Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

EXCHANGE AND REPURCHASE AGREEMENT 

This Exchange and Repurchase Agreement, dated as of December 23, 2014 (this “Agreement”), is by and
among Energy Transfer Equity, L.P., a Delaware limited partnership (“ETE”), ETE Common Holdings, LLC, a Delaware limited liability company (“ETE Holdings” and together with ETE, the “ETE
Parties”), and Energy Transfer Partners, L.P., a Delaware limited partnership (“ETP”). ETE, ETE Holdings and ETP are sometimes individually referred to herein as a “Party” and collectively
referred to herein as the “Parties.” Defined terms used but not defined herein have the meaning given to them in Annex A. 

WHEREAS, ETE is the record holder of 25,614,102 common units representing limited partner interests of ETP
(“ETP Common Units”), and ETE Holdings is the record holder of (i) 5,226,967 ETP Common Units (collectively with the ETP Common Units owned directly by ETE, the “Subject Units”) and
(ii) 50,160,000 Class H Units representing limited partner interests of ETP (“ETP Class H Units”), the terms of which are set forth in the Second Amended and Restated Agreement of Limited Partnership of ETP (as amended
to date, the “Partnership Agreement”); 
 WHEREAS, ETE and ETP own,
directly or indirectly, a 60% and 40% membership interest, respectively, in each of Dakota Access Holdings LLC, a Delaware limited liability company (“DA Holdings”) and ETCO Holdings LLC, a Delaware limited liability company
(“ETCO Holdings”); 
 WHEREAS, DA Holdings owns a 75% membership
interest in Dakota Access, LLC, a Delaware limited liability company (“Dakota Access”), and ETCO Holdings owns a 75% membership interest in Energy Transfer Crude Oil Company, LLC, a Delaware limited liability company
(“ETCOC”); 
 WHEREAS, Dakota Access and ETCOC intend to develop
the previously announced pipeline system to deliver crude oil from the Bakken/Three Forks production area in North Dakota to the Gulf Coast (the “Bakken Pipeline Project”); 

WHEREAS, the Parties desire to effect a transaction in which (i) ETE and ETE Holdings will transfer to
ETP, and ETP will repurchase from ETE and ETE Holdings, the Subject Units, and (ii) ETE will transfer to ETP its 60% membership interest (the “Transferred Interests”) in each of DA Holdings and ETCO Holdings (resulting
in the transfer of an effective 45% interest in the Bakken Pipeline Project from ETE to ETP) and pay to ETP an amount in cash equal to eight hundred seventy nine million United States dollars ($879,000,000), subject to adjustment for the ETE
Reimbursement Amount as set forth in Section 1.1 (the “Cash Consideration”), in exchange for the issuance by ETP of 5,226,967 ETP Class H Units to ETE Holdings, 25,614,102 ETP Class H Units to ETE (collectively,
the “New Class H Units”) and 100 Class I Units representing limited partner interests of ETP (“ETP Class I Units”) to ETE, the terms of which will be set forth in the Partnership Agreement as amended
by Amendment No. 9 (the “Partnership Agreement Amendment”) in the form attached as Annex B hereto, upon the terms set forth in this Agreement; and 

 WHEREAS, in connection with the transfer of the Transferred
Interests, ETE and ETP will enter into Assignment Agreements (the “Assignments” and, together with this Agreement and the Partnership Agreement Amendment, the “Transaction Documents”) in the form
attached as Annex C hereto. 
 Accordingly, the Parties agree as follows: 

ARTICLE I 
 THE
TRANSACTIONS 
 Section 1.1 Repurchase, Delivery and Cancellation of the Subject Units; Issuance of New Class H Units and ETP
Class I Units; Assignment of Transferred Interests; and Payment of Cash Consideration. Pursuant to the terms of this Agreement, at the Closing (as defined herein), (a) ETP shall repurchase all of the Subject Units, free and clear of all
Liens; (b) ETE and ETE Holdings shall deliver or caused to be delivered to ETP the Subject Units, together with such other transfer documents or instruments that may be necessary, or which ETP may reasonably request, in order to deliver to ETP
the Subject Units, free and clear of all Liens; (c) ETP shall issue 25,614,102 ETP Class H Units to ETE, 100 ETP Class I Units to ETE and 5,226,967 ETP Class H Units to ETE Holdings; (d) ETE shall sell, assign, transfer and convey the
Transferred Interests to ETP, free and clear of all Liens, pursuant to the Assignments; (e) ETE shall pay to ETP, by wire transfer of immediately available funds to the bank account designated ETP, the Cash Consideration; and (f) the
General Partner shall enter into the Partnership Agreement Amendment providing for the authorization of issuance of the New Class H Units and the ETP Class I Units and modifying the terms of the Class H Units. Notwithstanding the foregoing, the Cash
Consideration paid at the Closing shall be reduced by an amount equal to the aggregate amount of (i) capital costs funded by ETE to DA Holdings or ETCO Holdings at any time prior to the Closing and (ii) any development expenses funded by
ETE to DA Holdings or ETCO Holdings after November 17, 2014 and on or prior to the Closing (the “ETE Reimbursement Amount”). The closing of the transactions contemplated by this Agreement (the
“Closing”), shall take place on the first Business Day following the later to occur of (i) the record date for the cash distribution with respect to the ETP Common Units related to the calendar quarter ending
December 31, 2014 and (ii) the date on which all conditions set forth in clauses (a) through (f) above and Sections 1.2, 1.3, and 1.4 below have been met (or waived by the Parties) (other than conditions
which can only be satisfied as of the Closing Date, which shall have been met or waived on such date) (the “Closing Date”) at the offices of Vinson & Elkins LLP, 1001 Fannin Street, Suite 2500, Houston, Texas, unless
otherwise agreed to in writing by the Parties. Immediately after the Closing, ETP shall cancel the Subject Units. ETP shall notify ETE of the ETE Reimbursement Amount no later than one Business Day prior to Closing. For the avoidance of doubt, in
accordance with Section 5.12(b)(v) of the Partnership Agreement, ETE Holdings, as the sole owner of all Existing Class H Units, hereby expressly consents to the terms and provisions of the Partnership Agreement Amendment. In the event that the
Closing has not occurred on or before March 31, 2015, this Agreement may be terminated by ETE or ETP by written notice to the other Parties. If all conditions to Closing under this Agreement have been satisfied as though the Closing were to
occur on the date of termination (other than the actual delivery of the closing deliverables described in Section 1.5 and Section 1.6) with the exception of the condition set forth in Section 1.3(d) and this
Agreement is validly terminated pursuant to the immediately preceding sentence, ETE shall reimburse ETP for all reasonable out-of-pocket expenses incurred by ETP in connection with the negotiation of the transactions contemplated by the Transaction
Documents, which reimbursement shall not exceed $2.0 million in the aggregate. 

  
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 Section 1.2 Mutual Conditions to Each Party’s Obligations. The
respective obligations of each Party to consummate the transactions contemplated by this Agreement 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 by this Agreement or makes the transactions contemplated by this Agreement illegal; and 
 (b) there shall not be pending any
action, suit, claim, proceeding or other legal, administrative or arbitrational proceeding (“Proceeding”) by any Governmental Authority seeking to restrain, preclude, enjoin or prohibit the transactions contemplated by this
Agreement. 
 Section 1.3 Conditions to the ETE Parties’ Obligations. The obligation of the ETE Parties to
consummate the transactions contemplated by this Agreement 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 ETE Parties in writing, in whole or in
part, to the extent permitted by applicable Law): 
 (a) ETP shall have performed and complied in all material respects with the
covenants and agreements contained in this Agreement that are required to be performed and complied with by ETP on or prior to the Closing Date; 

(b) each of the representations and warranties of ETP contained in Article III shall be true and correct in all material respects on and
as of the Closing Date with the same effect as though such representations and warranties had been made on and as of the Closing Date; 
 (c)
ETP shall have executed and delivered the closing deliverables described in Section 1.6; and 
 (d) ETE shall have available
(through cash on hand or existing credit arrangements, arrangements with its Affiliates or other sources of available funds) the cash necessary for the payment of the Cash Consideration and the ETP Reimbursement Amount (as defined below). 

Section 1.4 Conditions to ETP’s Obligations. The obligation of ETP to consummate the transactions contemplated
by this Agreement 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 ETP in writing, in whole or in part, to the extent permitted by applicable Law):

 (a) each of the ETE Parties shall have performed and complied in all material respects with the covenants and agreements contained in
this Agreement that are required to be performed and complied with by such ETE Party on or prior to the Closing Date; 

  
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 (b) each of the representations and warranties of the ETE Parties contained in Article II
shall be true and correct in all material respects on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of the Closing Date; 

(c) each of the ETE Parties shall have executed and delivered the closing deliverables described in Section 1.5; and 

(d) ETE shall have paid to ETP at or before the Closing an amount in cash equal to ETE’s 60% share of the Trunkline option payment and
ETE’s 60% share of any other development expenses incurred prior to November 17, 2014 related to the Bakken Pipeline Project and previously funded by ETP to the extent such amounts have not previously been reimbursed to ETP (the “ETP
Reimbursement Amount”). 
 Section 1.5 ETE Parties Closing Deliverables. Upon the terms of this
Agreement, at the Closing, the ETE Parties shall deliver (or cause to be delivered): 
 (a) the Subject Units and such other transfer
documents or instruments that may be necessary to deliver to ETP the Subject Units in accordance with Section 1.1(b), including any certificates evidencing the Subject Units, which certificates shall be duly endorsed by ETE and ETE
Holdings, as applicable; 
 (b) the Assignments in accordance with Section 1.1(d), which shall have been duly executed on behalf
of ETE; 
 (c) the Cash Consideration in accordance with Section 1.1(e); 

(d) a certificate, dated the Closing Date and signed by a duly authorized officer on behalf of ETE’s general partner and ETE Holdings, in
his or her capacity as such, stating that: 
  

	 	(i)	each of the ETE Parties has performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be performed and complied with by such ETE Party on or prior
to the Closing Date; and 

  

	 	(ii)	each of the representations and warranties of the ETE Parties contained in Article II are true and correct on and as of the Closing Date in all material respects; 

(e) a copy of a consent duly executed by La Grange Acquisition L.P. to the assignment of the Transferred Interest in DA Holdings from ETE to
ETP and the admission of ETP as a substitute member of DA Holdings; and 

  
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 (f) all other documents, instruments and writings required to be delivered by each of the ETE
Parties at the Closing under this Agreement. 
 Section 1.6 ETP Closing Deliverables. Upon the terms of this
Agreement, at the Closing, ETP shall deliver (or cause to be delivered): 
 (a) a certificate, dated the Closing Date and signed by a
duly authorized officer on behalf of the General Partner’s general partner, in his or her capacity as such, stating that: 
  

	 	(i)	ETP has performed and complied in all material respects with the covenants and agreements contained in this Agreement that are required to be performed and complied with by ETP on or prior to the Closing Date; and

  

	 	(ii)	each of the representations and warranties of ETP contained in Article III are true and correct on and as of the Closing Date in all material respects; 

(b) the Assignments in accordance with Section 1.1(d), which shall have been duly executed on behalf of ETP; 

(c) the Partnership Agreement Amendment, which shall have been duly executed on behalf of the General Partner; and 

(d) all other documents, instruments and writings required to be delivered by ETP at the Closing under this Agreement. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES OF THE ETE PARTIES 

The ETE Parties jointly and severally represent and warrant to ETP as of the date hereof as follows: 

Section 2.1 Organization. Each of the ETE Parties is an entity duly formed, validly existing and in good standing
under the Laws of the State of Delaware. 
 Section 2.2 Power and Authority; Enforceability. Each of the ETE
Parties has full limited partnership or limited liability company power and authority, as applicable, to execute and deliver each of the Transaction Documents, to the extent it is a party thereto, and consummate the transactions contemplated by the
Transaction Documents to which it is a party. The execution and delivery by the ETE Parties of the Transaction Documents and the consummation of the transactions contemplated thereby have been duly authorized by all requisite limited partnership or
limited liability company action, as applicable, on the part of the ETE Parties party thereto and no further consent, approval or action is required by or from ETE, the board of directors of ETE’s general partner, ETE’s unitholders, any of
ETE’s creditors or ETE Holdings in connection with the transactions contemplated hereby or thereby. Assuming this Agreement has been duly authorized, executed and delivered by ETP, this Agreement

  
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constitutes a legal, valid and binding obligation of the ETE Parties, enforceable against the ETE Parties in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium and other Laws of general application affecting enforcement of creditors’ rights generally and (ii) as limited by Laws relating to the availability of specific performance, injunctive relief or other
equitable remedies (the “Enforceability Exceptions”). On the Closing Date, assuming the Assignments have been duly authorized, executed and delivered by ETP, the Assignments will constitute legal, valid and binding
obligations of the ETE Parties, enforceable against the ETE Parties in accordance with their terms, subject to the Enforceability Exceptions. 

Section 2.3 No Conflicts. The execution, delivery and performance by each ETE Party of the Transaction Documents to
which such ETE Party is a party, and the transactions contemplated thereby, do not and will not (a) violate any Law applicable to the ETE Parties, (b) conflict with any provision of the certificate of formation, certificate of limited
partnership, limited liability company agreement or partnership agreement, as applicable, of the ETE Parties, (c) require or make necessary any consent, approval or other action of, or notice to, any Person under any agreement or other document
or instrument to which the ETE Parties are a party or by which the ETE Parties, or any of the ETE Parties’ assets or properties, are bound, except for those consents, approvals or other actions that have already been obtained or made, or
(d) conflict with, or result in a violation of, any agreement or other document or instrument to which the ETE Parties are a party or by which the ETE Parties, or any of the ETE Parties’ assets or properties, are bound. 

Section 2.4 Ownership of ETP Units. As of the date hereof, (i) ETE is the record and beneficial owner of
25,614,102 ETP Common Units, and (ii) ETE Holdings is the record and beneficial owner of 5,226,967 ETP Common Units and 50,160,000 ETP Class H Units (the “Existing Class H Units”). After giving effect to
the transactions contemplated hereby, (i) ETE will be the record and beneficial owner of zero (0) ETP Common Units, 25,614,102 ETP Class H Units and 100 ETP Class I Units, and (ii) ETE Holdings will be the record and beneficial owner
of zero (0) ETP Common Units and 55,386,967 ETP Class H Units. The Subject Units and the Existing Class H Units constitute all of the ETP Common Units and the ETP Class H Units owned of record or beneficially by ETE and ETE Holdings immediately
prior to giving effect to the transactions contemplated hereby. At the Closing, ETE and ETE Holdings shall deliver the Subject Units to ETP free and clear of all Liens. None of the Subject Units is subject to any voting trust or other contract,
agreement, arrangement, commitment or understanding, written or oral, restricting or otherwise relating to the voting or disposition of the Subject Units, other than this Agreement and the organizational documents of ETP. No proxies or powers of
attorney have been granted with respect to the Subject Units, other than proxies or powers of attorney that (a) would not reasonably be expected to impair the ability of the ETE Parties to deliver the Subject Units to ETP as contemplated hereby
and (b) would not apply to the Subject Units after the delivery of the Subject Units to ETP pursuant to this Agreement. Except as contemplated herein, there are no outstanding warrants, options, agreements, convertible or exchangeable
securities or other commitments pursuant to which the ETE Parties are or may become obligated to transfer any of the Subject Units, except as (x) would not reasonably be expected to impair the ability of the ETE Parties to deliver the Subject
Units to ETP as contemplated hereby and (y) would not apply to the Subject Units after the delivery of the Subject Units to ETP pursuant to this Agreement. 

  
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 Section 2.5 Litigation. There is no Proceeding pending or, to the knowledge of
the ETE Parties, threatened against the ETE Parties, or against any officer, manager or director of the ETE Parties, in each case related to the Subject Units, the Transferred Interests or the transactions contemplated hereby. The ETE Parties are
not a party or subject to any order, writ, injunction, judgment or decree of any court or Governmental Authority relating to the Subject Units, the Transferred Interests or the transactions contemplated hereby. 

Section 2.6 Governmental Authorizations. Except for any filings that may be required pursuant to Sections 13(d),
13(f), 13(g), and 16 of the Exchange Act, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority is required on the part of the ETE Parties in connection
with the execution, delivery and performance by the ETE Parties of the Transaction Documents to which they are a party or the delivery of the Subject Units or the Transferred Interests to ETP pursuant to this Agreement. 

Section 2.7 Unregistered Securities. 

(a) Accredited Investor Status; Sophisticated Acquiror. Each of the ETE Parties is an “accredited investor” within the meaning
of Rule 501 under the Securities Act and is able to bear the risk of its investment in the New Class H Units and the ETP Class I Units, as applicable. Each of the ETE Parties has such knowledge and experience in financial and business matters that
it is capable of evaluating the merits and risks of its investment in the New Class H Units and the ETP Class I Units, as applicable. 
 (b)
Cooperation. The ETE Parties shall cooperate reasonably with ETP to provide any information required to be included in ETP’s securities filings. 

(c) Acquiror Representation. Each of the ETE Parties is acquiring the New Class H Units and the ETP Class I Units, as applicable, for
its own account and not with a view to distribution in violation of any securities laws. The ETE Parties understand and acknowledge that there is no public trading market for the New Class H Units or the ETP Class I Units and that none is expected
to develop. The ETE Parties have been advised and understand and acknowledge that the New Class H Units and the ETP Class I Units have not been registered under the Securities Act or under the “blue sky” laws of any jurisdiction and may be
resold only if registered pursuant to the provisions of the Securities Act (or if eligible, pursuant to the provisions of Rule 144 promulgated under the Securities Act or pursuant to another available exemption from the registration requirements of
the Securities Act) and any applicable state laws. The ETE Parties have been advised of and are aware of the provisions of Rule 144 promulgated under the Securities Act. 

(d) Legends. The ETE Parties understand and acknowledge that, until such time as the New Class H Units have been registered pursuant to
the provisions of the Securities Act, or the New Class H Units are eligible for resale pursuant to Rule 144 promulgated under the Securities Act without any restriction as to the number of securities as of a particular date that can then be
immediately sold, the New Class H Units will be subject to the transfer restrictions as contemplated by the Partnership Agreement. ETE further understands and acknowledges that, until such time as the ETP Class I Units have been registered pursuant
to the provisions of the 

  
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Securities Act, or the ETP Class I Units are eligible for resale pursuant to Rule 144 promulgated under the Securities Act without any restriction as to the number of securities as of a
particular date that can then be immediately sold, the ETP Class I Units will be subject to the transfer restrictions as contemplated by the Partnership Agreement. 

Section 2.8 Acknowledgement. The ETE Parties acknowledge that they have made their own analysis of the fairness of
the transactions contemplated hereby and have not relied on any advice or recommendation by ETP or its partners, directors, officers, agents or affiliates with respect to their decision to enter into this Agreement and to consummate the transactions
contemplated hereby. The ETE Parties have had sufficient opportunity and time to investigate and review the business, management and financial affairs of ETP, and have had sufficient access to management of ETP, before their decision to enter into
this Agreement, and further have had the opportunity to consult with all advisers they deem appropriate or necessary to consult with in connection with this Agreement and any action arising hereunder, including tax and accounting advisers. The ETE
Parties acknowledge that, in connection with their entry into this Agreement and consummation of the transactions contemplated hereby, the ETE Parties have not relied on any representations or warranties of ETP, or any partner, director, officer,
affiliate or representative of ETP, except for the representations or warranties of ETP set forth in Article III of this Agreement and the documents delivered by ETP in connection with the transactions contemplated hereby. 

Section 2.9 Title to the Transferred Interests; No Alienation. ETE is the record and beneficial owner of, and upon
consummation of the transactions contemplated hereby, ETP will acquire good and valid title to, the Transferred Interests, free and clear of all (i) Liens, other than (a) those that may arise by virtue of any actions taken by or on behalf
of ETP or its Affiliates, (b) restrictions on transfer that may be imposed by Applicable Laws, or (c) restrictions on transfer that are waived or cancelled as of the Closing; (ii) transfer restrictions (other than any such transfer
restrictions under Applicable Law), and (iii) voting agreements, voting restrictions and other agreements or arrangements with respect to the ownership, voting, control or transfer of such Transferred Interests. No proxies or powers of attorney
have been granted with respect to the Transferred Interests, other than proxies or powers of attorney that (A) would not reasonably be expected to impair the ability of ETE to deliver the Transferred Interests to ETP as contemplated hereby and
(B) would not apply to the Transferred Interests after the delivery of the Transferred Interests to ETP pursuant to this Agreement. Except as contemplated herein, there are no outstanding warrants, options, agreements, convertible or
exchangeable securities or other commitments pursuant to which ETE is or may become obligated to transfer any of the Transferred Interests, except as (x) would not reasonably be expected to impair the ability of ETE to deliver the Transferred
Interests to ETP as contemplated hereby and (y) would not apply to the Transferred Interests after the delivery of the Transferred Interests to ETP pursuant to this Agreement. The Transferred Interests transferred from ETE to ETP hereunder
constitute all of the interests in DA Holdings and ETCO Holdings owned legally or beneficially by ETE, and after the consummation of the transactions contemplated hereby, ETE will have no further legal or beneficial interest in either of DA Holdings
or ETCO Holdings of any nature whatsoever. ETE has not sold, assigned, conveyed, or transferred or contracted to sell, assign, convey or transfer any right or title to, or interest in, the Transferred Interests. 

  
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 ARTICLE III 

REPRESENTATIONS AND WARRANTIES OF ETP 

ETP represents and warrants to the ETE Parties as of the date hereof as follows: 

Section 3.1 Organization. ETP is a limited partnership duly formed, validly existing and in good standing under the
Laws of the State of Delaware. 
 Section 3.2 Power and Authority; Enforceability; Valid Issuance. 

 (a) ETP has full limited partnership power and authority to execute and deliver the Transaction Documents to which it is a party and
consummate the transactions contemplated thereby. The execution and delivery by ETP of the Transaction Documents to which it is a party, the issuance of the New Class H Units and the ETP Class I Units, and the consummation of the other transactions
contemplated by the Transaction Documents have been duly authorized by all requisite limited partnership or other organizational action on the part of ETP and no further consent, approval or action is required by or from ETP, the board of directors
of the General Partner’s general partner, ETP’s unitholders or any of ETP’s creditors in connection with the transactions contemplated by the Transaction Documents, other than the execution and delivery of the Partnership Agreement
Amendment by the General Partner at the Closing. Assuming this Agreement has been duly authorized, executed and delivered by the ETE Parties, this Agreement constitutes a legal, valid and binding obligation of ETP, enforceable against ETP in
accordance with its terms, subject to the Enforceability Exceptions. On the Closing Date, assuming the Assignments have been duly authorized, executed and delivered by the ETE Parties, the Assignments will constitute legal, valid and binding
obligations of ETP, enforceable against ETP in accordance with its terms, subject to the Enforceability Exceptions. 
 (b) Upon the execution
and delivery of the Partnership Agreement Amendment by the General Partner, the New Class H Units and the ETP Class I Units will have been duly authorized in accordance with the Partnership Agreement, and when issued and delivered in accordance with
this Agreement, the New Class H Units and the ETP Class I Units will be validly issued, fully paid and non-assessable and free of any and all Liens and restrictions on transfer, other than (i) restrictions on transfer that may be imposed by
state or federal securities laws or the Partnership Agreement, and (ii) as such non-assessability may be affected by Sections 17-303(a), 17-607 or 17-804 of the Delaware Revised Uniform Limited Partnership Act. 

Section 3.3 No Preemptive Rights, Registration Rights or Options. There are no (i) preemptive rights, rights of
first refusal, rights of first offer, purchase options, call options or other similar rights of any Person with respect to or under applicable Law or under the Partnership Agreement or any other organizational or constitutive instruments of ETP
relating to the New Class H Units or the ETP Class I Units or (ii) restrictions upon the voting or transfer of the New Class H Units or the ETP Class I Units. ETP has not granted registration rights for or relating to the registration of any
New Class H Units or the ETP Class I Units. 

  
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 Section 3.4 No Conflicts. The execution, delivery and performance by
ETP of the Transaction Documents to which it is a party, and the transactions contemplated thereby, do not and will not (a) violate any Law applicable to ETP, (b) conflict with any provision of the certificate of limited partnership or the
Partnership Agreement of ETP, (c) require or make necessary any consent, approval or other action of, or notice to, any Person under any agreement or other document or instrument to which ETP is a party or by which ETP, or any of ETP’s
assets or properties, is bound, except for those that have been obtained or made prior to the date hereof, or (d) conflict with, or result in a violation of, any agreement or other document or instrument to which ETP is a party or by which ETP,
or any of ETP’s assets or properties, is bound. 
 Section 3.5 Litigation. There is no Proceeding pending or,
to the knowledge of ETP, threatened against ETP, or against any officer, manager, partner or director of ETP, in each case related to the Subject Units, the New Class H Units, the ETP Class I Units or the transactions contemplated hereby. ETP is not
a party or subject to any order, writ, injunction, judgment or decree of any court or Governmental Authority relating to the Subject Units, the New Class H Units, the ETP Class I Units or the transactions contemplated hereby. 

Section 3.6 Governmental Authorizations. Except for any filings that may be required pursuant to Sections 13(d),
13(f), 13(g) and 16 of the Exchange Act, no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any Governmental Authority is required on the part of ETP in connection with the
execution, delivery and performance by ETP of the Transaction Documents to which it is a party or the issuance of the New Class H Units or the ETP Class I Units. 

Section 3.7 Private Placement. Assuming the accuracy of the representations and warranties set forth in Article
II, the issuance of the New Class H Units and the ETP Class I Units to the ETE Parties as contemplated herein is exempt from the registration requirements of the Securities Act. 

ARTICLE IV 
 SURVIVAL

 All representations and warranties contained in this Agreement shall survive the execution, delivery and performance of this
Agreement for one year after the Closing Date. 
 ARTICLE V 

COVENANTS 

Section 5.1 Reasonable Best Efforts Prior to Closing. Prior to Closing, each of the Parties shall use its reasonable
best efforts to take, or cause to be taken, all actions necessary or appropriate to satisfy the conditions to Closing set forth in Article I and to consummate the transactions contemplated by this Agreement. Notwithstanding the generality of
the foregoing, ETE shall use its reasonable best efforts to have available as of the Closing (through cash on hand or existing credit arrangements, arrangements with its Affiliates or other sources of available funds) the cash necessary for the
payment of the Cash Consideration and the ETP Reimbursement Amount. 

  
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 Section 5.2 Prohibition on Sale of Subject Units and Transferred
Interests. Prior to Closing, the ETE Parties shall not sell, transfer, offer for sale, pledge, hypothecate or otherwise dispose of the Subject Units. Prior to Closing, ETE shall not sell, transfer, offer for sale, pledge, hypothecate or
otherwise dispose of the Transferred Interests. 
 Section 5.3 Reimbursement of ETP. On or prior to the Closing,
ETE shall reimburse to ETP the ETP Reimbursement Amount. 
 ARTICLE VI 

MISCELLANEOUS 

Section 6.1 Interpretation. Unless the context of this Agreement otherwise requires: 

(a) words of any gender include each other gender; 

(b) words using the singular or plural number also include the plural or singular number, respectively; 

(c) the terms “hereof,” “herein,” “hereby,” “hereto,” and similar words refer to this entire Agreement
and not to any particular Article, Section, Clause, Exhibit, or Schedule or any subdivision of this Agreement; 
 (d) references to
“Article,” “Section,” “Annex,” subsection or other subdivision are to the Articles, Sections, Annexes, subsections and other subdivisions respectively, of this Agreement unless explicitly provided otherwise; 

(e) the words “include” or “including” shall be deemed to be followed by “without limitation” or “but not
limited to” whether or not such words are followed by such phrases or phrases of like import; 
 (f) references to “this
Agreement” or any other agreement or document shall be construed as a reference to such agreement or document as amended, modified or supplemented and in effect from time to time and shall include a reference to any document which amends,
modifies or supplements it; and 
 (g) the word “or” shall not be exclusive. 

Section 6.2 No Third-Party Beneficiaries. Nothing expressed or mentioned in this Agreement is intended or shall be
construed to give any Person other than the Parties hereto and their respective successors or permitted assigns any legal or equitable right, remedy or claim under, in or in respect of this Agreement or any provision herein contained. 

Section 6.3 Assignment. None of the Parties may assign all or any part of this Agreement without the prior written consent
of the other Parties hereto. 
 Section 6.4 Amendment; Waiver. This Agreement may not be amended, modified,
supplemented, or restated, nor may any provision of this Agreement be waived, other than through a written instrument adopted, executed and agreed to by each of the Parties hereto. 

  
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 Section 6.5 Further Assurances. In connection with this Agreement and
the transactions contemplated hereby, each of the Parties shall execute and deliver all such future instruments and take such further action as may be reasonably necessary or appropriate to carry out the provisions of this Agreement and the
intention of the Parties. 
 Section 6.6 Notices. Any notice, demand or communication required or permitted under
this Agreement shall be in writing and delivered personally, by reputable overnight delivery service or other courier or by certified mail, postage prepaid, return receipt requested, and shall be deemed to have been duly given (a) as of the
date of delivery if delivered personally or by overnight delivery service or other courier or (b) on the date receipt is acknowledged if delivered by certified mail, addressed as follows; provided that a notice of a change of address shall be
effective only upon receipt thereof: 
 If to either ETE Party to: 

Energy Transfer Equity, L.P. 

3738 Oak Lawn 
 Dallas, Texas
75219 
 Telephone: (832) 668-1210 or (214) 981-0763 

Facsimile: (832) 668-1127 

Attention: General Counsel 
 With
a copy (not itself constituting notice) to: 
 Latham & Watkins LLP 

811 Main Street, Suite 3700 

Houston, Texas 77002 
 Telephone:
(713) 546-7410 
 Facsimile: (713) 546-5401 

Attention: William N. Finnegan IV 

If to ETP: 
 Energy Transfer
Partners, L.P. 
 3738 Oak Lawn 

Dallas, Texas 75219 
 Telephone:
(832) 668-1210 or (214) 981-0763 
 Facsimile: (832) 668-1127 

Attention: General Counsel 
 With
a copy (not itself constituting notice) to: 
 Vinson & Elkins LLP 

2500 First City Tower 
 1001
Fannin, Suite 2500 
 Houston, Texas 77002 

Telephone: (713) 758-3452 

Facsimile: (713) 615-5650 

Attention: W. Matthew Strock 

  
 12 

 Section 6.7 Entire Agreement; Supersede. This Agreement, and any other
writings referred to herein or delivered pursuant hereto, constitutes the entire agreement among the Parties hereto with respect to the subject matter hereof and supersedes all prior contracts, agreements and understandings, whether oral or written,
among the Parties with respect to the subject matter hereof. 
 Section 6.8 Governing Law. This Agreement
shall be governed by and construed and interpreted in accordance with the Laws of the State of Delaware, without giving effect to the conflicts of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause
the application of the Laws of any jurisdiction other than the State of Delaware. 
 Section 6.9 Consent to
Jurisdiction. The Parties irrevocably submit to the exclusive jurisdiction of (a) the Chancery Court of the State of Delaware, and (b) any state appellate court therefrom within the State of Delaware (or, only if the Chancery Court
of the State of Delaware declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware), for the purposes of any Proceeding arising out of this Agreement or the transactions contemplated hereby
(and each agrees that no such Proceeding relating to this Agreement or the transactions contemplated hereby shall be brought by it except in such courts). The Parties irrevocably and unconditionally waive (and agree not to plead or claim) any
objection to the laying of venue of any Proceeding arising out of this Agreement or the transactions contemplated hereby in (i) the Chancery Court of the State of Delaware, or (ii) any state appellate court therefrom within the State of
Delaware (or, only if the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, any state or federal court within the State of Delaware) or that any such Proceeding brought in any such court has been
brought in an inconvenient forum. Each of the Parties hereto also agrees that any final and non-appealable judgment against a Party hereto in connection with any Proceeding shall be conclusive and binding on such Party and that such award or
judgment may be enforced in any court of competent jurisdiction, either within or outside of the United States. A certified or exemplified copy of such award or judgment shall be conclusive evidence of the fact and amount of such award or
judgment. 
 Section 6.10 Specific Performance. The Parties agree that irreparable damage would occur in
the event that any of the provisions of this Agreement were not performed prior to termination of this Agreement in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an
injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in the Chancery Court of the State of Delaware without bond or other security being required, this being in
addition to any other remedy to which they are entitled at law or in equity. 
 Section 6.11 Waiver of Jury
Trial. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY ACTION OR PROCEEDING TO ENFORCE OR TO DEFEND ANY RIGHTS UNDER THIS AGREEMENT SHALL BE TRIED BEFORE A COURT AND NOT BEFORE A JURY. 

  
 13 

 Section 6.12 Severability. Whenever possible, each provision of this Agreement
will be interpreted in such a manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited by or invalid under applicable law, such provision will be ineffective only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining provisions of this Agreement. 

Section 6.13 Headings. The descriptive headings used herein are inserted for convenience of reference only, do not
constitute a part of this Agreement, and shall not affect in any manner the meaning or interpretation of this Agreement. 

Section 6.14 Counterparts. This Agreement may be executed in any number of counterparts (including facsimile counterparts),
all of which together shall constitute a single instrument. 
 Section 6.15 Effectiveness. This Agreement shall become
effective when it shall have been executed by the Parties hereto. 
 [signature page follows] 

  
 14 

 IN WITNESS WHEREOF, each of the Parties has duly executed this Agreement as of the date first
written above. 
  

			
	ENERGY TRANSFER EQUITY, L.P.
		
	By:	 	LE GP, LLC,
		 	its general partner
		
	By:	 	 /s/ John W. McReynolds

	Name:	 	John W. McReynolds
	Title:	 	President
	
	ETE COMMON HOLDINGS, LLC
		
	By:	 	 /s/ John W. McReynolds

	Name:	 	John W. McReynolds
	Title:	 	President and Chief Financial Officer
	
	ENERGY TRANSFER PARTNERS, L.P.
		
	By:	 	ENERGY TRANSFER PARTNERS GP,
		 	L.P., its general partner
		
	By:	 	ENERGY TRANSFER PARTNERS,
		 	L.L.C., its general partner
		
	By:	 	 /s/ Martin Salinas, Jr.

	Name:	 	Martin Salinas, Jr.
	Title:	 	Chief Financial Officer

 [Exchange Agreement Signature Page] 

 ANNEX A 

Definitions 
 As used in
this Agreement, the following terms have the meanings ascribed thereto below: 
 “Applicable Law” means
all federal, state or local laws, rules, orders or regulations in effect on the date of this Agreement and applicable to the ETE Parties, ETP, or this Agreement and the transactions contemplated hereby. 

“Affiliate” means any Person directly or indirectly Controlling, Controlled by, or under common Control
with any other Person. 
 “Business Day” means any day that is not a Saturday, Sunday or
other day on which commercial banks in the State of Texas are authorized or obligated to be closed by applicable Laws. 

“Control” shall mean the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and “Controlled” and “Controlling” have the meanings correlative
thereto. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “General Partner” means Energy Transfer Partners GP, L.P., the general partner of
ETP. 
 “Governmental Authority” means any federal, state, local or foreign government
or any court, arbitral tribunal, administrative or regulatory agency, self-regulatory organization (including the New York Stock Exchange) or other governmental authority, agency or instrumentality. 

“Law” means any applicable constitutional provisions, statute, act, code, common law, regulation, rule,
ordinance, order, decree, ruling, proclamation, resolution, judgment, decision, declaration, or interpretation or advisory opinion or letter of a domestic, foreign or international Governmental Authority. 

“Lien” means (i) any lien, hypothecation, pledge, collateral assignment, security interest, charge
or encumbrance of any kind, whether such interest is based on the common law, statute or contract, and whether such obligation or claim is fixed or contingent (including any agreement to give any of the foregoing) and any option, trust or other
preferential arrangement having the practical effect of any of the foregoing, other than in each case, the restrictions under applicable securities laws and the Partnership Agreement and (ii) any purchase option, right of first refusal, right
of first offer, call or similar right of a third party. 
 “Person” means any natural
person, corporation, limited partnership, general partnership, limited liability company, joint stock company, joint venture, association, company, estate, trust, bank trust company, land trust, business trust, or other organization, whether or not
a legal entity, custodian, trustee-executor, administrator, nominee or entity in a representative capacity and any Governmental Authority. 

“Securities Act” means the Securities Act of 1933, as amended. 

  
 A-1 

 ANNEX B 

Form of Partnership Agreement Amendment 

  
 B-1 

 Annex B 

AMENDMENT NO. 9 TO 

SECOND AMENDED AND RESTATED AGREEMENT OF LIMITED 

PARTNERSHIP 
 OF 

ENERGY TRANSFER PARTNERS, L.P. 

January [        ], 2015 

This Amendment No. 9 (this “Amendment No. 9”) to the Second Amended and Restated Agreement of
Limited Partnership of Energy Transfer Partners, L.P. (the “Partnership”), dated as of July 28, 2009, as amended by Amendment No. 1 thereto dated as of March 26, 2012, Amendment No. 2 thereto dated as of
October 5, 2012, Amendment No. 3 thereto dated April 15, 2013, Amendment No. 4 thereto dated April 30, 2013, Amendment No. 5 thereto dated as of October 31, 2013, Amendment No. 6 thereto dated as of
February 19, 2014, Amendment No. 7 thereto dated as of March 3, 2014 and Amendment No. 8 thereto dated as of August 29, 2014 (as so amended, the “Partnership Agreement”) is hereby adopted effective as
of January [__], 2015, by Energy Transfer Partners GP, L.P., a Delaware limited partnership (the “General Partner”), as general partner of the
Partnership. Capitalized terms used but not defined herein have the meaning given such terms in the Partnership Agreement.  

WHEREAS, the General Partner, without the approval of any Partner or Assignee, may amend any provision of the Partnership Agreement
(i) pursuant to Section 13.1(d)(i) of the Partnership Agreement to reflect a change that, in the discretion of the General Partner, does not adversely affect the Unitholders in any material respect, (ii) pursuant to
Section 13.1(g) of the Partnership Agreement to reflect an amendment that, in the discretion of the General Partner, is necessary or advisable in connection with the authorization of issuance of any class or series of Partnership Securities
pursuant to Section 5.6 of the Partnership Agreement, or (iii) pursuant to Section 13.1(j) of the Partnership Agreement to reflect an amendment that, in the discretion of the General Partner, is necessary or advisable to reflect,
account for and deal with appropriately the formation by the Partnership of, or investment by the Partnership in, any corporation, partnership, joint venture, limited liability company or other entity other than the Operating Partnership, in
connection with the conduct by the Partnership of activities permitted by the terms of Section 2.4 of the Partnership Agreement; and 

WHEREAS, in connection with the transactions contemplated by the Exchange and Repurchase Agreement dated as of December 23, 2014 by and
among the Partnership, ETE Common Holdings, LLC, a Delaware limited liability company (“ETE Holdings”), and Energy Transfer Equity, L.P., a Delaware limited partnership (“ETE”), the Partnership
has agreed (i) to authorize for issuance and to issue additional Class H Units and, in connection therewith, to modify the terms of the Class H Units, including increasing the SXL GP Percentage and the SXL IDRs Percentage from 50.05% to
90.05% for quarterly periods commencing after December 31, 2014,1 and (ii) to authorize for issuance and to issue limited partner interests designated as Class I Units having the rights,
preferences and privileges set forth in this Amendment No. 9; and 
  

 

	1 
	If closing occurs subsequent to the record date relating to the distribution for a quarter subsequent to December 31, 2014, then this date shall be such quarter. 

  
 B-2 

 WHEREAS, the General Partner has previously authorized the issuance of a class of Partnership
Securities designated as “Class H Units” established pursuant to Amendment No. 5 to the Partnership Agreement; and 

WHEREAS, the General Partner has determined that the authorization of issuance of the new class of Partnership Securities to be designated as
“Class I Units” provided for in this Amendment No. 9 will be in the best interests of the Partnership and beneficial to the Limited Partners, including the holders of the Common Units; and 

WHEREAS, the General Partner has determined, (i) pursuant to Section 13.1(d)(i) of the Partnership Agreement, that the changes to
the Partnership Agreement set forth herein do not adversely affect the Unitholders in any material respect, (ii) pursuant to Section 13.1(g) of the Partnership Agreement, that the amendments to the Partnership Agreement set forth herein
are necessary or advisable in connection with the authorization of the issuance of additional Class H Units and the Class I Units, and (iii) pursuant to Section 13.1(j) of the Partnership Agreement, that the amendments to the
Partnership Agreement set forth herein are necessary or advisable to reflect, account for and deal with appropriately the investment by the Partnership in any corporation, partnership, joint venture, limited liability company or other entity other
than the Operating Partnership; and 
 WHEREAS, ETE Holdings, as the holder of all of the Outstanding Class H Units, has consented to the
modification of the terms of the Class H Units set forth in this Amendment No. 9; and 
 NOW THEREFORE, the General Partner does hereby
amend the Partnership Agreement as follows: 
 Section 1. Amendments. 

(a) Section 1.1 of the Partnership Agreement is hereby amended to add or to amend and restate the following definitions in the appropriate
alphabetical order: 
 (i) “Class I Units” means a limited partner Partnership Interest which shall
confer upon the holder thereof only the rights and obligations specifically provided in this Agreement with respect to Class I Units. 

(ii) “Exchange and Repurchase Agreement” means that certain Exchange and Repurchase Agreement, by and
among the Partnership, ETE Holdings and Energy Transfer Equity, L.P., dated as of December 23, 2014. 

  
 B-3 

 (iii) “Percentage Interest” means as of any date of
determination (a) as to the General Partner with respect to its General Partner Interest, the product obtained by dividing (i) the Capital Account balance of the General Partner by (ii) the aggregate Capital Account balances of all
Limited Partners and the General Partner, (b) as to any holder of a Common Unit or Assignee holding Common Units, the product of (i) 100% less the percentages applicable to paragraphs (a) and (c) multiplied by (ii) the
quotient of the number of Common Units held by such Unitholder or Assignee divided by the total number of all Outstanding Common Units, and (c) as to the holders of additional Partnership Securities issued by the Partnership in accordance with
Section 5.6, the percentage established as a part of such issuance. The Percentage Interest with respect to an Incentive Distribution Right, a Class H Unit and a Class I Unit shall at all times be zero. 

(iv) “SXL GP Percentage” means (A) for any distribution with respect to a Quarter ended on or before
December 31, 20142, 50.05% and (B) for any distribution with respect to a Quarter ending after December 31, 20143, 90.05%, in
each case unless reduced pursuant to Section 5.12(b)(iv). 
 (v) “SXL IDRs Percentage” means
(A) for any distribution with respect to a Quarter ended on or before December 31, 20144, 50.05% and (B) for any distribution with respect to a Quarter ending after
December 31, 20145, 90.05%. 
 (vi) “Unit”
means a Partnership Interest of a Limited Partner or Assignee in the Partnership and shall include Common Units, Class E Units and Class G Units, but shall not include (w) the general partner interest in the Partnership, (x) the Incentive
Distribution Rights, (y) the Class H Units or (z) the Class I Units. 
 (b) Section 5.12(a) of the Partnership
Agreement is hereby amended and restated as follows: 
 “5.12 Establishment of Class H Units. 

(a) General. The General Partner hereby designates and creates a class of Partnership Securities to be designated as
“Class H Units” and consisting of a total of 81,001,069 Class H Units. The Class H Units have been or shall be issued as follows: (i) 50,160,000 Class H Units have been issued to ETE Holdings in exchange for 50,160,000
Common Units owned by ETE Holdings and outstanding at the time of such exchange and certain cash consideration paid in accordance with the Exchange and Redemption Agreement, and (ii) (a) 5,226,967 Class H Units shall be issued to ETE
Holdings in exchange for 5,226,967 Common Units owned by ETE Holdings and currently outstanding, and (b) 25,614,102 Class H Units shall be issued to ETE in exchange for 25,614,102 Common Units owned by ETE and currently outstanding, and certain
other consideration to be paid in accordance with the Exchange and Repurchase 
  

 

	2 
	If closing occurs subsequent to the record date relating to the distribution for a quarter subsequent to December 31, 2014, then this date shall be such quarter. 

	4 
	If closing occurs subsequent to the record date relating to the distribution for a quarter subsequent to December 31, 2014, then this date shall be such quarter. 

	3 
	If closing occurs subsequent to the record date relating to the distribution for a quarter subsequent to December 31, 2014, then this date shall be such quarter. 

	5 
	 If closing occurs subsequent to the record date relating to the distribution for a quarter subsequent to December 31, 2014, then this date shall
be such quarter. 

  
 B-4 

 
Agreement, and in each of (i) and (ii) and in accordance with the agreements described therein, the repurchased Common Units have been or shall be cancelled upon their repurchase and
the issuance of the applicable Class H Units. In accordance with Section 5.6, the General Partner shall have the power and authority to issue additional Class H Units in the future. 

(c) Section 5.12(b)(i) of the Partnership Agreement is hereby amended and restated as follows: 

(i) Initial Capital Account. The initial capital account with respect to each Class H Unit will be equal to the capital account of the
Common Unit for which such Class H Unit was exchanged pursuant to the Exchange and Redemption Agreement or the Exchange and Repurchase Agreement, as applicable, plus, in the case of any Common Unit exchanged pursuant to the Exchange and Repurchase
Agreement, the value of any additional property other than cash contributed to the Partnership pursuant thereto. 
 (d)
Section 5.12(b)(ii)(C) of the Partnership Agreement is hereby amended and restated as follows: 
 (C) For each taxable
period, after the application of Section 6.1(d)(iii)(A) but before the application of Section 6.1(d)(iii)(B), and after making the allocations provided for in Section 5.12(b)(ii)(B), the holders of the Class H
Units shall be allocated, pro rata in proportion to the number of Class H Units of each such holder gross income or gain until the aggregate amount of such items allocated to the holders of the Class H Units pursuant to this
Section 5.12(b)(ii)(C) for the current taxable period and all previous taxable periods is equal to the cumulative amount of all distributions made to the holders of the Class H Units pursuant to Section 5.12(b)(iii)(B)(3).

 (e) Section 5.12(b)(iii) of the Partnership Agreement is hereby amended and restated as follows: 

(iii) Distributions. 

(A) The holders of the Class H Units shall be entitled to receive distributions of Available Cash only to the extent set forth
in Section 5.12(b)(iii)(B) and, consistent with the fact that the Class H Units are not Units and the holders of the Class H Units are not Unitholders and have no Percentage Interests with respect to their Class H Units, shall not be
entitled to receive distributions of Available Cash pursuant to Sections 6.4 or 6.5. 
 (B) Prior to
making any distributions of Available Cash with respect to any Quarter pursuant to Section 5.13(b)(iii)(B), Section 6.4 or Section 6.5, subject to Section 17-607 of the Delaware Act, Available Cash with
respect to any Quarter that is deemed to be either Operating Surplus or Capital Surplus and that would otherwise be distributed 

  
 B-5 

 
pursuant to Section 5.13(b)(iii)(B), Section 6.4 or Section 6.5 will first be distributed to the holders of the Class H Units, pro rata in proportion to the
number of Class H Units of each such holder, as follows: 
 (1) first, an amount equal to the excess, if any, of
(a) the SXL GP Percentage of all amounts currently or previously distributed, in each case on or after January [•], 2015, to the Partnership by Sunoco Partners LLC with respect to the SXL GP Interest (including any proceeds attributable to
the sale of the SXL GP Interest) over (b) the cumulative amount of Available Cash previously distributed to the holders of Class H Units pursuant to this Section 5.12(b)(iii)(B)(1); 

(2) second, an amount equal to the excess, if any, of (a) the SXL IDRs Percentage of all amounts currently or previously
distributed, in each case on or after January [•], 2015, to the Partnership by Sunoco Partners LLC with respect to the SXL IDRs (including any proceeds attributable to the sale of the SXL IDRs), over (b) the cumulative amount of Available
Cash previously distributed to the holders of Class H Units pursuant to this Section 5.12(b)(iii)(B)(2); and 

(3) third, an amount equal to the excess, if any, of (a) the amount set forth below under the column entitled
“Distribution Amount” with respect to each completed Quarter specified below; provided, however, (i) in the event that, for any Quarter commencing on or after June 30, 2013 and ending on or before December 31, 2014 as to
which the amount of distributions relating to the Incentive Distribution Rights relinquished as a result of Section 6.4(d) exceeds the amount specified in the column below entitled “Adjustment Amount,” then the amount of the
distribution specified below under the caption “Distribution Amount” shall be increased by the amount of such excess for such Quarter and (ii) in the event that, for any Quarter commencing on or after June 30, 2013 and ending on
or before December 31, 2014 as to which the amount of distributions relating to the Incentive Distribution Rights relinquished as a result of Section 6.4(d) is less than the amount specified in the column below entitled
“Adjustment Amount,” then the amount of the distribution specified below under the caption “Distribution Amount” shall be reduced by the amount of such deficiency for such Quarter over (b) the cumulative amount of Available
Cash previously distributed to the holders of the Class H Units pursuant to this Section 5.12(b)(iii)(B)(3). 

  
 B-6 

									
	 Quarter Ending
	  	Distribution Amount	 	  	Adjustment Amount	 
	 September 30, 2013
	  	$	35,000,000	  	  	$	24,000,000	  
	 December 31, 2013
	  	$	35,000,000	  	  	$	24,000,000	  
	 March 31, 2014
	  	$	29,000,000	  	  	$	24,250,000	  
	 June 30, 2014
	  	$	29,000,000	  	  	$	24,250,000	  
	 September 30, 2014
	  	$	29,000,000	  	  	$	24,250,000	  
	 December 31, 2014
	  	$	29,000,000	  	  	$	24,250,000	  

 (C) Available Cash remaining after making the distributions required pursuant to
Section 5.12(b)(iii)(B) will be distributed as set forth in Section 5.13(b)(iii)(B), Section 6.4 and Section 6.5. 

(f) Article V of the Partnership Agreement is hereby amended by adding a new Section 5.13 at the end thereof as follows: 

“5.13 Establishment of Class I Units. 

(a) General. The General Partner hereby designates and creates a class of Partnership Securities to be designated as
“Class I Units” and initially consisting of a total of 100 Class I Units. The initial Class I Units shall be issued to ETE in connection with the consummation of the Exchange and Repurchase Agreement. In accordance with
Section 5.6, the General Partner shall have the power and authority to issue additional Class I Units in the future. 

(b) Rights of Class I Units. The Class I Units shall have the following rights, preferences and privileges and shall be
subject to the following duties and obligations: 
 (i) Initial Capital Account. The initial capital account with
respect to each Class I Unit will be equal to the cash consideration contributed by ETE pursuant to the Exchange and Repurchase Agreement. 

(ii) Allocations. 

(A) The Class I Units shall not be entitled to receive any (i) Net Income allocations pursuant to
Section 6.1(a), (ii) Net Loss allocations pursuant to Section 6.1(b), (iii) Net Termination Gain or Net Termination Loss allocations pursuant to Section 6.1(c) or (iv) except as otherwise provided
in this Section 5.13(b)(ii), special allocations pursuant to Section 6.1(d). Allocations pursuant to Sections 6.1(a), 6.1(b), 6.1(c) and 6.1(d) (except as otherwise provided in this
Section 5.13(b)(ii)) shall be made consistent with the fact that the Class I Units are not Units and the holders of the Class I Units are not Unitholders and have no Percentage Interests with respect to their Class I Units. 

(B) For each taxable period, after the application of Section 6.1(d)(iii)(A) but before the application of
Section 6.1(d)(iii)(B), and after making the allocations provided for in Section 5.12(b)(ii)(C), the holders of the Class I Units shall be allocated, pro rata in proportion to the number

  
 B-7 

 
of Class I Units of each such holder, gross income or gain until the aggregate amount of such items allocated to the holders of the Class I Units pursuant to this
Section 5.13(b)(ii)(B) for the current taxable period and all previous taxable periods is equal to the cumulative amount of all distributions made to the holders of the Class I Units pursuant to Section 5.13(b)(iii)(B). 

(C) For each taxable period, after the application of Section 6.1(d)(iii)(A) but before the application of
Section 6.1(d)(iii)(B), and after making the allocations provided for in Section 5.13(b)(ii)(B), the holders of the Class I Units shall be allocated, pro rata in proportion to the number of Class I Units of each such holder,
depreciation, amortization, depletion or any other form of cost recovery equal to the cash consideration contributed by ETE pursuant to the Exchange and Repurchase Agreement. The allocation of items pursuant to this
Section 5.13(b)(ii)(C) shall be made proportionately over a period of ten years beginning on [January] [•], 20156. 

(iii) Distributions. 

(A) The holders of the Class I Units shall be entitled to receive distributions of Available Cash only to the extent set forth
in Section 5.13(b)(iii)(B) and, consistent with the fact that the Class I Units are not Units and the holders of the Class I Units are not Unitholders and have no Percentage Interests with respect to their Class I Units, shall not be
entitled to receive distributions of Available Cash pursuant to Sections 6.4 or 6.5. 
 (B) Prior to
making any distributions of Available Cash with respect to any Quarter pursuant to Sections 6.4 or 6.5, subject to Section 17-607 of the Delaware Act, Available Cash with respect to any Quarter that is deemed to be either
Operating Surplus or Capital Surplus and that would otherwise be distributed pursuant to Sections 6.4 or 6.5 will first be distributed to the holders of the Class H Units in accordance with Section 5.12(b)(iii)(B) and then
be distributed to the holders of the Class I Units, pro rata in proportion to the number of Class I Units of each such holder, in an amount equal to the excess, if any, of (a) (x) the amount set forth below under the column entitled
“Distribution Amount” with respect to the completed Quarter specified below plus (y) the aggregate amounts set forth below under the column entitled “Distribution Amount” with respect to each previously completed Quarter
over (b) the cumulative amount of Available Cash previously distributed to the holders of the Class I Units pursuant to this Section 5.13(b)(iii)(B). The General Partner shall have the right from time to time in its sole discretion,
without the approval of any Partner or Assignee except as provided in 
  

 

	6 	 The date of closing. 

  
 B-8 

 
Section 5.13(b)(iv), to amend the table below to modify, change, add or subtract any amounts or time periods in such table; provided that any amendment that would increase the amounts
distributable to the holders of the Class I Units shall require Special Approval. 
  

					
	 Quarter Ending
	  	Distribution Amount	 
	 March 31, 2015
	  	$	32,500,000	  
	 June 30, 2015
	  	$	32,500,000	  
	 September 30, 2015
	  	$	14,500,000	  
	 December 31, 2015
	  	$	14,500,000	  
	 March 31, 2016
	  	$	2,000,000	  
	 June 30, 2016
	  	$	2,000,000	  
	 September 30, 2016
	  	$	2,000,000	  
	 December 31, 2016
	  	$	2,000,000	  

 (C) Available Cash remaining after making the distributions required pursuant to
Section 5.13(b)(iii)(B) will be distributed as set forth in Sections 6.4 and 6.5. 
 (iv) Voting
Rights. Except as set forth in this Section 5.13(b)(iv) and Section 13.3(c) and except to the extent the Delaware Act gives the Class I Units a vote as a class on any matter, the Class I Units shall not have any voting
rights. With respect to any matter on which the Class I Units are entitled to vote, each Class I Unit will be entitled to one vote on such matter. The General Partner shall not, without the affirmative vote or written consent of holders of a
majority of the Class I Units then Outstanding, (1) amend, alter, modify or change this Section 5.13 (or vote or consent or resolve to take such action), including modify the amounts set forth in the table in
Section 5.13(b)(iii)(B) or (2) except for the issuance of additional Class H Units pursuant to Section 5.6 and Section 5.12(a), authorize the issuance of any class or series of Partnership Securities with distribution rights
prior to the Liquidation Date that are senior to or on a parity with the Class I Units. 
 (v) Redemption and Conversion
Rights. The Class I Units will be perpetual and shall not have any rights of redemption or conversion. 
 (vi)
Certificates; Book-Entry. Unless the General Partner shall determine otherwise, the Class I Units shall not be evidenced by certificates. Any certificates relating to the Class I Units that may be issued will be in such form as the General
Partner may approve. The Class I Units, subject to the satisfaction of any applicable legal, regulatory and contractual requirements, may be assigned or transferred in a manner identical to and as if the Class I Units were Units in the Partnership.

 (vii) Registrar and Transfer Agent. Unless and until the General Partner determines to assign the responsibility to
another Person, the General Partner will act as the registrar and transfer agent for the Class I Units.” 

  
 B-9 

 Section 2. Except as hereby amended, the Partnership Agreement shall remain in full force
and effect. 
 Section 3. This Amendment No. 9 shall be governed by, and interpreted in accordance with, the laws of the State of
Delaware, all rights and remedies being governed by such laws without regard to principles of conflicts of laws. 
 [Signature page
follows] 

  
 B-10 

 IN WITNESS WHEREOF, this Amendment No. 9 has been executed as of the date first above
written. 
  

			
	GENERAL PARTNER:
	
	ENERGY TRANSFER PARTNERS GP, L.P.
		
	By:	 	Energy Transfer Partners, L.L.C.,
		 	its general partner
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 B-11 

 ANNEX C 

Form of Assignment Agreement 

  
 C-1 

 FORM OF 

ASSIGNMENT OF MEMBERSHIP INTEREST 

THIS ASSIGNMENT OF MEMBERSHIP INTEREST (this “Assignment”), effective as of January [__], 2015 (the
“Effective Date”), is executed and delivered by and between Energy Transfer Equity, L.P., a Delaware limited partnership (“Assignor”) and Energy Transfer Partners, L.P., a Delaware limited partnership
(the “Assignee”). 
 WITNESSETH: 

WHEREAS, the Assignor is the record and beneficial owner of 60% of the issued and outstanding limited liability company interest (the
“LLC Interest”), in [Dakota Access Holdings LLC]/[ETCO Holdings LLC], a Delaware limited liability company (the “Company”);  

WHEREAS, [La Grange Acquisition, L.P., a wholly owned subsidiary of the
Assignee,]7[Assignee]8 is the record and beneficial owner of 40% of the issued and outstanding limited liability company interest in the
Company; 
 WHEREAS, the Assignor, the Assignee and ETE Common Holdings, LLC (“ETE
Holdings”) have entered into that certain Exchange and Repurchase Agreement dated as of December 23, 2014 (the “Exchange Agreement”), pursuant to which the parties have agreed as
follows: (a) the Assignee shall repurchase from ETE Holdings 5,226,967 ETP Common Units and shall repurchase from Assignor 25,614,102 ETP Common Units; (b) the Assignee shall issue 5,226,967 ETP Class H Units to ETE Holdings,25,614,102 ETP
Class H Units to the Assignor and 100 ETP Class I Units to the Assignor; (c) the Assignor shall sell, assign, transfer and convey all of its right, title and interest to (i) the LLC Interest to the Assignee free and clear of all Liens,
pursuant to this Assignment, and (ii) a 60% limited liability company interest in [ETCO Holdings LLC, a Delaware limited liability company,]9 [Dakota Access Holdings LLC, a Delaware
limited liability company,]10 to the Assignee free and clear of all Liens, pursuant to an Assignment of Membership Interest, effective as of the date hereof between the Assignor and the
Assignee; (e) the Assignor shall pay to the Assignee, cash in the amount of $[            ]; and (f) the Assignee shall amend its Second Amended and Restated Agreement of Limited
Partnership to provide for, among other things, the authorization of issuance of additional ETP Class H Units and ETP Class I Units and the modification of the terms of the ETP Class H Units. 

WHEREAS, the Assignor desires to sell, convey, transfer and assign to the Assignee the Assignor’s right, title and interest in and
to all of the LLC Interest in accordance with the terms and provisions of this Assignment, and Assignee desires to acquire from Assignor the LLC Interest; [and] 
  

 

	7 	With respect to Dakota Access Holdings, LLC. 

	8 	With respect to ETCO Holdings LLC. 

	9 	With respect to Dakota Access Holdings, LLC. 

	10 	With respect to ETCO Holdings LLC. 

  
 C-2 

 [WHEREAS, La Grange Acquisition, L.P. has consented to the assignment of the LLC Interest and
the admission of the Assignee as a substitute member of the Company; and]11 

WHEREAS, in order to effectuate the conveyance, transfer and assignment of the LLC Interest to the Assignee, the Assignor and the
Assignee are executing and delivering this Assignment. 
 NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Conveyance of Interest. The Assignor by these presents does hereby convey, transfer and assign to the Assignee, its legal
representatives, successors and assigns, free and clear of all liens, claims and encumbrances, all of the Assignor’s right, title and interest in, to and under, any and all equity or ownership interest, right or privilege in the Company,
including without limitation, all of the Assignor’s right, title and interest in and to the LLC Interest, effective as of the Effective Date. [Effective as of the Effective Date, (i) the Assignee is hereby admitted as a member of the
Company with respect to the LLC Interest, (ii) immediately following such admission, the Assignor hereby ceases to be a member of the Company, (iii) La Grange Acquisition, L.P. hereby continues as a member of the Company holding 40% of the
limited liability company interests in the Company, and (iv) the Company is hereby continued without dissolution.]12 [Effective as of the Effective Date, (i) the Assignee is hereby
admitted as a member of the Company holding 100% of the limited liability company interests in the Company, (ii) immediately following such admission, the Assignor hereby ceases to be a member of the Company, and (iii) the Company is
hereby continued without dissolution.]13 [For the avoidance of doubt, following the assignment by the Assignor of the LLC Interest hereunder, the Assignor shall no longer be a “Member,”
have a “Sharing Ratio,” have any “Voting Rights,” own any “Units” or otherwise have any rights under the limited liability company agreement of the Company or with respect to the Company, all such rights and interests
being vested in the Assignee. The Assignor shall surrender to the Company any certificates outstanding representing the LLC Interest, and the transactions contemplated hereby shall be recorded upon the ledger books of the Company.]14 []For the avoidance of doubt, following the assignment by the Assignor of the LLC Interest hereunder, the Assignor shall cease to be a “Member” or otherwise have any rights under the
limited liability company agreement of the Company or with respect to the Company, all such rights and interests being vested in the Assignee. The Assignor shall surrender to the Company any certificates outstanding representing the LLC Interest,
and the transactions contemplated hereby shall be recorded upon the books and records of the Company.]15 

 

	11 	With respect to Dakota Access Holdings, LLC. 

	12 	With respect to Dakota Access Holdings, LLC. 

	13 	With respect to ETCO Holdings LLC. 

	14 	With respect to ETCO Holdings LLC. 

	15 	With respect to Dakota Access Holdings, LLC. 

  
 C-3 

 2. Further Documents. Assignor covenants and agrees with Assignee that Assignor, its
successors and assigns shall execute, acknowledge and deliver such other instruments of conveyance and transfer and take such action as may reasonably be required more effectively to convey, transfer and assign to and vest in Assignee, or its
successors and assigns, and to put Assignee, or its successors and assigns, in possession of the LLC Interest, to admit Assignee as a member of the Company or otherwise carry out the purposes of this Assignment. 

3. Governing Law. This Assignment shall be governed by and construed in accordance with the laws of the State of Delaware, without
regard to principles of conflict of laws. 
 4. Counterparts. This Assignment may be executed in one or more counterparts, each of
which will be deemed to be an original copy of this Assignment and all of which, when taken together, will be deemed to constitute one and the same agreement. 

5. Defined Terms. Capitalized terms used herein but not defined shall have the meaning set forth in the Exchange Agreement. 

  
 C-4 

 EXECUTED effective as of the date first above written. 

 

			
	ASSIGNOR:
	
	ENERGY TRANSFER EQUITY, L.P.
		
	By:	 	LE GP, LLC, its general partner
		
		 	  

	By:	 	John W. McReynolds, President
	
	ASSIGNEE:
	
	ENERGY TRANSFER PARTNERS, L.P.
		
	By:	 	Energy Transfer Partners GP, L.P., its general partner
	By:	 	Energy Transfer Partners, L.L.C., its general partner
		
		 	  

	By:	 	Kelcy L. Warren, Chief Executive Officer

  
 C-5Exhibit 4.2

 

(Face of Security)

 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.  THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO BARCLAYS BANK PLC, OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

BY PURCHASING THIS SECURITY, THE HOLDER AGREES TO CHARACTERIZE THIS SECURITY FOR ALL U.S. FEDERAL INCOME TAX PURPOSES AS PROVIDED IN SECTION 10 ON THE FACE OF THIS SECURITY.

 

 

	
CUSIP   No. 06740L444
    	
ISIN: US06740L4445
    

 

 

BARCLAYS BANK PLC

 

GLOBAL MEDIUM-TERM NOTES, SERIES A

 

 

iPath® US Treasury Long Bond Bear ETN
  due August 13, 2020

 

The following terms apply to this Security.  Capitalized terms that are not defined the first time they are used in this Security shall have the meanings indicated elsewhere in this Security.

 

Face Amount:  $[_____] equal to [_____] Securities at $50 per Security

 

Index: Barclays Long Bond US Treasury Futures Targeted Exposure IndexTM (the “Index”).

 

Inception Date:  August 9, 2010

 

Original Issue Date:  August 12, 2010

 

Interest Rate:  The principal of this Security shall not bear interest.

 

Denomination:  $50

 

Payment at Maturity:  On the Maturity Date, unless such Securities were previously redeemed on a Redemption Date as provided under “Early Redemption”, the Company shall redeem this Security by paying to the Holder a cash payment per Security equal to the Closing Indicative Note Value on the Final Valuation Date.

 

Closing Indicative Note Value:  The Closing Indicative Note Value for each Security on the Inception Date will equal $50.  On each subsequent calendar day until

the Maturity Date or an Early Redemption Date with respect to such Security, the Closing Indicative Note Value for such Security will equal (1) the Closing Indicative Note Value on the immediately preceding calendar day plus (2) the Daily Index Performance Amount plus (3) the Daily Interest minus (4) the Daily Investor Fee; provided that if such calculation results in a negative value, the Closing Indicative Note Value will be $0.  If the Securities undergo a split or reverse split, the Closing Indicative Note Value will be adjusted accordingly.

 

Daily Index Performance Amount:  The Daily Index Performance Amount for each Security on the Inception Date and on any calendar day that is not an Index Business Day will equal $0.  On any other Index Business Day, the Daily Index Performance Amount for each Security will equal (1) the product of (a) the Index Multiplier times (b) the difference of (i) the closing level of the Index on such Index Business Day minus (ii) the closing level of the Index on the immediately preceding Index Business Day

 

(Face of Security continued on next page)

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minus (2) the Index Rolling Cost on such Index Business Day.

 

Index Multiplier:  -$0.10

 

Index Rolling Cost:  On any calendar day that is not a Roll Day, the Index Rolling Cost for each Security will equal $0.  On any Roll Day, the Index Rolling Cost for each Security will equal $0.005.

 

Daily Interest:  The Daily Interest for each Security on the Inception Date will equal $0.  On each subsequent calendar day until the Maturity Date or an Early Redemption Date with respect to such Security, the Daily Interest for such Security will equal (1) the Closing Indicative Note Value on the immediately preceding calendar day times (2) the T-Bill rate divided by (3) 360.

 

T-Bill Rate:  The T-Bill Rate will equal the most recent weekly investment rate for 28-day U.S. Treasury bills effective on the preceding Business Day in New York City as published on Bloomberg under the ticker symbol “USB4WIR”.

 

Daily Investor Fee:  The Daily Investor Fee for each Security on the Inception Date will equal $0.  On each subsequent calendar day until the Maturity Date or an Early Redemption Date with respect to such Security, the Daily Investor Fee for such Security will equal (1) the Closing Indicative Note Value on the immediately preceding calendar day times (2) the Fee Rate divided by (3) 365.

 

Fee Rate:  0.75%.

 

Early Redemption:  The Holder may, subject to the notification requirements provided under Section 5 hereof, require the Company to redeem the Holder’s Securities in whole or in part on any Early Redemption Date during the term of the Securities 

(“Holder Redemption”).  If the Holder requires the Company to redeem the Holder’s Securities on any Early Redemption Date, the Holder will receive a cash payment per Security equal to the applicable Closing Indicative Note Value on the applicable Valuation Date.  The Company shall not be required to redeem fewer than 50,000 Securities at one time, provided that the Company may from time to time in its sole discretion reduce, in part or in whole, this minimum redemption amount on a consistent basis for all Holders who hold Securities at the time the reduction becomes effective.

 

Calculation Agent:  Barclays Bank PLC

 

Defeasance:  Neither full defeasance nor covenant defeasance applies to this Security.

 

Listing:  The NASDAQ Stock Market (“NASDAQ”).

 

(Face of Security)

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OTHER TERMS:

 

All terms used in this Security that are not defined in this Security but are defined in the Indenture referred to on the reverse of this Security shall have the meanings assigned to them in the Indenture.  Section headings on the face of this Security are for convenience only and shall not affect the construction of this Security.

 

“Business Day” means a Monday, Tuesday, Wednesday, Thursday or Friday that is not a day on which banking institutions in New York City or London generally are authorized or obligated by law, regulation or executive order to close..

 

“Default Amount” means, on any day, an amount in U.S. dollars, as determined by the Calculation Agent in its sole discretion, equal to the cost of having a Qualified Financial Institution (selected as provided below) expressly assume the due and punctual payment of the principal of this Security, and the performance or observance of every covenant hereof and of the Indenture on the part of the Company to be performed or observed with respect to this Security (or to undertake other obligations providing substantially equivalent economic value to the Holder of this Security as the Company’s obligations hereunder).  Such cost will equal (i) the lowest amount that a Qualified Financial Institution would charge to effect such assumption (or undertaking) plus (ii) the reasonable expenses (including reasonable attorneys’ fees) incurred by the Holder of this Security in preparing any documentation necessary for such assumption (or undertaking).  During the Default Quotation Period, each Holder of this Security and the Company may request a Qualified Financial Institution to provide a quotation of the amount it would charge to effect such assumption (or undertaking).  If either party obtains a quotation, it must notify the other party in writing of the quotation.  The amount referred to in clause (i) of this paragraph will equal the lowest (or, if there is only one, the only) quotation so obtained, and as to which notice is so given, during the Default Quotation Period; provided that, with respect to any quotation, the party not obtaining the quotation may object, on reasonable and significant grounds, to the effectuation of such assumption (or undertaking) by the Qualified Financial Institution providing such quotation and notify the other party in writing of such grounds within two Business Days after the last day of the Default Quotation Period, in which case that quotation will be disregarded in determining the Default Amount.  The “Default Quotation Period” shall be the period beginning on the day the Default Amount first becomes due and ending on the third Business Day after such due date, unless no such quotation is obtained, or unless every such quotation so obtained is objected to within five Business Days after such due date as provided above, in which case the Default Quotation Period will continue until the third Business Day after the first Business Day on which prompt notice of a quotation is given as provided above, unless such quotation is objected to as provided above within five Business Days after such first Business Day, in which case, the Default Quotation Period will continue as provided in this sentence. Notwithstanding the foregoing, if the Default Quotation Period (and the subsequent two Business Day objection period) has not ended prior to the Final Valuation Date, then the Default Amount will equal the Face Amount.

 

“Early Redemption Date” means the third Business Day following each Valuation Date, other than the Final Valuation Date.  The final Early Redemption Date will be the third Business Day following the Valuation Date that is immediately prior to the Final Valuation Date.

 

-4-

 

“Final Valuation Date” means August 10, 2020, or if such date is not a Trading Day, the next succeeding Trading Day; provided, however, that if the Calculation Agent determines that a Market Disruption Event occurs or is continuing on such date, the Final Valuation Date will be the first following Trading Day on which the Calculation Agent determines that a Market Disruption Event does not occur and is not continuing, provided that in no event will the Final Valuation Date be postponed by more than five Trading Days.

 

“Index Business Day” means a day on which the Chicago Board of Trade (“CBOT”) is open for business.

 

“Index Component” means, with respect to the Securities, the long-dated U.S. Treasury futures contracts underlying the Index, as traded on CBOT, as described in the Prospectus.

 

“Index Owner” means Barclays Bank PLC, as owner of the intellectual property and licensing rights relating to the Index.

 

“Index Sponsor” means Barclays Risk Analytics and Index Solutions Limited (BRAIS), a wholly-owned subsidiary of Barclays, or any successor thereto.

 

“Market Disruption Event” means, with respect to the Securities, in the opinion of the Calculation Agent and determined in its sole discretion:  (i) a material limitation, suspension or disruption in the trading of any Index Component which results in a failure by the trading facility on which the relevant contract is traded to report a daily contract reference price (the price of the relevant contract that is used as a reference or benchmark by market participants); (ii) the daily contract reference price for any Index Component has increased or decreased from the previous day’s daily contract reference price by the maximum amount permitted under the applicable rules or procedures of the relevant trading facility; (iii) failure by the Index Sponsor to publish the closing value of the Index or of the applicable trading facility or other price source to announce or publish the daily contract reference price for one of more Index Components; (iv) any other event, if the Calculation Agent determines in its sole discretion that the event materially interferes with the ability of Barclays Bank PLC or the ability of any affiliates of Barclays Bank PLC to unwind all or a material portion of a hedge with respect to the Securities that Barclays Bank PLC or any of its affiliates have effected or may effect.  The following events will not be Market Disruption Events: (a) a limitation on the hours or numbers of days of trading on a trading facility on which any Index Component is traded, but only if the limitation results from an announced change in the regular business hours of the relevant market; or (b) a decision by a trading facility to permanently discontinue trading in any Index Component.

 

“Maturity Date” means August 13, 2020, provided that if such date is not a Business Day, the Maturity Date will be the next succeeding Business Day; provided, however, that if the fifth Business Day preceding August 13, 2020 does not qualify as the Final Valuation Date referred to above, then the Maturity Date will be the fifth Business Day following the Final Valuation Date.

 

“Qualified Financial Institution” means, at any time, a financial institution organized under the laws of any jurisdiction in the United States of America or Europe that at

 

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such time has outstanding debt obligations with a stated maturity of one year or less from the date of issue and rated A-1 or higher by Standard & Poor’s, a division of The McGraw Hill Companies, Inc., Ratings Group (or any successor) or P-1 or higher by Moody’s Investors Service, Inc. (or any successor) or, in either case, such other comparable rating, if any, then used by such rating agency.

 

“Roll Day” means each of the three Index business Days before the last Index Business Day in each of the months of February, May, August and November in any given year.

 

“Successor Index” means any substitute index approved by the Calculation Agent as a Successor Index pursuant to Section 3 hereof.

 

“Trading Day” means a trading day for the Securities on which (i) it is an Index Business Day, (ii) trading is generally conducted on the NASDAQ and (iii) it is a Business Day in New York City, in each case as determined by the Calculation Agent in its sole discretion.

 

“Valuation Date” means each Business Day from August 9, 2010 to August 10, 2020, inclusive (subject to the occurrence of a Market Disruption Event), or if such date is not a Trading Day, the next succeeding Trading Day, not to exceed five Business Days.

 

 

Promise to Pay at Maturity or Upon Early Redemption

 

Barclays Bank PLC, a public limited company duly organized and existing under the laws of England and Wales (herein called the “Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay (or cause to be paid) to Cede & Co., as nominee for The Depository Trust Company, or registered assigns, the amount as calculated and provided under (i) “Early Redemption” and elsewhere on the face this Security on the applicable Early Redemption Date, in the case of any Securities in respect of the which the Holder exercises such Holder’s right to require the Company to redeem such Holder’s Securities prior to the Early Maturity Date, or in the case the Company exercises its right to redeem the Securities under “Issuer Redemption”, or (ii) “Payment at Maturity” and elsewhere on the face of this Security on the Maturity Date, in the case of all other Securities.

 

Payment of Interest

 

The principal of this Security shall not bear interest.

 

Discontinuance or Modification of the Index; Market Disruption Event

 

If the Index Sponsor discontinues publication of the Index and it or any other person or entity publishes an index that the Calculation Agent determines is comparable to the discontinued Index and approves as a Successor Index, then the Calculation Agent will determine the value of the Index on the applicable Valuation Date and the amount payable on the Maturity Date or any Redemption Date by reference to such Successor Index.

 

-6-

 

If the Calculation Agent determines that the publication of the Index is discontinued and that there is no Successor Index, or that the closing value of the Index is not available because of a Market Disruption Event or for any other reason, on any Valuation Date, or if for any other reason the Index is not available to the Company or the Calculation Agent on any Valuation Date, the Calculation Agent will determine the amount payable by a computation methodology that the Calculation Agent determines will as closely as reasonably possible replicate the Index.

 

If the Calculation Agent determines that the Index, the Index Components or the method of calculating the Index has been changed at any time in any respect, including, without limitation, any addition, deletion or substitution and any reweighting or rebalancing of the Index Components, and whether the change is made by the Index Sponsor under its existing policies or following a modification of those policies, is due to the publication of a Successor Index, is due to events affecting one or more of the Index Components, or is due to any other reason, then the Calculation Agent will be permitted (but shall not be required) to make such adjustments to the Index or method of calculating the Index as it believes are appropriate to ensure that the value of the Index used to determine the amount payable on the Maturity Date or on an Early Redemption Date is equitable.

 

The Calculation Agent shall have the right to postpone a Valuation Date, and thus the determination of the value of the Index, if the Calculation Agent determines that, on such Valuation Date, a Market Disruption Event occurs or is continuing in respect of any Index Component.  If such a postponement occurs, the Index Components unaffected by the Market Disruption Event shall be determined on the scheduled Valuation Date and the Calculation Agent shall determine the value of the affected Index Component by using the closing value of the Index Component on the first Trading Day after that day on which no Market Disruption Event occurs or is continuing with respect to the Index Component.  In no event, however, may the Calculation Agent postpone a Valuation Date by more than five Trading Days.

 

In the event that a Valuation Date is postponed until the fifth Trading Day following the scheduled Valuation Date, but a Market Disruption Event occurs and is continuing on such day, that day shall nevertheless be a Valuation Date, and the Calculation Agent shall determine the value of the Index on such day by a good faith estimate of the value of the Index that would have prevailed in the absence of a Market Disruption Event.

 

The Calculation Agent shall have the right to make all determinations and adjustments with respect to the Index in its sole discretion.

 

Payment at Maturity or Upon Early Redemption

 

The payment of this Security that becomes due and payable on the Maturity Date or on an Early Redemption Date, as the case may be, shall be the cash amount that must be paid to redeem this Security as provided above under “Payment at Maturity” and “Early Redemption”, respectively.  The payment of this Security that becomes due and payable upon acceleration of the Maturity Date hereof after an Event of Default has occurred pursuant to the Indenture shall be the Default Amount.  When the principal referred to in either of the two preceding sentences has been paid as provided herein (or such payment has been made

 

-7-

 

available), the principal of this Security shall be deemed to have been paid in full, whether or not this Security shall have been surrendered for payment or cancellation.  References to the payment at maturity or upon early redemption of this Security on any day shall be deemed to mean the payment of cash that is payable on such day as provided in this Security.  Notwithstanding the foregoing, solely for the purpose of determining whether any consent, waiver, notice or other action to be given or taken by Holders of Securities pursuant to the Indenture has been given or taken by Holders of Outstanding Securities in the requisite aggregate principal amount, the principal amount of this Security will be deemed to equal the Face Amount.  This Security shall cease to be Outstanding as provided in the definition of such term in the Indenture when the principal of this Security shall be deemed to have been paid in full as provided above.

 

In the event that payment at maturity is deferred beyond August 13, 2020, penalty interest will not accrue or be payable with respect to that deferred payment.

 

Redemption Mechanics

 

Subject to the minimum redemption amount provided under “Early Redemption”, the Holder may require the Company to redeem the Holder’s Securities on any Early Redemption Date during the term of the Securities provided that such Holder (i) delivers a notice of holder redemption to the Company via electronic mail by no later than 4:00 p.m. New York time on the Business Day prior to the applicable Valuation Date; (ii) delivers a signed confirmation of holder redemption to the Company via facsimile by no later than 5:00 p.m. New York time on the same day; (iii) instructs the Holder’s DTC custodian to book a delivery versus payment trade with respect to the Holder’s Securities on the applicable Valuation Date at a price per Security equal to the applicable Closing Indicative Note Value, facing Barclays DTC 5101; and (iv) causes the Holder’s DTC custodian to deliver the trade as booked for settlement via DTC at or prior to 10:00 a.m. New York time on the applicable Early Redemption Date, which shall be the third Business Day following the applicable Valuation Date (other than the Final Valuation Date).  The final Early Redemption Date shall be the third Business Day following the Valuation Date that is immediately prior to the Final Valuation Date.

 

Role of Calculation Agent

 

The Calculation Agent will be solely responsible for all determinations and calculations regarding the value of the Securities, including at maturity or upon early redemption; Market Disruption Events; Business Days; Trading Days; the Daily Index Performance Amount, the Investor Fee; the Default Amount; the Closing Indicative Note Value of the Securities on any Valuation Date, the closing value of the Index on the Inception Date and on any Valuation Date; the Maturity Date; Early Redemption Dates; the amount payable on the Securities and all such other matters as may be specified elsewhere herein as matters to be determined by the Calculation Agent. The Calculation Agent shall make all such determinations and calculations in its sole discretion, and absent manifest error, all determinations of the Calculation Agent shall be final and binding on the Company, the Holder and all other Persons having an interest in this Security, without liability on the part of the Calculation Agent.

 

-8-

 

The Company shall take such action as shall be necessary to ensure that there is, at all relevant times, a financial institution serving as the Calculation Agent hereunder.  The Company may, in its sole discretion at any time and from time to time, upon written notice to the Trustee, but without notice to the Holder of this Security, terminate the appointment of any Person serving as the Calculation Agent and appoint another Person (including any Affiliate of the Company) to serve as the Calculation Agent.  Insofar as this Security provides for the Calculation Agent to determine the value of the Index on any date or other information from any institution or other source, the Calculation Agent may do so from any source or sources of the kind contemplated or otherwise permitted hereby notwithstanding that any one or more of such sources are the Calculation Agent, Affiliates of the Calculation Agent or Affiliates of the Company.

 

Payment

 

Payment of any amount payable on this Security will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  Payment will be made to an account designated by the Holder (in writing to the Company and the Trustee on or before the applicable Valuation Date) and acceptable to the Company or, if no such account is designated and acceptable as aforesaid, at the office or agency of the Company maintained for that purpose in The City of New York, provided, however, that payment on the Maturity Date or any Early Redemption Date shall be made only upon surrender of this Security at such office or agency (unless the Company waives surrender).  Notwithstanding the foregoing, if this Security is a Global Security, any payment may be made pursuant to the Applicable Procedures of the Depositary as permitted in said Indenture.

 

Reverse of this Security

 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 

Certificate of Authentication

 

Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Prospectus

 

Reference is made to (i) the Prospectus related to the Securities, dated July 19, 2013, (ii) the Prospectus Supplement, dated July 19, 2013 and (iii) the Pricing Supplement, dated [_______], (together, the “Prospectus”).  The terms and conditions of this Security as fully set forth in the Prospectus are hereby incorporated by reference in their entirety into this Security and binding upon the parties hereto.  In the event of a conflict between the terms of the Prospectus and the terms of this Security, the Prospectus will control and if the Prospectus provides for a specific United States tax characterization, by purchasing a Security, you agree (in the absence of

 

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a change in law, an administrative determination or a judicial ruling to the contrary) to be bound for United States federal income tax purposes to such tax characterization.  Copies of the Prospectus are available from the Company or any underwriter or any dealer participating in the offering by calling toll free, 1-888-227-2275 (extension 2-3430).

 

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IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

 

	
 
    	
BARCLAYS BANK PLC
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

This is one of the Securities of the series designated herein and referred to in the Indenture.

 

Dated:

 

	
 
    	
THE BANK OF NEW YORK   MELLON
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:
    

 

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(Reverse of Security)

 

This Security is one of a duly authorized issue of securities of the Company (herein called the “Securities”) issued and to be issued in one or more series under an Indenture, dated as of September 16, 2004 (herein called the “Indenture,” which term shall have the meaning assigned to it in such instrument), between the Company and The Bank of New York Mellon, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee, the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered.  Insofar as the provisions of the Indenture may conflict with the provisions set forth on the face of this Security, the latter shall control for purposes of this Security.

 

This Security is one of the series designated on the face hereof.  References herein to “this series” mean the series designated on the face hereof.

 

Payments under the Securities will be made without deduction or withholding for, or on account of, any and all present or future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings (“Taxes”) now or hereafter imposed, levied, collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or authority thereof or therein having the power to tax (each a “Taxing Jurisdiction”), unless such deduction or withholding is required by law.  If any such Taxes are at any time required by a Taxing Jurisdiction to be deducted or withheld, the Company will, subject to the exceptions and limitations set forth in Section 10.04 of the Indenture, pay such additional amounts of the principal of such Security and any other amounts payable on such Security (“Additional Amounts”) as may be necessary in order that the net amounts paid to the Holder of any Security, after such deduction or withholding, shall equal the amounts of the principal of such Security and any other amounts payable on such Security which would have been payable in respect of such Security had no such deduction or withholding been required.

 

If at any time the Company determines that as a result of a change in or amendment to the laws or regulations of a Taxing Jurisdiction (including any treaty to which such Taxing Jurisdiction is a party), or a change in an official application or interpretation of such laws or regulations (including a decision of any court or tribunal), either generally or in relation to any particular Securities, which change, amendment, application or interpretation becomes effective on or after the Original Issue Date in making any payment of, or in respect of, the principal amount of the Securities, the Company would be required to pay any Additional Amounts with respect thereto, then the Securities will be redeemable upon not less than 35 nor more than 60 days’ notice by mail, at any time thereafter, in whole but not in part, at the election of the Company as provided in the Indenture at a redemption price equal to the principal amount thereof.

 

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The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of all series to be affected (considered together as one class for this purpose).  The Indenture also contains provisions (i) permitting the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of all series to be affected under the Indenture (considered together as one class for this purpose), on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of any series to be affected under the Indenture (with each such series considered separately for this purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have any right to institute any proceeding, judicial or otherwise, with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in aggregate principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with such request, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof on or after the respective due dates expressed herein.

 

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No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of this Security as herein provided.

 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the Senior Debt Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any place where the principal of this Security is payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Senior Debt Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing.  Thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees.

 

This Security, and any other Securities of this series and of like tenor, are issuable only in registered form without coupons in denominations of any multiple of $50.  As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering the same.

 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

This Security and the Indenture shall be governed by and construed in accordance with the laws of the State of New York.

 

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