Document:

Exhibit 4.2 - Form of 1.800% Notes due 2029

 Exhibit 4.2 

[FORM OF GLOBAL NOTE] 
 This
Security is a Book-Entry Security within the meaning of the Indenture hereinafter referred to and is registered in the name of BT Globenet Nominees Limited as nominee for the common depositary for Euroclear and Clearstream. This Security is not
exchangeable for Securities registered in the name of a Person other than the Depository or its nominee except in the limited circumstances described in the Indenture, and no transfer of this Security (other than a transfer of this Security as a
whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository) may be registered except in the limited circumstances described in the Indenture. 

Unless this certificate is presented by an authorized representative of Deutsche Bank AG, London Branch, as common depositary for Clearstream
Banking, société anonyme and Euroclear Bank SA/NV, as operator of the Euroclear System (the “Depository”), to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is
registered in the name of BT Globenet Nominees Limited or in such other name as is requested by an authorized representative of the Depository (and any payment is made to BT Globenet Nominees Limited or to such other entity as is requested by an
authorized representative of the Depository), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, BT Globenet Nominees Limited, has an interest herein. 

THE PROCTER & GAMBLE COMPANY 

ISIN: XS1608101652 
 Euroclear and
Clearstream Common Code No.: 160810165 
 CUSIP: 742718 ET2 
  

			
	No. [    ]	 	£[        ]        

 The Procter & Gamble Company, a corporation duly organized and existing under the laws of Ohio
(herein called the “Company”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to BT Globenet Nominees Limited as nominee for the common depositary for
Clearstream Banking, société anonyme, and Euroclear Bank SA/NV, as operator of the Euroclear System, or registered assigns, the principal sum of [        ]
(£[            ]) on May 3, 2029 (the “Stated Maturity”) and to pay interest thereon from and including May 3, 2017 or from and including the most recent Interest
Payment Date to which interest has been paid or duly provided for, annually in arrear on May 3 of each year, commencing May 3, 2018, at the per annum rate of 1.800%, until the principal hereof is paid or made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the Business Day immediately preceding such Interest Payment Date; provided, however, that interest payable on any Maturity date shall be payable to the person to
whom the principal of the Securities shall be payable. 

 Any such interest not so punctually paid or duly provided for will forthwith cease to be payable
to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

Payment of the principal of (and premium, if any) and interest on this Security will be made in sterling at the office or agency of the
Company maintained for that purpose in London; provided, however, that at the option of the Company payment of interest may be made by check mailed to the address of the Person entitled thereto in whose name this Security (or one or
more Predecessor Securities) are registered at the close of business on the Regular Record Date at such address as shall appear in the Security Register or by wire transfer of immediately available funds to an account specified in writing by such
holder to the Company and the Trustee prior to the relevant record date. 
 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. 

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. 

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

Dated: [                    ] 

 

			
	THE PROCTER & GAMBLE COMPANY

 
			
		
	By:	 	  

	Name:	 	
	Title:	 	

 ATTEST: 
  

			
	By:	 	  

	Name:	 	
	Title:	 	

 This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture. 
  

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee
		
	By:	 	  

		 	Authorized Officer

 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 3, 2009 (herein called the “Indenture”), between the Company and Deutsche Bank Trust Company Americas, as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, which series is initially limited in aggregate principal amount to £375,000,000 subject to the provisions described herein under “Further Issues.” 

Interest 
 This Security will bear
interest at the rate of 1.800% per year. Interest on this Security is payable annually in arrear on May 3 of each year, and on any Maturity date (each, an “Interest Payment Date”), commencing May 3, 2018 and ending on any
Maturity date, to the persons in whose names this Security is registered at the close of business on the Business Day immediately preceding the related Interest Payment Date; provided, however, that interest payable on any Maturity date shall
be payable to the person to whom the principal of this Security shall be payable. 
 Interest payable on any Interest Payment Date or
Maturity date shall be the amount of interest accrued from, and including, the immediately preceding Interest Payment Date in respect of which interest has been paid or duly provided for (or from and including the original issue date, if no interest
has been paid or duly provided for with respect to this Security) to, but excluding, such Interest Payment Date or Maturity date, as the case may be. If any Interest Payment Date is not a Business Day at the relevant place of payment, the related
payment of interest will be made on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date
to the immediately succeeding Business Day. If the Maturity date or Redemption Date of this Security falls on a day that is not a Business Day at the relevant place of payment, the related payment of interest, if any, and principal and premium, if
any, will be made on the next day that is a Business Day at such place of payment as if payment were made on the date such payment was due, and no interest will accrue on the amounts so payable for the period from and after such date to the
immediately succeeding Business Day. 
 Where interest is to be calculated in respect of a period which is equal to or shorter than the
relevant period for which interest is to be calculated (an “Interest Period”), it will be calculated on the basis of the actual number of days in the relevant period, from and including the date from which interest begins to accrue, to,
but excluding, the date on which it falls due, divided by the number of days in the Interest Period in which the relevant period falls (including the first such day but excluding the last). 

 “Business Day” means any day that is not a Saturday or Sunday and that is not a day on
which banking institutions are authorized or obligated by law or executive order to close in the City of New York or London and, for any place of payment outside of the City of New York or London, in such place of payment. 

The term “Maturity,” when used with respect to this Security, means the date on which the principal of this Security or an
installment of principal becomes due and payable as herein provided or as provided in the Indenture, whether at the Stated Maturity or by declaration of acceleration, call for redemption, repayment or otherwise. 

Optional Redemption 
 The Company will
have the option to redeem the Securities, in whole or in part, at its option at any time, at a redemption price equal to the greater of (1) 100% of the principal amount of the Securities to be redeemed, plus accrued interest on the Securities
to be redeemed to, but excluding, the date on which the Securities are to be redeemed, or (2) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed, not including any
portion of these payments of interest accrued as of the date on which the Securities are to be redeemed, discounted to the date on which the Securities are to be redeemed on an annual basis (ACTUAL/ACTUAL (ICMA)) at the Comparable Government Bond
Rate (as defined below), plus 12.5 basis points, plus accrued interest on the Securities to be redeemed to, but excluding, the date on which the Securities are to be redeemed. 

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being
rounded upwards), at which the gross redemption yield on the Securities to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such
Business Day of the Comparable Government Bond (as defined below) on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an independent investment bank
selected by the Company. 
 “Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at
the discretion of an independent investment bank selected by the Company, a United Kingdom government bond whose maturity is closest to the maturity of the Securities to be redeemed, or if such independent investment bank in its discretion
determines that such similar bond is not in issue, such other United Kingdom government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, United Kingdom government bonds selected by the
Company, determine to be appropriate for determining the Comparable Government Bond Rate. 
 Notice of any redemption of the Securities
shall be given in the manner and otherwise in accordance with the provisions of Section 1104 of the Indenture; provided, however, that notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 15 nor more
than 45 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at his address appearing on the Security Register. 

 The Securities are also subject to redemption if certain events occur involving United States
taxation, as described herein under “Tax Redemption.” 
 Additional Amounts 

All payments of principal and interest in respect of this Security will be made free and clear of, and without deduction or withholding for or
on account of any present or future taxes, duties, assessments or other governmental charges of whatsoever nature imposed, levied, collected, withheld or assessed by the United States or any political subdivision or taxing authority of or in the
United States (collectively, “Taxes”), unless such withholding or deduction is required by law. 
 In the event such withholding
or deduction of Taxes is required by law, subject to the limitations described below, the Company will pay to the holder or beneficial owner of this Security that is not a U.S. Holder (as defined below) such additional amounts (“Additional
Amounts”) as may be necessary in order that every net payment by the Company or any paying agent of principal of or interest on this Security (including upon redemption), after deduction or withholding for or on account of such Taxes, will not
be less than the amount provided for in such Security to be then due and payable before deduction or withholding for or on account of such Taxes. 

A “U.S. Holder” is defined as any beneficial owner of this Security that is for U.S. federal income tax purposes: (i) an
individual who is a citizen or resident of the United States; (ii) a corporation created or organized in, or under the laws of, the United States, any State thereof or the District of Columbia; (iii) an estate, the income of which is
subject to U.S. federal income taxation regardless of the source of that income; or (iv) a trust, if (1) a U.S. court is able to exercise primary supervision over the trust’s administration and one or more “United States
persons” (within the meaning of the Internal Revenue Code) has the authority to control all of the trust’s substantial decisions, or (2) the trust has a valid election in effect under applicable Treasury regulations to be treated as a
“United States person.” 
 However, the Company’s obligation to pay Additional Amounts shall not apply to: 

(1) any Taxes which would not have been so imposed but for: 

a. the existence of any present or former connection between such holder or beneficial owner (or between a fiduciary, settlor, beneficiary,
member or shareholder or other equity owner of, or a person having a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity)
and the United States, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or other equity owner or person having such a power) being or having been a citizen or resident or
treated as a resident of the United States or being or having been engaged in a trade or business in the United States or being or having been present in the United States or having or having had a permanent establishment in the United States, 

 b. the failure of such holder or beneficial owner to comply with any requirement under United
States tax laws and regulations to establish entitlement to a partial or complete exemption from such Taxes (including, but not limited to, the requirement to provide Internal Revenue Service Form W-8BEN, Form W-8BEN-E, Form W-8ECI, or any
subsequent versions thereof or successor thereto), or 
 c. such holder’s or beneficial owner’s present or former status as a
personal holding company or a foreign personal holding company with respect to the United States, as a controlled foreign corporation with respect to the United States, as a passive foreign investment company with respect to the United States, as a
foreign tax exempt organization with respect to the United States or as a corporation which accumulates earnings to avoid United States federal income tax; 

(2) any Taxes imposed by reason of the holder or beneficial owner: 

a. owning or having owned, directly or indirectly, actually or constructively, 10% or more of the total combined voting power of all classes
of the Company’s stock, 
 b. being a bank receiving interest described in section 881(c)(3)(A) of the Internal Revenue Code or 

c. being a controlled foreign corporation with respect to the United States that is related to the Company by stock ownership; 

(3) any Taxes which would not have been so imposed but for the presentation by the holder or beneficial owner of such Security for payment on
a date more than 10 days after the date on which such payment became due and payable or the date on which payment of this Security is duly provided for and notice is given to holders, whichever occurs later, except to the extent that the holder or
beneficial owner would have been entitled to such additional amounts on presenting such Security on any date during such 10-day period; 

(4) any estate, inheritance, gift, sales, transfer, personal property, wealth, interest equalization or similar Taxes; 

(5) any Taxes which are payable otherwise than by withholding from payment of principal of or interest on such Security; 

(6) any Taxes which are payable by a holder that is not the beneficial owner of this Security, or a portion of this Security, or that is a
fiduciary, partnership, limited liability company or other similar entity, but only to the extent that a beneficial owner, a beneficiary or settlor with respect to such fiduciary or member of such partnership, limited liability company or similar
entity would not have been entitled to the payment of an Additional Amount had such beneficial owner, settlor, beneficiary or member received directly its beneficial or distributive share of the payment; 

 (7) any Taxes required to be withheld by any paying agent from any payment of principal of or
interest on any Security, if such payment can be made without such withholding by any other paying agent; 
 (8) any Taxes imposed under
Sections 1471 through 1474 of the Internal Revenue Code (or any amended or successor provisions that are substantively comparable) and any current or future regulations or official interpretations thereof; or 

(9) any combination of items (1), (2), (3), (4), (5), (6), (7) and (8). 

For purposes of this section, the acquisition, ownership, enforcement or holding of or the receipt of any payment with respect to this
Security will not constitute a connection (i) between the holder or beneficial owner and the United States or (ii) between a fiduciary, settlor, beneficiary, member or shareholder or other equity owner of, or a person having a power over,
such holder or beneficial owner if such holder or beneficial owner is an estate, a trust, a limited liability company, a partnership, a corporation or other entity and the United States. 

Any reference in this Security or the Indenture to principal or interest shall be deemed to refer also to Additional Amounts which may be
payable under the provisions of this section. 
 The Company will pay all stamp and other duties, if any, which may be imposed by the United
States or any political subdivision thereof or taxing authority therein with respect to the issuance of this Security. 
 Except as
specifically provided in this Security, the Company will not be required to make any payment with respect to any tax, duty, assessment or other governmental charge imposed by any government or any political subdivision or taxing authority of or in
the United States. 
 Tax Redemption 

This Security may be redeemed at the Company’s option, in whole but not in part, at a redemption price equal to 100% of the principal
amount of this Security to be redeemed, together with interest accrued and unpaid to the date fixed for redemption, at any time, on giving not less than 15 nor more than 45 days’ notice, if 

(1) the Company has or will become obligated to pay Additional Amounts as a result of any change in or amendment to the laws, regulations or
rulings of the United States or any political subdivision or any taxing authority of or in the United States affecting taxation, or any change in or amendment to an official application, interpretation, administration or enforcement of such laws,
regulations or rulings, which change or amendment is announced or becomes effective on or after April 27, 2017, or 

 (2) any action shall have been taken by a taxing authority, or any action has been brought in a
court of competent jurisdiction, in the United States or any political subdivision or taxing authority of or in the United States, including any of those actions specified in (1) above, whether or not such action was taken or brought with
respect to the Company, or any change, clarification, amendment, application or interpretation of such laws, regulations or rulings shall be officially proposed, in any such case on or after April 27, 2017, which results in a substantial
likelihood that the Company will be required to pay Additional Amounts on the next Interest Payment Date. 
 However, no such notice of
redemption shall be given earlier than 90 days prior to the earliest date on which the Company would be, in the case of a redemption for the reasons specified in (1) above, or there would be a substantial likelihood that the Company would be,
in the case of a redemption for the reasons specified in (2) above, obligated to pay such Additional Amounts if a payment in respect of this Security were then due and at the time such notification of redemption is given such circumstance
remains in effect. 
 Prior to the publication of any notice of redemption pursuant to this section, the Company will deliver to the Trustee
under the Indenture: 
 (i) a certificate signed by one of the Company’s duly authorized officers stating that the Company is entitled
to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the Company’s right so to redeem have occurred, and 

(ii) in the case of a redemption for the reasons specified in (1) or (2) above, a written opinion of independent legal counsel of
recognized standing to the effect that the Company has or will become obligated to pay such Additional Amounts as a result of such change or amendment or that there is a substantial likelihood that the Company will be required to pay such Additional
Amounts as a result of such action or proposed change, clarification, amendment, application or interpretation, as the case may be. 
 Such
notice, once delivered by the Company to the Trustee, will be irrevocable. 
 Events of Default 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this series
may be declared due and payable in the manner and with the effect provided in the Indenture. 
 Defeasance 

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of this Security and (b) certain
restrictive covenants and certain Events of Default upon compliance by the Company with certain conditions set forth therein, which provisions apply to this Security. 

 Amendments 

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 at least a majority in principal amount of the Securities at
the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of at least a majority in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and 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. 
 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 and any premium and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

Book Entry Security 
 This Security is a
Book-Entry Security registered in the name of a nominee of a common depositary of the Depository. This Book-Entry Security is exchangeable for Securities registered in the name of a person other than the Depository or the nominee of its common
depositary only in the limited circumstances hereinafter described. Unless and until it is exchanged in whole or in part for definitive Securities in certificated form, this Book-Entry Security may not be transferred except as a whole by the
Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository. 
 The
Securities represented by this Book-Entry Security are exchangeable for definitive Securities in certificated form of like tenor as such Securities in denominations of £100,000 and integral multiples of £1,000 in excess thereof only if
(i) the Company advises the Trustee in writing that the Depository is no longer willing or able to discharge its responsibilities properly and the Company is unable to locate a qualified successor within 90 days; (ii) an Event of Default
has occurred and is continuing under the Indenture; or (iii) the Company, at its option, elects to terminate the book-entry system through the Depository. Any Securities that are exchangeable pursuant to the preceding sentence are exchangeable
for certificated Securities issuable in authorized denominations and registered in such names as the Depository shall direct. As provided in the Indenture and subject to certain limitations therein set forth, the transfer of definitive Securities in
certificated form is registrable in the Security Register, upon surrender of the definitive Security for registration of transfer at the office or agency of the Company in any place where the principal of and any premium and interest on the
definitive Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder thereof or his attorney duly authorized in writing, and
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. Subject to the foregoing, this Book-Entry Security is not exchangeable, except for a Book-Entry Security or Book-Entry Securities of this issue of the same
principal amount to be registered in the name of the Depository or its nominee. 
 Notices 

So long as this Security is represented by this certificate and this certificate is held on behalf of Euroclear and Clearstream, notices to
Holders may be given by delivery of the relevant notice to Euroclear and Clearstream, for communication by it to entitled accountholders in substitution for notification as required by the terms and conditions of this Security. 

The Trustee will mail notices by first class mail, postage prepaid, to each registered holder’s last known address as it appears in the
Security Register. The Trustee will only mail these notices to BT Globenet Nominees Limited, as the registered holder of the Securities, unless the Company reissues the Securities to holders or their nominees in fully certificated form. 

Further Issues 
 The Company may from time
to time, without notice to or the consent of the registered holders of the Securities, create and issue further notes ranking equally with the Securities in all respects. Such further notes may be consolidated and form a single series with the
Securities and have the same terms as to status, redemption or otherwise as the Securities (other than the issue date of such further notes and first payment of interest following the issue date of such further notes). 

Governing Law 
 The Indenture and
Securities for all purposes shall be governed by and construed in accordance with the laws of the State of New York. 
 Miscellaneous 

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. 
 All terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.Exhibit

Exhibit 10.1

PERFORMANCE UNIT AGREEMENT

THIS PERFORMANCE UNIT AGREEMENT (this “Agreement”) is entered into by and between EnLink Midstream GP, LLC, a Delaware limited liability company (the “Company”), and _________________ (“Participant”) as of the Grant Date.  

WITNESSETH:

WHEREAS, the EnLink Midstream GP, LLC Long-Term Incentive Plan was adopted by the Company, as amended effective March 3, 2016 (the “Plan”), for the benefit of certain employees and consultants of the Company or its Affiliates (as defined in the Plan), and non-employee directors of the Company; and 
WHEREAS, the Committee (as defined in the Plan) is responsible for granting Awards (as defined in the Plan) in accordance with the Plan, which Awards shall be subject to such terms and conditions as the Committee shall determine pursuant to the Plan; and

WHEREAS, Participant is eligible to participate in the Plan and the Committee has authorized the grant to Participant of the “Subject Award” (as defined in Section 2 of this Agreement), which is intended to constitute performance-based compensation, and which shall be subject to certain restrictions pursuant to the Plan and upon the terms set forth herein;

NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter set forth, the Company and Participant hereby agree as follows:

1.    Definitions.  Capitalized terms used herein and not otherwise defined herein shall have the meaning ascribed to them in the Plan.

“Early Retirement” means (i) Participant’s Retirement on or after his or her attainment of age 55, and (ii) immediately prior to such Retirement, the number of such Participant’s years of continuous service with the Company or its Affiliates (including continuous service with a predecessor employer that is taken into account pursuant to an acquisition or other transaction agreement) equals or exceeds 10 years, it being understood that a Normal Retirement shall be deemed to occur to the extent Participant is eligible for both Early Retirement and Normal Retirement.

“Good Reason” means any of the following, without Participant’s consent: (i) a material reduction in Participant’s base annual salary; (ii) a material adverse change in Participant’s authority, duties or responsibilities; or (iii) the Company requires Participant to move his or her principal place of service to a location that is 30 or more miles from his or her current place of service and the new location is farther from his or her primary residence.  From and after the occurrence of a Change of Control that occurs following the date hereof, Good Reason shall also include any material breach of this Agreement by the Company (or any successor thereof, as applicable).  For purposes of this definition, no act or failure to act on the Company’s part shall be considered a “Good Reason” unless (A) Participant has given the Company written notice of such act or failure to act within 30 days thereof, (B) the Company fails to remedy such act or failure to act within 30 days of its receipt of such notice, and (C) Participant terminates his or her service with the Company and its Affiliates within 60 days following the Company’s receipt of written notice.

“Grant Date” means _______.

1

“Intermediate Retirement” means (i) Participant’s Retirement on or after his or her attainment of age 60, and (ii) immediately prior to such Retirement, the number of such Participant’s years of continuous service with the Company or its Affiliates (including continuous service with a predecessor employer that is taken into account pursuant to an acquisition or other transaction agreement) is less than 5 years.

“Normal Retirement” means (i) Participant’s Retirement on or after his or her attainment of age 60, and (ii) immediately prior to such Retirement, the number of such Participant’s years of continuous service with the Company or its Affiliates (including continuous service with a predecessor employer that is taken into account pursuant to an acquisition or other transaction agreement) equals or exceeds 5 years; provided that, in no event shall a Normal Retirement occur if Participant’s Retirement occurs prior to the one-year anniversary of the commencement of the Performance Period, it being understood that a Normal Retirement shall be deemed to occur to the extent Participant is eligible for both Early Retirement and Normal Retirement.

“Performance Goal” means the Performance Goal as set forth in Schedule A to this Agreement.

“Performance Period” means the period defined in Schedule A to this Agreement for purposes of determining attainment of the Performance Goal.

“Prorated Amount” means a number equal to the total number of outstanding Restricted Incentive Units granted hereunder multiplied by a fraction (i) the numerator of which is the number of days that elapse from the commencement of the Performance Period to, as applicable, the date of a Qualifying Termination or the date of an Early Retirement or an Intermediate Retirement, and (ii) the denominator of which is the full number of days of the Performance Period.

“Qualifying Termination” means Participant’s Separation from Service with the Company and its Affiliates due to (i) an involuntary termination of Participant by the Company or its Affiliates for reasons other than Cause, or (ii) a termination by Participant for Good Reason.

“Retirement” means Participant’s Separation from Service with the Company and its Affiliates for reasons other than Cause due to his or her retirement; provided that (i) Participant provides the Company with at least 90 days’ advance written notice of such retirement, which notice may be waived by the Chief Executive Officer of the Company and (ii) such retirement is otherwise approved by the Chief Executive Officer of the Company.

“Separation from Service” shall have the meaning ascribed to such term in the guidance issued under Section 409A of the Code.

“Vesting Date” means the date on which the Performance Period ends as set forth in Schedule A to this Agreement.

2.    Performance Unit Award.  On the terms and conditions and subject to the restrictions, including forfeiture, hereinafter set forth, the Company hereby grants to Participant, and Participant hereby accepts, an award of _______ Restricted Incentive Units (the “Subject Award”).  The Restricted Incentive Units granted hereunder shall be evidenced by the Committee in a book entry or in such other manner as the Committee may determine.

2

3.    Vesting/Forfeiture.  

(a)    The Restricted Incentive Units that comprise the Subject Award shall be subject to a Performance Period that shall terminate on the Vesting Date based on the attainment and certification of the Performance Goal as described on Schedule A; provided that Participant is in the continuous service of the Company or its Affiliates until such Vesting Date.  

(b)    The Restricted Incentive Units shall be forfeited to the Company at no cost to the Company if Participant experiences a Separation from Service with the Company and its Affiliates prior to the termination of the Performance Period applicable to such Restricted Incentive Units; provided, however:

(i)    if a Qualifying Termination occurs during the Performance Period and prior to the occurrence of a Change of Control that occurs following the date hereof, a Prorated Amount of the Restricted Incentive Units shall remain eligible for vesting on the Vesting Date, based on the attainment and certification of the Performance Goal as described on Schedule A;

(ii)    if (A) a Retirement occurs during the Performance Period and prior to the occurrence of a Change of Control that occurs following the date hereof, (B) Participant has complied with Schedule C through the date of his or her Retirement, (C) Participant agrees, prior to his or her Retirement, to comply with the terms and conditions set forth in Schedule C following his or her Retirement, and (D) Participant delivers, prior to his or her Retirement, an acknowledgment of such agreement contemplated in the foregoing clause (C) to the Company (if requested), then the Restricted Incentive Units or a portion thereof shall remain eligible for vesting on the Vesting Date as follows:

(x)    if such Retirement constitutes an Early Retirement or an Intermediate Retirement, a Prorated Amount of the Restricted Incentive Units shall remain eligible for vesting on the Vesting Date, based on the attainment and certification of the Performance Goal as described on Schedule A; or

(y)    if such Retirement constitutes a Normal Retirement, the Restricted Incentive Units shall remain eligible for vesting on the Vesting Date, based on the attainment and certification of the Performance Goal as described on Schedule A;

(iii)    if a Change of Control occurs following the date hereof, then the Restricted Incentive Units or a portion thereof shall become vested as follows:

(x)    if such Change of Control occurs on or prior to Participant’s Qualifying Termination or Retirement, the Restricted Incentive Units shall become fully vested at the Target amount and the Performance Period shall terminate; or

(y)    if such Change of Control occurs after Participant’s Qualifying Termination or Retirement, the Restricted Incentive Units or Prorated Amount thereof that remain eligible for vesting, as applicable, under clause (i) or (ii) above shall become vested at the Target amount and the Performance Period shall terminate;

provided that to the extent the Subject Award is subject to Section 409A of the Code, in lieu of the vesting and termination of the Performance Period in accordance with the foregoing, (A) the Restricted Incentive Units or Prorated Amount thereof, as applicable, shall become so vested at the Target amount and the Performance Period shall terminate only upon the occurrence of a “change in the ownership or effective 

3

control” of the Company within the meaning of Treas. Reg. Section 1.409A-3(i)(5), and (B) if such a “change in the ownership or effective control” of the Company does not occur, the Restricted Incentive Units or Prorated Amount thereof, as applicable, shall become so vested at the Target amount as of the occurrence of the Vesting Date;

(iv)    if Participant dies during the Performance Period, the Restricted Incentive Units shall become fully vested at the Target amount and the Performance Period shall terminate; or

(v)    if, during the Performance Period, Participant becomes disabled and qualified to receive benefits under the Company’s long-term disability plan, the Restricted Incentive Units shall become fully vested at the Target amount and the Performance Period shall terminate; provided, however, that to the extent the Subject Award is subject to Section 409A of the Code, in lieu of the vesting of such Restricted Incentive Units in accordance with the foregoing, such Restricted Incentive Units shall become fully vested at the Target amount and the Performance Period shall terminate only if (A) Participant incurs a “disability” within the meaning of Treas. Reg. Section 1.409A-3(i)(4) or (B) Participant experiences a Separation from Service with the Company and its Affiliates due to a disability for which such Participant would be qualified to receive benefits under the Company’s long-term disability plan. 

For the avoidance of doubt, any Retirement (including any Early Retirement, Intermediate Retirement or Normal Retirement) is subject to the approval of the Chief Executive Officer of the Company in his sole discretion.  Notwithstanding anything herein to the contrary, if, at the time of a Participant’s Separation from Service with the Company and its Affiliates, such Participant is a “specified employee” (as defined in Section 409A of the Code), and the deferral of the commencement of any amount of the payments or benefits otherwise payable pursuant to the Plan is necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then, to the extent permitted by Section 409A of the Code, such payments or benefits hereunder (without any reduction in the payments or benefits ultimately paid or provided to Participant) will be deferred until the earlier to occur of (i) Participant’s death or (ii) the first business day that is 6 months following Participant’s Separation from Service with the Company and its Affiliates, provided that amounts which qualify for the separation pay plan exemption under Treas. Reg. Section 1.409A-1(b)(9)(v)(D) and do not exceed the limits set forth in Section 402(g)(1)(B) of the Code in the year of such Separation from Service shall be payable immediately upon such Separation from Service.  Any payments or benefits deferred due to the requirements of this paragraph will be paid in a lump sum (without interest) to Participant on the earliest to occur of (i) or (ii) in the immediately preceding sentence.

(c)    As soon as reasonably practicable following the close of the Performance Period, the Committee shall determine and certify the extent to which (i) the Performance Goal as described on Schedule A is attained and (ii) the Restricted Incentive Units granted hereunder shall be vested, if at all.  Such certification shall be final, conclusive and binding on Participant, and on all other Persons, to the maximum extent permitted by law.  As soon as reasonably practicable thereafter (and subject to Participant’s compliance with the terms and conditions set forth in Schedule C but only if applicable under Section 3(b)(ii) of this Agreement), Units representing the number of vested Restricted Incentive Units, if any, shall be delivered, free of all such restrictions, to Participant or Participant’s beneficiary or estate, as the case may be, it being understood that the entry on the transfer agent’s books or the delivery of the certificate(s) with respect to such Units shall constitute delivery of such Units for purposes of this Agreement.  Notwithstanding anything contained herein to the contrary, in no event shall such Units be delivered to Participant later than (A) the end of the calendar year in which vesting occurs, or, if later, (B) the 15th day of the third calendar month following the date on which vesting occurs.

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(d)    Notwithstanding anything contained herein to the contrary, in no event shall Participant have any right to vote any, or to exercise any other rights, powers and privileges of a holder of the Units with respect to such Restricted Incentive Units until such time that (i) the Performance Period applicable to such Restricted Incentive Units or a portion thereof shall have expired (and all other conditions to payment with respect thereto have been fulfilled), (ii) such Restricted Incentive Units are converted into the right to receive Units, and (iii) such Units are delivered to Participant.

4.    Distribution Equivalent Payment Rights.  The Subject Award granted hereunder includes a tandem award of Distribution Equivalent Rights with respect to each applicable Restricted Incentive Unit that shall entitle Participant to receive cash payments equal to the cash distributions made by the Partnership (on a per Unit basis) in respect of its outstanding Units generally (“General Distributions”).  Any such cash payments (“Distribution Equivalent Payments”) shall accrue as General Distributions are made and shall be credited to a bookkeeping account established on the records of the Partnership for Participant, which shall vest and be paid to or on behalf of Participant at the same time, and subject to the same conditions, as are applicable to the vesting of the underlying Restricted Incentive Units.  Accordingly, Distribution Equivalent Payments shall be forfeited to the extent that the underlying Restricted Incentive Units do not vest, are forfeited or are otherwise canceled.  No interest shall be credited on any Distribution Equivalent Payments.  

5.    Taxes.

(a)    REPRESENTATION. PARTICIPANT REPRESENTS THAT PARTICIPANT IS NOT RELYING ON THE COMPANY OR ITS AFFILIATES FOR ANY TAX ADVICE IN CONNECTION WITH THE RESTRICTED INCENTIVE UNITS AND THAT PARTICIPANT HAS BEEN, OR IS OTHERWISE HEREBY, ADVISED TO CONSULT WITH ITS OWN TAX ADVISOR WITH RESPECT TO THE AWARD OF RESTRICTED INCENTIVE UNITS UNDER THIS AGREEMENT.    

(b)    Withholding Matters. 

(i)    The Company, its Affiliates, as applicable, and Participant shall comply with all federal and state laws and regulations respecting the withholding, deposit and payment of any income, employment (including Federal Insurance Contributions Act (“FICA”) taxes) or other taxes relating to the Subject Award, including with respect to Distribution Equivalent Payments described in Section 4 of this Agreement.  Such withholding shall be made by the Company or its Affiliates in accordance with the applicable withholding laws and regulations that are in effect at the time such withholding is required.  Participant shall pay to the Company or its Affiliates, or make arrangements satisfactory to the Company or its Affiliates regarding payment of, any such withholding with respect to (A) Distribution Equivalent Payments, and (B) the Restricted Incentive Units (in which case arrangements will be made no later than, as applicable, the time any such taxes are imposed or when Units are delivered, if at all, pursuant to Section 3(c) herein).  

(ii)    Participant shall, to the extent permitted by law, have the right to elect for the Company or its Affiliates to withhold Units to which Participant is otherwise entitled upon the vesting of the Restricted Incentive Units (or Participant may deliver to the Company other unrestricted Units owned by Participant or deliver to the Company or its Affiliates Units that Participant has previously acquired), in each case valued at the Fair Market Value of such Units at the time of such withholding by, or delivery to, the Company or its Affiliates, to satisfy the obligation of Participant under Section 5(b)(i) of this Agreement (it being understood that the Fair Market Value of all such Units withheld or delivered may  not exceed the 

5

amount of withholding due based on the withholding rate(s) applied by the Company, in its discretion, in accordance with the applicable withholding laws and regulations that are in effect at the time such withholding is required); provided, however, that in no event shall any Units (or cash) that may be delivered hereunder be used to satisfy any FICA taxes that become due as a result of Participant being or becoming eligible for Retirement.  Any payment of required withholding taxes by Participant in the form of Units shall not be permitted if it would result in an accounting charge with respect to such Units used to pay such taxes unless otherwise approved by the Committee.

(iii)    Any provision of this Agreement to the contrary notwithstanding, if Participant does not otherwise satisfy the obligations of Participant under Section 5(b)(i) of this Agreement, then the Company and its Affiliates shall, to the extent permitted by law, have the right to deduct from any payments of any kind otherwise due from the Company or its Affiliates to or with respect to Participant, whether or not pursuant to this Agreement or the Plan and regardless of the form of payment, any federal, state or local taxes of any kind required by law to be withheld with respect to any Distribution Equivalent Payments or Restricted Incentive Units hereunder.
 
6.    Non-Assignability.  The Subject Award is not assignable or transferable by Participant, and, unless and until Units with respect to Restricted Incentive Units are delivered to Participant upon vesting, such Restricted Incentive Units shall not be assigned, alienated, pledged, attached sold or otherwise transferred or encumbered by Participant in any manner.

7.    Legend.  In the event any Units are delivered to Participant in connection with the vesting of any of the Restricted Incentive Units granted hereunder, the Committee, in its discretion, may cause the certificate(s) representing such Units to bear an appropriate legend referring to any conditions and/or restrictions with respect to such Units.

8.    Entirety and Modification.  This Agreement along with all schedules hereto contain the entire agreement between the parties hereto with respect to the subject matter hereof and supersede any and all prior agreements, whether written or oral, between such parties relating to such subject matter.  Subject to Section 7(b) of the Plan, no modification, alteration, amendment or supplement to this Agreement shall be valid or effective unless the same is in writing and signed by the party against whom it is sought to be enforced.

9.    Severability.  If any provision of this Agreement is held to be unenforceable, this Agreement shall be considered divisible, and such provision shall be deemed inoperative to the extent it is unenforceable, and in all other respects this Agreement shall remain in full force and effect; provided, however, that if any such provision may be made enforceable by limitation thereof, then such provision shall be deemed to be so limited and shall be enforceable to the maximum extent permitted by applicable law.

10.    Gender.  Words used in this Agreement which refer to Participant and denote the male gender shall also be deemed to include the female gender or the neuter gender when appropriate.

11.    Employment or Service.  Nothing in this Agreement shall confer upon Participant any right to continue in the employ or service of the Company or its Affiliates, nor shall this Agreement interfere in any manner with the right of the Company or its Affiliates to terminate the employment or service of Participant with or without Cause at any time.

12    Incorporation of Plan Provisions.  This Agreement is made pursuant to the Plan and is subject to all of the terms and provisions of the Plan as if the same were fully set forth herein.  In the event that any 

6

provision of this Agreement conflicts with the Plan, the provisions of the Plan shall control.  Participant acknowledges receipt of a copy of the Plan and agrees that all decisions under and interpretations of the Plan by the Committee shall be final, binding and conclusive upon Participant.

13.    Headings.  The headings of the various sections and subsections of this Agreement have been inserted for convenient reference only and shall not be construed to enlarge, diminish or otherwise change the express provisions hereof.

14.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the state of Delaware (regardless of the laws that might otherwise govern under applicable Delaware principles of conflicts of law).

15.    Section 409A.  The compensation payable to or with respect to Participant pursuant to the Subject Award is intended to be compensation that is exempt from, or otherwise in compliance with, Section 409A of the Code, as applicable, and this Agreement shall be administered and construed to the fullest extent possible to reflect and implement such intent.

16.    Counterparts.  This Agreement may be signed in counterparts, each of which shall be deemed an original and all of which shall constitute one and the same agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Grant Date.

ENLINK MIDSTREAM GP, LLC

__________________________________________
Barry E. Davis
President and Chief Executive Officer

PARTICIPANT:

Name:  _______

YOU MUST ACCEPT THIS GRANT AND THE TERMS OF THIS AGREEMENT IN ORDER TO RECEIVE IT.  TO ACCEPT THIS GRANT, COMPLETE THE GRANT ACCEPTANCE PROCESS AT THE WEBSITE OF UBS: (www.ubs.com/onesource/ENLK)

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SCHEDULE A
PERFORMANCE GOAL, PERFORMANCE PERIOD, AND PAYOUT AMOUNTS

1.    Performance Period.  The maximum number of Restricted Incentive Units, which can vest pursuant to the Subject Award shall be calculated based on the Performance Goal over a period (the “Performance Period”) that begins on _______ and ends on _______ (the “Vesting Date”). 

2.    Performance Goal.  The Performance Goal is based on total shareholder return (“TSR”), which shall be the rate of return a holder of a common equity security of a company would receive through common equity security price changes and the assumed reinvestment of dividends / distributions over the Performance Period.  Vesting will be based on the ranking of the average of the TSR of the Partnership and the TSR of EnLink Midstream, LLC (the “LLC” and, together with the Partnership, “EnLink”) relative to the TSR ranking of the Peer Companies (identified in subparagraphs 3(b) and (c) below).  At the end of the Performance Period, the TSR for the Partnership, for the LLC and for each Peer Company, shall be determined pursuant to the following formula: 

	
			
	TSR
	=
	(Closing Average Value - Opening Average Value) + Reinvested Dividends / Opening Average Value*

*The result shall be rounded to the nearest hundredth of one percent (.01%). 

(a)    The term “Closing Average Value” means the average value of the common equity security on the relevant United States stock market (NYSE or NASDAQ) for the 30 trading days ending on the last day of the Performance Period, which shall be calculated as follows: (i) determine the closing price of the common equity security on each trading date during 30-day period and (ii) average the amounts so determined for the 30-day period. 

(b)    The term “Opening Average Value” means the average value of the common equity security on the relevant United States stock market (NYSE or NASDAQ) for the 30 trading days preceding the start of the Performance Period, which shall be calculated as follows: (i) determine the closing price of the common equity security on each trading date during the 30-day period and (ii) average the amounts so determined for the 30-day period. 

(c)    “Reinvested Dividends” shall be calculated by multiplying (i) the aggregate number of common equity securities (including fractional units thereof) that could have been purchased during the Performance Period had each cash dividend or distribution paid on a single common equity security during that period been immediately reinvested in additional common equity securities (or fractional units thereof) at the closing selling price per common equity security on the applicable dividend or distribution payment date by (ii) the average daily closing price per common equity security on the relevant United States stock market (NYSE or NASDAQ) calculated for the duration of the Performance Period following the dividend or distribution payment date. 

(d)    Each of the foregoing amounts shall be equitably adjusted for stock / unit splits, stock dividends or unit distributions, recapitalizations and other similar events affecting the common equity securities in question without the issuer’s receipt of consideration.  

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3.    Vesting Schedule.  The Restricted Incentive Units shall vest pursuant to this Agreement based on EnLink’s relative TSR ranking in respect of the Performance Period as compared to the TSR ranking of the Peer Companies, in accordance with the following schedule:

	
			
	Performance Level
	EnLink’s Achieved TSR Percentile 
Position Relative to AMZ Peers*
	Associated Individual Payout Level
(expressed as a percentage
of the Subject Award)

	Below Threshold
	Less than 25%
	0%

	Threshold
	Equal to 25%
	50%

	Target
	Equal to 50%
	100%

	Maximum
	Greater than or Equal to 75%
	200%

* If EnLink’s achieved TSR percentile position is between the Threshold and Target performance levels or if EnLink’s achieved TSR percentile position is between the Target and Maximum performance levels (and EnLink’s TSR is positive for the Performance Period), then the associated individual payout level will be interpolated on a linear basis.  

(a)    If EnLink’s final TSR value is equal to the TSR value of a Peer Company, the Committee shall assign EnLink the higher ranking. 

(b)    The Peer Companies are the companies that comprise the Alerian MLP Index for Master Limited Partnerships (AMZ) as of the Grant Date, which are set forth on Schedule B to this Agreement, it being understood that in no event shall the Peer Companies include the LLC or the Partnership.  

(c)    The Peer Companies will be subject to change as follows: 

(i)    In the event of a merger, acquisition or business combination transaction of a Peer Company, in which the Peer Company is the surviving entity and remains publicly traded, the surviving entity shall remain a Peer Company.  Any entity involved in the transaction that is not the surviving company shall no longer be a Peer Company. 

(ii)    If a Peer Company ceases to be a publicly traded company at any time during the Performance Period, due to bankruptcy, delisting or any other reason other than those set forth in clause (i) above, such company shall remain a Peer Company but shall be deemed to have a TSR of negative 100% (-100%). 

4.    General Vesting Terms.  Any fractional Restricted Incentive Units resulting from the vesting of the Restricted Incentive Units in accordance with this Agreement shall be rounded down to the nearest whole number.  Any portion of the Restricted Incentive Units that does not vest as of the end of the Performance Period shall be forfeited as of the end of the Performance Period.

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SCHEDULE B
PEER COMPANIES

[to be completed at time of grant]

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SCHEDULE C
RESTRICTIVE COVENANTS

For the avoidance of doubt, Participant only makes the agreements contemplated in, and is only bound by, this Schedule C in connection with his or her Early Retirement, Intermediate Retirement or Normal Retirement.  In partial consideration for Participant’s access to confidential information (the access to which Participant hereby acknowledges) and eligibility for the benefits provided by that certain Performance Unit Agreement to which this Schedule C is attached (the “Agreement”) in connection with his or her Early Retirement, Intermediate Retirement or Normal Retirement, as applicable, and as a result of Participant entering into the Agreement, Participant hereby agrees as follows:

1.    Restrictive Covenants.

(a)    Covenant Not to Compete.  Participant agrees that while in the continuous service of the Company or its Affiliates, Participant shall not, unless Participant receives the prior written consent of the Board, own an interest in, manage, operate, join, control, lend money or render financial or other assistance to or participate in or be connected with, as an officer, manager, employee, partner, stockholder, consultant or otherwise, any Person that competes with the Company, the Partnership, EnLink Midstream Operating, LP, EnLink Midstream Manager, LLC, EnLink Midstream, LLC and each of their respective Affiliates and subsidiaries (collectively, the “Company Group”) in (i) the purchasing, selling, brokering or marketing of natural gas, natural gas liquids, hydrocarbons, brine, water or any derivative product thereof, including, without limitation, locating buyers and sellers, or negotiating purchase and sales contracts; (ii) the gathering, processing, and/or transporting of natural gas, natural gas liquids, hydrocarbons, brine, water, or any derivative product thereof; or (iii) the conduct of a business enterprise that is in a business segment that contributes 5% or more to EnLink Midstream Operating, LP’s gross revenue or deploys 5% or more of EnLink Midstream Operating, LP’s fixed assets.  Ownership by Participant, as a passive investment, of less than 0.5% of the outstanding securities of any organization with securities listed on a national securities exchange or publicly traded in the over-the-counter market shall not constitute a breach of paragraph 1(a) of this Schedule C.

(b)    Covenant not to Solicit Customers.  Participant agrees that while in the continuous service of any member of the Company Group and for a period of 12 months after his or her Early Retirement, Intermediate Retirement or Normal Retirement, as applicable, Participant shall not (i) divert from any member of the Company Group business derived from any Person that was a client or customer of the Company Group at any time during the 12 months prior to his or her Early Retirement, Intermediate Retirement or Normal Retirement, as applicable, or (ii) attempt to convert any Person that was a client or customer of any member of the Company Group at any time during the 12 months prior to his or her Early Retirement, Intermediate Retirement or Normal Retirement, as applicable.

(c)    Covenant not to Solicit Employees.  Participant agrees that while in the continuous service of any member of the Company Group and for a period of 24 months after his or her Early Retirement, Intermediate Retirement or Normal Retirement, as applicable, Participant shall not (i) solicit, endeavor to entice or induce any employee or similar service provider of any member of the Company Group to terminate such Person’s employment or service with such member or accept employment with anyone else or (ii) interfere in a similar manner with the business of the Company Group.

2.    Specific Performance.  Recognizing that irreparable damage will result to the Company Group in the event of the breach or threatened breach of any of the foregoing covenants and assurances by Participant contained in paragraph 1 of this Schedule C, and that the remedies at law for any affected member 

C-1

of the Company Group for any such breach or threatened breach will be inadequate, such affected member of the Company Group, in addition to such other remedies that may be available to them, shall be entitled to an injunction, including a mandatory injunction (without the necessity of (i) proving irreparable harm, (ii) establishing that monetary damages are inadequate or (iii) posting any bond with respect thereto), to be issued by any court of competent jurisdiction ordering compliance with this Agreement or enjoining and restraining Participant, and each and every Person, firm or company acting in concert or participation with him or her, from the continuation of such breach and, in addition thereto, he or she shall pay to such affected member of the Company Group all ascertainable damages, including costs and reasonable attorneys’ fees sustained by such affected member or members of the Company Group by reason of the breach or threatened breach of said covenants and assurances.

3.    Clawback.  Participant agrees that in the event that the Committee determines that Participant has breached any term of this Schedule C, in addition to any other remedies at law or in equity that any affected member of the Company Group may have available to it or them, the Committee may in its sole discretion require that Participant, within 5 business days of receipt of written demand therefor, repay to the Company the amount of any Distribution Equivalent Payments paid to Participant pursuant to Section 4 of this Agreement and return to the Company the Units delivered to Participant pursuant to Section 3(c) of this Agreement (or in the event Participant has ceased to hold such Units, an amount equal to the Fair Market Value of such Units as in effect as of the date of such written demand).

4.    Miscellaneous.

(a)    Participant has carefully read and considered the provisions of this Schedule C and, having done so, agrees that the restrictions set forth in this Schedule C (including the relevant time periods, scope of activity to be restrained and the geographical scope) are fair and reasonable and are reasonably required for the protection of the interests of the Company Group and their respective officers, directors, managers, employees, creditors, partners, members and unitholders.  Participant understands that the restrictions contained in this Schedule C may limit his or her ability to engage in a business similar to the business of any member of the Company Group, but acknowledges that he or she will receive sufficiently high remuneration and other benefits from the Company Group to justify such restrictions.

(b)    The covenants and obligations of Participant set forth in this Schedule C are in addition to and not in lieu of or exclusive of any other obligations and duties of Participant to the Company Group, whether express or implied in fact or in law.

(c)    In the event that any provision of this Schedule C relating to the relevant time periods, scope of activity and/or the areas of restriction hereunder shall be declared by a court of competent jurisdiction to exceed the maximum time period, scope or areas such court deems reasonable and enforceable, the relevant time periods, scope of activity and/or areas of restriction deemed reasonable and enforceable by the court shall become and thereafter be the maximum time period, scope of activity and/or areas.

(d)    The restrictive covenants set forth in this Schedule C are personal and not assignable by Participant but they may be assigned by the Company without notice to or consent of Participant to, and shall thereafter be binding upon and enforceable by, (i) any member of the Company Group, or (ii) any Person that acquires or succeeds to substantially all of the business or assets of any member of the Company Group (and such Person shall be deemed included in the definition of the “Company” and the “Company Group” for all purposes of this Schedule C).

C-2

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