Document:

Exhibit 10.2

 

EMPLOYMENT AGREEMENT

WITH

DANIEL A. BERGERON

 

This Employment Agreement (the “Employment Agreement”)
is effective as of this 2nd day of April, 2017 (the “Commencement Date”) and made between RBC Bearings Incorporated,
a Delaware corporation (“Employer” or the “Company”) and Daniel A. Bergeron (“Employee”). Prior
to and through the time of their entry into this Agreement, Employee has served as Employer’s Vice President and Chief Financial
Officer .Both parties wish to continue this employment relationship under the terms reflected in this Agreement.

 

Therefore, Employer hereby employs Employee and Employee hereby
accepts employment, on the terms and conditions hereinafter set forth.

 

1.          
DEFINITIONS.

 

As used in this Agreement, and unless the context requires a
different meaning, the following terms shall be defined as follows:

 

“Change in Control” shall be
as defined in the RBC 2005 or 2013 Long-Term Equity Incentive Plan as amended or any subsequent long–term equity incentive
plan approved by and on behalf of the Company.

 

“Competing Business” means any business (including,
without limitation, research and development) that is carried on by Employer in any material respect, and with which Employee is
actively involved, during the Term.

 

“EBITDA” shall mean the income of the Employer increased
by interest, taxes, depreciation and amortization, calculated in a manner consistent with the calculation of the Plan.

 

“Good Reason” shall mean for the 24 month period
following a Change in Control any of the following which occur subsequent to the Commencement Date without your express written
consent:

 

(i)           
a substantial reduction in the Employee’s title, position, duties, responsibilities and status with the Company inconsistent
with the Employee’s title, duties, responsibilities and status immediately prior to a change in the Employee’s titles
or offices, or any removal of the Employee from or any failure to reelect the Employee to any of such positions, except in connection
with the termination of his employment for disability, retirement or Cause or by the Employee other than for Good Reason;

 

(ii)          
a relocation of Employee’s principal work location without his consent to a location more than 25 miles from the Company’s
headquarters at Oxford, Connecticut;

 

(iii)         
any material breach by the Company of any provision of this Agreement; or (iv) any failure by the Company to obtain the assumption
of this Agreement by any successor or assign of the Company.

 

“Plan” shall mean the operating plan established
by the Employee, in his status as CEO of Employer and as approved by the Board within ninety (90) days following the beginning
of each fiscal year, as applicable to Employer and as applicable to the determination of bonuses payable to others of Employer’s
employees to the extent such bonuses are calculated by reference to operating results.

  

“Person” means any natural person, partnership,
corporation, trust, company or other entity.

 

“Territory” means the geographical area in which
the Employer engages in any business (other than an insignificant amount of business), with which Employee is actively involved,
during the Term.

 

“Equity Vesting Triggering Event” means the occurrence
of any of the following:

 

(i) the expiration of the Term of this Agreement
pursuant to Section 2;

 

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(ii) the termination of this Agreement pursuant
to Section 8(a) upon Employee’s death or Total Disability; or

 

(iii) the termination of this Agreement
by the Employer pursuant to Section 8(c) without Cause.

 

2.          
TERM.

 

Subject to the terms and conditions of this Agreement, the Company
shall employ Employee as its, Vice President and Chief Operations Officer, and Chief Financial Officer for a term commencing on
the Commencement Date hereof and continuing until March 31, 2020 or until earlier terminated pursuant to the provisions of Section 8
hereof (the “Initial Term”). Upon expiration of the Initial Term, this Agreement will automatically renew for additional
one (1) year periods (each a “Renewal Term”) unless either party notifies the other of its intent not to so renew within
ninety (90) days prior to the expiration of the Initial Term or any Renewal Term. (The Initial Term and all Renewal Terms shall
collectively be referred to as the “Term”).

 

3.          
DUTIES.

 

(a)         
During
the Term, Employee agrees to serve Employer as its Vice President and Chief Operations Officer, and Chief Financial Officer reporting
to the Chief Executive Officer, and in such other executive capacities as may be agreed from time to time by the Board (or a duly
authorized committee thereof) and Employee; provided that (i) Employee’s duties shall at all times be limited to those
commensurate with the foregoing offices, and (ii) Employee shall not be obligated, without his consent, to relocate his principal
office location from Oxford, Connecticut (or the surrounding reasonable commuting area), although the foregoing limitation is not
intended to limit Employee’s requirement, in the normal course of business, to travel to the Employer’s other business
locations. Employee shall serve, if elected, as a director of, and if agreed by Employee and the board of directors of the organization
in question, shall serve as an officer and render appropriate services to, corporations directly or indirectly controlled by Employer
(“Employer’s Affiliates”) as Employer may from time to time reasonably request (but only such services as shall
be consistent with the duties Employee is to perform for Employer and with Employee’s stature and experience). All duties
and services contemplated by this Section 3 are hereinafter referred to as the “Services.”

 

(b)         
During
the Term, Employee will devote his full business time and attention to, and use his good faith efforts to advance, the business
and welfare of Employer; provided that the foregoing shall not restrict Employee’s rights to engage in passive investment
activities, to serve on the boards of directors of other entities (so long as such activities are not violative of Section 4
below), or to engage in civic, charitable and other similar activities.

 

4.           
CONFIDENTIAL INFORMATION
AND COVENANT NOT TO COMPETE.

 

(a)          
Employee
hereby agrees that, during the Term and thereafter, he will not disclose to any Person, or otherwise use or exploit in competition
with Employer or Employer’s Affiliates, any of the proprietary or confidential information or knowledge treated by the Employer
or Employer’s Affiliates as confidential, including without limitation, trade secrets, processes, records of research, information
included in proposals, reports, methods, processes, techniques, computer software or programming, or budgets or other financial
information, regarding Employer or Employer’s Affiliates, its or their business, properties or affairs obtained by him at
any time (i) during the Term or (ii) during any employment of Employee with the Employer or any of Employer’s Affiliates
prior to the Commencement Date (“Prior Employment”), except to the extent required to perform the Services; PROVIDED
that the foregoing shall not apply to: (A) information in the public domain other than by reason of a violation of this Agreement
by Employee, or (B) information that Employee is compelled to disclose by operation of law or legal process (so long as Employee
provides Employer with prior notice of any such compelled disclosure and an opportunity to defend against such disclosure), or
(C) information generally known to Employee by reason of his particular expertise that is not specific to the Employer.

 

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(b)         
Employee
hereby agrees that during the Term and for a period of two years thereafter (the “Non-Compete Term”), he will not (i) engage
in or carry on, directly or indirectly, any Competing Business in any Territory in which such Competing Business is then engaged
in by the Employer, (ii) allow his name to be used by any Person engaged in any Competing Business, (iii) invest in,
directly or indirectly, any Person engaged in any Competing Business, or (iv) serve as an officer or director, employee, agent,
associate or consultant of any Person engaged in a Competing Business (other than Employer or any Employer’s Affiliate).
Notwithstanding the foregoing, the Non-Compete Term shall be only for the Term hereof in the event Employee’s employment
hereunder is terminated by the Employer hereunder without Cause (as provided in Section 8(c) below) and shall be for
a period of twelve (12) months following such termination by the Employee with Good Reason (as provided in Section 8(d) below).
Subject to Section 3 (b) hereof, nothing herein shall prohibit the Employee from (A) investing in any business that
is not a Competing Business or (B) investing in a publicly-held entity if such investment (individually or as part of a group)
is limited to not more than five percent (5%) of the outstanding equity issue of such entity.

 

(c)         
All
intellectual properties developed by Employee during the Term or during any Prior Employment and that is related to the business
(or foreseeable business prospects) of the Employer with which Employee is actively involved shall be for the account of the Employer.
Employee agrees to enter into such agreements (including transfer documents) as may be reasonably required by Employer to confirm
the foregoing.

 

(d)         
Employee shall not,
during the Non-Compete Term, directly or indirectly, solicit or induce or attempt to solicit or induce any affiliate, director,
agent, or employee of Employer or contractor then under contract to the Employer, to terminate his, her or its employment or other
relationship with Employer for the purpose of entering into a similar relationship with any Employer’s competitors or for
any other purpose or no purpose. Employee shall not, during the Non-Compete Term, directly or indirectly, solicit or induce or
attempt to solicit or induce any customer or supplier of Employer to terminate his, her or its relationship with Employer for the
purpose of entering into a similar relationship with any competitors of Employer or Employer’s Affiliates or for any other
purpose or no purpose.

 

(e)         
Employee
agrees that the remedy at law for any breach by him of any of any of the covenants and agreements set forth in this Section 4
will be inadequate and will cause immediate and irreparable injury to Employer and that in the event of any such breach, Employer,
in addition to the other remedies which may be available to it at law, shall be entitled to seek injunctive relief prohibiting
him from the breach of such covenants and agreements.

 

(f)         
The parties hereto intend that the covenants and agreements contained in this Section 4 shall be deemed to include a series
of separate covenants and agreements, one for each and every county of the states in which the Employer does business. If, in any
judicial proceeding, the duration or scope of any covenant or agreement of Employee contained in this Section 4 shall be adjudicated
to be invalid or unenforceable, the parties agree that this Agreement shall be deemed amended to reduce such duration or scope
to the extent necessary to permit enforcement of such covenant or agreement.

 

5.          
INDEMNIFICATION.

 

Employer hereby agrees to indemnify Employee to the maximum
extent permitted by Delaware law at the time of the assertion, against any liability against Employee arising out of or relating
to his status as an employee, officer or director acting within the course and scope of employment, office or director responsibility
of Employer or any Employer’s Affiliate at any time during the Term, whether such liability is asserted during or after the
Term.

 

6.           
COMPENSATION
AND BENEFITS.

 

(a)         
Commencing April 2, 2017, Employer shall
pay Employee a salary at the rate of $41666.67------------ dollars ($) per month payable at least as frequently as monthly and
subject to payroll deductions as may be necessary or customary in respect of Employer’s salaried employees (“Base Salary”).
Commencing not later than December 1, 2017 , the Compensation Committee of the Board of Directors of the Company (the “Compensation
Committee”) shall annually review the Employee’s performance and Base Salary and may increase (but not decrease) such
Base Salary, at its sole discretion. Any increased Base Salary shall then constitute the “Base Salary” for purposes
of this Agreement. During the term, Employee shall also be entitled to receive the benefits set forth in Schedule A hereto
(the “Additional Benefits”) as well as any normal executive benefits of Employer not enumerated in that Schedule.

 

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(b)          
During the Term,
Employee shall also be entitled to receive annual-performance bonuses in amounts and at times as follows:

 

Employee shall be entitled to an annual performance bonus with
respect to each fiscal year of the Employer during which Employee remains an employee of the Company beginning with the fiscal
year ending March 31, 2018, in an amount determined as a percentage of Employee’s Base Salary, based on the following criteria:

 

	Percentage of Actual EBITDA to Plan	 	Amount of Bonus
	80% to 89.9%	 	45 % of Base Salary
	90% to 99.9%	 	60 % of Base Salary
	100% to 109.9%	 	90 % of Base Salary
	110% to 119.9%	 	120 % of Base Salary
	120% or higher	 	150 % of Base Salary

 

The amount payable under this formula, if any, shall be paid
to Employee within fifteen (15) days following the publication of the Company’s financial statements for each fiscal year
of the Employer during the Term, but in no event later than one hundred twenty (120) days following the end of such fiscal year.

 

(c)          
Employee shall
be designated as an Eligible Executive under the Company’s Executive Officer Performance Based Compensation Plan

 

 

7.           
EXPENSES.

 

Employer will pay or reimburse Employee for such reasonable
travel, entertainment, educational and other expenses as he may incur on behalf of Employer during the Term in connection with
the performance of his duties hereunder.

 

8.            TERMINATION
OF EMPLOYMENT.

 

Notwithstanding Section 1 hereof, the Initial Term may
be terminated prior to March 31, 2020, and any Renewal Term may be terminated under the following circumstances:

 

(a)          
DEATH OR TOTAL DISABILITY. The Term shall
automatically and immediately terminate upon Employee’s death or “Total Disability.” For purposes of this
Agreement, “Total Disability” shall mean Employee’s physical or mental incapacitation or disability that renders
Employee unable to substantially perform the Services as performed prior to such incapacitation or disability for the period of
twenty-six (26) consecutive weeks or during anyone hundred fifty (150) business days (whether or not consecutive) during any twelve
(12) month period during the Term.

 

(b)         
TERMINATION BY EMPLOYER FOR CAUSE. Employer,
at its election, shall have the right to terminate the Term, by written notice to Employee to that effect, for “Cause”.
The term “Cause” shall mean:

 

(i)          
any act of fraud, embezzlement, theft or conviction of a crime involving moral turpitude;

 

(ii)          
any material breach by Employee of any material covenant, condition, or agreement in this Agreement (“Employee’s Material
Breach”); or

 

(iii)          
any chemical dependency by Employee (other than in connection with medicines prescribed for Employee).

 

To terminate the Term pursuant to this Section 8(b), Employer
shall give written notice (“Cause Notice”) to the Employee specifying the claimed Cause. If Employee fails to cure
the same within thirty (30) days after the receipt of the applicable Cause Notice (or such longer period as may be reasonably required
if such actions are subject to cure), the Term shall terminate at the end of such thirty (30) day period or such longer reasonable
period, as the case may be. Notwithstanding anything that may be interpreted to the contrary, it is expressly agreed that no act
of the type contemplated by or described in Section 8(b) (i) shall be capable of being cured by Employee and the Employer
may terminate Employee immediately without the requirement for such cure period.

 

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(c)         
TERMINATION BY
EMPLOYER WITHOUT CAUSE. Employer shall have the right, at its election, to terminate the Term at any time for any reason other
than “Cause” upon not less than sixty (60) days prior written notice to Employee.

 

(d)         
TERMINATION BY EMPLOYEE. Employee shall have
the right, at his election, to terminate the Term at any time by written notice to Employer upon not less than one hundred and
twenty (120) days prior written notice; provided, however, that (i) such notice period shall be thirty (30) days in the case
of a termination for “Good Reason”; and (ii) if such termination is other than for Good Reason the Non-Compete
Term, for purposes of Section 4(b) and (d), shall continue through March 31, 2020.

 

(e)         
SALARY AND BENEFITS IN EVENT OF TERMINATION.
Upon termination of the Term, the following shall be applicable, notwithstanding anything to the contrary elsewhere herein:

 

(i)         
If the Initial Term is terminated (A) due to Employee’s death or Total Disability pursuant to Section 8 (a) hereof,
or (B) by the Employer without Cause pursuant to Section 8 (c) hereof, (x) Employer shall pay to Employee on the
date of termination the Base Salary due to Employee for the then remainder of the period ending March 31, 2020, net of any benefits
paid to Employee pursuant to any policy of disability insurance maintained by Employer, plus a PRO RATA portion of the Employee’s
annual bonus for the fiscal year of the Employer in which such termination occurs at your maximum target bonus percentage then
in effect (provided that in the case of Employee’s death or Total Disability such payment and benefits shall extend for no
longer than for the then remainder of the period ending March 31, 2020), and (y) Employee shall be entitled to all benefits including
the Special Benefits described in Section 6 (b) hereof for the then remainder of the period ending March 31, 2020.

 

(ii)         
If
a Renewal Term is terminated (A) pursuant to Employee’s death or Total Disability pursuant to Section 8 (a) hereof,
or (B) by the Employer without Cause pursuant to Section 8 (c) hereof, (x) Employer shall pay to Employee (or Employee’s
estate or designated beneficiaries) on the date of termination the Base Salary due to Employee for the then remainder of the Renewal
Term, net of any benefits paid to Employee pursuant to any policy of disability insurance maintained by Employer, plus a PRO RATA
portion of the Employee’s annual bonus for the fiscal year of the Employer in which such termination occurs at your maximum
target bonus percentage then in effect (provided that in the case of Employee’s death or Total Disability such payment and
benefits shall extend for no longer then remainder of the Renewal Term), and (y) Employee shall be entitled to all benefits including
the Special Benefits described in Section 6 (b) hereof for the than remainder of the Renewal Term.

 

(iii)         
If
a Change in Control occurs and if within 24 months after a Change in Control, Employee’s employment is either terminated
by the Company without Cause or by Employee for Good Reason, Employee shall be entitled to the compensation and benefits set forth
in Schedule B, Change in Control Provisions.

 

(iv)         
If an Equity Vesting Triggering Event occurs, all restricted stock and stock option awards that have been granted to Employee shall
immediately and fully vest and all stock options grants shall be exercisable by Employee on or before the day which is thirty nine
(39) months from the initial grant date, in the case of stock option grants with three (3) year vesting, and on or before the day
which is sixty three (63) months from the initial grant date in the case of stock option grants with five (5) year vesting. Approval
of this Agreement by the Company’s Board Compensation Committee shall be deemed approval of the amendments of the restricted
stock and stock option grants as provided in the immediately preceding sentence for all purposes under the RBC 2005 and 2013 Long-Term
Equity Incentive Plan as amended or any subsequent long –term equity incentive plan approved by and on behalf of the Company.
The vesting provisions contained in this subsection (v) shall take precedent over any vesting provisions contained in Schedule
B.

 

 

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(f)         
DELIVERY OF RECORDS UPON TERMINATION. Upon
termination of the Term, Employee will deliver to Employer all records of research, proposals, reports, memoranda, computer software
and programming, budgets and ether financial information, and ether materials or records (including any copies thereof) made, used
or obtained by Employee in connection with his employment by Employer and/or any Employer’s Affiliate.

 

9.           
MISCELLANEOUS.

 

(a)         
MODIFICATION AND WAIVER OF BREACH. No. waiver
or modification of this Employment Agreement shall be binding unless it is in writing signed by the parties hereto and expressly
stating that it is intended to modify this Agreement. No waiver of a breach hereof shall be deemed to constitute a waiver
of a future breach, whether of a similar or dissimilar nature.

 

(b)         
NOTICES. All notices and other
communications required or permitted under this Employment Agreement shall be in writing, served personally on, or made by certified
or registered United States mail to, the party to be charged with receipt thereof. Notices and other communications served in person
shall be deemed delivered when so served. Notices and other communications served by mail shall be deemed delivered hereunder 72
hours after deposit of such notice or communication in the United States Post Office as certified or registered mail with postage
prepaid and duly addressed to whom such notice or communications is to be given, in the case of

 

(i)         
Employer:

RBC Bearings Incorporated

One Tribology Center

Oxford, CT 06478

ATTN : Chief Executive Officer

 

(ii)         
Employee:

Daniel A. Bergeron

129 Peaceable Street

Redding, CT
06896  

 

Any party may change said party’s address for purposes
of this Section by giving to the party intended to be bound thereby, in the manner provided herein, a written notice of such
change.

 

(c)         
COUNTERPARTS. This instrument may be executed
in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same Employment Agreement.

 

(d)         
GOVERNING LAW. Except as otherwise expressly
provided herein, this Employment Agreement shall be construed in accordance with, and governed by, the internal laws of the State
of Connecticut applicable to agreements executed and to be performed in such state without regard to principles of choice of law
or conflicts of laws.

 

(e)         
COMPLETE EMPLOYMENT AGREEMENT. This Employment
Agreement and its Exhibits and Schedules, together contain the entire agreement between the parties hereto with respect to the
subject matter of this Employment Agreement and supersedes all prior and contemporaneous oral and written negotiations, commitments,
writings, and understandings with respect to the subject matter of Employee’s relationship with Employer, including Prior
Employment Agreement which is terminated effective as of the Commencement Date.

 

(f)          
NON-TRANSFERABILITY OF EMPLOYEE’S INTEREST.
None of the rights of Employee to receive any form of compensation payable pursuant to this Employment Agreement shall be assignable
or transferable. Any attempted assignment, transfer, conveyance, or other disposition of any interest in the rights of Employee
hereunder shall be void.

 

    	 	Page 6 of 10	 

     

    

 

In WITNESS WHEREOF, the undersigned have
executed this Employment Agreement on the day and year first above written.

 

	 	EMPLOYEE:
	 	 
	 	/s/ Daniel A. Bergeron  
	 	DANIEL A. BERGERON
	 	 
	 	EMPLOYER:
	 	 
	 	RBC BEARINGS INCORPORATED
	 	 
	 	By:
	 	 
	 	/s/ Michael J. Hartnett
	 	MICHAEL J. HARTNETT

Chief Executive Officer

 

    	 	Page 7 of 10	 

     

    

 

SCHEDULE A TO EMPLOYMENT AGREEMENT
BETWEEN DANIEL A. BERGERON AND RBC

 BEARINGS INCORPORATED, APRIL 2, 2017

 

SPECIAL BENEFITS

 

1.            At Employer’s expense,

 

Executive Medical Coverage ($10,000 per
year supplemental coverage).

 

Dental insurance.

 

Prescription drug coverage.

 

The above medical, dental and prescription drug coverage benefits
are subject to change at any time at the discretion of the Board of Directors of Employer; provided that such coverages provided
to Employee shall at all times be at least as beneficial to Employee as are the coverages provided to other of Employer’s
executive employees and shall always be fully paid by the Employer.

 

The above medical, dental and prescription drug coverage shall
be in addition to Employee’s participation in any medical, hospitalization of related coverage maintained by Employer for
the benefit of all its employees.

 

2.           At Employer’s expense, disability insurance at least
as beneficial to Employee as the disability provided for Employee immediately preceding the Commencement Date of this Agreement,
provided that within that limitation, such insurance may be modified from time to time at the discretion of the Board of Directors
of Employer.

  

3.            Employee shall be provided five weeks of paid vacation for
each twelve month period during the Term, to accrue PRO RATA during the course of each such twelve month period; and payable at
Employee’s then- effective base salary rate on termination if not used during the Term.

 

4.            Employee shall have unrestricted use of an appropriate automobile
throughout the Term at the Employer’s expense, including without limitation, fuel, insurance, maintenance and repair. When
the Agreement expires or otherwise terminates, Employee shall have the option to assume the lease or purchase the vehicle for its
book value as of the Termination date, such option to be exercised within two months of said Termination date. The parties acknowledge
that “appropriate” shall mean of at least the quality and convenience of the automobile used for this purpose immediately
preceding the Commencement date of the Agreement.

 

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SCHEDULE B TO EMPLOYMENT AGREEMENT
BETWEEN DANIEL A. BERGERON AND RBC

 BEARINGS INCORPORATED, APRIL 2, 2017

 

CHANGE OF CONTROL PROVISIONS

 

1.           (a)           If a Change in Control occurs and if within 24
months after a Change in Control, your employment is either terminated by the Company without Cause or by you for Good Reason ,
the Company will pay you on your date of termination a single lump sum cash payment equal to the sum of:

 

		·	The base salary, unused vacation and any annual bonus applicable to a completed fiscal year, which have not yet been paid to
you through the date of termination;

 

		·	A bonus equal to your annual base salary applicable to you on your termination date, multiplied by your maximum target bonus
percentage then in effect and prorated to account for the number of days you were employed by the Company during the Fiscal Year
in which you were terminated.

 

		·	A severance payment equal to the sum of (i) 250% of your annual base salary, and (ii) 250% of your Target Bonus in effect on
such date. “Target Bonus” shall mean the amount payable under all annual incentive compensation plans of the Company
in which you participate, waiving any condition precedent to the payment to you and assuming that the performance goals for the
period were achieved at the 100% level.

 

		·	A reimbursement for all documented expenses, up to $15,000, actually incurred by you for professional outplacement services
within 3 months after your termination.

 

(b)           For
the 18 month period following the termination of the your employment, the Company (or the subsidiary that employed you) will continue
to provide coverage and participation to you at the same participation, coverage and benefit levels (or will provide their equivalent)
and pay the full cost of coverage and participation under the employee health and other welfare plans maintained by the Company
and applicable to you on your termination date.

 

(c)           Immediately
prior to a Change in Control, you will completely vest in all restricted stock and stock options that have been granted to you.
Approval of this Agreement by the Company’s Board Compensation Committee shall be deemed approval of the vesting of restricted
stock and stock options as provided in the immediately preceding sentence for all purposes under the RBC 2005 and 2013 Long-Term
Equity Incentive Plan as amended or any subsequent long –term equity incentive plan approved by and on behalf of the Company.
All stock options that have been granted to you will additionally be exercisable by you for a period of 18 months following the
termination of your employment.

 

(d)           All
amounts paid under these Change in Control provisions shall be subject to applicable tax withholding.

 

(e)           In
exchange for and prior to receipt of these benefits you agree to execute and deliver to the Company its general release agreement
applicable to severed employees.

 

2.           You agree that in
the event a third party (a) begins a tender or exchange offer; (b) circulates a proxy to stockholders; or (c) takes other steps
to effect a Change in Control, you will not voluntarily terminate employment with the Company (or the subsidiary that employs you)
unless you provide at least 3 months prior written notice to the Board of Directors of the Company, and you will continue to render
the services expected of your position, and you will represent the best interests of the stockholders of the Company until the
third party has abandoned or terminated the efforts to effect a Change in Control or until a Change in Control has occurred and
your employment has been terminated.

 

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3.           If you die prior
to the time all payments due to you under these Change in Control provisions have been made, then as soon as practicable after
your death (but in no event later than one month after), the Company shall pay in a lump sum all sums not paid to you prior to
your death. Payment shall be made to your designated beneficiary or beneficiaries named under the 401(k) plan maintained by the
Company on the date of your death. If no such beneficiary is named, such sums shall be paid to your estate.

 

4.           Payments made pursuant to these Change in Control provisions
are intended to be exempt from Code §409A as separation pay to the greatest extent possible. Accordingly, all provisions herein
shall be construed and interpreted consistent with that intent, but that, to the extent necessary the Company shall amend any such
provision pertaining to such payment to comply with Code §409A, and the regulations thereunder, in the least restrictive manner
necessary without any diminution in the value of the payments to you.

 

    	 	Page 10 of 10Exhibit 4.3

 

 

 

 

 

SPECTRA ENERGY PARTNERS, LP

as Issuer

 

and

 

WELLS FARGO BANK, NATIONAL ASSOCIATION

as Trustee

 

SIXTH

 

SUPPLEMENTAL

 

INDENTURE

 

Dated as of June 7, 2017

 

 

 

 

$400,000,000

FLOATING RATE SENIOR NOTES DUE 2020

 

 

 

 

 

 

 

     

     

    

 

TABLE OF CONTENTS

  

	 	Page
	 	 
	Article I ESTABLISHMENT	2
	Section 1.01.   Establishment	2
	 	 
	Article II DEFINITIONS AND INCORPORATION BY REFERENCE	3
	Section 2.01.   Definitions	3
	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	5
	Section 5.02.   Restriction of Sale-Leaseback Transactions	7
	 	 
	Article VI SATISFACTION AND DISCHARGE DEFEASANCE	7
	Section 6.01.   Satisfaction and Discharge Defeasance	7
	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	8
	Section 7.04.   The Trustee	8
	Section 7.05.   Governing Law	9
	 	 
	EXHIBIT
А: Form of Note 

	 

  

    i 

     

    

 

THIS SIXTH SUPPLEMENTAL
INDENTURE dated as of June 7, 2017 (this “Supplemental Indenture”) between SPECTRA ENERGY PARTNERS, LP, а Delaware
limited partnership (the “Partnership”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, а national banking association,
as trustee (the “Trustee”),

 

WITNESSETH

 

WHEREAS, the Partnership
has heretofore entered into an Indenture, dated as of June 9, 2011 (the “Original Indenture”), with Wells Fargo
Bank, National Association, as trustee, as supplemented by the Third Supplemental Indenture, dated as of June 30, 2014 (the
“Third Supplemental Indenture” and, together with the Original Indenture, the “Base Indenture”);

 

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

 

WHEREAS, а 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 а supplemental indenture executed by the Partnership and the Trustee;

 

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

 

WHEREAS, all conditions
necessary to authorize the execution and delivery of this Supplemental Indenture and to make it а 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

ESTABLISHMENT

 

Section 1.01.     
Establishment.

  

(a)              
There is hereby established a new series of Debt Securities to be issued under the Indenture, to be designated as
the Partnership’s Floating Rate Senior Notes due 2020 (the “Notes”).

 

(b)              
There is to be authenticated and delivered under the Indenture $400,000,000 aggregate principal amount of the Notes,
and from time to time thereafter there may be authenticated and delivered an unlimited principal amount of Additional Notes (as
defined below).

 

(c)              
The Depositary with respect to 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 any Global Security representing the Notes in exchange
for individual Notes 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.

 

     2

     

    

 

(d)              
Each Note shall be dated the date of authentication thereof and shall bear interest from June 7, 2017 or from the
most recent date to which interest has been paid or duly provided for.

 

(e)              
No 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:

 

“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 (а) any current liabilities that
by their terms are extendable or renewable at the option of the obligor thereon to а 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 а 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, 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 а whole.

 

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

 

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

 

     3

     

    

 

The following definitions
shall supercede the definitions of such terms in the Base Indenture:

 

“Officer”
means with respect to a Person, the Chairman of the Board, the President, any Vice President, the Treasurer, any Assistant Treasurer,
Controller, Secretary, Corporate Secretary, Assistant Secretary, Assistant Corporate Secretary or any Assistant Vice President
of such Person.

 

“Officers’
Certificate” means a certificate signed by two Officers of the General Partner.

 

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)
	Partnership	 	Preamble
	Supplemental Indenture	 	Preamble
	Trustee	 	Preamble

  

Article
III

THE NOTES

 

Section 3.01.     
Form.

  

The Notes shall be
issued initially in the form of one or more Global Securities. The Notes will be issued in minimum 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 А hereto, the terms of which are incorporated in and made а 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
the Notes by issuing additional Notes (“Additional Notes”). Any Additional Notes so issued will have the same interest
rate determination, 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 that were previously issued, and such Additional Notes will form а single series with such
Notes for all purposes under the Indenture.

 

     4

     

    

 

Section
3.03.      Execution
of Debt Securities.

 

The first sentence
of Section 2.04 of the Base Indenture shall be replaced in its entirety by the following: The Debt Securities shall be signed on
behalf of the Partnership by any Officer of the General Partner and, if the seal of the General Partner is reproduced thereon,
it shall be attested by its Corporate Secretary, an Assistant Corporate Secretary, a Treasurer or an Assistant Treasurer (or by
Officers holding positions comparable to such offices).

 

Article
IV

REDEMPTION AND PREPAYMENT

 

Section
4.01.      Optional
Redemption. The Notes are not redeemable prior to their maturity.

 

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:

 

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 а 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 а 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 а 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;

 

     5

     

    

 

(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 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 а 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 а 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 а part of the same property that secured the Lien replaced, extended or renewed (plus improvements thereon
or additions or accessions thereto); or

 

     6

     

    

 

(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 а non-wholly-owned Principal Subsidiary of the Partnership with no recourse to the Partnership or any wholly-owned
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 а 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 а credit against (but not exceeding) the purchase price or cost of construction
of such Principal Property, an amount equal to all or а 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 (с) below);

 

(b)              
the Partnership or such Principal Subsidiary would be entitled to incur Debt secured by а Lien on the Principal
Property subject to the Sale-Leaseback Transaction in а 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 а 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.

 

     7

     

    

 

Article
VI

SATISFACTION AND DISCHARGE

DEFEASANCE

 

Section
6.01.      Satisfaction
and Discharge Defeasance.

 

The provisions of Article
XI of the Base Indenture relating to both satisfaction and discharge and defeasance shall be applicable to the Notes.

 

Section 6.02.     
Covenant Defeasance.

  

If the Partnership
effects а 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.

 

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.

 

     8

     

    

 

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 Supplemental
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/ Stephen J. Neyland
	 	Name:	 Stephen J. Neyland
	 	Title:	 Vice President - Finance
	 	 	 
	 	Wells Fargo Bank, National Association,
	 	As Trustee
	 	 	 
	 	By:	/s/ Patrick Giordano
	 	Name: 	Patrick Giordano
	 	Title: 	Vice President

 

    Signature Page to Sixth Supplemental Indenture

     

    

 

EXHIBIT A

 

(Form of Face of Note)

 

	CUSIP 84756N AJ8	No. ______
	 	 
	ISIN US84756NAJ81	$___________

  

SPECTRA ENERGY PARTNERS, LP

 

Floating Rate Senior Notes due 2020

 

Spectra Energy Partners, LP, а 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 5, 2020.

 

Interest
Payment Dates: March 5, June 5, September 5 and December 5

 

Record Dates: February 21, May 21, August 21 and November 21

 

	 	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:	 

 

 

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

 

    A-1

     

    

 

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

 

    A-2

     

    

 

[Form of Back of Note]

 

Floating Rate Senior Notes due 2020

 

[UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, А 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 А 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 from June 7, 2017, or from the most recent date to
which interest has been paid or duly provided for, quarterly in arrears on March 5, June 5, September 5 and December 5 of each
year (each an “Interest Payment Date”), commencing September 5, 2017 and ending on the maturity date. Interest on the
Notes will be computed on the basis of a 360-day year consisting of twelve 30-day months.

 

If any Interest Payment
Date (other than the Interest Payment Date that is also the maturity date) would otherwise be a day that is not a Business Day,
the Interest Payment Date will be postponed to the immediately succeeding day that is a Business Day, except that if such Business
Day is in the immediately succeeding calendar month, such Interest Payment Date (other than the Interest Payment Date that is also
the maturity date) shall be the immediately preceding Business Day. If the maturity date of the Notes would otherwise be a day
that is not a Business Day, the Partnership will pay interest, if any, and principal and premium, if any, on the next immediately
succeeding Business Day, and no interest will accrue on the amounts so payable for the period from and after such date to the immediately
succeeding Business Day.

 

“Business Day”
means any day (1) that is not a Saturday or Sunday and that is not a day on which banking institutions are authorized or obligated
by law or executive order to close in The City of New York and, for any place of payment outside of The City of New York, in such
place of payment, and (2) that is also a “London business day”, which is a day on which dealings in deposits in U.S.
dollars are transacted in the London interbank market.

 

 

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

 

    A-1

     

    

 

The term “maturity,”
when used with respect to a Note, means the date on which the principal of such Note or an installment of principal becomes due
and payable as therein provided or as provided in the Indenture, whether at the stated maturity or by declaration of acceleration,
call for redemption, repayment or otherwise.

 

The interest rate on
the Notes will be reset quarterly on March 5, June 5, September 5 and December 5 of each year, as applicable (each, an “Interest
Reset Date”). The Notes will bear interest at a rate of three-month LIBOR (as defined below) for the applicable Interest
Period or Initial Interest Period (each as defined below) plus 0.70% per annum (70 basis points); provided, that the rate shall
not be less than 0.00%. The interest rate for the Initial Interest Period will be three-month LIBOR, determined as of two London
business days prior to the original issue date, plus 0.70% per annum (70 basis points). The “Initial Interest Period”
will be the period from and including the original issue date to but excluding the initial Interest Payment Date. Thereafter, each
“Interest Period” will be the period from and including an Interest Payment Date to but excluding the immediately succeeding
Interest Payment Date; provided, that the final Interest Period for the Notes will be the period from and including the Interest
Payment Date immediately preceding the maturity date of such Notes to but excluding the maturity date.

 

If any Interest Reset
Date would otherwise be a day that is not a Business Day, the Interest Reset Date will be postponed to the immediately succeeding
day that is a Business Day, except that if that Business Day is in the immediately succeeding calendar month, the Interest Reset
Date shall be the immediately preceding Business Day.

 

The interest rate in
effect on each day will be (i) if that day is an Interest Reset Date, the interest rate determined as of the Interest Determination
Date (as defined below) applicable to such Interest Reset Date or (ii) if that day is not an Interest Reset Date, the interest
rate determined as of the Interest Determination Date applicable to the most recent Interest Reset Date or the original issue date,
as the case may be.

 

The interest rate applicable
to each Interest Period commencing on the related Interest Reset Date, or the original issue date in the case of the Initial Interest
Period, will be the rate determined as of the applicable Interest Determination Date. The “Interest Determination Date”
will be the second London business day immediately preceding the original issue date, in the case of the Initial Interest Period,
or thereafter, the second London business day immediately preceding such Interest Reset Date.

 

Wells Fargo Bank, National
Association, or its successor appointed by the Partnership, will act as calculation agent. Three-month LIBOR will be determined
by the calculation agent as of the applicable Interest Determination Date in accordance with the following provisions:

 

(i) With
respect to an Interest Determination Date, LIBOR will be the rate for deposits in U.S. dollars having a maturity of three months
commencing on the Interest Reset Date that appears on the designated LIBOR page as of approximately 11:00 a.m., London time, on
that Interest Determination Date. If no rate appears, LIBOR, in respect of that Interest Determination Date, will be determined
as follows: the Partnership shall request the principal London offices of each of four major reference banks (which may include
affiliates of Merrill Lynch, Pierce, Fenner & Smith Incorporated) in the London interbank market, as selected and identified
by the Partnership to provide the calculation agent with such bank’s offered quotation (expressed as a percentage per annum)
for deposits in U.S. dollars for the period of three months, commencing on the Interest Reset Date, to prime banks in the London
interbank market at approximately 11:00 a.m., London time, on that Interest Determination Date and in a principal amount that is
representative for a single transaction in U.S. dollars in that market at that time. If at least two quotations are provided, then
LIBOR on that Interest Determination Date will be the arithmetic mean of those quotations. If fewer than two quotations are provided,
then LIBOR on the Interest Determination Date will be the arithmetic mean of the rates (expressed as a percentage per annum) quoted
to the calculation agent at approximately 11:00 a.m., New York City time, on the Interest Determination Date by three major banks
(which may include affiliates of Merrill Lynch, Pierce, Fenner & Smith Incorporated) in The City of New York requested, selected
and identified by the Partnership for loans in U.S. dollars to leading European banks, having a three-month maturity and in a principal
amount that is representative for a single transaction in U.S. dollars in that market at that time; provided, however, that if
the banks selected and identified by the Partnership are not providing quotations in the manner described by this sentence, LIBOR
for such Interest Determination Date will be LIBOR determined with respect to the immediately preceding Interest Determination
Date.

 

    A-2

     

    

 

(ii) The
designated LIBOR page is the Reuters screen “LIBOR01”, or any successor service for the purpose of displaying the London
interbank rates of major banks for U.S. dollars. The Reuters screen “LIBOR01” is the display designated as the Reuters
screen “LIBOR01”, or such other page as may replace the Reuters screen “LIBOR01” on that service or such
other service or services as may be nominated for the purpose of displaying London interbank offered rates for U.S. dollar deposits
by ICE Benchmark Administration Limited (“IBA”) or its successor or such other entity assuming the responsibility of
IBA or its successor in calculating the London Interbank Offered Rate (“LIBOR”) in the event IBA or its successor no
longer does so.

 

All percentages resulting
from any calculation of any interest rate for the Notes will be rounded, if necessary, to the nearest one hundred thousandth of
a percentage point, with five one-millionths of a percentage point rounded upward (e.g., 9.876545% (or .09876545) would be rounded
to 9.87655% (or .0987655)), and all dollar amounts will be rounded to the nearest cent, with one-half cent being rounded upward.
Any percentage resulting from any calculation of any interest rate for the Notes less than 0.00% will be deemed to be 0.00% (or
..0000).

 

Promptly upon such
determination, the calculation agent will notify the Partnership and the Trustee (if the calculation agent is not the Trustee)
of the interest rate for the new Interest Period. Upon request of a Holder of the Notes, the calculation agent will provide to
such Holder the interest rate in effect on the date of such request and, if determined, the interest rate for the next Interest
Period.

 

    A-3

     

    

 

All calculations made
by the calculation agent for the purposes of calculating interest on the Notes shall be conclusive and binding on the Holders and
the Partnership, absent manifest errors.

 

The interest rate on
the Notes will in no event be higher than the maximum rate permitted by New York law as the same may be modified by United States
law of general application. Additionally, the interest rate on the Notes will in no event be lower than zero.

 

2.       Method
of Payment. The Partnership shall pay interest on the Notes of this series to the Persons who are registered Holders of Notes
at the close of business on the February 21, May 21, August 21 and November 21 next preceding the Interest Payment Date (whether
or not a Business Day), 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 а 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 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 “Original Indenture”), as supplemented
by the Third Supplemental Indenture, dated as of June 30, 2014 (the “Third Supplemental Indenture” and, together with
the Original Indenture, the “Base Indenture”), and by the Sixth Supplemental Indenture, dated as of June 7, 2017 (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 а 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 of this series are obligations of the Partnership initially in aggregate principal amount of $400,000,000. 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.

 

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5.       Optional
Redemption. The Notes are not redeemable prior to maturity.

 

6.       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 а Holder, among other things, to furnish appropriate endorsements
and transfer documents, and the Partnership may require а Holder to pay any taxes, fees or other governmental charges that
may be imposed in relation thereto.

 

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

 

8.       Amendment
and Supplement. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of
the Holders of а majority in aggregate principal amount of the then Outstanding Notes. Without the consent of any Holder
of а 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 а 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 а successor Trustee or to establish the form or terms of any other series of Debt Securities.

 

9.       Defaults
and Remedies. Events of Default with respect to the Notes of this series 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 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 of this series may declare all the Notes of this series 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 of this series 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 а majority in aggregate
principal amount of the then Outstanding Notes of this series 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 а 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 а 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 а majority in aggregate principal amount of the Notes of this series then Outstanding
may on behalf of the Holders of all of the Notes of this series waive any past Default or Event of Default and its consequences,
except а continuing Default or Event of Default in the payment of interest on, the principal of, or premium, if any, on the
Notes of this series 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.

 

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10.       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.

 

11.       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 а 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.

 

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

 

13.       Abbreviations.
Customary abbreviations may be used in the name of а 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).

 

14.       CUSIP
and ISIN Numbers. Pursuant to а 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. No representation is made as to the
accuracy of such numbers either as printed on the Notes 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 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

 

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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 а financial institution
that is а 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.)

 

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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:

 

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

 

 

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

 

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