Document:

exv4w2

Exhibit 4.2

Execution Version

 

SPECTRA ENERGY PARTNERS, LP

as Issuer

and

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee

FIRST

SUPPLEMENTAL

INDENTURE

Dated as of June 9, 2011

 

$250,000,000

2.95% SENIOR NOTES DUE 2016

$250,000,000

4.60% SENIOR NOTES DUE 2021

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 

	ARTICLE I
	 	 	1	 
	 
	 	 	 	 
	Section 1.01. Establishment
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	2	 
	 
	 	 	 	 
	Section 2.01. Definitions
	 	 	2	 
	Section 2.02. Other Definitions
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III THE NOTES
	 	 	4	 
	 
	 	 	 	 
	Section 3.01. Form
	 	 	4	 
	Section 3.02. Issuance of Additional Notes
	 	 	4	 
	 
	 	 	 	 
	ARTICLE IV REDEMPTION AND PREPAYMENT
	 	 	5	 
	 
	 	 	 	 
	Section 4.01. Optional Redemption
	 	 	5	 
	 
	 	 	 	 
	ARTICLE V COVENANTS
	 	 	5	 
	 
	 	 	 	 
	Section 5.01. Limitations on Liens
	 	 	6	 
	Section 5.02. Restriction of Sale-Leaseback Transactions
	 	 	8	 
	 
	 	 	 	 
	ARTICLE VI SATISFACTION AND DISCHARGE; DEFEASANCE
	 	 	8	 
	 
	 	 	 	 
	Section 6.01. Satisfaction and Discharge; Defeasance
	 	 	8	 
	Section 6.02. Covenant Defeasance
	 	 	8	 
	 
	 	 	 	 
	ARTICLE VII MISCELLANEOUS
	 	 	8	 
	 
	 	 	 	 
	Section 7.01. Integral Part
	 	 	8	 
	Section 7.02. Adoption, Ratification and Confirmation
	 	 	8	 
	Section 7.03. Counterparts
	 	 	9	 
	Section 7.04. The Trustee
	 	 	9	 
	Section 7.05. Governing Law
	 	 	9	 
	 
	 	 	 	 
	 
	 	 	 	 
	EXHIBIT A: Form of 2016 Note
	 	 	 	 
	EXHIBIT B: Form of 2021 Note
	 	 	 	 

i

 

     THIS FIRST SUPPLEMENTAL INDENTURE dated as of June 9, 2011 (this “Supplemental Indenture”)
between SPECTRA ENERGY PARTNERS, LP, a Delaware limited partnership (the “Partnership”), and WELLS
FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”),

W I T N E S S E T H:

     WHEREAS, the Partnership has heretofore entered into an Indenture, dated as of even date
herewith (the “Base Indenture”), with Wells Fargo Bank, National Association, as trustee;

     WHEREAS, the Base Indenture, as supplemented by this Supplemental Indenture, is herein called
the “Indenture;”

     WHEREAS, a new series of Debt Securities may at any time be established in accordance with the
provisions of the Base Indenture, and the form and terms of such series may be established by a
supplemental indenture executed by the Partnership and the Trustee;

     WHEREAS, the Partnership proposes to establish via this Supplemental Indenture two new series
of Debt Securities; and

     WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental
Indenture and to make it a valid and binding obligation of the Partnership have been done or
performed.

     NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties
hereto hereby agree as follows:

ARTICLE I

     Section 1.01. Establishment. (a) There are hereby established two new series of Debt Securities to be
issued under the Indenture, to be designated as the Partnership’s 2.95% Senior Notes due 2021 (the
“2021 Notes”) and its 4.60% Senior Notes due 2016 (the “2016 Notes” and, together with the 2021
Notes, the “Notes”).

          (b) There are to be authenticated and delivered under the Indenture (i) $250,000,000
aggregate principal amount of the 2021 Notes and (ii) $250,000,000 aggregate principal amount of
2016 Notes on the date hereof, and from time to time thereafter there may be authenticated and
delivered an unlimited principal amount of Additional Notes of either series of Notes.

          (c) The Depositary with respect to each series of the Notes shall be The Depository Trust
Company (“DTC”). As permitted by Section 2.15(c)(iii) of the Base Indenture, the Depositary shall
surrender the Global Security representing either series of Notes in exchange for individual Notes
of such series in definitive form if an Event of Default
with respect to such Notes has occurred and is continuing, and the Depositary requests the
issuance of such Notes in definitive form.

 

 

          (d) Each Note shall be dated the date of authentication thereof and shall bear interest from
June 9, 2011 or from the most recent date to which interest has been paid or duly provided for.

          (e) Neither series of Notes shall be entitled to the benefits of any Guarantee pursuant to
Article XIV of the Base Indenture.

          (f) If and to the extent that the provisions of the Base Indenture are duplicative of, or in
contradiction with, the provisions of this Supplemental Indenture, the provisions of this
Supplemental Indenture shall govern.

ARTICLE II

DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 2.01. Definitions. All capitalized terms used herein and not otherwise defined below shall have
the meanings ascribed thereto in the Base Indenture. The following are additional definitions used
in this Supplemental Indenture:

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes; provided, however, that if no maturity is within three months before
or after the maturity date for such Notes, yields for the two published maturities most closely
corresponding to such United States Treasury security shall be determined and the Treasury Rate
shall be interpolated or extrapolated from those yields on a straight line basis rounding to the
nearest month.

     “Comparable Treasury Price” means, with respect to any Redemption Date for Notes, (1) the
average of four Reference Treasury Dealer Quotations for such Redemption Date after excluding the
highest and lowest of all of the Reference Treasury Dealer Quotations or (2) if the Quotation Agent
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations.

     “Consolidated Net Tangible Assets” means, at any date of determination, the total amount of
consolidated assets of the Partnership and its Subsidiaries after deducting therefrom (1) all
current liabilities (excluding (a) any current liabilities that by their terms are extendable or
renewable at the option of the obligor thereon to a time more than 12 months after the time as of
which the amount thereof is being computed and (b) current maturities of long-term debt), and (2)
the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents and
other like intangible assets, all as set forth, or on a pro forma basis would be set forth, on the
consolidated balance sheet of the Partnership and its Subsidiaries for the most recently completed
fiscal quarter, prepared in accordance with GAAP.

     “Principal Property” means, whether currently owned or leased or subsequently acquired, any
pipeline, gathering system, terminal, storage facility, processing plant or other plant or facility
located in the United States of America or any territory or political subdivision thereof owned or
leased by the Partnership or any of its Subsidiaries and used in transporting,

2

 

distributing,
terminalling, gathering, treating, processing, marketing or storing natural gas, natural gas
liquids or other hydrocarbons, except (1) any property or asset consisting of inventories,
furniture, office fixtures and equipment (including data processing equipment), vehicles and
equipment used on, or useful with, vehicles (but excluding vehicles that generate transportation
revenues) and (2) any such pipeline or other plant or facility that, in the good faith opinion of
the Board of Directors as evidenced by resolutions of the Board of Directors, is not material in
relation to the activities of the Partnership and its Subsidiaries, taken as a whole.

     “Principal Subsidiary” means any of the Partnership’s Subsidiaries that owns or leases,
directly or indirectly, a Principal Property.

     “Quotation Agent” means the Reference Treasury Dealer appointed by the Partnership.

     “Reference Treasury Dealer” means (i) one U.S. government securities dealer in New York, New
York (a “Primary Treasury Dealer”) selected by Wells Fargo Securities, LLC, and its successors;
(ii) J.P. Morgan Securities LLC and its successors; (iii) Morgan Stanley & Co. LLC and its
successors and (iv) RBS Securities Inc. and its successors; provided, however, that if any such
Person shall cease to be a Primary Treasury Dealer, the Partnership shall substitute therefor
another Primary Treasury Dealer.

     “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding the Redemption Date.

     “Sale-Leaseback Transaction” means the sale or transfer by the Partnership or any Principal
Subsidiary of any Principal Property to a Person (other than the Partnership or a Principal
Subsidiary) and the taking back by the Partnership or any Principal Subsidiary, as the case may be,
of a lease of such Principal Property.

     “Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. The Partnership shall calculate the Treasury
Rate on the third Business Day preceding any Redemption Date and notify the Trustee in writing of
the Treasury Rate prior to the redemption.

3

 

     Section 2.02. Other Definitions.

	 	 	 
	Term	 	Defined in Section
	Additional Notes
	 	3.02
	Base Indenture
	 	Recitals
	DTC
	 	1.01(c)
	Indenture
	 	Recitals
	Notes
	 	1.01(a)
	2016 Notes
	 	1.01(a)
	2021 Notes
	 	1.01(a)
	Partnership
	 	Preamble
	Supplemental Indenture
	 	Preamble
	Trustee
	 	Preamble

ARTICLE III

THE NOTES

     Section 3.01. Form. The Notes of each series shall be issued initially in the form of one Global
Security. The Notes will be issued in denominations of $2,000 and integral multiples of $1,000 in
excess thereof. The Notes and Trustee’s certificate of authentication shall be substantially in
the form of Exhibit A hereto, the terms of which are incorporated in and made a part of this
Supplemental Indenture, and the Partnership and the Trustee, by their execution and delivery of
this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

     Section 3.02. Issuance of Additional Notes. The Partnership may, from time to time, without notice to or
the consent of the Holders of the Notes or the Trustee, increase the principal amount of either
series of the Notes by issuing additional Notes (“Additional Notes”) of that series. Any
Additional Notes so issued will have the same interest rate, maturity and other terms (other than
the date of issuance and, under certain circumstances, the date from which interest thereon will
begin to accrue and the initial interest payment date), and will carry the same right to receive
accrued and unpaid interest, as the Notes of that series that were previously issued, and such
Additional Notes will form a single series with such Notes for all purposes under the Indenture.

4

 

ARTICLE IV

REDEMPTION AND PREPAYMENT

     Section 4.01. Optional Redemption.

          (a) The Partnership may redeem the Notes of either series, in whole or in part at any time
before May 15, 2016 with respect to the 2016 Notes or March 15, 2021 with respect to the 2021
Notes, at a redemption price equal to the greater of (1) 100% of the principal amount of the Notes
to be redeemed and (2) the sum of the present values of the remaining scheduled payments of
principal and interest on such Notes (exclusive of interest accrued to the Redemption Date)
discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 20 basis points in the case of the 2016 Notes and
25 basis points in the case of the 2021 Notes, plus, in either case, accrued and unpaid interest,
if any, on the principal amount being redeemed to such Redemption Date. On or after May 15, 2016
with respect to the 2016 Notes and March 15, 2021 with respect to the 2021 Notes, the Notes of
that series shall be redeemable, at the Partnership’s option, at any time in whole, or from time
to time in part, at a price equal to 100% of the principal amount of the Notes to be redeemed plus
accrued interest on the Notes to be redeemed to the Redemption Date.

          (b) If fewer than all of the Notes of either series are to be redeemed at any time, such
Notes shall be selected for redemption not more than 60 days prior to the Redemption Date and such
selection shall be made by the Trustee on a pro rata basis, by lot or by such other method as the
Trustee deems appropriate (or, in the case of Notes represented by a Global Security, by such
method as the Depositary may require); provided, that no partial redemption of any Note will occur
if such redemption would reduce the principal amount of such Note to less than $2,000. Notices of
redemption with respect to the Notes shall be mailed by first class mail at least 30 but not more
than 60 days before the Redemption Date to each Holder of Notes to be redeemed at the address of
such Holder as shown on the Debt Security Register with respect to such Notes; provided, however,
that such notice may be given more than 60 days prior to the Redemption Date if the notice is
given in connection with a satisfaction and discharge of the Indenture with respect to the Notes
to be redeemed as provided in Section 11.02(a) of the Base Indenture.

          (c) The provisions of Article III of the Base Indenture shall apply to any optional
redemption of the Notes except when such provisions conflict with the foregoing.

          (d) The Partnership may at any time and from time to time repurchase Notes in the open market
or otherwise. Any such repurchase shall not operate as or be deemed for any purpose to be a
redemption of the indebtedness represented by such Notes.

ARTICLE V

COVENANTS

     The following covenants, in addition to the covenants set forth in Article IV of the Base
Indenture, shall apply to the Notes:

5

 

     Section 5.01. Limitations on Liens. While any of the Notes remain outstanding, the Partnership shall
not, and shall not permit any of its Principal Subsidiaries to, create, or permit to be created or
to exist, any Lien upon any Principal Property of the Partnership or any of its Principal
Subsidiaries, or upon any equity interests of any Principal Subsidiary, whether such Principal
Property is, or equity interests are, owned on or acquired after the date of the Indenture, to
secure any Debt, unless the Notes then outstanding are equally and ratably secured by such Lien for
so long as any such Debt is so secured, other than:

          (a) purchase money mortgages, or other purchase money Liens of any kind upon property
acquired by the Partnership or any Principal Subsidiary after the date of the Indenture, or Liens
of any kind existing on any property or any equity interests at the time of the acquisition
thereof (including Liens that exist on any property or any equity interests of a Person that is
consolidated with or merged with or into the Partnership or any Principal Subsidiary or that
transfers or leases all or substantially all of its properties or assets to the Partnership or any
Principal Subsidiary), or conditional sales agreements or other title retention agreements and
leases in the nature of title retention agreements with respect to any property hereafter
acquired, so long as no such Lien shall extend to or cover any other property of the Partnership
or such Principal Subsidiary;

          (b) Liens upon any property of the Partnership or any Principal Subsidiary or any equity
interests of any Principal Subsidiary existing as of the date of the initial issuance of the Notes
or upon the property or any equity interests of any entity, which Liens existed at the time such
entity became a Subsidiary of the Partnership;

          (c) pledges or deposits to secure: (i) any governmental charges or levies; (ii) obligations
under workers’ compensation laws, unemployment insurance and other social security legislation;
(iii) performance in connection with bids, tenders, contracts (other than contracts for the
payment of money) or leases to which the Partnership or any Principal Subsidiary is a party; (iv)
public or statutory obligations of the Partnership or any Principal Subsidiary; and (v) surety,
stay, appeal, indemnity, customs, performance or return-of-money bonds or pledges or deposits in
lieu thereof;

          (d) Liens created by or resulting from any litigation or proceeding that at the time is being
contested in good faith by appropriate proceedings, including Liens relating to judgments
thereunder as to which the Partnership or any Principal Subsidiary has not exhausted its appellate
rights;

          (e) Liens on deposits required by any Person with whom the Partnership or any Principal
Subsidiary enters into forward contracts, futures contracts, swap agreements or other commodities
contracts in the ordinary course of business and in accordance with established risk management
policies and Liens in connection with leases (other than capital leases) made, or existing on
property acquired, in the ordinary course of business;

          (f) easements (including, without limitation, reciprocal easement agreements and utility
agreements), zoning restrictions, rights-of-way, covenants, consents, reservations,
encroachments, variations and other restrictions on the use of property or minor
irregularities in title thereto, charges or encumbrances (whether or not recorded) affecting the
use of real 

6

 

property and which are incidental to, and do not materially impair the use of such
property in the operation of the business of the Partnership and its Subsidiaries, taken as a
whole, or the value of such property for the purpose of such business;

          (g) Liens in favor of the United States of America, any State, any foreign country or any
department, agency or instrumentality or political subdivision of any such jurisdiction, to secure
partial, progress, advance or other payments pursuant to any contract or statute or to secure any
Debt incurred for the purpose of financing all or any part of the purchase price or the cost of
constructing or improving the property subject to such Liens, including, without limitation, Liens
to secure Debt of the pollution control or industrial revenue bond type;

          (h) Liens of any kind upon any property acquired, constructed, developed or improved by the
Partnership or any Principal Subsidiary (whether alone or in association with others) after the
date of the Indenture that are created prior to, at the time of, or within 12 months after such
acquisition (or in the case of property constructed, developed or improved, after the completion
of such construction, development or improvement and commencement of full commercial operation of
such property, whichever is later) to secure or provide for the payment of any part of the
purchase price or cost thereof; provided that in the case of such construction, development or
improvement the Liens shall not apply to any property theretofore owned by the Partnership or any
Principal Subsidiary other than theretofore unimproved real property;

          (i) Liens in favor of the Partnership, one or more Principal Subsidiaries, one or more
wholly-owned Subsidiaries of the Partnership or any of the foregoing in combination;

          (j) the replacement, extension or renewal (or successive replacements, extensions or
renewals), as a whole or in part, of any Lien, or of any agreement, referred to in the clauses
above, or the replacement, extension or renewal of the Debt secured thereby (not exceeding the
principal amount of Debt secured thereby, other than to provide for the payment of any
underwriting or other fees related to any such replacement, extension or renewal, as well as any
premiums owed on and accrued and unpaid interest payable in connection with any such replacement,
extension or renewal); provided that such replacement, extension or renewal is limited to all or a
part of the same property that secured the Lien replaced, extended or renewed (plus improvements
thereon or additions or accessions thereto); or

          (k) any Lien not excepted by the foregoing clauses; provided that immediately after the
creation or assumption of such Lien the aggregate principal amount of Debt of the Partnership or
any Principal Subsidiary secured by all Liens created or assumed under the provisions of this
clause, together with all net sale proceeds from any Sale-Leaseback Transactions (reduced by the
amounts applied pursuant to 5.02(a) and 5.02(c)(1)), shall not exceed an amount equal to 15% of
the Consolidated Net Tangible Assets for the fiscal quarter that was most recently completed prior
to the creation or assumption of such Lien.

     Notwithstanding the foregoing, for purposes of making the calculation set forth in clause (k)
of the preceding paragraph, with respect to any such secured Debt of a non-wholly-owned Principal
Subsidiary of the Partnership with no recourse to the Partnership or any wholly-owned

7

 

Principal
Subsidiary thereof, only that portion of the aggregate principal amount of such secured Debt
reflecting the Partnership’s pro rata ownership interest in such non-wholly-owned Principal
Subsidiary shall be included in calculating compliance herewith.

     Section 5.02. Restriction of Sale-Leaseback Transactions. While the Notes remain outstanding, the
Partnership shall not, and shall not permit any of its Principal Subsidiaries to, engage in a
Sale-Leaseback Transaction, unless:

          (a) the Sale-Leaseback Transaction occurs within one year from the date of acquisition of the
relevant Principal Property or the date of the completion of construction or commencement of full
operations on such Principal Property, whichever is later, and the Partnership has elected to
designate, as a credit against (but not exceeding) the purchase price or cost of construction of
such Principal Property, an amount equal to all or a portion of the net sale proceeds from such
Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set
forth in clause (c) below);

          (b) the Partnership or such Principal Subsidiary would be entitled to incur Debt secured by a
Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount
equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally
and ratably securing the Notes; or

          (c) the Partnership or such Principal Subsidiary, within a 270-day period after such
Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale
proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or
retirement of any unsubordinated Debt of the Partnership or any of its Subsidiaries or (2) invest
in another Principal Property.

ARTICLE VI

SATISFACTION AND DISCHARGE; DEFEASANCE

     Section 6.01. Satisfaction and Discharge; Defeasance. The provisions of Article XI relating to both
satisfaction and discharge and defeasance shall be applicable to each series of Notes.

     Section 6.02. Covenant Defeasance. If the Partnership effects a covenant defeasance of the Notes
pursuant to Sections 11.02(b) and 11.03 of the Base Indenture, the Partnership shall cease to have
any obligation to comply with the covenants set forth in Sections 5.01 and 5.02 hereof.

ARTICLE VII

MISCELLANEOUS

     Section 7.01. Integral Part. This Supplemental Indenture constitutes an integral part of the Indenture.

     Section 7.02. Adoption, Ratification and Confirmation. The Base Indenture, as supplemented and amended
by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed.

8

 

     Section 7.03. Counterparts. This Supplemental Indenture may be executed in any number of counterparts,
each of which when so executed shall be deemed an original; and all such counterparts shall
together constitute but one and the same instrument. Delivery of an executed counterpart of this
Supplemental Indenture by facsimile or electronic transmission shall be equally as effective as
delivery of an original executed counterpart of this Supplemental Indenture. Any party delivering
an executed counterpart of this Supplemental Indenture by facsimile or electronic transmission also
shall deliver an original executed counterpart of this Supplemental Indenture, but the failure to
deliver an original executed counterpart shall not affect the validity, enforceability and binding
effect of this Supplemental Indenture.

     Section 7.04. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which are made solely by the Partnership. The Trustee makes no
representations as to the validity or sufficiency of this Supplemental Indenture or of the Notes,
except that the Trustee represents that it is duly authorized to execute and deliver this
Supplemental Indenture, authenticate the Notes and perform its obligations hereunder. The Trustee
shall not be accountable for the use or application by the Partnership of any of the Notes or of
the proceeds thereof.

     Section 7.05. Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

[Signature page follows]

9

 

     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, all as
of the day and year first above written.

	 	 	 	 	 
	 	Spectra Energy Partners, LP

 	 
	 	By:  	Spectra Energy Partners (DE) GP, LP, its	 
	 	 	general partner 	 
	 	 	 
	 	By:  	Spectra Energy Partners GP, LLC, its general	 
	 	 	 partner 	 
	 	 	 
	 	By:  	                   /s/ Gregory J. Rizzo
 	 
	 	 	Name:  	Gregory J. Rizzo 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	Wells Fargo Bank, National Association,

As Trustee

 	 
	 	By:  	/s/ Partrick Giordano
 	 
	 	 	Name:  	Patrick Giordano 	 
	 	 	Title:  	Vice President 	 
	 

Signature Page to First Supplemental Indenture

 

EXHIBIT A

(Form of Face of Note)

			
	CUSIP 84756N AA7
	 	No. __
	ISIN US84756NAA72
	 	$__________

SPECTRA ENERGY PARTNERS, LP.

2.95% Senior Notes due 2016

Spectra Energy Partners, LP, a Delaware limited partnership (herein called the “Partnership,” which
term includes any successor Person under the Indenture hereinafter referred to), promises to pay to
__________, or registered assigns, the principal sum of _______________ Dollars [or such greater or
lesser amount as may be endorsed on the Schedule attached hereto]1 on June 15, 2016.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1and December 1

	 	 	 	 	 
	 	Spectra Energy Partners, LP

 	 
	 	By: Spectra Energy Partners (DE) GP, LP, its
      general partner	 	 
	 	 	 	 	 
	 	By: Spectra Energy Partners GP, LLC, its
       general partner 	
 	 
	 	 	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

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

	 	 	 	 	 
	 	Wells Fargo Bank, National Association,

As Trustee

 	 
	 	By:  	 	 
	 	 	              Authorized Signatory 	 

 

			
	1	 	To be included only if the Note is issued in
global form.

A-1

 

[Form of Back of Note]

2.95% Senior Notes due 2016

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

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO HEREIN.]2

     Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

     1. Interest. The Partnership promises to pay interest on the principal amount of this
Note at 2.95% per annum from June 9, 2011 until maturity. The Partnership shall pay interest
semi-annually on June 15 and December 15 of each such year, or if any such day is not a Business
Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes
shall accrue from the most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance. The first Interest Payment Date shall be December 15, 2011.

     2. Method of Payment. The Partnership shall pay interest on the Notes to the Persons
who are registered Holders of Notes at the close of business on the June 1 or December 1 next
preceding the Interest Payment Date, even if such Notes are canceled after such record date and on
or before such Interest Payment Date, except as provided in Section 2.17 of the Base Indenture with
respect to Defaulted Interest, and the Partnership shall pay principal (and premium, if any) of the
Notes upon surrender thereof to the Trustee or a paying agent. The Notes shall be payable as to
principal, premium, if any, and interest at the office or agency of the Trustee maintained for such
purpose in New York, New York, or, at the option of the Partnership, payment of interest may be
made by check mailed to the Holders at their addresses set forth in the Debt Security Register of
Holders, and provided that payment by wire transfer of

 

			
	2	 	To be included only if the Note is issued in
global form.

A-2

 

immediately available funds shall be required with respect to principal of, and interest and
premium, if any, on, each Global Security and all other Notes the Holders of which shall have
provided wire transfer instructions to the Partnership or the paying agent prior to the applicable
record date. Such payment shall be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

     3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association, the
Trustee under the Indenture, shall act as paying agent and Registrar. The Partnership may change
any paying agent or Registrar without notice to any Holder. The Partnership or any of its
Subsidiaries may act in any such capacity.

     4. Indenture. The Partnership has issued the Notes under an Indenture dated as of
June 9, 2011 (the “Base Indenture”), as supplemented by the First Supplemental Indenture dated as
of June 9, 2011 (the “Supplemental Indenture”) between the Partnership and the Trustee. The Base
Indenture, as supplemented by the Supplemental Indenture, is referred to herein as the “Indenture.”
The terms of the Notes include those stated in the Indenture and those made part of the Indenture
by reference to the Trust Indenture Act of 1939, as amended. The Notes are subject to all such
terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To
the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. The Notes are obligations of the
Partnership initially in aggregate principal amount of $250.0 million. The Partnership may issue
an unlimited aggregate principal amount of Additional Notes under the Indenture. Any such
Additional Notes that are actually issued shall be treated as issued and outstanding Notes (and as
the same series as the initial Notes (with identical terms other than with respect to the issue
date, the date of first payment of interest, if applicable, and the payment of interest accruing
prior to the issue date) for all purposes of the Indenture, including waivers, amendments and
redemptions.

     5. Optional Redemption. The Partnership may redeem the Notes, in whole or in part at
any time before May 15, 2016, at a redemption price equal to the greater of (1) 100% of the
principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining
scheduled payments of principal and interest on such Notes (exclusive of interest accrued to the
Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points, plus, in either
case, accrued and unpaid interest, if any, on the principal amount being redeemed to such
Redemption Date. On or after May 15, 2016, the Notes shall be redeemable, at the Partnership’s
option, at any time in whole, or from time to time in part, at a price equal to 100% of the
principal amount of the Notes to be redeemed plus accrued interest on the Notes to be redeemed to
the Redemption Date.

     For purposes of determining any redemption price, the following definitions shall apply:

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes; provided, however, that if no maturity is within three months

A-3

 

before or after the maturity date for such Notes, yields for the two published maturities most
closely corresponding to such United States Treasury security shall be determined and the Treasury
Rate shall be interpolated or extrapolated from those yields on a straight line basis rounding to
the nearest month.

     “Comparable Treasury Price” means, with respect to any Redemption Date for Notes, (1) the
average of four Reference Treasury Dealer Quotations for such Redemption Date after excluding the
highest and lowest of all of the Reference Treasury Dealer Quotations or (2) if the Quotation Agent
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations.

     “Quotation Agent” means the Reference Treasury Dealer appointed by the Partnership.

     “Reference Treasury Dealer” means (i) one U.S. government securities dealer in New York, New
York (a “Primary Treasury Dealer”) selected by Wells Fargo Securities, LLC, and its successors;
(ii) J.P. Morgan Securities LLC and its successors; (iii) Morgan Stanley & Co. LLC and its
successors and (iv) RBS Securities Inc. and its successors; provided, however, that if any such
Person shall cease to be a Primary Treasury Dealer, the Partnership shall substitute therefor
another Primary Treasury Dealer.

     “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding the Redemption Date.

     “Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. The Partnership shall calculate the Treasury
Rate on the third Business Day preceding any Redemption Date and notify the Trustee in writing of
the Treasury Rate prior to the redemption.

     6. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but
not more than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed at
its registered address; provided, however, that such notice may be given more than 60 days prior to
the Redemption Date if the notice is given in connection with a satisfaction and discharge of the
Indenture with respect to the Notes to be redeemed as provided in Article XI of the Base Indenture.
Unless the Partnership defaults in payment of the redemption price, on and after the Redemption
Date interest ceases to accrue on Notes or portions thereof called for redemption.

     7. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Partnership, the Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents, and the Partnership may

A-4

 

require a Holder to pay any taxes, fees or other governmental charges that may be imposed in
relation thereto. The Partnership need not exchange or register the transfer of any Note or
portion of a Note selected for redemption, except for the unredeemed portion of any Note being
redeemed in part. Also, the Partnership need not exchange or register the transfer of any Notes in
respect of which a notice of redemption has been given or for a period of 15 days before any
mailing of notice of redemption.

     8. Persons Deemed Owners. The registered Holder of a Note shall be treated as its
owner for all purposes.

     9. Amendment and Supplement. Subject to certain exceptions, the Indenture or the
Notes may be amended or supplemented with the consent of the Holders of a majority in aggregate
principal amount of the then Outstanding Notes. Without the consent of any Holder of a Note, the
Indenture or the Notes may be amended or supplemented for any of the purposes set forth in Section
9.01 of the Base Indenture, including to cure any ambiguity, defect or inconsistency, to provide
for the assumption of the Partnership’s obligations to Holders of the Notes in case of a merger or
consolidation of the Partnership or the disposition of all or substantially all of the
Partnership’s assets, to make any change that does not adversely affect the rights of any Holder of
the Notes, to permit the qualification of the Indenture under the Trust Indenture Act, to evidence
or provide for the acceptance of appointment under the Indenture of a successor Trustee or to
establish the form or terms of any other series of Debt Securities.

     10. Defaults and Remedies. Events of Default with respect to the Notes are as
follows: (i) default for 30 days in the payment when due of interest on the Notes; (ii) default in
payment when due of principal of or premium, if any, on the Notes at maturity, upon redemption or
otherwise, (iii) failure by the Partnership for 60 days after notice to comply with any of its
other agreements in the Indenture; and (iv) certain events of bankruptcy or insolvency with respect
to the Partnership. If any Event of Default occurs and is continuing, either the Trustee or the
Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all
the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default
arising from certain events of bankruptcy or insolvency with respect to the Partnership, all
Outstanding Notes shall ipso facto become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in aggregate principal amount of the then Outstanding
Notes may direct the Trustee in its exercise of any trust or power. If and so long as the board of
directors, the executive committee or a trust committee of directors or Responsible Officers of the
Trustee in good faith so determines, the Trustee may withhold from Holders of the Notes notice of
any continuing Default (except a Default relating to the payment of principal, premium, if any, or
interest) if it determines that withholding notice is in their interests. The Holders of a
majority in aggregate principal amount of the Notes then Outstanding may on behalf of the Holders
of all of the Notes waive any past Default or Event of Default and its consequences, except a
continuing Default or Event of Default in the payment of interest on, the principal of, or premium,
if any, on the Notes or except as otherwise specified in Section 6.06 of the Base Indenture. The
Partnership is required to deliver to the Trustee annually an Officers’ Certificate regarding
compliance with the Indenture, and the Partnership is required upon becoming aware of any Default
or Event of Default, to deliver to the Trustee an Officers’ Certificate specifying such Default or
Event of Default.

A-5

 

     11. Trustee Dealings with the Partnership. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the Partnership
or its Affiliates, and may otherwise deal with the Partnership or its Affiliates, as if it were not
the Trustee.

     12. No Recourse Against Others. The partners, directors, officers, employees,
incorporators and members of the Partnership, as such, shall have no liability for any obligations
of the Partnership under the Notes or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. By accepting a Note, each Holder shall waive and
release all such liability. The waiver and release shall be part of the consideration for the
issue of the Notes.

     13. Authentication. This Note shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.

     14. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

     15. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee
on Uniform Security Identification Procedures, the Partnership has caused CUSIP and corresponding
ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and corresponding ISIN
numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

     The Partnership shall furnish to any Holder upon written request and without charge a copy of
each of the Base Indenture and the Supplemental Indenture. Requests may be made to:

Spectra Energy Partners, LP

5400 Westheimer Court

Houston, Texas 77056

Attention: Treasurer

A-6

 

Assignment Form

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to

      

(Insert assignee’s soc. sec. or tax I.D. no.)

      

      

      

      

(Print or type assignee’s name, address and zip code)

and irrevocably appoint             
                  
                  
                  
              
agent to transfer this Note on the books of the Partnership. The agent may substitute another to
act for him.

      

Date: _____________

	 	 	 	 	 
	 	Your Signature: 	 
	 	 	 	(Sign exactly as your name appears on the face of this Note) 
	 	 	 
	 	 	 
	 

	Signature Guarantee: 	 

	 	(Signature must be guaranteed by a financial institution that is a member
of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock
Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc.
Medallion Signature Program (“MSP”) or such other signature guarantee
program as may be determined by the Registrar in addition to, or in
substitution for, STAMP, SEMP or MSP, all in accordance with the Securities
Exchange Act of 1934, as amended.)

A-7

 

SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE3

     The original principal amount of this Global Note is $_________. The following increases or
decreases in this Global Note have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount of	 	Signature of
	 	 	Amount of decrease	 	Amount of increase	 	this Global Note	 	authorized
	 	 	in	 	in Principal Amount	 	following such	 	signatory of
	Date of	 	Principal Amount of	 	of	 	decrease	 	Trustee or Note
	Exchange	 	this Global Note	 	this Global Note	 	(or increase)	 	Custodian
	 

	 	 
	 	 
	 	 
	 	 

 

			
	3	 	To be included only if the Note is issued in
global form.

A-8

 

EXHIBIT B

(Form of Face of Note)

			
	CUSIP 84756N AB5
	 	No. __
	ISIN US84756NAB55
	 	$__________
	 
	 	 

SPECTRA ENERGY PARTNERS, LP.

4.60% Senior Notes due 2021

Spectra Energy Partners, LP, a Delaware limited partnership (herein called the “Partnership,” which
term includes any successor Person under the Indenture hereinafter referred to), promises to pay to
__________, or registered assigns, the principal sum of _______________ Dollars [or such greater or
lesser amount as may be endorsed on the Schedule attached
hereto]4 on June 15, 2021.

Interest Payment Dates: June 15 and December 15

Record Dates: June 1 and December 1

	 	 	 	 	 
	 	Spectra Energy Partners, LP

 	 
	 	By:  	Spectra Energy Partners (DE) GP, LP, its

 general partner
 	 
	 	 	 	 
	 	By: 	 Spectra Energy Partners GP, LLC, its general

 partner 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

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

	 	 	 	 	 
	 	Wells Fargo Bank, National Association,

As Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

			
	4	 	To be included only if the Note is issued in
global form.

B-1

 

EXHIBIT B

[Form of Back of Note]

4.60% Senior Notes due 2021

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

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO HEREIN.]5

     Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

     1. Interest. The Partnership promises to pay interest on the principal amount of this
Note at 4.60% per annum from June 9, 2011 until maturity. The Partnership shall pay interest
semi-annually on June 15 and December 15 of each such year, or if any such day is not a Business
Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes
shall accrue from the most recent date to which interest has been paid or, if no interest has been
paid, from the date of issuance. The first Interest Payment Date shall be December 15, 2011.

     2. Method of Payment. The Partnership shall pay interest on the Notes to the Persons
who are registered Holders of Notes at the close of business on the June 1 or December 1 next
preceding the Interest Payment Date, even if such Notes are canceled after such record date and on
or before such Interest Payment Date, except as provided in Section 2.17 of the Base Indenture with
respect to Defaulted Interest, and the Partnership shall pay principal (and premium, if any) of the
Notes upon surrender thereof to the Trustee or a paying agent. The Notes shall be payable as to
principal, premium, if any, and interest at the office or agency of the Trustee maintained for such
purpose in New York, New York, or, at the option of the Partnership, payment of interest may be
made by check mailed to the Holders at their addresses set forth in the Debt Security Register of
Holders, and provided that payment by wire transfer of

 

			
	5	 	To be included only if the Note is issued in
global form.

B-2

 

immediately available funds shall be required with respect to principal of, and interest and
premium, if any, on, each Global Security and all other Notes the Holders of which shall have
provided wire transfer instructions to the Partnership or the paying agent prior to the applicable
record date. Such payment shall be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

     3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association, the
Trustee under the Indenture, shall act as paying agent and Registrar. The Partnership may change
any paying agent or Registrar without notice to any Holder. The Partnership or any of its
Subsidiaries may act in any such capacity.

     4. Indenture. The Partnership has issued the Notes under an Indenture dated as of
June 9, 2011 (the “Base Indenture”), as supplemented by the First Supplemental Indenture dated as
of June 9, 2011 (the “Supplemental Indenture”) between the Partnership and the Trustee. The Base
Indenture, as supplemented by the Supplemental Indenture, is referred to herein as the “Indenture.”
The terms of the Notes include those stated in the Indenture and those made part of the Indenture
by reference to the Trust Indenture Act of 1939, as amended. The Notes are subject to all such
terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To
the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. The Notes are obligations of the
Partnership initially in aggregate principal amount of $250.0 million. The Partnership may issue
an unlimited aggregate principal amount of Additional Notes under the Indenture. Any such
Additional Notes that are actually issued shall be treated as issued and outstanding Notes (and as
the same series as the initial Notes (with identical terms other than with respect to the issue
date, the date of first payment of interest, if applicable, and the payment of interest accruing
prior to the issue date) for all purposes of the Indenture, including waivers, amendments and
redemptions.

     5. Optional Redemption. The Partnership may redeem the Notes, in whole or in part at
any time before March 15, 2021, at a redemption price equal to the greater of (1) 100% of the
principal amount of the Notes to be redeemed and (2) the sum of the present values of the remaining
scheduled payments of principal and interest on such Notes (exclusive of interest accrued to the
Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points, plus, in either
case, accrued and unpaid interest, if any, on the principal amount being redeemed to such
Redemption Date. On or after March 15, 2021, the Notes shall be redeemable, at the Partnership’s
option, at any time in whole, or from time to time in part, at a price equal to 100% of the
principal amount of the Notes to be redeemed plus accrued interest on the Notes to be redeemed to
the Redemption Date.

     For purposes of determining any redemption price, the following definitions shall apply:

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term of the Notes to be redeemed
that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Notes; provided, however, that if no maturity is within three months

B-3

 

before or after the maturity date for such Notes, yields for the two published maturities most
closely corresponding to such United States Treasury security shall be determined and the Treasury
Rate shall be interpolated or extrapolated from those yields on a straight line basis rounding to
the nearest month.

     “Comparable Treasury Price” means, with respect to any Redemption Date for Notes, (1) the
average of four Reference Treasury Dealer Quotations for such Redemption Date after excluding the
highest and lowest of all of the Reference Treasury Dealer Quotations or (2) if the Quotation Agent
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
quotations.

     “Quotation Agent” means the Reference Treasury Dealer appointed by the Partnership.

     “Reference Treasury Dealer” means (i) one U.S. government securities dealer in New York, New
York (a “Primary Treasury Dealer”) selected by Wells Fargo Securities, LLC, and its successors;
(ii) J.P. Morgan Securities LLC and its successors; (iii) Morgan Stanley & Co. LLC and its
successors and (iv) RBS Securities Inc. and its successors; provided, however, that if any such
Person shall cease to be a Primary Treasury Dealer, the Partnership shall substitute therefor
another Primary Treasury Dealer.

     “Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked
prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal
amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding the Redemption Date.

     “Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the
semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such Redemption Date. The Partnership shall calculate the Treasury
Rate on the third Business Day preceding any Redemption Date and notify the Trustee in writing of
the Treasury Rate prior to the redemption.

     6. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but
not more than 60 days before the Redemption Date to each Holder whose Notes are to be redeemed at
its registered address; provided, however, that such notice may be given more than 60 days prior to
the Redemption Date if the notice is given in connection with a satisfaction and discharge of the
Indenture with respect to the Notes to be redeemed as provided in Article XI of the Base Indenture.
Unless the Partnership defaults in payment of the redemption price, on and after the Redemption
Date interest ceases to accrue on Notes or portions thereof called for redemption.

     7. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Partnership, the Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents, and the Partnership may

B-4

 

require a Holder to pay any taxes, fees or other governmental charges that may be imposed in
relation thereto. The Partnership need not exchange or register the transfer of any Note or
portion of a Note selected for redemption, except for the unredeemed portion of any Note being
redeemed in part. Also, the Partnership need not exchange or register the transfer of any Notes in
respect of which a notice of redemption has been given or for a period of 15 days before any
mailing of notice of redemption.

     8. Persons Deemed Owners. The registered Holder of a Note shall be treated as its
owner for all purposes.

     9. Amendment and Supplement. Subject to certain exceptions, the Indenture or the
Notes may be amended or supplemented with the consent of the Holders of a majority in aggregate
principal amount of the then Outstanding Notes. Without the consent of any Holder of a Note, the
Indenture or the Notes may be amended or supplemented for any of the purposes set forth in Section
9.01 of the Base Indenture, including to cure any ambiguity, defect or inconsistency, to provide
for the assumption of the Partnership’s obligations to Holders of the Notes in case of a merger or
consolidation of the Partnership or the disposition of all or substantially all of the
Partnership’s assets, to make any change that does not adversely affect the rights of any Holder of
the Notes, to permit the qualification of the Indenture under the Trust Indenture Act, to evidence
or provide for the acceptance of appointment under the Indenture of a successor Trustee or to
establish the form or terms of any other series of Debt Securities.

     10. Defaults and Remedies. Events of Default with respect to the Notes are as
follows: (i) default for 30 days in the payment when due of interest on the Notes; (ii) default in
payment when due of principal of or premium, if any, on the Notes at maturity, upon redemption or
otherwise, (iii) failure by the Partnership for 60 days after notice to comply with any of its
other agreements in the Indenture; and (iv) certain events of bankruptcy or insolvency with respect
to the Partnership. If any Event of Default occurs and is continuing, either the Trustee or the
Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare all
the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default
arising from certain events of bankruptcy or insolvency with respect to the Partnership, all
Outstanding Notes shall ipso facto become due and payable without further action or notice.
Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in aggregate principal amount of the then Outstanding
Notes may direct the Trustee in its exercise of any trust or power. If and so long as the board of
directors, the executive committee or a trust committee of directors or Responsible Officers of the
Trustee in good faith so determines, the Trustee may withhold from Holders of the Notes notice of
any continuing Default (except a Default relating to the payment of principal, premium, if any, or
interest) if it determines that withholding notice is in their interests. The Holders of a
majority in aggregate principal amount of the Notes then Outstanding may on behalf of the Holders
of all of the Notes waive any past Default or Event of Default and its consequences, except a
continuing Default or Event of Default in the payment of interest on, the principal of, or premium,
if any, on the Notes or except as otherwise specified in Section 6.06 of the Base Indenture. The
Partnership is required to deliver to the Trustee annually an Officers’ Certificate regarding
compliance with the Indenture, and the Partnership is required upon becoming aware of any Default
or Event of Default, to deliver to the Trustee an Officers’ Certificate specifying such Default or
Event of Default.

B-5

 

     11. Trustee Dealings with the Partnership. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the Partnership
or its Affiliates, and may otherwise deal with the Partnership or its Affiliates, as if it were not
the Trustee.

     12. No Recourse Against Others. The partners, directors, officers, employees,
incorporators and members of the Partnership, as such, shall have no liability for any obligations
of the Partnership under the Notes or the Indenture or for any claim based on, in respect of, or by
reason of, such obligations or their creation. By accepting a Note, each Holder shall waive and
release all such liability. The waiver and release shall be part of the consideration for the
issue of the Notes.

     13. Authentication. This Note shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.

     14. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (=
joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

     15. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee
on Uniform Security Identification Procedures, the Partnership has caused CUSIP and corresponding
ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and corresponding ISIN
numbers in notices of redemption as a convenience to Holders. No representation is made as to the
accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

     The Partnership shall furnish to any Holder upon written request and without charge a copy of
each of the Base Indenture and the Supplemental Indenture. Requests may be made to:

Spectra Energy Partners, LP

5400 Westheimer Court

Houston, Texas 77056

Attention: Treasurer

B-6

 

EXHIBIT B

Assignment Form

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to

      

(Insert assignee’s soc. sec. or tax I.D. no.)

      

      

      

      

(Print or type assignee’s name, address and zip code)

and
irrevocably appoint

agent to transfer this Note on the books of the Partnership. The agent may substitute another to
act for him.

      

Date: _____________

	 	 	 	 	 
	 	 	 
	 	Your Signature:  	
 
	 	 	(Sign exactly as your name appears on the face of this Note) 

	Signature Guarantee: 	 
	 
	 	(Signature must be guaranteed by a financial institution that is a member
of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock
Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc.
Medallion Signature Program (“MSP”) or such other signature guarantee
program as may be determined by the Registrar in addition to, or in
substitution for, STAMP, SEMP or MSP, all in accordance with the Securities
Exchange Act of 1934, as amended.)

B-7

 

EXHIBIT B

SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE6

     The original principal amount of this Global Note is $_________. The following increases or
decreases in this Global Note have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount of	 	Signature of
	 	 		 		 	this Global Note	 	authorized
	 	 	Amount of decrease in	 	Amount of increase	 	following such	 	signatory of
	Date of	 	Principal Amount of	 	in Principal Amount of	 	decrease	 	Trustee or Note
	Exchange	 	this Global Note	 	this Global Note	 	(or increase)	 	Custodian
	 	 	 	 	 	 	 	 	 

 

			
	6	 	To be included only if the Note is issued in
global form.

B-8Exhibit 4-1 SECOND WARRANT CONFIRMATION AMENDMENT AGREEMENT

SECOND WARRANT CONFIRMATION AMENDMENT AGREEMENT

THIS SECOND WARRANT CONFIRMATION AMENDMENT AGREEMENT (this “Agreement”) dated as of June 6, 2011 is between Core Laboratories N.V. (“Issuer”) and Citibank, N.A. (“Dealer”).  Unless otherwise defined herein, each capitalized term used herein shall have the meaning assigned to such term in the Confirmation referred to below.

RECITALS

WHEREAS, Issuer and Dealer (by way of an assignment from Lehman Brothers OTC Derivatives Inc. (“Lehman”) dated March 10, 2009) are parties to a confirmation dated October 31, 2006 (as amended by that certain letter agreement dated as of November 15, 2006 between Lehman, as represented by its agent Lehman Brothers Inc. as its agent, and Issuer, and the First Warrant Amendment (as defined below), the “Confirmation”), relating to Warrants on shares of common stock (par value EUR 0.04) of Issuer issued by Issuer to Dealer;

WHEREAS, Issuer has declared and paid dividends and also had a two-for-one stock split that reduced the par value of the common stock to EUR 0.02 since the date of the Confirmation that collectively have resulted in an adjustment to the number of outstanding and Daily Warrants and the Strike Price; 

WHEREAS, Issuer and Dealer entered into a Warrant Confirmation Amendment Agreement dated as of May 4, 2011 to accelerate the expiration of part of the Transaction consisting of 1,648,040 Warrants in the aggregate (the “First Warrant Amendment”);

WHEREAS, as of the date of this Agreement, the current aggregate number of outstanding Warrants is 4,944,100 Warrants, the Daily Number of Warrants is 247,205 Warrants and the current Strike Price is $61.2482;

WHEREAS, Issuer and Dealer have agreed to amend the Confirmation and accelerate the expiration of part of the Transaction evidenced thereby, subject to the terms and conditions of this Agreement; 

NOW, THEREFORE, in consideration of the premises set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

1.Amendments to Confirmation.  
(a)    The following terms set forth in the Confirmation are hereby amended as follows:
Number of Warrants:    4,944,100 (it being understood that such number represents the original Number of Warrants, as adjusted to the date of the Second Warrant Confirmation Amendment Agreement dated as of June 6, 2011 between Issuer and Dealer (the “Second Warrant Amendment”), as reduced by the number of Warrants that have been exercised or expired prior to the date of the Second Warrant Amendment as a result of the Warrant Confirmation Amendment Agreement dated as of May 4, 2011 between 

Issuer and Dealer.
Remaining Daily Number of Warrants: 247,205
Strike Price:    For Warrants with Expiration Dates that fall in the period beginning on and including the First Expiration Date and ending on and including the Final Expiration Date, the Strike Price shall be $61.2482; for Warrants with Expiration Dates that fall in the period beginning on and including the Second Starting Accelerated Expiration Date and ending on and including the Second Final Accelerated Expiration Date, the Strike Price for all Warrants with each such particular Expiration Date will be determined by reference to the table set forth in Annex A, using as the input the VWAP Price on such Expiration Date (using linear interpolation or extrapolation if the particular VWAP Price on such Expiration Date does not appear in such table).
Expiration Date(s):    Each Scheduled Trading Day in the period beginning on and including the First Expiration Date and ending on and including the Final Expiration Date shall be an “Expiration Date” for a number of Warrants equal to the Remaining Daily Number of Warrants on such date, and each Scheduled Trading Day in the period beginning on and including the Second Starting Accelerated Expiration Date and ending on and including the Second Final Accelerated Expiration Date (such period, the “Second Accelerated Expiration Period”) shall be an “Expiration Date” for a number of Warrants equal to the Second Accelerated Daily Number of Warrants on such date.
Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Expiration Date that falls in the period beginning on and including the First Expiration Date and ending on and including the Final Expiration Date, the Calculation Agent shall (i) make adjustments, if applicable, to the Remaining Daily Number of Warrants for which such day shall be an Expiration Date and (ii) designate the Scheduled Trading Day immediately following such day (which may be an Expiration Date for another Remaining Daily Number of Warrants) as 

the Expiration Date for the Remaining Daily Number of Warrants or a portion thereof for the original Expiration Date; provided that any such designation shall be subject to legal, regulatory or self-regulatory requirements and related policies and procedures applicable to Dealer (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer); provided further that if such Expiration Date has not occurred pursuant to immediately preceding clause (ii) as of the third Scheduled Trading Day following the Final Expiration Date under this Transaction, the Calculation Agent shall have the right to declare such Scheduled Trading Day to be the final Expiration Date and the Calculation Agent shall determine its good faith estimate of the fair market value for the Shares as of the Valuation Time on that third Scheduled Trading Day or on any subsequent Scheduled Trading Day, as the Calculation Agent shall determine using commercially reasonable means.
Notwithstanding the foregoing and anything to the contrary in the Equity Definitions, if a Market Disruption Event occurs on any Expiration Date that falls in the period beginning on and including the Second Starting Accelerated Expiration Date and ending on and including the Second Final Accelerated Expiration Date, the Calculation Agent shall (i) make adjustments, if applicable, to the Second Accelerated Daily Number of Warrants for which such day shall be an Expiration Date and (ii) designate the Scheduled Trading Day immediately following such day (which may be an Expiration Date for another Second Accelerated Daily Number of Warrants) as the Expiration Date for the remaining Second Accelerated Daily Number of Warrants or a portion thereof for the original Expiration Date; provided that any such designation shall be subject to legal, regulatory or self-regulatory requirements and related policies and procedures applicable to Dealer (whether or not such requirements, policies or procedures are imposed by law or have been voluntarily adopted by Dealer); provided further that if such Expiration Date has not occurred pursuant to immediately 

preceding clause (ii) as of the third Scheduled Trading Day following the Second Final Accelerated Expiration Date under this Transaction, the Calculation Agent shall have the right to declare such Scheduled Trading Day to be the final Expiration Date for Warrants scheduled to expire during the Second Accelerated Expiration Period and the Calculation Agent shall determine its good faith estimate of the fair market value for the Shares as of the Valuation Time on that third Scheduled Trading Day or on any subsequent Scheduled Trading Day, as the Calculation Agent shall determine using commercially reasonable means.

(b)    The Confirmation is hereby amended by inserting new sections in Part 2 of the Confirmation as follows:
Second Starting Expiration Date:    The Scheduled Trading Day that is 20 Scheduled Trading Days prior to the Second Final Accelerated Expiration Date.
Second Final Accelerated Expiration Date: July 1, 2011
Second Accelerated Daily Number of Warrants: 82,402
Settlement Method Election:    Applicable; provided that (i) references to “Physical Settlement” in Section 7.1 of the Equity Definitions shall be replaced by references to “Net Share Settlement”; (ii) any election by Issuer of Cash Settlement shall be deemed to be a representation and warranty to Dealer on the date of such election that (A) the representations and warranties set forth in Section 2(b)(1) and 2(b)(2) of the Second Warrant Amendment are true and correct as of the date of such election and (B) Issuer is electing Cash Settlement in good faith and not as part of a plan or scheme to evade compliance with the federal securities laws; and (iii) each election of settlement method shall apply to all Warrants scheduled to expire on a specific Expiration Date.
Electing Party:    Issuer
Settlement Method Election Date:    With respect to the Warrants scheduled to expire on a specific Expiration Date, by 9:15 a.m., New York City time, on that Expiration Date and communicated to Dealer by e-mail by that time (and notwithstanding the terms of Section 7.1 of the Equity Definitions, Electing Party shall 

not be required to provide written confirmation confirming the substance of any e-mail notice).
Default Settlement Method:    Net Share Settlement

2.Representations.  
(a)On the date of this Agreement, each party represents to the other party that (i) it is duly organized and  validly existing under the laws of the jurisdiction of its organization or incorporation; (ii) it has the power to execute this Agreement, to deliver this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorize such execution delivery and performance; and (iii) its obligations under this Agreement constitute its legal, valid and binding obligations, enforceable in accordance with their terms (subject to applicable bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)).

(b)On the date of this Agreement, Issuer represents to Dealer as follows:  

(1)    (A) none of Issuer and its officers and directors is aware of any material nonpublic information regarding Issuer or the Shares and (B) all reports and other documents filed by Issuer with the Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934 (the “Exchange Act”) when considered as a whole (with the more recent such reports and documents deemed to amend inconsistent statements contained in any earlier such reports and documents), do not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances in which they were made, not misleading.
                
(2)    (A) the assets of Issuer at their fair valuation exceed the liabilities of Issuer, including contingent liabilities, (B) the capital of Issuer is adequate to conduct the business of Issuer and (C) Issuer has the ability to pay its debts and obligations as such debts mature and does not intend to, or does not believe that it will, incur debt beyond its ability to pay as such debts mature.
                
(3)    Issuer is receiving no additional payment for the issuance and delivery of Shares to Dealer.

(4)    Issuer is not compensating any financial advisor in connection with this Agreement.

(c)    On the date of this Agreement, Dealer represents to Issuer as follows:
            
(1)    Dealer is the beneficial owner of the Warrants, free and clear of any lien and any other limitation or restriction, other than limitations and restrictions set forth in the Confirmation as imposed by applicable securities laws, and has been for a period of at least one (1) year prior to the date of this Agreement.

(2)     Dealer is not, and has not been during the preceding three months, an “affiliate” of Issuer as that term is defined in Rule 144(a)(1) promulgated under the Securities Act of 1933.

(3)    Dealer is making no additional payment for the delivery of Shares by Issuer in connection with a Net Share Settlement of the Warrants. 

3.Acknowledgement of Dealer.  Dealer acknowledges that Issuer is the issuer of the Shares.  Dealer also understands and acknowledges that, for this and other reasons, Issuer has access to (and may be or is in possession of) information about Issuer and the Shares (which may include material, non-public information) that may be or is material and superior to the information available to Dealer, that Dealer does not have such access to such information, and that Issuer is not sharing any such information with Dealer.  Dealer acknowledges that it is entering into this Agreement without any reliance on Issuer or any of Issuer's representatives (except that Dealer is relying on Issuer's representations, warranties and agreements set forth in the Confirmation and in this Agreement), that this Agreement has not been solicited by Issuer and has been entered into at Dealer's initiative based on Dealer's current investment or trading strategies.  Dealer represents to Issuer that Dealer, together with Dealer's professional advisers, is a sophisticated investor with respect to the Shares and Issuer, and is capable of evaluating the risks associated with the Transaction under the Confirmation as amended by this Agreement, including the risk of transacting on the basis of inferior information, and that Dealer is capable of sustaining any loss resulting therefrom without material injury. 

Dealer also specifically acknowledges that Issuer would not enter into this Agreement in the absence of Dealer's representations and acknowledgments set out in this Agreement, and that this Agreement, including such representations and acknowledgments, are a fundamental inducement to Issuer, and a substantial portion of the consideration provided by Dealer, in this transaction, and that Issuer would not enter into this transaction but for this inducement.  
        
4.Effectiveness.  This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other party hereto.  Upon the effectiveness of this Agreement, (a) all references to the Confirmation will be deemed to be the Confirmation, as amended by this Agreement, and (b) all references in the Confirmation to the “Transaction” will be deemed to be to the Transaction as amended by this Agreement.

5.Amendments.  No amendment, modification or waiver in respect of this Agreement will be effective unless in writing and executed by each of the parties hereto.

6.No Additional Amendments or Waivers.  Except as amended hereby, all the terms of the Transaction and provisions in the Confirmation shall remain and continue in full force and effect and are hereby confirmed in all respects.

7.Counterparts.  This Agreement may be signed in any number of counterparts (including by PDF, facsimile or email transmission), each of which shall be an original, with the same effect as if all of the signatures hereto were upon the same instrument.

8.(a)    Waiver of Trial by Jury.  EACH OF ISSUER AND DEALER HEREBY IRREVOCABLY WAIVES (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY APPLICABLE LAW, ON BEHALF OF ITS STOCKHOLDERS) ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF DEALER OR ITS AFFILIATES IN THE NEGOTIATION, PERFORMANCE OR ENFORCEMENT HEREOF.

(b)    Governing Law.  THIS AGREEMENT SHALL BE GOVERNED 

BY THE LAWS OF THE STATE OF NEW YORK.  THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES COURT FOR THE SOUTHERN DISTRICT OF NEW YORK IN CONNECTION WITH ALL MATTERS RELATING HERETO AND WAIVE ANY OBJECTION TO THE LAYING OF VENUE IN, AND ANY CLAIM OF INCONVENIENT FORUM WITH RESPECT TO, THESE COURTS.

[Signature page follows.]

The parties hereto have caused this Agreement to be duly executed as of the day and year first above written.

CITIBANK, N.A.

By:  /s/ James Heathcote                    
Name:  James Heathcote
Title:  Authorized Representative

CORE LABORATORIES N.V.
By:  Core Laboratories International B.V., its Sole Managing Director

By:  /s/ Jacobus Schouten                    
Name:  Jacobus Schouten
Title: Managing Director of Core Laboratories International B.V.

Annex A

	
		
	VWAP Price ($)
	Strike Price ($)

	87.0000
	58.8100

	87.5000
	58.8700

	88.0000
	58.9300

	88.5000
	58.9900

	89.0000
	59.0600

	89.5000
	59.1100

	90.0000
	59.1600

	90.5000
	59.2100

	91.0000
	59.2600

	91.5000
	59.3100

	92.0000
	59.3700

	92.5000
	59.4100

	93.0000
	59.4500

	93.5000
	59.5000

	94.0000
	59.5400

	94.5000
	59.5900

	95.0000
	59.6300

	95.5000
	59.6700

	96.0000
	59.7100

	96.5000
	59.7400

	97.0000
	59.7800

	97.5000
	59.8200

	98.0000
	59.8500

	98.5000
	59.8900

	99.0000
	59.9200

	99.5000
	59.9500

	100.0000
	59.9800

	100.5000
	60.0200

	101.0000
	60.0500

	101.5000
	60.0800

	102.0000
	60.1100

	102.5000
	60.1300

	103.0000
	60.1600

	103.5000
	60.1800

	104.0000
	60.2100

	104.5000
	60.2300

(To be continued on the next page)

	
		
	VWAP Price ($)
	Strike Price ($)

	105.0000
	60.2600

	105.5000
	60.2800

	106.0000
	60.3100

	106.5000
	60.3300

	107.0000
	60.3500

	107.5000
	60.3700

	108.0000
	60.3900

	108.5000
	60.4100

	109.0000
	60.4300

	109.5000
	60.4500

	110.0000
	60.4700

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