exv10w1






Exhibit 10.1




ENTERPRISE PRODUCTS

1998 LONG-TERM INCENTIVE PLAN

(Amended and Restated as of February 23, 2010)




     SECTION 1 Purpose of the Plan. The Enterprise Products 1998 Long-Term Incentive Plan,
as amended and restated hereby (the “Plan”), is intended to promote the interests of Enterprise
Products Company, a Texas corporation (the “Company”), and Enterprise Products Partners L.P., a
Delaware limited partnership (the “Partnership”), by encouraging employees and directors of the
Company and its Affiliates who perform services for the Company and/or the Partnership to acquire
or increase their equity interests in the Partnership and to provide a means whereby they may
develop a sense of proprietorship and personal involvement in the development and financial success
of the Partnership, and to encourage them to remain with the Company and its Affiliates and to
devote their best efforts to the business of Company and/or the Partnership, thereby advancing the
interests of Company, the Partnership and their respective stockholders or partners. The Plan is
also contemplated to enhance the ability of the Company and its Affiliates to attract and retain
the services of key individuals who are essential for the growth and profitability of the Company
and/or the Partnership.



     SECTION 2 Definitions.



     As used in the Plan, the following terms shall have the meanings set forth below:



     “Affiliate” means the Partnership and any entity (i) that controls, is controlled by or is
under common control with the Company or the Partnership or (ii) in which the Company or the
Partnership has a direct or indirect significant business interest, in each case, as determined by
the Committee in its discretion.



     “Award” means an Option, a Restricted Unit or a Phantom Unit granted under the Plan.



     “Board” means the Board of Directors of the Company.



     “Committee” means the Audit and Conflicts Committee of the Board of Directors of the General
Partner.



     “DER” means a contingent right, granted in tandem with a specific Phantom Unit award, to
receive an amount of cash equal to any cash distributions made by the Partnership with respect to a
Unit during the period such Phantom Unit is outstanding.



     “Director” means a “non-employee director”, as defined in Rule 16b-3, of the General Partner.



     “Employee” means any employee of the Company or an Affiliate.



     “Exchange Act” means the Securities Exchange Act of 1934, as amended.



     “Fair Market Value” means the closing sales price of a Unit on the date of grant of an Option
or the date of exercise (in whole or in part) of an Option, as applicable (or if there is no
trading in the Units on such date, on the next preceding date on which there was trading) as
reported in The Wall Street Journal (or other reporting service approved by the Committee). In the
event Units are not publicly traded at the time a determination of fair market value is required to
be made hereunder, the determination of fair market value shall be made in good faith by the
Committee.



     “General Partner” means Enterprise Products GP, LLC, the general partner of the Partnership.



     “Option” means an option to purchase Units granted under the Plan.



     “Participant” means any Employee or Director granted an Award under the Plan.



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     “Person” means any individual, corporation, partnership, association, joint-stock company,
trust, unincorporated organization, government or political subdivision thereof or other entity.



     “Phantom Unit” means a notional or phantom unit granted under the Plan which upon vesting
entitles the holder to receive one Unit.



     “Restricted Unit” means a Unit granted under the Plan that is subject to forfeiture provisions
and restrictions on its transferability, if any, established by the Committee under the Plan.



     “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor
rule or regulation thereto as in effect from time to time.



     “SEC” means the Securities and Exchange Commission, or any successor thereto.



     “Unit” means a Common Unit of the Partnership.



     SECTION 3 Administration. The Plan shall be administered by the Committee. A majority
of the Committee shall constitute a quorum, and the acts of the members of the Committee who are
present at any meeting thereof at which a quorum is present, or acts unanimously approved by the
members of the Committee in writing, shall be the acts of the Committee. Subject to the terms of
the Plan and applicable law, and in addition to other express powers and authorizations conferred
on the Committee by the Plan, the Committee shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii)
determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of
any Award; (v) determine whether, to what extent, and under what circumstances Awards may be
settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any
instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend,
or waive such rules and regulations and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; and (viii) make any other determination and take any other
action that the Committee deems necessary or desirable for the administration of the Plan. Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and
other decisions under or with respect to the Plan or any Award shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive, and binding upon all
Persons, including the Company, the Partnership, any Affiliate, any Participant, and any
beneficiary thereof.



     SECTION 4 Units Available for Awards.



     (a) Units Available. Subject to adjustment as provided in Section 4(c),
the number of Units with respect to which Awards may be granted under the Plan is 7,000,000. If any
Award is forfeited or otherwise terminates or is canceled without the delivery of Units, then the
Units covered by such Award, to the extent of such forfeiture, termination or cancellation, shall
again be Units with respect to which Awards may be granted. If any Award is exercised and less than
all of the Units covered by such Award are delivered in connection with such exercise, then the
Units covered by such Award which were not delivered upon such exercise shall again be Units with
respect to which Awards may be granted.



     (b) Sources of Units Deliverable Under Awards. Any Units delivered
pursuant to an Award shall consist, in whole or in part, of Units acquired in the open market, from
any Affiliate (including, without limitation, the Partnership) or other Person, or any combination
of the foregoing, as determined by the Committee in its discretion. If, at the time of exercise by
a Participant of all or a portion of such Participant’s Award, the Company determines to acquire
Units in the open market and the Company is prohibited, under applicable law, or the rules and/or
regulations promulgated by the Securities and Exchange Committee or the New York Stock Exchange or
the policies of the Company or an Affiliate, from acquiring Units in the open market, delivery of
any Units to the Participant in connection with such Participant’s exercise of an Award may be
delayed until such reasonable time as the Company is entitled to acquire, and does acquire, Units
in the open market.



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     (c) Adjustments. In the event the Committee determines that any
distribution (whether in the form of cash, Units, other securities, or other property),
recapitalization, split, reverse split, reorganization, merger, consolidation, split-up, spin-off,
combination, repurchase, or exchange of Units or other securities of the Partnership, issuance of
warrants or other rights to purchase Units or other securities of the Partnership, or other similar
transaction or event affects the Units such that an adjustment is determined by the Committee to be
appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan, then the Committee shall, in such manner as it may
deem equitable, adjust any or all of (i) the number and type of Units (or other securities or
property) with respect to which Awards may be granted, (ii) the number and type of Units (or other
securities or property) subject to outstanding Awards, and (iii) the grant or exercise price with
respect to any Award; provided, that the number of Units subject to any Award shall always be a
whole number.



     SECTION 5 Eligibility. Any Employee and Director shall be eligible to be designated a Participant.



     SECTION 6 Awards.



     (a) Options. The Committee shall have the authority to determine the
Employees and Directors to whom Options shall be granted, the number of Units to be covered by each
Option, the exercise price therefor and the conditions and limitations applicable to the exercise
of the Option, including the following terms and conditions and such additional terms and
conditions, as the Committee shall determine, that are not inconsistent with the provisions or
intent of the Plan.



          (i) Exercise Price. The purchase price per Unit purchasable under an
Option shall be determined by the Committee at the time the Option is granted and may be equal to
or greater than its Fair Market Value as of the date of grant, as determined by the Committee, in
its discretion.




          (ii) Time and Method of Exercise. The Committee shall determine the time or
times at which an Option may be exercised in whole or in part, and the method or methods by which
any payment of the exercise price with respect thereto may be made or deemed to have been made,
which may include, without limitation, cash, check acceptable to the Company, a “cashless-broker”
exercise (through procedures approved by the Company), other property, a note from the Participant
(in a form and on terms acceptable to the Company, which may include such security arrangements as
the Company deems appropriate), or any combination thereof, having a value on the exercise date
equal to the relevant exercise price.




          (iii) Term. Each Option shall expire as provided in the grant agreement
for such Option.




     (b) Restricted Units. The Committee shall have the authority to determine
the Employees and Directors to whom Restricted Units shall be granted, the number of Restricted
Units to be granted to each such Participant, the period and the conditions (if any) under which
the Restricted Units may become vested or forfeited, which may include, without limitation, the
accelerated vesting upon the achievement of specified performance goals, and such other terms and
conditions as the Committee may establish with respect to such Award, including whether
distributions made by the Partnership with respect to the Restricted Units shall be subject to the
same forfeiture and other restrictions as the Restricted Unit. If distributions are so restricted,
such distributions shall be held by the Company, without interest, until the Restricted Unit vests
or is forfeited with the retained distributions then being paid or forfeited at the same time, as
the case may be. Absent such a restriction on distributions in the grant agreement, Partnership
distributions shall be paid currently to the holder of the Restricted Unit without restriction.



     (c) Phantom Units. The Committee shall have the authority to determine the
Employees and Directors to whom Phantom Units shall be granted, the number of Phantom Units to be
granted to each such Participant, the period during which the Award remains subject to forfeiture,
the conditions under which the Phantom Units may become vested or forfeited, and such other terms
and conditions as the Committee may establish with respect to such Award, including whether DERs
are granted with respect to such Phantom Units. Upon or as soon as reasonably practical following
the vesting of each Phantom Unit, the Participant shall be entitled to



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receive payment thereof in a single lump sum no later than the fifteenth (15th) day of the
third (3rd) month following the date on which vesting occurs and the restrictions lapse. Should the
Participant die before receiving all amounts payable hereunder, the balance shall be paid to the
Participant’s estate by this date.




     (d) DERs. To the extent provided by the Committee in its discretion, a
grant of Phantom Units may include a tandem DER grant, which shall provide that such DERs shall be
paid currently to the Participant, be credited to a Company bookkeeping account (with or without
interest) and be subject to the same restrictions as the tandem Award, or be subject to such other
provisions or restrictions as determined by the Committee in its discretion and provided in such
grant agreement. To the extent DER’s are subject to any payment restrictions, any amounts not
previously paid shall be paid to the Participant at the time the payment restrictions lapse. Such
amounts shall be distributed in a single lump sum no later than the fifteenth (15th) day of the
third (3rd) month following the date on which the payment restrictions lapse. Should the
Participant die before receiving all amounts payable hereunder, the balance shall be paid to the
Participant’s estate by this date.



     (e) General.



          (i) Awards May Be Granted Separately or Together. Awards may, in the
discretion of the Committee, be granted either alone or in addition to, in tandem with, or in
substitution for any other Award granted under the Plan or any award granted under any other plan
of the Company or any Affiliate. Awards granted in addition to or in tandem with other Awards or
awards granted under any other plan of the Company or any Affiliate may be granted either at the
same time as or at a different time from the grant of such other Awards or awards.




          (ii) Limits on Transfer of Awards.




               (A) Each Option shall be exercisable only by the Participant during the
Participant’s lifetime, or by the person to whom the Participant’s rights shall pass by will or the
laws of descent and distribution.




               (B) No Award and no right under any such Award may be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by a Participant otherwise than by
will or by the laws of descent and distribution and any such purported assignment, alienation,
pledge, attachment, sale, transfer or encumbrance shall be void and unenforceable against the
Company or any Affiliate.




          (iii) Unit Certificates. All certificates for Units or other securities of
the Partnership delivered under the Plan pursuant to any Award or the exercise thereof shall be
subject to such stop transfer orders and other restrictions as the Committee may deem advisable
under the Plan or the rules, regulations, and other requirements of the SEC, any stock exchange
upon which such Units or other securities are then listed, and any applicable federal or state
laws, and the Committee may cause a legend or legends to be put on any such certificates to make
appropriate reference to such restrictions.




          (iv) Consideration for Grants. Awards may be granted for no cash
consideration payable by a Participant or for such consideration payable by a Participant as the
Committee determines including, without limitation, such minimal cash consideration as may be
required by applicable law.




          (v) Delivery of Units or other Securities and Payment by Participant of
Consideration. No Units or other securities shall be delivered pursuant to any Award until
payment in full of any amount required to be paid pursuant to the Plan or the applicable Award
grant agreement (including, without limitation, any exercise price or tax withholding) is received
by the Company. Such payment may be made by such method or methods and in such form or forms as the
Committee shall determine, including, without limitation, cash, withholding of Units,
“cashless-broker” exercises with simultaneous sale, or any combination thereof; provided that the
combined value, as determined by the Committee, of all cash and cash equivalents and the fair
market value of any such property so tendered to, or withheld by, the Company, as of the date of
such tender, is at least
equal to the full amount required to be paid to the Company pursuant to the Plan or the
applicable Award agreement.




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     SECTION 7 Amendment and Termination. Except to the extent prohibited by
applicable law and unless otherwise expressly provided in an Award agreement or in the Plan:



          (i) Amendments to the Plan. Except as required by applicable law or the
rules of the principal securities exchange on which the Units are traded and subject to Section
7(ii) below, the Board or the Committee may amend, alter, suspend, discontinue, or terminate the
Plan without the consent of any partner, Participant, other holder or beneficiary of an Award, or
other Person.




          (ii) Amendments to Awards. The Committee may waive any conditions or
rights under, amend any terms of, or alter any Award theretofore granted, provided no change, other
than pursuant to Section 7(iii), in any Award shall materially reduce the benefit to Participant
without the consent of such Participant.




          (iii) Adjustment or Termination of Awards Upon the Occurrence of Certain
Events. The Committee is hereby authorized to make adjustments in the terms and conditions of,
and the criteria (if any) included in, Awards in recognition of unusual or significant events
(including, without limitation, the events described in Section 4(c) of the Plan) affecting the
Partnership or the financial statements of the Partnership, of changes in applicable laws,
regulations, or accounting principles, or a change in control of the Company (as determined by its
Board) or the Partnership (as determined by the Committee), whenever the Committee determines that
such adjustments are appropriate in order to prevent dilution or enlargement of the benefits or
potential benefits intended to be made available under the Plan. Such adjustments may include,
without limitation, accelerating the exercisability of an Award, accelerating the date on which the
Award will terminate and/or canceling Awards by the issuance or transfer of Units having a value
equal to the Option’s positive “spread.”




     SECTION 8 General Provisions.



     (a) No Rights to Awards. No Person shall have any claim to be granted any
Award, and there is no obligation for uniformity of treatment of Participants. The terms and
conditions of Awards need not be the same with respect to each recipient.



     (b) Termination of Employment. For purposes of the Plan, unless the Award
agreement provides to the contrary, a Participant shall not be deemed to have terminated employment
with the Company and its Affiliates or membership from the Board until such date as the Participant
is no longer either an Employee or a Director, i.e., a change in status from Employee to Director
or Director to Employee shall not be a termination.



     (c) No Right to Employment. The grant of an Award shall not be construed
as giving a Participant the right to be retained in the employ of the Company or any Affiliate or
to remain on the Board, as applicable. Further, the Company or an Affiliate may at any time dismiss
a Participant from employment, free from any liability or any claim under the Plan, unless
otherwise expressly provided in the Plan or in any Award agreement. Nothing in the Plan
or any Award agreement shall operate or be construed as constituting an employment agreement with
any Participant and each Participant shall be an “at will” employee, unless such Participant has
entered into a separate written employment agreement with the Company or an Affiliate.



     (d) Governing Law. The validity, construction, and effect of the Plan and
any rules and regulations relating to the Plan shall be determined in accordance with the laws of
the State of Delaware and applicable federal law, without giving effect to principles of conflicts
of law.



     (e) Severability. If any provision of the Plan or any Award is or becomes
or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or
Award, or would disqualify the Plan or any Award under any law deemed applicable by the Committee,
such provision shall be construed or deemed amended to conform to the applicable laws, or if it
cannot be construed or deemed amended without, in the



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determination of the Committee, materially altering the intent of the Plan or the Award, such
provision shall be stricken as to such jurisdiction, Person or Award and the remainder of the Plan
and any such Award shall remain in full force and effect.




     (f) Other Laws. The Committee may refuse to issue or transfer any Units or
other consideration under an Award if, in its sole discretion, it determines that the issuance or
transfer or such Units or such other consideration might violate any applicable law or regulation,
the rules of any securities exchange, or entitle the Partnership or an Affiliate to recover the
same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a
Participant, other holder or beneficiary in connection with the exercise of such Award shall be
promptly refunded to the relevant Participant, holder or beneficiary.



     (g) Unsecured Creditors. Neither the Plan nor any Award shall create or be
construed to create a fiduciary relationship between the Company or any Affiliate and a Participant
or any other Person. To the extent that any Person acquires a right to receive payments from the
Company or any Affiliate pursuant to an Award, such right shall be no greater than the right of any
general unsecured creditor of the Company or the Affiliate.



     (h) No Fractional Units. No fractional Units shall be issued or delivered
pursuant to the Plan or any Award, and any such fractional Units or any rights thereto shall be
canceled, terminated, or otherwise eliminated, without the payment of any consideration therefor.



     (i) Headings. Headings are given to the Sections and subsections of the
Plan solely as a convenience to facilitate reference. Such headings shall not be deemed in any way
material or relevant to the construction or interpretation of the Plan or any provision thereof.



     SECTION 9 Term of the Plan; Unitholder Approval. The Plan, as hereby amended and
restated, shall be effective on the date of its approval by the Unitholders of the Partnership and
shall continue until the earliest of (i) all available Units under the Plan have been paid to
Participants, (ii) the termination of the Plan by action of the Board or the Committee or (iii) the
10th anniversary of the date of the approval by the Unitholders of this amendment and restatement.
Notwithstanding anything in the Plan to the contrary, prior to the approval of this amendment and
restatement by the Unitholders of the Partnership, (i) no Restricted Units or Phantom Units may be
granted under the Plan and (ii) Options may not be granted under the Plan with respect to more
Units than the number available prior to the increase in available Units made by this amendment and
restatement.



     SECTION 10. Section 409A. Notwithstanding anything in this Plan to the contrary, if
any Plan provision or Award under the Plan would result in the imposition of an additional tax
under Code Section 409A and related regulations and United States Department of the Treasury
pronouncements (“Section 409A”), that Plan provision or Award will be reformed to the extent
practicable to avoid imposition of the applicable tax and no action taken to comply with Section
409A shall be deemed to adversely affect the Participant’s rights to an Award or require the
consent of the Participant. Notwithstanding any provisions in the Plan to the contrary, to the
extent that the Participant is a “specified employee” (as defined in Section 409A of the Code and
applicable regulatory guidance) subject to the six month delay under Section 409A in distributions
under the Plan, no distribution or payment that is subject to Section 409A of the Code shall be
made hereunder on account of such Participant’s “separation from service” (as defined in Section
409A of the Code and applicable regulatory guidance) before the date that is the first day of the
month that occurs six months after the date of the Participant’s separation from service (or, if
earlier, the date of death of the Participant or any other date permitted under Section 409A of the
Code and applicable regulatory guidance). Any such amount that is otherwise payable within the
six-month period following the Participant’s separation from service will be paid in a lump sum
without interest.




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