  Closing
 
.  Subject to the terms and conditions hereof, the consummation of the purchase
and sale of the Units hereunder (the “Closing”) shall take place at the offices
of Vinson & Elkins L.L.P., 666 Fifth Avenue, 26th Floor, New York, New York on
June 26, 2009 or such other date mutually agreed by the parties (the date of
such closing, the “Closing Date”).
 
Section 2.3  Mutual Conditions
 
.  The respective obligations of each party to consummate the purchase and
issuance and sale of the Units shall be subject to the satisfaction on or prior
to the Closing Date of each of the following conditions (any or all of which may
be waived by a party on behalf of itself in writing, in whole or in part, to the
extent permitted by applicable Law):
 
(a) no Law shall have been enacted or promulgated, and no action shall have been
taken, by any Governmental Authority of competent jurisdiction that temporarily,
preliminarily or permanently restrains, precludes, enjoins or otherwise
prohibits the consummation of the transactions contemplated hereby or makes the
transactions contemplated hereby illegal; and
 
(b) there shall not be pending any suit, action or proceeding by any
Governmental Authority seeking to restrain, preclude, enjoin or prohibit the
transactions contemplated by this Agreement.
 
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Section 2.4  The Purchaser’s Conditions.  The obligation of the Purchaser to
consummate the purchase of the Units shall be subject to the satisfaction on or
prior to the Closing Date of each of the following conditions (any or all of
which may be waived by the Purchaser in writing, in whole or in part, to the
extent permitted by applicable Law):
 
(a) Boardwalk shall have performed and complied with the covenants and
agreements contained in this Agreement that are required to be performed and
complied with by Boardwalk on or prior to the Closing Date;
 
(b) The representations and warranties of Boardwalk contained in this Agreement
that are qualified by materiality or a Material Adverse Effect shall be true and
correct when made and as of the Closing Date and all other representations and
warranties of Boardwalk shall be true and correct in all material respects when
made and as of the Closing Date, in each case as though made at and as of the
Closing Date (except that representations made as of a specific date shall be
required to be true and correct as of such date only);
 
(c) The NYSE shall have authorized, upon official notice of issuance, the
listing of the Units.
 
(d) No notice of delisting from the NYSE shall have been received by Boardwalk
with respect to the Common Units; and
 
(e) Boardwalk shall have delivered, or caused to be delivered, to the Purchaser
at the Closing, Boardwalk’s closing deliveries described in Section 2.6.
 
Section 2.5  Boardwalk’s Conditions
 
.  The obligation of Boardwalk to consummate the sale of the Units to the
Purchaser shall be subject to the satisfaction on or prior to the Closing Date
of each of the following conditions with respect to the Purchaser (any or all of
which may be waived by Boardwalk in writing, in whole or in part, to the extent
permitted by applicable Law):
 
(a) the representations and warranties of the Purchaser contained in this
Agreement that are qualified by materiality shall be true and correct when made
and as of the Closing Date and all other representations and warranties of the
Purchaser shall be true and correct in all material respects as of the Closing
Date (except that representations of the Purchaser made as of a specific date
shall be required to be true and correct as of such date only);
 
(b) the Purchaser shall have delivered, or caused to be delivered, to Boardwalk
at the Closing the Purchaser’s closing deliveries described in Section 2.7; and
 
(c) Boardwalk and the General Partner shall have received an opinion from Vinson
& Elkins L.L.P., legal counsel to Boardwalk, dated as of the Closing, in form
and substance reasonably acceptable to Boardwalk and the General Partner.
 
Section 2.6  Boardwalk Deliveries.  At the Closing, subject to the terms and
conditions hereof, Boardwalk will deliver, or cause to be delivered, to the
Purchaser:
 
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(a) A certificate or certificates representing the Units (bearing the legend set
forth in Section 4.9) and meeting the requirements of the Partnership Agreement,
free and clear of any Liens, other than transfer restrictions under the
Partnership Agreement and applicable federal and state securities laws;
 
(b) A certificate of the Secretary of State of the State of Delaware, dated a
recent date, to the effect that Boardwalk is in good standing;
 
(c) A cross-receipt executed by Boardwalk and delivered to the Purchaser
certifying that it has received the Purchase Price from the Purchaser as of the
Closing Date;
 
(d) An opinion addressed to the Purchaser from Vinson & Elkins L.L.P., legal
counsel to Boardwalk, dated as of the Closing, in form and substance reasonably
acceptable to the Purchaser;
 
(e) The Registration Rights Agreement, which shall have been duly executed by
Boardwalk;
 
(f) A certificate, dated the Closing Date and signed by the Chief Executive
Officer and the Chief Financial Officer of BGL, in their capacities as such,
stating that:
 
(i) Boardwalk has performed and complied with the covenants and agreements
contained in this Agreement that are required to be performed and complied with
by Boardwalk on or prior to the Closing Date; and
 
(ii) The representations and warranties of Boardwalk contained in this Agreement
that are qualified by materiality or Material Adverse Effect are true and
correct as of the Closing Date and all other representations and warranties of
Boardwalk are true and correct in all material respects as of the Closing Date
(except that representations made as of a specific date shall be required to be
true and correct as of such date only); and
 
(g) A certificate of the Secretary or Assistant Secretary of BGL, on behalf of
Boardwalk, certifying as to (1) the Partnership Agreement, as amended, (2) board
resolutions authorizing the execution and delivery of the Operative Documents
and the consummation of the transactions contemplated thereby, including the
issuance of the Units and (3) its incumbent officers authorized to execute the
Operative Documents, setting forth the name and title and bearing the signatures
of such officers.
 
Section 2.7  Purchaser Deliveries.  At the Closing, subject to the terms and
conditions hereof, the Purchaser will deliver, or cause to be delivered, to
Boardwalk:
 
(a) Payment to Boardwalk of the Purchase Price by wire transfer of immediately
available funds to an account designated by Boardwalk in writing at least two
Business Days prior to the Closing Date;
 
(b) The Registration Rights Agreement, which shall have been duly executed by
the Purchaser;
 
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(c) A cross-receipt executed by the Purchaser and delivered to Boardwalk
certifying that it has received the Units as of the Closing Date;
 
(d) Such documents and instruments that may be required by the General Partner
pursuant to Section 10.4 of the Partnership Agreement (including a properly
completed Taxation Certification), which shall have been duly executed by the
Purchaser; and
 
(e) A certificate from the Purchaser, dated the Closing Date and signed by an
appropriate officer of the Purchaser, in his or her capacity as such, stating
that:
 
(i) The Purchaser has performed and complied with the covenants and agreements
contained in this Agreement that are required to be performed and complied with
by it on or prior to the Closing Date; and
 
(ii) The representations and warranties of the Purchaser contained in this
Agreement that are qualified by materiality are true and correct as of the
Closing Date and all other representations and warranties of the Purchaser are
true and correct in all material respects as of the Closing Date (except that
representations made as of a specific date shall be required to be true and
correct as of such date only).
 
(f) A copy of the Waiver and Consent Agreement executed by the Purchaser.
 
ARTICLE III
 

 
REPRESENTATIONS AND WARRANTIES OF BOARDWALK
 
Boardwalk represents and warrants to the Purchaser as follows:
 
Section 3.1     Existence.  Each of the General Partner, BGL and the Boardwalk
Entities has been duly formed and is validly existing and in good standing as a
limited partnership under the Delaware Revised Uniform Limited Partnership Act
(the “Delaware LP Act”) or a limited liability company under the Delaware
Limited Liability Company Act (the “Delaware LLC Act”), as applicable, has the
full partnership or limited liability company power and authority necessary to
own or hold its properties and assets and to conduct the businesses in which it
is engaged, and is duly registered or qualified to do business and in good
standing as a foreign limited partnership or limited liability company in each
jurisdiction in which its ownership or lease of property or the conduct of its
business requires such qualification, except where the failure to so register or
qualify could not reasonably be expected to (i) have a material adverse effect
on the condition (financial or other), results of operations, securityholders’
equity, properties or business of the Boardwalk Entities taken as a whole (a
“Material Adverse Effect”) or (ii) subject the limited partners of Boardwalk to
any material liability or disability.
 
Section 3.2  No Conflict.  Assuming the Waiver and Consent Agreement is duly
executed and delivered by the Purchaser, none of the offering, issuance and sale
by Boardwalk of the Units and the application of the proceeds therefrom, the
execution, delivery and performance of the Operative Documents by Boardwalk, or
the consummation of the transactions contemplated hereby or thereby
(i) conflicts or will conflict with, or constitutes or will constitute a
violation of, the certificate or agreement of limited partnership, certificate
of formation, limited liability company agreement or other organizational
documents of the Boardwalk Entities, (ii) conflicts or will conflict with, or
constitutes or will constitute a breach or violation of or a default under (or
an event that, with notice or lapse of time or both, would constitute such a
breach or violation of or default under), any indenture, mortgage, deed of
trust, loan agreement, lease or other agreement or instrument to which any of
the Boardwalk Entities is a party, by which any of them is bound or to which any
of their respective properties or assets is subject, (iii) violates or will
violate any statute, law, ordinance, regulation, order, judgment, decree or
injunction of any court or governmental agency or body to which any of the
Boardwalk Entities or any of their respective properties or assets may be
subject or (iv) will result in the creation or imposition of any Lien upon any
property or assets of any Boardwalk Entity which conflicts, breaches,
violations, defaults or Liens, in the case of clauses (ii), (iii) or (iv),
would, individually or in the aggregate, have a Material Adverse Effect.
 
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Section 3.3  No Default.  None of the Boardwalk Entities (i) is in violation of
its certificate or agreement of limited partnership, certificate of formation or
limited liability company agreement, or other organizational documents, (ii) is
in breach of or default under any term, covenant or condition contained in any
indenture, mortgage, deed of trust, loan agreement, lease or other agreement or
instrument to which it is a party, by which it is bound or to which any of its
properties or assets is subject (and no event has occurred that, with notice or
lapse of time or both, would constitute such a breach or default), (iii) is in
violation of any statute, law, ordinance, rule, regulation, order, judgment,
decree or injunction of any court or governmental agency or body to which it or
its property or assets may be subject or (iv) has failed to obtain any license,
permit, certificate, franchise or other governmental authorization or permit
necessary to the ownership of its property or to the conduct of its business,
except, in the case of clauses (ii) or (iv), as could not reasonably be expected
to have a Material Adverse Effect.
 
Section 3.4  Authority.  On the Closing Date, Boardwalk will have all requisite
power and authority to issue, sell and deliver the Units, in accordance with and
upon the terms and conditions set forth in this Agreement and the Partnership
Agreement.  On the Closing Date, all corporate, partnership or limited liability
company action, as the case may be, required to be taken by the General Partner,
BGL and Boardwalk for the authorization, issuance, sale and delivery of the
Units, the execution and delivery of the Operative Documents and the
consummation of the transactions contemplated hereby and thereby shall have been
validly taken.
 
Section 3.5  Due Authorization.  Each of the Operative Documents has been duly
and validly authorized and has been or, with respect to the Operative Documents
to be delivered at the Closing Date, will be, validly executed and delivered by
Boardwalk and constitutes, or will constitute, the legal, valid and binding
obligations of Boardwalk, enforceable in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, fraudulent
transfer and similar laws affecting creditors’ rights generally or by general
principles of equity, including principles of commercial reasonableness, fair
dealing and good faith.
 
Section 3.6  Valid Issuance.  The Units to be issued and sold by Boardwalk to
the Purchaser hereunder have been duly authorized in accordance with the
Partnership Agreement and, when issued and delivered against payment therefor
pursuant to this Agreement, will be validly issued in accordance with the
Partnership Agreement, fully paid (to the extent required under the Partnership
Agreement) and non-assessable (except as such nonassessability may be affected
by matters described in Sections 17-303, 17-607 and 17-804 of the Delaware LP
Act).
 
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Section 3.7  No Preemptive or Registration Rights.  Except as set forth in the
Partnership Agreement, there are no preemptive rights or other rights to
subscribe for or to purchase, nor any restriction upon the voting or transfer
of, any capital stock or partnership or membership interests of any of the
Boardwalk Entities, in each case pursuant to any other agreement or instrument
to which any of such entities is a party or by which any one of them may be
bound.  Except as contemplated by this Agreement and the Registration Rights
Agreement or provided for in the Partnership Agreement, (i) neither the
execution of this Agreement, nor the issuance of the Units as contemplated by
this Agreement gives rise to any rights for or relating to the registration of
any Partnership Securities, and (ii) there are no contracts, agreements or
understandings between any Boardwalk Entity and any person granting such person
the right to require Boardwalk to file a registration statement under the
Securities Act with respect to any securities of Boardwalk owned or to be owned
by such person, or to require Boardwalk to include such securities in any
securities registered or to be registered pursuant to any registration statement
filed by or required to be filed by Boardwalk under the Securities Act.
 
Section 3.8  Periodic Reports.  Boardwalk has filed all forms, reports,
schedules and statements required to be filed by it under the Exchange Act
subsequent to December 31, 2008 and when they were filed with the Commission,
each such form, report, schedule and statement conformed in all material
respects to the requirements of the Exchange Act and did not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein not misleading.
 
Section 3.9  Litigation.  Except as described in Boardwalk’s Annual Report on
Form 10-K for the year ended December 31, 2008 or any other forms, reports,
schedules and statements required to be filed by it under the Exchange Act
subsequent to December 31, 2008, there are no legal or governmental proceedings
pending to which any Boardwalk Entity is a party or to which any property or
asset of any Boardwalk Entity is subject that could reasonably be expected to
have, individually or in the aggregate, a Material Adverse Effect or a material
adverse effect on the performance of this Agreement or the consummation of the
transactions contemplated hereby, and to the knowledge of Boardwalk, no such
proceedings are threatened by Governmental Authorities or others.
 
Section 3.10    Certain Fees.  No fees or commissions are or will be payable by
Boardwalk to brokers, finders, or investment bankers with respect to the sale of
any of the Units or the consummation of the transaction contemplated by this
Agreement.  Boardwalk agrees that it will indemnify and hold harmless the
Purchaser from and against any and all claims, demands, or liabilities for
broker’s, finder’s, placement, or other similar fees or commissions incurred by
Boardwalk or alleged to have been incurred by Boardwalk in connection with the
sale of the Units or the consummation of the transactions contemplated by this
Agreement.
 
Section 3.11    No Side Agreements.  There are no agreements by, among or
between Boardwalk or any of its Affiliates, on the one hand, and the Purchaser
or any of its Affiliates, on the other hand, with respect to the transactions
contemplated hereby other than the Operative Documents or the Waiver and Consent
Agreement nor promises or inducements for future transactions between or among
any of such parties.
 
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Section 3.12    No Registration.  Assuming the accuracy of the representations
and warranties of the Purchaser contained in Section 4.6 and Section 4.7, the
issuance and sale of the Units pursuant to this Agreement is exempt from
registration requirements of the Securities Act of 1933, as amended.
 
Section 3.13    No Integration.  Neither Boardwalk nor any of its Subsidiaries
have, directly or indirectly through any agent, sold, offered for sale,
solicited offers to buy or otherwise negotiated in respect of, any “security”
(as defined in the Securities Act of 1933, as amended) that is or will be
integrated with the sale of the Units in a manner that would require
registration under the Securities Act of 1933, as amended.
 
ARTICLE IV
 

 
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
 
The Purchaser hereby represents and warrants to Boardwalk that:
 
Section 4.1  Existence.  The Purchaser is duly organized and validly existing
and in good standing as a corporation under the laws of the State of Delaware,
with all corporate power and authority to own properties and to conduct its
business as currently conducted.
 
Section 4.2  Authorization, Enforceability.  The Purchaser has all necessary
corporate power and authority to execute, deliver and perform its obligations
under this Agreement, the Registration Rights Agreement and the Waiver and
Consent Agreement and to consummate the transactions contemplated thereby, and
the execution, delivery and performance by the Purchaser of this Agreement, the
Registration Rights Agreement and the Waiver and Consent Agreement has been duly
authorized by all necessary action on the part of the Purchaser; and this
Agreement, the Registration Rights Agreement and the Waiver and Consent
Agreement constitute the legal, valid and binding obligations of the Purchaser,
enforceable in accordance with their terms, except as such enforceability may be
limited by bankruptcy, insolvency, fraudulent transfer and similar laws
affecting creditors’ rights generally or by general principles of equity,
including principles of commercial reasonableness, fair dealing and good faith.
 
Section 4.3  No Breach.  The execution, delivery and performance of this
Agreement, the Registration Rights Agreement and the Waiver and Consent
Agreement by the Purchaser and the consummation by the Purchaser of the
transactions contemplated hereby and thereby will not (a) conflict with or
result in a breach or violation of any of the terms or provisions of, or
constitute a default under, any material agreement to which the Purchaser is a
party or by which the Purchaser is bound or to which any of the property or
assets of the Purchaser is subject, (b) conflict with or result in any violation
of the provisions of the organizational documents of the Purchaser, or (c)
violate any statute, order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Purchaser or the property or assets
of the Purchaser, except in the cases of clauses (a) and (c), for such
conflicts, breaches, violations or defaults as would not prevent the
consummation of the transactions contemplated by this Agreement, the
Registration Rights Agreement and the Waiver and Consent Agreement.
 
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Section 4.4  Certain Fees.  No fees or commissions are or will be payable by the
Purchaser to brokers, finders, or investment bankers with respect to the
purchase of any of the Units or the consummation of the transaction contemplated
by this Agreement.  The Purchaser agrees that it will indemnify and hold
harmless Boardwalk from and against any and all claims, demands, or liabilities
for broker’s, finder’s, placement, or other similar fees or commissions incurred
by the Purchaser or alleged to have been incurred by the Purchaser in connection
with the purchase of the Units or the consummation of the transactions
contemplated by this Agreement.
 
Section 4.5  No Side Agreements.  There are no other agreements by, among or
between the Purchaser and any of its Affiliates, on the one hand, and Boardwalk
or any of its Affiliates, on the other hand, with respect to the transactions
contemplated hereby other than the Operative Documents or the Waiver and Consent
Agreement nor promises or inducements for future transactions between or among
any of such parties.
 
Section 4.6  Investment.  The Units are being acquired for the Purchaser’s own
account and with no intention of distributing the Units or any part thereof, and
the Purchaser has no present intention of selling or granting any participation
in or otherwise distributing the same in any transaction in violation of the
securities laws of the United States or any state, without prejudice, however,
to the Purchaser’s right at all times to sell or otherwise dispose of all or any
part of the Units under a registration statement under the Securities Act and
applicable state securities laws or under an exemption from such registration
available thereunder (including, without limitation, if available, Rule 144
promulgated thereunder).  If the Purchaser should in the future decide to
dispose of any of the Units, the Purchaser understands and agrees (a) that it
may do so only in compliance with the Securities Act and applicable state
securities law, as then in effect, which may include a sale contemplated by any
registration statement pursuant to which such securities are being offered, and
(b) that stop-transfer instructions to that effect will be in effect with
respect to such securities.
 
Section 4.7  Nature of Purchaser.  The Purchaser represents and warrants to, and
covenants and agrees with, Boardwalk that, (a) it is an “accredited investor”
within the meaning of Rule 501 of Regulation D promulgated by the Commission
pursuant to the Securities Act and (b) by reason of its business and financial
experience it has such knowledge, sophistication and experience in making
similar investments and in business and financial matters generally so as to be
capable of evaluating the merits and risks of the prospective investment in the
Units, is able to bear the economic risk of such investment and, at the present
time, would be able to afford a complete loss of such investment.
 
Section 4.8  Restricted Securities.  The Purchaser understands that the Units
are characterized as “restricted securities” under the federal securities Laws
inasmuch as they are being acquired from Boardwalk in a transaction not
involving a public offering and that under such Laws and applicable regulations
such securities may be resold without registration under the Securities Act only
in certain limited circumstances.  In this connection, the Purchaser represents
that it is knowledgeable with respect to Rule 144 of the Commission promulgated
under the Securities Act.
 
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Section 4.9  Legend.  It is understood that the certificates evidencing the
Units will bear the legend required by the Partnership Agreement as well as the
following legend:  “These securities have not been registered under the
Securities Act of 1933, as amended.  They may not be sold or offered for sale in
the absence of a registration statement in effect with respect to the securities
under such Act or an opinion of counsel satisfactory to the Company that such
registration is not required or unless sold pursuant to Rule 144 of such
Act.  These securities may be pledged in connection with a bona fide margin
account or other loan secured by such securities.”
 
ARTICLE V
 

 
COVENANTS
 
Section 5.1  Taking of Necessary Action.  Each of the Parties hereto shall use
its commercially reasonable efforts promptly to take or cause to be taken all
action and promptly to do or cause to be done all things necessary, proper or
advisable under applicable Law and regulations to consummate and make effective
the transactions contemplated by this Agreement.  Such actions may include, but
shall not be limited to, promptly executing and delivering any further
agreements, documents and instruments, and taking or forbearing to take any such
further action as the other party may reasonably request in order to more
effectively carry out the provisions of the Agreement.
 
Section 5.2  Payment of Expenses.  Boardwalk hereby agrees to reimburse the
Purchaser, upon demand, for its reasonable out-of-pocket expenses incurred in
connection with (i) the preparation of the Operative Documents, (ii) the issue,
sale and delivery of the Units and (iii) any listing of the Units on any
securities exchange or qualification of the Units for quotation on the NYSE.
 
ARTICLE VI
 

 
MISCELLANEOUS
 
Section 6.1  Interpretation and Survival of Provisions.  Article, Section and
Exhibit references are to this Agreement, unless otherwise specified. All
references to instruments, documents, contracts, and agreements are references
to such instruments, documents, contracts, and agreements as the same may be
amended, supplemented, and otherwise modified from time to time, unless
otherwise specified. The word “including” shall mean “including but not limited
to.” Whenever any party has an obligation under the Operative Documents, the
expense of complying with that obligation shall be an expense of such party
unless otherwise specified. Whenever any determination, consent, or approval is
to be made or given by the Purchaser, such action shall be in the Purchaser’s
sole discretion unless otherwise specified in this Agreement.  If any provision
in the Operative Documents is held to be illegal, invalid, not binding, or
unenforceable, such provision shall be fully severable and the Operative
Documents shall be construed and enforced as if such illegal, invalid, not
binding, or unenforceable provision had never comprised a part of the Operative
Documents, and the remaining provisions shall remain in full force and
effect.   The Operative Documents have been reviewed and negotiated by
sophisticated parties with access to legal counsel and shall not be construed
against the drafter.
 
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Section 6.2  Survival of Provisions.  The representations and warranties set
forth in Sections 3.1, 3.4, 3.6, 3.7, 3.10, 3.11, 3.12, 4.4, 4.5, 4.7, 4.8 and
4.9 hereunder shall survive the execution and delivery of this Agreement
indefinitely, and the other representations and warranties set forth herein
shall survive for a period of twelve (12) months following the Closing Date
regardless of any investigation made by or on behalf of Boardwalk or the
Purchaser.  The covenants made in this Agreement or any other Operative Document
shall survive the Closing of the transactions described herein and remain
operative and in full force and effect regardless of acceptance of any of the
Units and payment therefor and repayment, conversion, exercise or repurchase
thereof.
 
Section 6.3  No Waiver; Modifications in Writing.
 
(a) Delay.  No failure or delay on the part of any party in exercising any
right, power, or remedy hereunder shall operate as a waiver thereof, nor shall
any single or partial exercise of any such right, power, or remedy preclude any
other or further exercise thereof or the exercise of any other right, power, or
remedy. The remedies provided for herein are cumulative and are not exclusive of
any remedies that may be available to a party at law or in equity or otherwise.
 
(b) Specific Waiver.  Except as otherwise provided herein, no amendment, waiver,
consent, modification, or termination of any provision of this Agreement or any
other Operative Document shall be effective unless signed by each of the parties
hereto or thereto affected by such amendment, waiver, consent, modification, or
termination.  Any amendment, supplement or modification of or to any provision
of this Agreement or any other Operative Document, any waiver of any provision
of this Agreement or any other Operative Document, and any consent to any
departure by Boardwalk from the terms of any provision of this Agreement or any
other Operative Document shall be effective only in the specific instance and
for the specific purpose for which made or given. Except where notice is
specifically required by this Agreement, no notice to or demand on Boardwalk in
any case shall entitle Boardwalk to any other or further notice or demand in
similar or other circumstances.
 
Section 6.4  Binding Effect; Assignment.
 
(a) Binding Effect.  This Agreement shall be binding upon Boardwalk, the
Purchaser, and their respective successors and permitted assigns. Except as
expressly provided in this Agreement, this Agreement shall not be construed so
as to confer any right or benefit upon any Person other than the parties to this
Agreement and their respective successors and permitted assigns.
 
(b) Assignment of Rights.  All or any portion of the rights and obligations of
the Purchaser under this Agreement may be transferred by the Purchaser to any
Affiliate of the Purchaser without the consent of Boardwalk.  No portion of the
rights and obligations of the Purchaser under this Agreement may be transferred
by the Purchaser to a non-Affiliate without the written consent of Boardwalk
(which consent shall not be unreasonably withheld by Boardwalk).
 
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Section 6.5  Communications.  All notices and demands provided for hereunder
shall be in writing and shall be given by registered or certified mail, return
receipt requested, telecopy, air courier guaranteeing overnight delivery or
personal delivery to the following addresses:
 
(a) If to the Purchaser:
 
Boardwalk Pipelines Holding Corp.
9 Greenway Plaza, Suite 2800
Houston, TX 77046
Attention:  Corporate Secretary
Facsimile: (866) 459-7336

with a copy to:
Loews Corporation
667 Madison Avenue
New York, NY 10065
Attention:  Corporate Secretary
Facsimile: (212) 521-2997

(b) If to Boardwalk:
 
Boardwalk Pipeline Partners, LP
9 Greenway Plaza, Suite 2800
Houston, TX 77046
Attention:  Corporate Secretary
Facsimile: (866) 459-7336

or to such other address as Boardwalk or the Purchaser may designate in writing.
All notices and communications shall be deemed to have been duly given: at the
time delivered by hand, if personally delivered; at the time of transmittal, if
sent via electronic mail; upon actual receipt if sent by certified mail, return
receipt requested, or regular mail, if mailed; when receipt acknowledged, if
sent via facsimile; and upon actual receipt when delivered to an air courier
guaranteeing overnight delivery.
 
Section 6.6  Removal of Legend.  The Purchaser may request Boardwalk to remove
the legend described in Section 4.9 from the certificates evidencing the Units
by submitting to Boardwalk such certificates, together with an opinion of
counsel to the effect that such legend is no longer required under the
Securities Act or applicable state laws, as the case may be. Boardwalk shall
cooperate with the Purchaser to effect the removal of such legend.
 
Section 6.7  Entire Agreement.  This Agreement, the other Operative Documents
and the other agreements and documents referred to herein are intended by the
parties as a final expression of their agreement and intended to be a complete
and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter contained herein and therein. There are no
restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein or the other Operative Documents with respect to the
rights granted by Boardwalk or any of its Affiliates or the Purchaser or any of
its Affiliates set forth herein or therein.  This Agreement, the other Operative
Documents and the other agreements and documents referred to herein or therein
supersede all prior agreements and understandings between the parties with
respect to such subject matter.
 
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Section 6.8  Governing Law.  THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.
 
Section 6.9  Execution in Counterparts.  This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to
be an original and all of which counterparts, taken together, shall constitute
but one and the same Agreement.
 
Section 6.10  Termination.
 
(a) Notwithstanding anything herein to the contrary, this Agreement may be
terminated at any time at or prior to the Closing by either party, upon a breach
in any material respect by the other party of any covenant or agreement set
forth in this Agreement.
 
(b) Notwithstanding anything herein to the contrary, this Agreement shall
automatically terminate at any time at or prior to the Closing if a statute,
rule, order, decree or regulation shall have been enacted or promulgated, or if
any action shall have been taken by any Governmental Authority of competent
jurisdiction that permanently restrains, permanently precludes, permanently
enjoins or otherwise permanently prohibits the consummation of the transactions
contemplated by this Agreement or makes the transactions contemplated by this
Agreement illegal.
 
(c) In the event of the termination of this Agreement as provided in this
Section 6.10, this Agreement shall forthwith become null and void.  In the event
of such termination, there shall be no liability on the part of any party
hereto; provided that nothing herein shall relieve any party from any liability
or obligation with respect to any willful breach of this Agreement.
 
Section 6.11  Recapitalization, Exchanges, Etc. Affecting the Units.  The
provisions of this Agreement shall apply to the full extent set forth herein
with respect to any and all units of Boardwalk or any successor or assign of
Boardwalk (whether by merger, consolidation, sale of assets or otherwise) which
may be issued in respect of, in exchange for or in substitution of, the Units,
and shall be appropriately adjusted for combinations, recapitalizations and the
like occurring after the date of this Agreement and prior to the Closing.
 

[Signature page follows.]
 

 
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IN WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of
the date first above written.
 
 
BOARDWALK PIPELINE PARTNERS, LP

 
By:
BOARDWALK GP, LP

 
(its General Partner)

 
By:
BOARDWALK GP, LLC

 
(its General Partner)

 
By:
    /s/ Jamie L. Buskill

 
Name:  Jamie L. Buskill

 
Title:    Chief Financial Officer

 
BOARDWALK PIPELINES HOLDING CORP.

 
By:
    /s/ Jamie L. Buskill

 
Name:  Jamie L. Buskill

 
Title:    Chief Financial Officer

 
 
 
 

Signature Page to Unit Purchase Agreement
 
 

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Exhibit A – Form of Second Amended and Restated Registration Rights Agreement
 
[See Attached]
 
 
 
 

Exhibit A to Purchase Agreement
 
 

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SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT
 
THIS SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this
“Agreement”) is made and entered into as of June 26, 2009 by and
between Boardwalk Pipeline Partners, LP, a Delaware limited partnership (the
“Partnership”), and Boardwalk Pipelines Holding Corp., a Delaware
corporation (the “Purchaser”).
 
WHEREAS, the Partnership and the Purchaser previously entered into a
Registration Rights Agreement (the “Original Agreement”) dated as of June 17,
2008 in connection with the closing of the issuance and sale of Class B Units
pursuant to the Class B Unit Purchase Agreement, dated as of April 24, 2008, by
and between the Partnership and the Purchaser (the “Class B Purchase
Agreement”);
 
WHEREAS, the Partnership and the Purchaser previously entered into an Amended
and Restated Registration Rights Agreement (the “Amended and Restated
Agreement”) dated as of November 4, 2008 in connection with the closing of the
issuance and sale of Common Units pursuant to the Unit Purchase Agreement, dated
as of October 30, 2008, by and between the Partnership and the Purchaser (the
“October 2008 Purchase Agreement”);
 
WHEREAS, this Agreement is made to amend and restate the Amended and Restated
Agreement in connection with the closing of the issuance and sale of Common
Units pursuant to the Unit Purchase Agreement, dated as of June 23, 2009, by and
between the Partnership and the Purchaser (the “June 2009 Purchase Agreement”);
 
WHEREAS, the Partnership has agreed to provide the registration and other rights
set forth in this Agreement for the benefit of the Purchaser pursuant to the
June 2009 Purchase Agreement; and
 
WHEREAS, it is a condition to the obligations of the Purchaser and the
Partnership under the June 2009 Purchase Agreement that this Agreement be
executed and delivered.
 
NOW THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged by each party hereto, the Amended and Restated
Agreement is hereby amended and restated as follows:
 
ARTICLE I
 
DEFINITIONS
 
Section 1.01    Definitions.  Capitalized terms used herein without definition
shall have the meanings given to them in the June 2009 Purchase Agreement.  The
terms set forth below are used herein as so defined:
 
“Agreement” has the meaning given to such term in the introductory paragraph.
 
“Class B Units” has the meaning given to such term in the Partnership Agreement.
 
 
 
Exhibit A to Purchase Agreement

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“Effectiveness Period” has the meaning given to such term in Section 2.01 of
this Agreement.
 
“Holder” means the record holder of (i) any Registrable Securities and (ii)
Class B Units prior to their conversion into Common Units.
 
“June 2009 Purchase Agreement” has the meaning given to such term in the
Recitals of this Agreement.
 
“Losses” has the meaning given to such term in Section 2.07(a) of this
Agreement.
 
“Managing Underwriter” means, with respect to any Underwritten Offering, the
book-running lead manager of such Underwritten Offering.
 
“Purchaser” has the meaning given to such term in the introductory paragraph of
this Agreement.
 
“Registrable Securities” means an amount of Common Units equal to the aggregate
number of Common Units issued pursuant to the June 2009 Purchase Agreement, the
October 2008 Purchase Agreement and the aggregate number of Common Units into
which the Class B Units issued pursuant to the Class B Purchase Agreement are
convertible, which Registrable Securities are subject to the rights provided
herein until such rights terminate pursuant to the provisions hereof.
 
“Registration Expenses” has the meaning given to such term in Section 2.06(b) of
this Agreement.
 
“Selling Expenses” has the meaning given to such term in Section 2.06(b) of this
Agreement.
 
“Selling Holder” means a Holder who is selling Registrable Securities pursuant
to a registration statement.
 
“Registration Statement” has the meaning given to such term in Section 2.01 of
this Agreement.
 
“Underwritten Offering” means an offering (including an offering pursuant to a
Registration Statement) in which Common Units are sold to one or more
underwriters on a firm commitment basis for reoffering to the public or an
offering that is a “bought deal” with one or more investment banks.
 
Section 1.02    Registrable Securities.  Any Registrable Security will cease to
be a Registrable Security (a) at the time a registration statement covering such
Registrable Security has been declared effective by the Commission and such
Registrable Security has been sold or disposed of pursuant to such effective
registration statement; (b) at the time such Registrable Security (or Class B
Unit) has been disposed of pursuant to Rule 144 (or any similar provision then
in effect under the Securities Act); (c) 10 years after the Purchaser ceases to
be an Affiliate of the general partner of the Partnership (including where the
General Partner ceases to be the general partner of the Partnership); (d) if
such Registrable Security (or Class B Unit) is held by the Partnership or one of
its subsidiaries; (e) at the time such Registrable Security (or Class B Unit)
has been sold in a private transaction in which the transferor’s rights under
this Agreement are not assigned to the transferee of such securities; or (f) if
such Registrable Security (or Class B Unit) has been sold in a private
transaction in which the transferor’s rights under this Agreement are assigned
to the transferee and such transferee is not an Affiliate of the general partner
of the Partnership, at the time that is two years following (x) in the event
that Class B Units are sold, the later of (i) the conversion of such Class B
Units into Common Units and (ii) the transfer of such Registrable Security to
such transferee or (y) in the case of any other transfer of Registrable
Securities, the transfer of such Registrable Security to such transferee.
 
Exhibit A to Purchase Agreement

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ARTICLE II
 
REGISTRATION RIGHTS
 
Section 2.01    Demand Registration. Upon the written request (a “Notice”) of
the Holders of at least 2,000,000 units of the then-outstanding Registrable
Securities, subject to adjustment pursuant to Section 3.04, the Partnership
shall file with the Commission, as soon as reasonably practicable following the
receipt of the Notice, a registration statement (each, a “Registration
Statement”) under the Securities Act providing for the resale of the Registrable
Securities (which may, at the option of the Holders giving such Notice, be a
registration statement under the Securities Act that provides for the resale of
the Registrable Securities pursuant to Rule 415 from time to time by the
Holders).  The Partnership shall use its commercially reasonable efforts to
cause such Registration Statement to be declared effective by the Commission as
soon as reasonably practicable after the initial filing of the Registration
Statement.  Any Registration Statement shall provide for the resale pursuant to
any method or combination of methods legally available to, and requested by, the
Holders of any and all Registrable Securities covered by such Registration
Statement.  The Partnership shall use its commercially reasonable efforts to
cause each Registration Statement filed pursuant to this Section 2.01 to be
continuously effective, supplemented and amended to the extent necessary to
ensure that it is available for the resale of all Registrable Securities by the
Holders until all Registrable Securities covered by such Registration Statement
have ceased to be Registrable Securities (the “Effectiveness Period”).  Each
Registration Statement when effective (and the documents incorporated therein by
reference) shall comply in all material respects as to form with all applicable
requirements of the Securities Act and shall not contain an untrue statement of
a material fact or omit to state a material fact required to be stated therein
or necessary to make the statements therein not misleading.  There shall be no
limit on the number of Registration Statements that may be required by the
Holders hereunder.
 
Section 2.02    Underwritten Offerings.
 
(a)           Request for Underwritten Offering.  In the event that one or more
Holders collectively holding more than 2,000,000 units of the then-outstanding
Registrable Securities, subject to adjustment pursuant to Section 3.04, elects
to dispose of Registrable Securities under a Registration Statement pursuant to
an Underwritten Offering, the Partnership shall, upon request by such Holders,
retain underwriters in order to permit such Holders to effect such sale through
an Underwritten Offering.  The obligation of the Partnership to retain
underwriters shall include entering into an underwriting agreement in customary
form with the Managing Underwriter or other underwriters, which shall include,
among other provisions, indemnities to the effect and to the extent provided in
Section 2.07 and taking all reasonable actions as are requested by the Managing
Underwriter or other underwriters to expedite or facilitate the disposition of
such Registrable Securities.  The Partnership shall, upon request of the
Holders, cause its management to participate in a roadshow or similar marketing
effort on behalf of the Holders.
 
Exhibit A to Purchase Agreement

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(b)           Limitation on Underwritten Offerings.  In no event shall the
Partnership be required hereunder to participate in more than two Underwritten
Offerings in any 12-month period.
 
 
(c)           General Procedures.  In connection with any Underwritten Offering
under this Agreement, Selling Holders holding a majority of the Registrable
Securities in such Underwritten Offering shall be entitled to select the
Managing Underwriter or other underwriters, subject to the approval of the
Partnership, which approval shall not be unreasonably withheld.  In connection
with an Underwritten Offering contemplated by this Agreement, each Selling
Holder and the Partnership shall be obligated to enter into an underwriting
agreement that contains such representations, covenants, indemnities and other
rights and obligations as are customary in underwriting agreements for firm
commitment offerings of securities.  No Selling Holder may participate in such
Underwritten Offering unless such Selling Holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other
documents reasonably required under the terms of such  underwriting agreement. 
Each Selling Holder may, at its option, require that any or all of the
representations and warranties by, and the other agreements on the part of, the
Partnership to and for the benefit of such underwriters also be made to and for
such Selling Holder’s benefit and that any or all of the conditions precedent to
the obligations of such underwriters under such underwriting agreement also be
conditions precedent to such Selling Holder’s obligations.  No Selling Holder
shall be required to make any representations or warranties to or agreements
with the Partnership or the underwriters other than representations, warranties
or agreements regarding such Selling Holder and its ownership of the securities
being registered on its behalf, its intended method of distribution and any
other representation required by Law.  If any Selling Holder disapproves of the
terms of an underwriting, such Selling Holder may elect to withdraw from the
Underwritten Offering by notice to the Partnership and the Managing Underwriter;
provided, however, that such withdrawal must be made at a time prior to the time
of pricing of such Underwritten Offering.  No such withdrawal shall affect the
Partnership’s obligation to pay Registration Expenses.

Section 2.03    Delay Rights.  If the General Partner determines that the
Partnership’s compliance with its obligations under this Article II would be
materially detrimental to the Partnership and its Partners (as defined in the
Partnership Agreement) because such registration would (a) materially interfere
with a significant acquisition, reorganization or other similar transaction
involving the Partnership, (b) require premature disclosure of material
information that the Partnership has a bona fide business purpose for preserving
as confidential or (c) render the Partnership unable to comply with applicable
securities laws, then the Partnership shall have the right to postpone
compliance with its obligations under Section 2.01 and Section 2.02 for a period
of not more than six months, provided, that such right pursuant to this Section
2.03 may not be utilized more than once in any 12-month period.
 
Exhibit A to Purchase Agreement

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Section 2.04    Sale Procedures.  In connection with its obligations under this
Article II, the Partnership will, as expeditiously as possible:
 
(a)           prepare and file with the Commission such amendments and
supplements to each Registration Statement and the prospectus used in connection
therewith as may be necessary to keep each Registration Statement effective for
the Effectiveness Period and as may be necessary to comply with the provisions
of the Securities Act with respect to the disposition of all Registrable
Securities covered by such Registration Statement;
 
(b)           if a prospectus supplement will be used in connection with the
marketing of an Underwritten Offering from a Registration Statement and the
Managing Underwriter at any time shall notify the Partnership in writing that,
in the sole judgment of such Managing Underwriter, inclusion of detailed
information to be used in such prospectus supplement is of material importance
to the success of the Underwritten Offering, the Partnership shall use its
commercially reasonable efforts to include such information in such prospectus
supplement;
 
(c)           furnish to each Selling Holder (i) as far in advance as reasonably
practicable before filing a Registration Statement or any supplement or
amendment thereto, upon request, copies of reasonably complete drafts of all
such documents proposed to be filed (including exhibits and each document
incorporated by reference therein to the extent then required by the rules and
regulations of the Commission), and provide each such Selling Holder the
opportunity to object to any information pertaining to such Selling Holder and
its plan of distribution that is contained therein and make the corrections
reasonably requested by such Selling Holder with respect to such information
prior to filing a Registration Statement or supplement or amendment thereto, and
(ii) such number of copies of such Registration Statement and the prospectus
included therein and any supplements and amendments thereto as such Selling
Holder may reasonably request in order to facilitate the public sale or other
disposition of the Registrable Securities covered by such Registration
Statement;
 
(d)           if applicable, use its commercially reasonable efforts to register
or qualify the Registrable Securities covered by a Registration Statement under
the securities or blue sky laws of such jurisdictions as the Selling Holders or,
in the case of an Underwritten Offering, the Managing Underwriter, shall
reasonably request; provided, however, that the Partnership will not be required
to qualify generally to transact business in any jurisdiction where it is not
then required to so qualify or to take any action that would subject it to
general service of process in any such jurisdiction where it is not then so
subject;
 
(e)           promptly notify each Selling Holder and each underwriter, at any
time when a prospectus relating to the offering of Registrable Securities  is
required to be delivered under the Securities Act, of (i) the filing of
a Registration Statement or any prospectus or prospectus supplement to be used
in connection therewith, or any amendment or supplement thereto, and, with
respect to such Registration Statement or any post-effective amendment thereto,
when the same has become effective; and (ii) any written comments from the
Commission with respect to any filing referred to in clause (i) and any written
request by the Commission for amendments or supplements to a Registration
Statement or any prospectus or prospectus supplement thereto;
 
Exhibit A to Purchase Agreement

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(f)           immediately notify each Selling Holder and each underwriter, at
any time when a prospectus relating to the offering of Registrable Securities is
required to be delivered under the Securities Act, of (i) the happening of any
event as a result of which the prospectus or prospectus supplement contained in
a Registration Statement, as then in effect, includes an untrue statement of a
material fact or omits to state any material fact required to be stated therein
or necessary to make the statements therein not misleading (in the case of the
prospectus contained therein, in the light of the circumstances under which a
statement is made); (ii) the issuance or threat of issuance by the Commission of
any stop order suspending the effectiveness of a Registration Statement, or the
initiation of any proceedings for that purpose; or (iii) the receipt by the
Partnership of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the applicable
securities or blue sky laws of any jurisdiction.  Following the provision of
such notice, the Partnership agrees to, as promptly as practicable, amend or
supplement the prospectus or prospectus supplement or take other appropriate
action so that the prospectus or prospectus supplement does not include an
untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein not misleading in
the light of the circumstances then existing and to take such other reasonable
action as is necessary to remove a stop order, suspension, threat thereof or
proceedings related thereto;
 
(g)           upon request and subject to appropriate confidentiality
obligations, furnish to each Selling Holder copies of any and all transmittal
letters or other correspondence with the Commission or any other governmental
agency or self-regulatory body or other body having jurisdiction (including any
domestic or foreign securities exchange) relating to such offering of
Registrable Securities;
 
(h)           in the case of an Underwritten Offering, furnish upon request, (i)
an opinion of counsel for the Partnership dated the date of the closing under
the underwriting agreement, and (ii) a “cold comfort” letter, dated the pricing
date of such Underwritten Offering (to the extent available) and a letter of
like kind dated the date of the closing under the underwriting agreement, in
each case, signed by the independent public accountants who have certified the
Partnership’s financial statements included or incorporated by reference into
the applicable registration statement, and each of the opinion and the “cold
comfort” letter shall be in customary form and covering substantially the same
matters with respect to such registration statement (and the prospectus and any
prospectus supplement included therein) as have been customarily covered in
opinions of issuer’s counsel and in accountants’ letters delivered to the
underwriters in Underwritten Offerings of securities by the Partnership and such
other matters as such underwriters and Selling Holders may reasonably request;
 
(i)           otherwise use its commercially reasonable efforts to comply with
all applicable rules and regulations of the Commission, and make available to
its security holders, as soon as reasonably practicable, an earnings statement,
which earnings statement shall satisfy the provisions of Section 11(a) of the
Securities Act and Rule 158 promulgated thereunder;
 
Exhibit A to Purchase Agreement

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(j)           make available to the appropriate representatives of the Managing
Underwriter and Selling Holders access to such information and Partnership
personnel as is reasonable and customary to enable such parties to establish a
due diligence defense under the Securities Act;
 
(k)           cause all such Registrable Securities registered pursuant to this
Agreement to be listed on each securities exchange or nationally recognized
quotation system on which similar securities issued by the Partnership are then
listed;
 
(l)           use its commercially reasonable efforts to cause the Registrable
Securities to be registered with or approved by such other governmental agencies
or authorities as may be necessary by virtue of the business and operations of
the Partnership to enable the Selling Holders to consummate the disposition of
such Registrable Securities;
 
(m)           provide a transfer agent and registrar for all Registrable
Securities covered by a Registration Statement not later than the effective date
of such Registration Statement; and
 
(n)           enter into customary agreements and take such other actions as are
reasonably requested by the Selling Holders or the underwriters, if any, in
order to expedite or facilitate the disposition of such Registrable Securities.
 
Each Selling Holder, upon receipt of notice from the Partnership of the
happening of any event of the kind described in subsection (f) of this Section
2.04, shall forthwith discontinue disposition of the Registrable Securities
until such Selling Holder’s receipt of the copies of the supplemented or amended
prospectus contemplated by subsection (f) of this Section 2.04 or until it is
advised in writing by the Partnership that the use of the prospectus may be
resumed, and has received copies of any additional or supplemental filings
incorporated by reference in the prospectus, and, if so directed by the
Partnership, such Selling Holder will, or will request the managing underwriter
or underwriters, if any, to deliver to the Partnership (at the Partnership’s
expense) all copies in their possession or control, other than permanent file
copies then in such Selling Holder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such notice.
 
Section 2.05    Cooperation by Holders.  The Partnership shall have no
obligation to include in a Registration Statement, or in an Underwritten
Offering pursuant to Section 2.02(a), Registrable Securities of a Selling Holder
who has failed to timely furnish such information that, in the opinion of
counsel to the Partnership, is reasonably required in order for the registration
statement or prospectus supplement, as applicable, to comply with the Securities
Act.
 
Section 2.06    Expenses.
 
(a)            Expenses.  The Partnership (i) will pay all reasonable
Registration Expenses including in the case of an Underwritten Offering,
regardless of whether any sale is made pursuant to such Underwritten Offering
and (ii) with respect to the first 27,869,466 units of Registrable Securities
sold in one or more Underwritten Offerings pursuant hereto, will reimburse each
Selling Holder for the amount of Selling Expenses incurred in connection with
such Underwritten Offerings in an amount not to exceed $0.914 per Registrable
Security then being offered.  Each Selling Holder shall pay all other Selling
Expenses in connection with any sale of its Registrable Securities hereunder. In
addition, except as otherwise provided in Section 2.07, the Partnership shall
not be responsible for legal fees incurred by Holders in connection with the
exercise of such Holders’ rights hereunder.   For the avoidance of doubt, all
reimbursed Selling Expenses shall be treated for U.S. federal income tax
purposes as payments to a Selling Holder other than in its capacity as a Partner
of the Partnership.
 
Exhibit A to Purchase Agreement

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(b)           Certain Definitions.  “Registration Expenses” means all expenses
incident to the Partnership’s performance under or compliance with this
Agreement to effect the registration of Registrable Securities on a Registration
Statement pursuant to Section 2.01 and/or in connection with an Underwritten
Offering pursuant to Section 2.02(a), and the disposition of such Registrable
Securities, including, without limitation, all registration, filing, securities
exchange listing and New York Stock Exchange fees, all registration, filing,
qualification and other fees and expenses of complying with securities or blue
sky laws, fees of the Financial Industry Regulatory Authority, fees of transfer
agents and registrars, all word processing, duplicating and printing expenses,
any transfer taxes and the fees and disbursements of counsel and independent
public accountants for the Partnership, including the expenses of any special
audits or “cold comfort” letters required by or incident to such performance and
compliance.  “Selling Expenses” means underwriting fees, discounts and selling
commissions allocable to the sale of the Registrable Securities.
 
Section 2.07    Indemnification.
 
(a)           By the Partnership.  In the event of a registration of any
Registrable Securities under the Securities Act pursuant to this Agreement, the
Partnership will indemnify and hold harmless each Selling Holder, its directors,
officers, employees and agents, and each underwriter, pursuant to the applicable
underwriting agreement with such underwriter, of Registrable Securities
thereunder and each Person, if any, who controls such Selling Holder within the
meaning of the Securities Act and the Exchange Act, and its directors, officers,
employees or agents, against any losses, claims, damages, expenses or
liabilities (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”), joint or several, to which such Selling Holder, director, officer,
employee, agent or underwriter or controlling Person may become subject under
the Securities Act, the Exchange Act or otherwise, insofar as such Losses (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact (in the case of any prospectus, in light of the
circumstances under which such statement is made) contained in a Registration
Statement, any preliminary prospectus or prospectus supplement, free writing
prospectus or final prospectus or prospectus supplement contained therein, or
any amendment or supplement thereof, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made) not
misleading, and will reimburse each such Selling Holder, its directors,
officers, employee and agents, each such underwriter and each such controlling
Person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Loss or actions or proceedings as such
expenses are incurred; provided, however, that the Partnership will not be
liable in any such case if and to the extent that any such Loss arises out of or
is based upon an untrue statement or alleged untrue statement or omission or
alleged omission so made in conformity with information furnished by such
Selling Holder, its directors, officers, employees and agents or any underwriter
or such controlling Person in writing specifically for use in a Registration
Statement, or prospectus or any amendment or supplement thereto, as applicable.
Such indemnity shall remain in full force and effect regardless of any
investigation made by or on behalf of such Selling Holder or any such directors,
officers, employees agents or any underwriter or controlling Person, and shall
survive the transfer of such securities by such Selling Holder.
 
Exhibit A to Purchase Agreement

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(b)           By Each Selling Holder.  Each Selling Holder agrees severally and
not jointly to indemnify and hold harmless the Partnership, the General Partner,
its directors, officers, employees and agents and each Person, if any, who
controls the Partnership within the meaning of the Securities Act or of the
Exchange Act, and its directors, officers, employees and agents, to the same
extent as the foregoing indemnity from the Partnership to the Selling Holders,
but only with respect to information regarding such Selling Holder furnished in
writing by or on behalf of such Selling Holder expressly for inclusion in a
Registration Statement or prospectus supplement relating to the Registrable
Securities, or any amendment or supplement thereto; provided, however, that the
liability of each Selling Holder shall not be greater in amount than the dollar
amount of the proceeds (net of any Selling Expenses) received by such Selling
Holder from the sale of the Registrable Securities giving rise to such
indemnification.
 
(c)           Notice.  Promptly after receipt by an indemnified party hereunder
of notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party hereunder,
notify the indemnifying party in writing thereof, but the omission so to notify
the indemnifying party shall not relieve it from any liability that it may have
to any indemnified party under this Section 2.07 to the extent such failure has
not prejudiced the indemnifying party.  In any action brought against any
indemnified party, it shall notify the indemnifying party of the commencement
thereof.  The indemnifying party shall be entitled to participate in and, to the
extent it shall wish, to assume and undertake the defense thereof with counsel
reasonably satisfactory to such indemnified party and, after notice from the
indemnifying party to such indemnified party of its election so to assume and
undertake the defense thereof, the indemnifying party shall not be liable to
such indemnified party under this Section 2.07 for any legal expenses
subsequently incurred by such indemnified party in connection with the defense
thereof other than reasonable costs of investigation and of liaison with counsel
so selected; provided, however, that, (i) if the indemnifying party has failed
to assume the defense or employ counsel reasonably acceptable to the indemnified
party or (ii) if the defendants in any such action include both the indemnified
party and the indemnifying party and counsel to the indemnified party shall have
concluded that there may be reasonable defenses available to the indemnified
party that are different from or additional to those available to the
indemnifying party, or if the interests of the indemnified party reasonably may
be deemed to conflict with the interests of the indemnifying party, then the
indemnified party shall have the right to select a separate counsel and to
assume such legal defense and otherwise to participate in the defense of such
action, with the reasonable expenses and fees of such separate counsel and other
reasonable expenses related to such participation to be reimbursed by the
indemnifying party as incurred.  Notwithstanding any other provision of this
Agreement, no indemnified party shall settle any action brought against it with
respect to which it is entitled to indemnification hereunder without the consent
of the indemnifying party, unless the settlement thereof imposes no liability or
obligation on, and includes a complete and unconditional release from all
liability of, the indemnifying party.
 
Exhibit A to Purchase Agreement

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(d)           Contribution.  If the indemnification provided for in this Section
2.07 is held by a court or government agency of competent jurisdiction to be
unavailable to any indemnified party or is insufficient to hold them harmless in
respect of any Losses, then each such indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or
payable by such indemnified party as a result of such Loss in such proportion as
is appropriate to reflect the relative fault of the indemnifying party on the
one hand and of such indemnified party on the other in connection with the
statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations; provided, however, that in no event shall
such Selling Holder be required to contribute an aggregate amount in excess of
the dollar amount of proceeds (net of Selling Expenses) received by such Selling
Holder from the sale of Registrable Securities giving rise to such
indemnification.  The relative fault of the indemnifying party on the one hand
and the indemnified party on the other shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact has been made
by, or relates to, information supplied by such party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  The parties hereto agree that it would not be just
and equitable if contributions pursuant to this paragraph were to be determined
by pro rata allocation or by any other method of allocation that does not take
account of the equitable considerations referred to herein.  The amount paid by
an indemnified party as a result of the Losses referred to in the first sentence
of this paragraph shall be deemed to include any legal and other expenses
reasonably incurred by such indemnified party in connection with investigating
or defending any Loss that is the subject of this paragraph. No person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the
Securities Act) shall be entitled to contribution from any Person who is not
guilty of such fraudulent misrepresentation.
 
(e)           Other Indemnification.  The provisions of this Section 2.07 shall
be in addition to any other rights to indemnification or contribution that an
indemnified party may have pursuant to law, equity, contract or otherwise.
 
Section 2.08    Rule 144 Reporting.  With a view to making available the
benefits of certain rules and regulations of the Commission that may permit the
sale of the Registrable Securities to the public without registration, the
Partnership agrees to use its commercially reasonable efforts to:
 
(a)           make and keep public information regarding the Partnership
available, as those terms are understood and defined in Rule 144 under the
Securities Act, at all times from and after the date hereof;
 
(b)           file with the Commission in a timely manner all reports and other
documents required of the Partnership under the Exchange Act at all times from
and after the date hereof; and
 
(c)           so long as a Holder owns any Registrable Securities, furnish to
such Holder forthwith upon request a copy of the most recent annual or quarterly
report of the Partnership, and such other reports and documents so filed as such
Holder may reasonably request in availing itself of any rule or regulation of
the Commission allowing such Holder to sell any such securities without
registration.
 
Exhibit A to Purchase Agreement

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Section 2.09     Transfer or Assignment of Registration Rights.  The rights to
cause the Partnership to register Registrable Securities granted to the
Purchaser by the Partnership under this Article II may be transferred or
assigned by the Purchaser to one or more transferee(s) or assignee(s) of such
Registrable Securities (or Class B Units prior to conversion); provided,
however, that (a) unless such transferee or assignee is an Affiliate of the
Purchaser, each such transferee or assignee holds Registrable Securities (or
Class B Units prior to conversion) representing at least 2,000,000 units of the
then-outstanding Registrable Securities or Class B Units, subject to adjustment
pursuant to Section 3.04, (b) the Partnership is given written notice prior to
any said transfer or assignment, stating the name and address of each such
transferee and identifying the securities with respect to which such
registration rights are being transferred or assigned, and (c) each such
transferee assumes in writing responsibility for its portion of the obligations
of the Purchaser under this Agreement.
 
Section 2.10    Restrictions on Public Sale by Holders of Registrable
Securities.  Each Holder who, along with its Affiliates, holds at least
2,000,000 units of the then-outstanding Registrable Securities, subject to
adjustment pursuant to Section 3.04, agrees not to effect any public sale or
distribution of the Registrable Securities during the 30 calendar day period
beginning on the date of a prospectus or prospectus supplement filed with the
Commission with respect to the pricing of an Underwritten Offering, provided
that (i) the duration of the foregoing restrictions shall be no longer than the
duration of the shortest restriction generally imposed by the underwriters on
the Partnership or the officers, directors or any other unitholder of the
Partnership on whom a restriction is imposed and (ii) the restrictions set forth
in this Section 2.10 shall not apply to any Registrable Securities that are
included in such Underwritten Offering by such Holder.
 
ARTICLE III
 
MISCELLANEOUS
 
Section 3.01    Communications.  All notices and other communications provided
for or permitted hereunder shall be made in writing by facsimile, electronic
mail, courier service or personal delivery:
 
(a)           if to the Purchaser:
 
Boardwalk Pipelines Holding Corp.
9 Greenway Plaza, Suite 2800
Houston, TX 77046
Attention:  Corporate Secretary
Facsimile: (866) 459-7336

with a copy to:

Loews Corporation
667 Madison Avenue
New York, NY 10065
Attention:  Corporate Secretary
Facsimile: (212) 521-2997

Exhibit A to Purchase Agreement

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(b)           if to a transferee of the Purchaser, to such Holder at the address
provided pursuant to Section 2.09; and
 
(c)           if to the Partnership:
 
Boardwalk Pipeline Partners, LP
9 Greenway Plaza, Suite 2800
Houston, TX 77046
Attention:  Corporate Secretary
 
Facsimile: (866) 459-7336
 
All such notices and communications shall be deemed to have been received at the
time delivered by hand, if personally delivered; when receipt acknowledged, if
sent via facsimile or sent via Internet electronic mail; and when actually
received, if sent by courier service or any other means.
 
Section 3.02    Successor and Assigns.  This Agreement shall inure to the
benefit of and be binding upon the successors and assigns of each of the
parties, including subsequent Holders of Registrable Securities to the extent
permitted herein.
 
Section 3.03    Assignment of Rights.  All or any portion of the rights and
obligations of any Purchaser under this Agreement may be transferred or assigned
by such Purchaser in accordance with Section 2.09 hereof.
 
Section 3.04    Recapitalization, Exchanges, Etc. Affecting the Registrable
Securities.  The provisions of this Agreement shall apply to the full extent set
forth herein with respect to any and all units of the Partnership or any
successor or assign of the Partnership (whether by merger, consolidation, sale
of assets or otherwise) that may be issued in respect of, in exchange for or in
substitution of, the Registrable Securities, and shall be appropriately adjusted
for combinations, unit splits, recapitalizations, pro rata distributions of
units and the like occurring after the date of this Agreement.
 
Section 3.05    Specific Performance.  Damages in the event of breach of this
Agreement by a party hereto may be difficult, if not impossible, to ascertain,
and it is therefore agreed that each such Person, in addition to and without
limiting any other remedy or right it may have, will have the right to an
injunction or other equitable relief in any court of competent jurisdiction,
enjoining any such breach, and enforcing specifically the terms and provisions
hereof, and each of the parties hereto hereby waives any and all defenses it may
have on the ground of lack of jurisdiction or competence of the court to grant
such an injunction or other equitable relief.  The existence of this right will
not preclude any such Person from pursuing any other rights and remedies at law
or in equity that such Person may have.
 
Section 3.06     Counterparts.  This Agreement may be executed in any number of
counterparts and by different parties hereto in separate counterparts, each of
which counterparts, when so executed and delivered, shall be deemed to be an
original and all of which counterparts, taken together, shall constitute but one
and the same Agreement.
 
Exhibit A to Purchase Agreement

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Section 3.07    Headings.  The headings in this Agreement are for convenience of
reference only and shall not limit or otherwise affect the meaning hereof.
 
Section 3.08    Governing Law. THIS AGREEMENT WILL BE CONSTRUED IN ACCORDANCE
WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.
 
Section 3.09   Severability of Provisions.  Any provision of this Agreement that
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting or impairing the validity or enforceability of such provision in any
other jurisdiction.
 
Section 3.10   Scope of Agreement.  The rights granted pursuant to this
Agreement are intended to supplement and not to reduce or replace any rights any
Holders may have under the Partnership Agreement with respect to the Registrable
Securities.  This Agreement is intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the
agreement and understanding of the parties hereto in respect of the subject
matter contained herein. Except as provided in the Partnership Agreement, there
are no restrictions, promises, warranties or undertakings, other than those set
forth or referred to herein with respect to the rights granted by the
Partnership set forth herein.  Except as provided in the Partnership Agreement,
this Agreement and the June 2009 Purchase Agreement supersede all prior
agreements and understandings between the parties with respect to such subject
matter.
 
Section 3.11   Amendment.  This Agreement may be amended only by means of a
written amendment signed by the Partnership and the Holders of a majority of the
then outstanding Registrable Securities; provided, however, that no such
amendment shall materially and adversely affect the rights of any Holder
hereunder without the consent of such Holder.
 
Section 3.12   No Presumption.  If any claim is made by a party relating to any
conflict, omission, or ambiguity in this Agreement, no presumption or burden of
proof or persuasion shall be implied by virtue of the fact that this Agreement
was prepared by or at the request of a particular party or its counsel.
 
Section 3.13   Aggregation of Registrable Securities.  All Registrable
Securities held or acquired by Persons who are Affiliates of one another shall
be aggregated together for the purpose of determining the availability of any
rights under this Agreement.
 
Section 3.14   Obligations Limited to Parties to Agreement.  Each of the Parties
hereto covenants, agrees and acknowledges that no Person other than the
Partnership and the Holders shall have any obligation hereunder and that,
notwithstanding that one or more of the Holders may be a corporation,
partnership or limited liability company, no recourse under this Agreement or
under any documents or instruments delivered in connection herewith or therewith
shall be had against any former, current or future director, officer, employee,
agent, general or limited partner, manager, member, stockholder or Affiliate of
any of the Holders or any former, current or future director, officer, employee,
agent, general or limited partner, manager, member, stockholder or Affiliate of
any of the foregoing, whether by the enforcement of any assessment or by any
legal or equitable proceeding, or by virtue of any applicable Law, it being
expressly agreed and acknowledged that no personal liability whatsoever shall
attach to, be imposed on or otherwise by incurred by any former, current or
future director, officer, employee, agent, general or limited partner, manager,
member, stockholder or Affiliate of any of the Holders or any former, current or
future director, officer, employee, agent, general or limited partner, manager,
member, stockholder or Affiliate of any of the foregoing, as such, for any
obligations of the Holders under this Agreement or any documents or instruments
delivered in connection herewith or therewith or for any claim based on, in
respect of or by reason of such obligation or its creation, except in each case
for any assignee of a Holder hereunder.
 
Exhibit A to Purchase Agreement

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Section 3.15   Interpretation.  Article and Section references are to Articles
and Sections of this Agreement, unless otherwise specified.  All references to
instruments, documents, contracts and agreements are references to such
instruments, documents, contracts and agreements as the same may be amended,
supplemented and otherwise modified from time to time, unless otherwise
specified. The word “including” shall mean “including but not limited to.”
Whenever any determination, consent or approval is to be made or given by a
Holder under this Agreement, such action shall be in such Holder’s sole
discretion unless otherwise specified.
 

Exhibit A to Purchase Agreement
 
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