Document:

exv10w1

 

Exhibit 10.1

Summary of Certain Officer Compensation Arrangements

Effective July 1, 2007

     The following table presents, effective July 1, 2007, the base salaries and target bonuses (as
a percentage of base salary) for Pride’s named executive officers who are currently executive
officers of the company.

	 	 	 	 	 
	Name	 	Salary	 	Target Bonus
	 
	 	 	 	 
	Louis A. Raspino
	 	$900,000	 	90%
	Rodney W. Eads
	 	$535,000	 	75%
	Brian C. Voegele
	 	$405,000	 	60%
	W. Gregory Looser
	 	$382,000	 	55%
	Lonnie D. Bane
	 	$335,000	 	55%

     Under Pride’s annual incentive compensation plan for 2007, bonuses for executive officers will
be paid based on the achievement of metrics established by Pride’s Compensation Committee. The
metrics under the plan for 2007 (with target weight) consist of earnings per share (30%), operating
and general and administrative expense control (15%), operating efficiency (10%), working capital
(10%), safety performance on a company-wide basis (10%) and personal performance goals (25%). The
maximum bonus equals two times the target bonus.

5exv4w1

 

Exhibit 4.1

FIRST SUPPLEMENTAL INDENTURE

     FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of June 30, 2007,
between TE Products Pipeline Companies, LLC, a Texas limited liability company (“TE Products”), and
The Bank of New York Trust Company, N.A., a national association, as successor trustee to The Bank
of New York, as trustee under the indenture referred to below (in such capacity, the “Trustee”).

WITNESSETH:

     WHEREAS, TE Products Pipeline Company, Limited Partnership, a Texas limited partnership
(formerly a Delaware limited partnership, the “Company”), has heretofore executed and delivered to
the Trustee an Indenture dated as of January 27, 1998 (the “Indenture”), providing for the
Company’s issuance of two series of Securities known as the Company’s 6.45% Senior Notes due 2008
and its 7.51% Senior Notes due 2028 and other Securities in one or more series unlimited as to
principal amount;

     WHEREAS, pursuant to an Agreement and Plan of Merger dated as of June 30, 2007, between the
Company and TE Products, the Company is, concurrently with the execution and delivery of this First
Supplemental Indenture, merging with and into TE Products (the “Merger”), TE Products being the
surviving company and retaining the name “TE Products Pipeline Company, LLC;”

     WHEREAS, Section 801(1) of the Indenture provides that TE Products, as the surviving company
of the Merger, is required to expressly assume, by an indenture supplemental to the Indenture, the
due and punctual payment of the principal of and any premium and interest on all the Securities and
the performance or observance of every covenant of the Indenture on the part of the Company to be
performed or observed;

     WHEREAS, Section 901(1) of the Indenture permits the execution of supplemental indentures
without the consent of any Holders to evidence the succession of another Person to the Company and
the assumption by any such successor of the covenants of the Company in the Indenture and in the
Securities;

     WHEREAS, pursuant to the foregoing authority, TE Products proposes, in and by this First
Supplemental Indenture, to supplement and amend the Indenture;

     WHEREAS, all things necessary to make this First Supplemental Indenture a valid agreement of
TE Products, in accordance with its terms, have been done;

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, TE Products and the Trustee mutually
covenant and agree for the equal and proportionate benefit of the Holders of the Securities, as
follows:

     1. Capitalized Terms. Capitalized terms used herein and not defined herein shall have the
meaning ascribed to them in the Indenture.

 

 

     2. Succession by Merger. As of the effective time of the Merger, (i) TE Products shall become
the successor to the Company for all purposes of the Indenture, (ii) TE Products hereby expressly
assumes the due and punctual payment of the principal of and any premium and interest on all the
Securities and the performance or observance of every covenant of the Indenture on the part of the
Company to be performed or observed and (iii) the Company shall be relieved of all obligations and
covenants under the Indenture and the Securities. References in the Indenture to the term “General
Partner” shall hereafter be deemed to refer to the “Manager” of TE Products, as such term is
defined and used in the organizational documents of TE Products, or any other Person of a position
comparable thereto as provided in such documents; provided, however, that such Manager or any other
such comparable Person is not a general partner of TE Products and, accordingly, that provisions
applicable to the “General Partner” in the Indenture in its capacity as, and as a result of, its
status as a general partner of a limited partnership shall cease to be applicable.

     3. Ratification. The Indenture and the Securities, as hereby amended and supplemented, are
ratified and confirmed in all respects and shall continue to be in full force and effect. From and
after the date hereof, this First Supplemental Indenture shall form a part of the Indenture for all
purposes, and every Holder of Securities heretofore or hereafter authenticated and delivered shall
be bound hereby.

     4. NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     5. Counterparts. The parties may sign any number of counterparts of this Supplemental
Indenture, each of which shall be an original; but such counterparts shall together constitute but
one and the same instrument.

     6. Effect of Headings. The headings herein are for convenience only and shall not affect the
construction hereof.

-2-

 

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

	 	 	 	 	 
	 
	 	 	 	 
	 	 	TE PRODUCTS PIPELINE COMPANY, LLC
	 
	 	 	 	 
	`

	 	By
	 	TEPPCO GP, Inc.,

Its Manager
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias
	 

	 	 	 	 
	 

	 	 	 	Name: William G. Manias
	 

	 	 	 	Title: Vice President and Chief Financial Officer
	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Alma Marcella Burgess
	 

	 	 	 	 
	 

	 	 	 	Name: Alma Marcella Burgess
	 

	 	 	 	Title: Assistant Vice President

Signature Page to First Supplemental Indentureexv4w2

 

Exhibit 4.2

SECOND SUPPLEMENTAL INDENTURE

     SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of June 30, 2007, among
TEPPCO Partners, L.P., a Delaware limited partnership (the “Partnership”), TE Products Pipeline
Company, Limited Partnership, a Texas limited partnership (formerly a Delaware limited partnership,
“TE Products”), TCTM, L.P., a Delaware limited partnership (“TCTM”), TEPPCO Midstream Companies,
L.P., a Texas limited partnership (formerly a Delaware limited partnership, “TEPPCO Midstream”),
Val Verde Gas Gathering Company, L.P., a Delaware limited partnership (“Val Verde”, and together
with TE Products, TCTM and TEPPCO Midstream, the “Existing Subsidiary Guarantors”), TE Products
Pipeline Company, LLC, a Texas limited liability company, TEPPCO Midstream Companies, LLC, a Texas
limited liability company (together with TE Products Pipeline Company, LLC, the “New Subsidiary
Guarantors”), and The Bank of New York Trust Company, N.A., as trustee under the Indenture referred
to below (in such capacity, the “Trustee”).

WITNESSETH:

     WHEREAS, the Partnership and the Existing Subsidiary Guarantors have heretofore executed and
delivered to the Trustee an Indenture dated as of May 14, 2007 (the “Original Indenture”),
providing for the Partnership’s issuance, from time to time, of its Debt Securities in one or more
series unlimited as to principal amount, and the Guarantees by each of the Subsidiary Guarantors of
the Debt Securities;

     WHEREAS, the Partnership and the Existing Subsidiary Guarantors have heretofore executed and
delivered to the Trustee a First Supplemental Indenture dated as of May 18, 2007 (the “First
Supplemental Indenture,” and together with the Original Indenture, the “Indenture”), providing for
the Partnership’s issuance of the initial series of its Debt Securities under the Indenture, such
series known as the Partnership’s 7.000% Fixed/Floating Rate Junior Subordinated Notes due 2067
(the “2067 Notes”);

     WHEREAS, Section 9.01(h) of the Indenture authorizes the Partnership, the Subsidiary
Guarantors and the Trustee, from time to time and at any time, and without the consent of the
Holders, to enter into one or more indentures supplemental to the Indenture to add Subsidiary
Guarantors with respect to any or all Debt Securities;

     WHEREAS, the New Subsidiary Guarantors are Subsidiaries of the Partnership and the Partnership
desires to cause each New Subsidiary Guarantor, and each New Subsidiary Guarantor desires to
become, a Subsidiary Guarantor with respect to the 2067 Notes;

     WHEREAS, Section 9.01 of the Indenture authorizes the Trustee to join with the Partnership and
the Subsidiary Guarantors in the execution of this Supplemental Indenture for the purpose of adding
a Subsidiary Guarantor, and further provides that any such supplemental indenture may be executed
by the Partnership, the Subsidiary Guarantors and the Trustee without the consent of the Holders of
any Debt Securities at the time Outstanding; and

 

 

     WHEREAS, all things necessary have been done to make the Guarantee of the 2067 Notes by each
New Subsidiary Guarantor the valid obligation of such New Subsidiary Guarantor and to make this
Supplemental Indenture a valid agreement of the Partnership, the Existing Subsidiary Guarantors and
the New Subsidiary Guarantors, in accordance with their respective terms;

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Partnership, the Existing
Subsidiary Guarantors, the New Subsidiary Guarantors and the Trustee mutually covenant and agree
for the equal and proportionate benefit of the Holders of the 2067 Notes as follows:

     1. Capitalized Terms. Capitalized terms used herein and not defined herein shall have the
meaning ascribed to them in the Indenture.

     2. Agreement to Guarantee. Each New Subsidiary Guarantor hereby agrees, jointly and severally
with all other Subsidiary Guarantors, fully, unconditionally and absolutely to guarantee, to the
extent set forth in the Indenture and subject to the provisions of the Indenture, the due and
punctual payment of the principal of, and the premium, if any, and interest on, the 2067 Notes and
all other amounts due and payable by the Partnership under the Indenture and the 2067 Notes, and to
be bound by all other provisions of the Indenture applicable to Subsidiary Guarantors. Further,
each New Subsidiary Guarantor acknowledges and agrees that its obligations to the Holders of the
2067 Notes and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth
in Article XIV of the Indenture, and reference is hereby made to the Indenture for the precise
terms of the Guarantee.

     3. No Recourse Against Others. The General Partner, the Persons who formed the General
Partner and the General Partner’s directors, officers, employees, incorporators and members, as
such, shall have no liability for any obligations of the Partnership or the Subsidiary Guarantors
under the 2067 Notes, the Guarantees, the Indenture or this Supplemental Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. By accepting a 2067
Note, each Holder waived and released all such liability. Such waiver and release are a part of
the consideration for issuance of the 2067 Notes.

     4. NEW YORK LAW TO GOVERN. THIS SUPPLEMENTAL INDENTURE AND THE GUARANTEES PROVIDED FOR HEREIN
SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     5. Counterparts. The parties may sign any number of counterparts of this Supplemental
Indenture, each of which shall be an original; but such counterparts shall together constitute but
one and the same instrument.

     6. Effect of Headings. The headings herein are for convenience only and shall not affect the
construction hereof.

[Remainder of page intentionally left blank; signature pages follow]

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     IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed
and delivered, all as of the date first above written.

	 	 	 	 	 
	 
	 	 	 	 
	 	 	TEPPCO Partners, L.P.
	 
	 	 	 	 
	 

	 	By
	 	Texas Eastern Products Pipeline Company, LLC,
	 

	 	 	 	Its General Partner
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias
	 

	 	 	 	 
	 

	 	 	 	William G. Manias
	 

	 	 	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 	 	TE Products Pipeline Company, Limited Partnership
	 
	 	 	 	 
	 

	 	By
	 	TEPPCO GP, Inc.,
	 

	 	 	 	Its General Partner
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias
	 

	 	 	 	 
	 

	 	 	 	William G. Manias
	 

	 	 	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	TCTM, L.P.
	 
	 	 	 	 
	 

	 	By
	 	TEPPCO GP, Inc.,
	 

	 	 	 	Its General Partner
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias
	 

	 	 	 	 
	 

	 	 	 	William G. Manias
	 

	 	 	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 	 	TEPPCO Midstream Companies, L.P.
	 
	 	 	 	 
	 

	 	By
	 	TEPPCO GP, Inc.,
	 

	 	 	 	Its General Partner
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias
	 

	 	 	 	 
	 

	 	 	 	William G. Manias
	 

	 	 	 	Vice President and Chief Financial Officer

Signature Page to Second Supplemental Indenture

 

 

	 	 	 	 	 
	 
	 	 	 	 
	 	 	Val Verde Gas Gathering Company, L.P.
	 
	 	 	 	 
	 

	 	By
	 	TEPPCO NGL Pipelines, LLC,
	 

	 	 	 	Its General Partner
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias
	 

	 	 	 	 
	 

	 	 	 	William G. Manias
	 

	 	 	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 	 	TE Products Pipeline Company, LLC
	 
	 	 	 	 
	 

	 	By
	 	TEPPCO GP, Inc.,
	 

	 	 	 	Its Manager
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias
	 

	 	 	 	 
	 

	 	 	 	William G. Manias
	 

	 	 	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 	 	TEPPCO Midstream Companies, LLC
	 
	 	 	 	 
	 

	 	By
	 	TEPPCO GP, Inc.,
	 

	 	 	 	Its Manager
	 
	 	 	 	 
	 

	 	By:
	 	/s/ William G. Manias
	 

	 	 	 	 
	 

	 	 	 	William G. Manias
	 

	 	 	 	Vice President and Chief Financial Officer
	 
	 	 	 	 
	 	 	The Bank of New York Trust Company, N.A.

as Trustee
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Alma Marcella Burgess
	 

	 	 	 	 
	 

	 	 	 	Alma Marcella Burgess
	 

	 	 	 	Assistant Vice President

Signature page to Second Supplemental Indenture

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