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Exhibit 10.15  

        THIS INSTRUMENT AND THE INDEBTEDNESS EVIDENCED HEREBY IS SUBORDINATED, IN THE MANNER AND TO THE EXTENT SET FORTH IN AN AGREEMENT DATED JANUARY 24, 2003 (AS
SUCH AGREEMENT MAY FROM TIME TO TIME BE AMENDED, RESTATED, MODIFIED, OR SUPPLEMENTED, THE "SUBORDINATION AGREEMENT"), BY THE MAKER AND HOLDER OF THIS INSTRUMENT IN FAVOR OF BANK OF AMERICA, N.A. AS
ADMINISTRATIVE AGENT FOR THE "LENDERS" REFERRED TO THEREIN, TO ALL SENIOR INDEBTEDNESS AS DEFINED THEREIN), AND EACH HOLDER OF THIS INSTRUMENT, BY ITS ACCEPTANCE HEREOF, SHALL BE BOUND BY THE
SUBORDINATION AGREEMENT.

 
 

ENBRIDGE ENERGY PARTNERS, L.P.
  SUBORDINATED PROMISSORY NOTE    
  

	Due:    December 15, 2007 (subject to

the terms and provisions hereof)	Due: U.S. $62,594,668.37

 
 

RECITALS    
  

        WHEREAS, with the issuance of this Promissory Note, dated as of January 24, 2003 by Enbridge Energy
Partners, L.P., (the "Partnership"), wishes to borrow U.S. $62,594,668.37 from Enbridge (U.S.) Inc., (the "Holder"). 

        WHEREAS, the Partnership is a party to (i) that certain Amended and Restated Credit Agreement among the Partnership, Bank of
America, N.A., as Administrative Agent and the lenders named therein (as amended, restated, modified or supplemented from time to time, the "Multi Year Facility") and (ii) the Amended and
Restated 364-Day Credit Agreement among the Partnership, Bank of America, N.A., as Administrative Agent and the lenders named therein, (as amended, restated, or modified or supplemented
from time to time, the "364 Day Facility" and together with the Multi Year Facility, the "Credit Facilities"). 

Article 1
TERMS

        FOR VALUE RECEIVED, the undersigned, the Partnership, formed under the laws of the state of Delaware with its principal office and place
of business at 1100 Louisiana, Suite 3300, Houston, Texas, United States, 77002, PROMISES TO PAY to or to the order of the Holder, at its registered
offices at 1100 Louisiana, Suite 3300, Houston, Texas, United States, 77002 or such other place as the Holder may designate, the principal amount of SIXTY TWO MILLION FIVE HUNDRED AND NINTY FOUR
THOUSAND SIX HUNDRED AND SIXTY EIGHT DOLLARS AND THIRTY SEVEN CENTS (U.S.$ 62,594,668.37) in lawful money of the United Sates of America on the later to occur of (i) December 15, 2007 or
(ii) six months following the Maturity Date (as defined in the Multi Year Facility) with interest on such amount, at the rate, calculated in the manner and payable at the times specified in
this Note. 

        The
principal amount remaining from time to time unpaid and outstanding shall bear interest, both before and after the occurrence of an Event of Default (as hereinafter defined) and
before and after judgement to the date of the repayment in full of the principal amount, at the rate of 6.60%, per annum, calculated and payable on the maturity date hereof and, otherwise, will accrue
to the principal balance on the first day of the month or the next business day thereafter. The amount of interest payable for any period shall be computed on the basis of twelve 30-day
months and a 360- day year. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year of twelve 30-day months and the
days elapsed in any partial month. 

1

 

        The
Partnership shall have the right and privilege of prepaying the whole or any portion of the principal amount of this Note from time to time remaining unpaid and outstanding at any
time or times without penalty. 

        The
recording by the Holder in its accounts of principal amounts owing by the Partnership, accrued interest and repayments shall, in the absence of manifest mathematical error, be  prima facie evidence of
the same; provided that the failure of the Holder to record the same shall not affect the obligation of the Partnership to pay such amounts to the Holder. 

        The
Partnership and all endorsers of this Note waive presentment for payment and notice of non-payment and agree and consent to all extensions or renewals of this Note
without notice. 

Article 2
AFFIRMATIVE COVENANTS

        So
long as any amounts remain outstanding under this Note and unless the Holder otherwise consents in writing, the Partnership covenants and agrees that: 

	1.
	It
shall pay or cause to be paid all amounts falling due hereunder on the dates and in the manner specified herein;

	2.
	It
shall do or cause to be done, all things necessary or desirable to maintain its corporate existence in its present jurisdiction of incorporation and to maintain its corporate power
and capacity to own its properties and assets;

	3.
	It
shall maintain a system of accounting which is established and administered in accordance with generally accepted accounting principles, keep adequate records and books of account
in which accurate and complete entries shall be made in accordance with such accounting principles reflecting all transactions required to be reflected by such accounting principles and keep accurate
and complete records of any property owned by it;

	4.
	It
shall, as soon as practicable after it shall become aware of the same, give notice to The Holder of the following events: 

(i)
the commencement of any action, proceeding, arbitration or investigation against or in any other way relating adversely to the Partnership or any of its properties or assets which, if adversely
determined, could singly or when aggregated with all other such actions, proceedings, arbitrations and investigations against or in any other way relating adversely to the Partnership have a material
adverse effect on the business, financial condition or prospects of it or on its ability to perform its obligations under this Note; 

(ii)
any amendment of its articles, by-laws, constating documents or other organizational documents; and 

(iii)
any Event of Default; 

Article 3
EVENTS OF DEFAULT

        In
this Note, subject to Article 11, the occurrence of each and any of the following events shall constitute an "Event of Default": 

	1.
	The
Partnership fails to pay any amount due to the Holder under this Note when such amount becomes due and payable;

	2.
	The
Partnership fails to perform, observe or comply with any other term, covenant, condition or provision of this Note and such failure remains unremedied for ten days following notice
of such failure by the Holder to the Partnership; 

2

 
	3.
	The
Partnership ceases to carry on business;

	4.
	The
total amount of principal, interest and other moneys unpaid and outstanding under this Note at any particular time is more than three hundred per cent (300%) of the aggregate of
the Partnership's shareholders' equity, retained earnings and other equity, determined in accordance with generally accepted accounting principles at such time;

	5.
	The
Partnership fails to pay the principal of, or interest on, any of its debt (excluding debt under this Note) which is outstanding in an aggregate principal amount exceeding
U.S.$1 million when such amount becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure continues after the applicable
grace period, if any, specified in the agreement or instrument relating to the debt without waiver of failure by the holder of the debt; or any other event occurs or condition exists, and continues
after the applicable grace period, if any, specified in any agreement or instrument relating to any debt of the Partnership in excess of U.S. $1 million without waiver by the holder of the
debt, if its effect is to accelerate, or permit the
acceleration of the debt; or any such debt of the Partnership shall be declared to be due and payable prior to its stated maturity and the declaration has not been rescinded by the holder of the debt;

	6.
	Any
judgement or order for the payment of money in excess of U.S. $5 million is rendered against the Partnership and either (i) enforcement proceedings have been
commenced by a creditor upon the judgement or order, or (ii) there is any period of fifteen consecutive days during which a stay of enforcement of the judgement or order, by reason of a pending
appeal or otherwise, is not in effect;

	7.
	The
Partnership (i) becomes insolvent or generally not able to pay its debts as they become due, (ii) admits in writing its inability to pay its debts generally or makes
a general assignment for the benefit of creditors, (iii) institutes or has instituted against it any proceeding seeking (a) to adjudicate it a bankrupt or insolvent,
(b) liquidation, winding-up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency,
reorganization or relief of debtors including any plan of compromise or arrangement or other corporate proceeding involving its creditors, or (c) the entry of an order for relief or the
appointment of a receiver, trustee or other similar official for it or for any substantial part of its properties and assets, and in the case of any such proceeding instituted against it (but not
instituted by it), either the proceeding remains undismissed or unstayed for a period of 30 days, or any of the actions sought in such proceeding
(including the entry of an order for relief against it or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its properties and assets)
occurs, or (iv) takes any corporate action to authorise any of the above actions;

	8.
	There
has occurred in the reasonable opinion of the Holder, any material adverse change in, or developments likely to have a material adverse effect on, the assets, business,
operations, undertaking or condition (financial or otherwise) of the Partnership. 

Article 4
REMEDIES

        Subject
to Article 11, upon the occurrence of any Event of Default, the Holder may: 

	1.
	With
notice to the Partnership, allow the Partnership 90 days to remedy the default on a pro-forma basis;

	2.
	Declare
the whole of the principal amount of this Note remaining unpaid and all accrued unpaid interest to be immediately due and payable; and 

3

 
	3.
	Take
such actions as may be permitted at law or in equity at such times and in such manner as the Holder in its sole discretion may consider expedient, 

all
without, except as may be required by applicable law, any additional notice, presentment, demand, protest, notice of protest, dishonour or any other action. These rights and remedies of the Holder
hereunder are cumulative and are in addition to and not in substitution for any other rights or remedies provided by applicable law. 

Article 5
AMENDMENT AND WAIVER

        No
amendment or waiver of this Note shall be binding unless executed in writing by the Partnership and the Holder. No waiver of any provision of this Note shall constitute a waiver of
any other provision nor shall any waiver of any provision of this Note constitute a continuing waiver unless otherwise expressly provided. 

Article 6
ASSIGNMENT

        This
Note shall enure to the benefit of and shall be binding upon the maker and the payee and their respective successors and permitted assigns. This Note may be assigned by the Holder
to any affiliate of the Holder without the prior consent of the Partnership. Notice of any such assignment shall be provided in writing to the Partnership. 

Article 7
NOTICES

        Any
notice to the Partnership shall be delivered to 1100 Louisiana, Suite 3300, Houston Texas, United States 77002, to the attention of the Corporate Secretary or by fax to
713-821-2229. Any notice to the Holder shall be delivered to the same address. 

        The
address or fax number for notice may be changed by the Partnership, the Holder or any subsequent holder of this Note by notice given in accordance with the preceding paragraphs. 

Article 8
FURTHER ASSURANCES

        Whether
before or after the happening of an Event of Default, the Partnership shall at its own expense do, make, execute or deliver, or cause to be done, made, executed or delivered, all
such further acts, documents and things in connection with this Note as the Holder may reasonably require from time to time for the purpose of giving effect to this Note, all immediately upon the
request of the Holder. 

Article 9
SUBORDINATION

        The
Holder hereby acknowledges and agrees that the indebtedness evidenced by this Note, including the principal hereof and interest thereon, shall, on any dissolution, winding up,
liquidation, readjustment, reorganization, bankruptcy, insolvency, receivership or other similar proceedings relating to the Partnership, or any of its property (whether voluntary or involuntary,
partial or complete), or any other marshalling of the assets and liabilities of the Partnership, be subordinate and subject in right of payment to the prior payment in full of all Senior Indebtedness.
For purposes of this Note, "Senior Indebtedness" means all obligations, liabilities and indebtedness of the Partnership (including, without limitation, the Obligations, as defined in each of the
Credit Facilities), except for (i) the indebtedness evidenced by this Note, including the principal hereof and interest thereon, and (ii) such obligations, liabilities and indebtedness
which by the terms thereof are expressed to be payable pari passu with, or subordinate and subject in right of payment to, the indebtedness evidenced by
this Note. In addition to 

4

 

the foregoing (and not in limitation thereof), the Holder hereby further acknowledges and agrees that no payment of the principal sum hereof, interest thereon or other indebtedness evidenced by this
Note shall be made by the Partnership when and for so long as (i) the Partnership is in default in the payment of any Senior Indebtedness when due and payable, (ii) any applicable grace
period with respect to a payment default on Senior Indebtedness has ended and such default has not been cured or waived or ceased to exist, or (iii) the maturity of any Senior Indebtedness has
been accelerated because of a default. 

Article 10
ENTIRE AGREEMENT

        This
Note recites all material terms associated with the Partnership's obligation to pay and supersedes and replaces any prior understandings or arrangements pertaining to this Note.
There are no warranties, conditions, or representations (including any that may be implied by statute) and there are no agreements in connection with such subject matter except as specifically set
forth or referred to in this Note. No reliance is placed on any warranty, representation, opinion, advice or assertion of fact made either prior to, contemporaneous with, or after entering into this
Note, or any amendment or supplement thereto, by the Partnership or the Holder or its directors, officers, employees or agents, to the other or its directors, officers, employees or agents, except to
the extent that the same has been reduced to writing and included as a term of this Note, and neither of the Partnership or the Holder has been induced to enter into this Note any amendment or
supplement by reason of any such warranty, representation, opinion, advice or assertion of fact. Accordingly, there shall be no liability, either in tort or in contract, assessed in relation to any
such warranty, representation, opinion, advice or assertion of fact, except to the extent contemplated above. 

Article 11
GENERAL MATTERS

        The
Events of Default and the Remedies related thereto described in Articles 3 and 4 hereof, respectively, will have no force and effect and will not be operative until such time as all
Senior Indebtedness has been fully and indefeasibly paid and all commitments under each of the Credit Facilities have been terminated. 

        The
inclusion of headings in this Note is for convenience of reference only and shall not affect the construction or interpretation hereof. 

        Whenever
in this Note a particular article, section or other portion thereof is referred to, such reference pertains to the particular article, section or portion thereof
contained herein, unless otherwise indicated. 

        Except
where otherwise expressly provided, all amounts in this Note are stated and shall be paid in United States currency. 

        Any
provisions of this Note prohibited by the laws of any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition without invalidating the remaining
terms hereof and no such invalidity shall affect the obligation of the Partnership to pay the principal amount and any accrued and unpaid interest at the time outstanding hereunder. 

        Time
is of the essence of this Note. 

        This
Note is intended by the parties to be and is a negotiable instrument. 

Article 12
GOVERNING LAW AND ATTORNMENT

        This
Note shall be governed by and interpreted and enforced in accordance with the laws of the state of Delaware and the federal laws of the United States of America applicable therein. 

5

 

        DATED
this 24th day of January, 2003. 

	 	 	ENBRIDGE ENERGY PARTNERS, L.P.
	

 	
 	
By:	

 Name:

Title:
	

 	
 	

By:	

 Name:

Title:

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Exhibit 10.26  

 
 

EXECUTIVE EMPLOYMENT AGREEMENT    
  

        THIS AGREEMENT made effective as of the 11th day of May, 2001 (the "Effective Date"). 

BETWEEN:

Dan
C. Tutcher, of the City of Houston, in the State of Texas (hereinafter called the "Executive") 

and

ENBRIDGE INC.,
a body corporate under the Canada Business Corporations Act, with offices in the City of Calgary in the Province of Alberta 

WHEREAS: 

        (a)  The
Executive is an executive of the Corporation and is considered by the Board of Directors of the Corporation to be a valued employee of the Corporation and has
acquired outstanding and special skills and abilities and an extensive background in and knowledge of the Corporation's business and the industry in which it is engaged; 

        (b)  The
Board of Directors recognizes that it is essential, in the best interests of the Corporation, that the Corporation retain the continuing dedication of the Executive
to his office and employment and that this can best be accomplished if the personal uncertainty facing the Executive in the event of a
material change in the ownership or the Executive's role within the organization of the Corporation is alleviated; 

        (c)  The
Board of Directors further believes that the service of the Executive to the Corporation requires that the Executive receive fair treatment, particularly in the
event of a termination of employment or loss of office following a material change in the ownership or the Executive's role within the organization of the Corporation where the Executive does not
receive an offer of employment within the Corporation, an affiliate, associate or successor of the Corporation comparable to or better than his present employment; 

        NOW
THEREFORE THIS AGREEMENT WITNESSETH that in consideration of the mutual covenants herein contained and in consideration of the Executive remaining in office and in the employment of
the Corporation at the present time and throughout the period of a material change of ownership or organization of the Corporation, it is hereby agreed as follows: 

	1.
	Definitions

        In
this Agreement: 

	(a)
	"affiliate"
means:

	(i)
	one
body corporate is an affiliate of another body corporate if one of them is the subsidiary of the other or both are subsidiaries of the same body
corporate or each of them is under the control of the same person; and

	(ii)
	two
bodies corporate that are an affiliate of the same body corporate at the same time are affiliates of each other; 

	(b)
	"associate"
when used to indicate a relationship with any person means

	(i)
	a
body corporate of which that person beneficially owns or controls, directly or indirectly, shares or securities currently convertible into shares
carrying more than ten percent of the voting rights under all circumstances or by reason of the occurrence of an event that has occurred and is continuing, or a currently exercisable option or right
to purchase such shares or such convertible securities;

	(ii)
	a
partner of that person acting on behalf of the partnership of which they are partners; 

 

	(iii)
	a
trust or estate in which that person has a substantial beneficial interest or in respect of which he serves as a trustee or in a similar capacity.

	(iv)
	a
spouse or child of that person; and

	(v)
	a
relative of that person or of his spouse if that relative has the same residence as that person. 

	(c)
	"Compensation
Committee" means the Committee of the Board of Directors of the Corporation from time to time appointed to fix the remuneration of executives of the Corporation or, if
such Committee has not been appointed, means the Board of Directors of the Corporation;

	(d)
	"constructive
dismissal" means, unless consented to by the Executive:

	(i)
	where
the Executive ceases to be an officer of the Corporation, unless the Executive is appointed as an officer of a successor to a material portion of
the assets of the Corporation;

	(ii)
	a
material decrease in the title, position, responsibilities, powers or reporting relationships of the Executive; or

	(iii)
	a
relocation of the Executive's principal place of business outside of Houston, Texas; or

	(iv)
	a
reduction in the annual salary (excluding bonuses) of the Executive. 

	(e)
	"control"
means the beneficial ownership of the right, whether such ownership is direct or through affiliates or may be exercised pursuant to a right in contract and whether or not
combined with the beneficial ownership of securities of a corporation to which are attached more than fifty percent (50%) of the votes that may be cast to elect directors, to elect a majority of the
board of directors of a corporation;

	(f)
	"Corporation"
means Enbridge Inc. and such subsidiaries of Enbridge Inc., as the Execuive may be employed by from time to time;

	(g)
	"person"
shall have the meaning ascribed to it in the Canada Business Corporations Act;

	(h)
	"subsidiary"
of a corporation means, at any time, a corporation of which the Corporation has control at that time, whether directly or indirectly through one or more subsidiaries. 

	2.
	Employment

 
	2.1
	 Position, Duties and Responsibilities of Executive

        The
Executive be employed by the Corporation as Group Vice President, Transportation Group South and shall have such responsibilities and powers as the Board of Directors or the bylaws
of the Corporation or the Executive's superiors may from time to time prescribe. The Executive shall devote the whole of his time to the Executive's duties hereunder and shall use his best efforts to
promote the interests of the Corporation. 

	2.2
	Term of Agreement

        The
term of this Agreement shall commence on the date hereof, and shall continue in effect to and including the earlier of: 

	(i)
	the
date of voluntary retirement of the Executive in accordance with the retirement policies established for senior employees of the Corporation; or

	(ii)
	the
voluntary resignation of the Executive which is not a constructive dismissal; or

	(iii)
	termination
as provided in Sections 2.4, 2.5, 2.6 or 2.7. 

2

 

	2.3
	Compensation

	(i)
	Signing
Incentive—on execution of this Agreement, and in order to further encourage the Executive to remain in the services of the
Corporation, the Executive is hereby awarded a lump sum cash incentive in the amount of two hundred eighty five thousand U.S. dollars ($285,000) payable forthwith and thirty thousand (30,000) options
which shall be issued as of the Effective Date of the Agreement and shall be subject to the following vesting schedule: 

	Following Date of Grant
 
	 	Aggregate Number

of Options Vested

	First Anniversary Date	 	7,500
	

Second Anniversary Date	
 	

15,000
	

Third Anniversary Date	
 	

22,500
	

Fourth Anniversary Date	
 	

30,000

	(ii)
	Annual
Base Salary—during the term of this Agreement, the Executive shall receive an annual base salary of two hundred eighty five thousand
U.S. dollars (US$285,000) payable semi-monthly. The Corporation shall, in accordance with its customary salary review practices, annually review the Annual Base Salary and, at its sole
discretion, may increase it from the level then in effect; in no event shall the Annual Base Salary be reduced during the term of the Agreement from the level specified herein;

	(iii)
	Short
and Long Term Incentive Plans—the Executive shall participate in the short term incentive plan of the Corporation at a target
participation rate of forty percent (40%) of the Executive's Annual Base Salary and in the long term incentive plan at an exercise price target participation rate of three hundred percent (300%) of
the Executive's Annual Base Salary. Except as set forth herein, eligibility, target participation rates, performance criteria, vesting, payment formulas and dates, and all other aspects of the
Executive's short and long term incentive plans, including, without limitation, the termination of one or both plans, shall be as determined from time-to-time in the sole
discretion of the Corporation;

	(iv)
	Benefits
and Perquisites—The Executive shall be eligible to participate in all benefits and retirement programs offered from time to time
by the Corporation, including, but not limited to, enrollment on the effective date of this Agreement in the senior management pension plan providing a defined benefit with a two percent (2%) benefit
formula recognizing base salary and fifty percent (50%) of short term incentive awards over the best three years of employment. In addition, the Executive shall receive annually in January a lump sum
taxable allowance of thirty thousand U.S. dollars ($30,000) to cover the cost of optional items including, but not limited to, automobiles, automobile operating expenses, parking, club memberships,
financial planning, retirement planning, tax preparation. 

	2.4
	Termination of Agreement upon Disability of Executive

        If at the end of any month the Executive is and has been for a period of more than twelve (12) months unable to perform the duties specified pursuant to
this Agreement in the normal and regular manner due to mental or physical disability, this Agreement may be terminated by the Corporation on thirty (30) days' written notice. Notwithstanding
anything contained in this Section 2.4, the Executive shall be entitled to all benefits provided under the disability and pension plans of the Corporation or its affiliates applicable to the
Executive at the date of this Agreement. 

3

 

	2.5
	Termination of Agreement upon Death of Executive

        If
the Executive dies, this Agreement shall be terminated immediately on the date of the Executive's death. 

	2.6
	Termination of Agreement by the Corporation for Cause

        Notwithstanding
any provision of this Agreement to the contrary, the Corporation may at any time terminate this Agreement and the Executive's employment hereunder for "Cause" (as
hereinafter defined). As used herein, the term "Cause" means either: 

	(i)
	gross
or willful failure by the Executive to perform the duties customary for individuals holding the position of the Executive hereunder;

	(ii)
	the
Executive's habitual unexcused absence over an extended period of time;

	(iii)
	the
Executive having committed acts or omissions constituting gross negligence or willful misconduct materially injurious to the Corporation;

	(iv)
	the
Executive having committed acts or omissions constituting a breach of the Executive's duty of loyalty or fiduciary duty to the Corporation or any
act of dishonesty or fraud with respect to the Corporation;

	(v)
	embezzlement
or misappropriation by the Executive of funds or other property of the Corporation or its affiliates;

	(vi)
	conviction
of, or a plea of guilty or nolo contendere to, a felony involving an act or acts of
dishonesty, fraud or moral turpitude; or

	(vii)
	the
Executive having committed acts or omissions constituting a material breach of this Agreement which are not otherwise described in clauses
(i) through (vi) of this sentence. 

	2.7
	Termination of Employment by the Corporation or the Employee

        (a)  Except
where such termination is pursuant to Section 2.2(i) or 2.2(ii) due to the voluntary retirement or resignation of the Executive or pursuant
to Sections 2.4, 2.5 or 2.6, or except where the Executive is offered a comparable position by an affiliate, associate or successor of the Corporation which, if offered by the Corporation, would not
constitute a constructive dismissal, the provisions of this Section 2.7 shall apply: 

	(i)
	where
the Corporation terminates the employment of the Executive for any reason; or

	(ii)
	where
the Executive terminates his employment with the Corporation following constructive dismissal of the Executive. For this purpose the Executive may
at any time following the constructive dismissal of the Executive terminate his employment with the Corporation upon thirty (30) days' prior written notice to the Corporation, 

        (b)  In
the event of termination of employment as provided in Section 2.7(a), the Executive shall be entitled to receive, and the Corporation shall pay to the
Executive, a severance payment (the "Severance Payment") computed as hereinafter provided. The Severance Payment shall be that amount which is equal to two hundred percent (200%) of the sum of: 

	(A)
	twelve
(12) times the gross monthly salary paid to the Executive in the last full month of employment of; and

	(B)
	the
gross amount of the last bonus paid, under an incentive bonus program of the Corporation or any of its affiliated corporations at the date of such payment, to 

4

 

the
Executive immediately preceding the date of such termination of employment. The Corporation may deduct from the Severance Payment as calculated hereby any amount required to be withheld and
remitted to any governmental body or agency by applicable law or regulation. 

        (c)  In
addition to the Severance Payment calculated in accordance with Section 2.7(b): 

	(i)
	the
Executive shall continue to receive insurance for health care and dental care, life insurance and accidental death and dismemberment coverage during
a period of two (2) years following the date of termination unless the Executive declines coverage based upon coverage through another employer; and

	(ii)
	the
Executive shall also receive, within thirty (30) days of termination, a lump sum payment equivalent to the Corporation's portion of
contributions on behalf of the Executive to the Corporation's Employee Savings Plan for a two (2) year period based upon the base salary of the Executive as at the date of termination. 

        (d)  The
Executive will also be entitled to receive on termination the normal and any supplemental pension benefits in effect on the date of this Agreement according to the
terms of the Corporation's pension plans, or the pension plans of affiliates of the Corporation or according to similar provisions of any successor plan, of which the Executive is a member at the date
of termination (the "Plans"). The Executive's total pension entitlement and retirement options will be determined on the basis that the Executive had two (2) additional years of credited
service and age under the Plans at his date of termination of employment (over and above his actual years of credited service as otherwise determined). In addition, such additional years of service
shall be included for the purpose of determining final or best average earnings assuming that the Executive's monthly rate of salary at the date of termination would have continued unchanged during
the period of additional service. For plans that include performance bonuses in the definition of pensionable earnings, the average of the highest three (3) actual bonuses paid in the five
(5) years immediately prior to the date of termination shall be used for the purpose of determining final or best average earnings. 

        (e)  If,
at the time of termination of employment as provided in Article 2.7(a), the Executive holds exercisable but unexercised options for the purchase of shares
under any of the Corporation's or its affiliates' stock option plans, the Executive shall be entitled to exercise all options so held in accordance with the terms of such plans. If the Executive holds
options for the purchase of shares under any of the Corporation's or its affiliates' stock option plans which are not exercisable at the date of termination of employment in circumstances where this
Section 2.7(a) applies, the Corporation will pay to the Executive a cash amount representing the excess, if any, of the fair market value of the shares on the date of termination of employment
over the exercise price for such options. Fair market value on the date of termination of employment shall mean the last Board lot sale price on the Toronto Stock Exchange on the last trading day
prior to the day of termination. 

	3.
	Integration

        Except
for the Executive's rights to continued participation in the Corporation's employee benefit plans, including, without limitation, the Corporation's or its affiliates' stock option
plans and savings plans and conditions of employment generally available to other Executives of the Corporation or its affiliates, this Agreement contains the entire agreement between the Parties and
supersedes all prior oral and written agreements, understandings, commitments and practices between the Parties, including all prior employment agreements, whether or not fully performed by the
Executive before the date of this Agreement. No amendments to this Agreement may be made except in writing signed by both Parties. 

5

 

	4.
	Confidential Information

        In
the event of termination of employment of the Executive, the Executive agrees to keep confidential all information of a confidential or proprietary nature concerning the Corporation,
its subsidiaries and
affiliates and their respective operations, assets, finances, business and affairs and further agrees not to use such information for personal advantage, provided that nothing herein shall prevent
disclosure of information which is publicly available or which is required to be disclosed under appropriate statues, rules of law, or legal process. 

	5.
	Severability

        The
invalidity and unenforceability of any provision of this Agreement shall not effect the validity or enforceability of any other provisions of this Agreement, which shall remain in
full force and effect. 

	6.
	Benefit of Agreement

        This
Agreement shall enure to and be binding upon the Corporation and its successors and the Executive and his legal representatives but otherwise it is not assignable. It shall be a
condition of any transfer by the Corporation of the Executive to any affiliate or associate of the Corporation that, on request of the Executive, such affiliate or associate agree to observe all of
the covenants of and be bound by all obligations imposed on the Corporation under this Agreement. The failure to do so shall be deemed to constitute a constructive dismissal of the Executive for the
purposes of Section 2.7. 

	7.
	Choice of Law

        This
Agreement shall be governed and interpreted in accordance with the laws of the State of Texas, and state and federal courts sitting in Houston, Harris County, Texas shall be the
sole and proper forum with respect to any suits brought with respect to this Agreement. 

	8.
	Legal Remedies

        (a)  Payment of Legal Fees.    To the extent permitted by law and except as provided in Section 9(b), the
Corporation shall pay all legal fees, costs of litigation prejudgment interest, and other expenses incurred in good faith by the Executive as a result of the Corporation's refusal to pay to the
Executive the Severance Payment to which the Executive becomes entitled under this Agreement. 

        (b)  Arbitration.    Any dispute or controversy arising under or in connection with this Agreement shall be settled
by arbitration, conducted before a panel of three (3) arbitrators sitting in Houston, Texas in accordance with the rules of the American Arbitration Association then in effect. Judgement may be
entered on the award of the arbitrator in any court having proper jurisdiction. 

	9.
	Copy of Agreement

        The
Executive hereby acknowledges having received a copy of this Agreement duly signed by the Corporation. 

6

 

        IN
WITNESS WHEREOF the parties hereto have duly executed and delivered this Agreement. 

	 	 	 	 
	

 Witness	
 	

 Executive
	

 	
 	

ENBRIDGE INC.
	

 	
 	

Per:	

 
	 	 	 	

	 	 	P.D. Daniel

President & Chief Executive Officer

7

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EXECUTIVE EMPLOYMENT AGREEMENT

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