Document:

EX-10.1

 Exhibit 10.1 
 MarineMax, Inc. (the “Company”) 
 SEVERANCE POLICY FOR KEY
EXECUTIVES 
 Dated November 27, 2012 
 1. Purpose. The purpose of this Severance Policy is to provide a fair framework in the event of the termination of employment in certain circumstances of one or more key executives (each an
“Executive”) of the Company. 
 2. Covered Executives. This Severance Policy shall be applicable to each
Executive to the extent such Executive has been designated in writing by the Board of Directors or the Compensation Committee of the Board of Directors (the “Board”) as being covered by this Severance Policy (a “Covered
Executive”). This Severance Policy shall not be applicable to any Executive who is a party to a separate employment, severance, change of control, or similar agreement with the Company. 

3. Definitions. 
 (a) Good Cause. “Good Cause,” as it applies to the determination by the Company to terminate the employment of a Covered Executive, shall mean any one or more of the following:
(i) Executive’s willful, material, and irreparable breach of Executive’s duties to the Company; (ii) Executive’s gross negligence in the performance or intentional nonperformance of any of Executive’s material duties
and responsibilities to the Company; (iii) Executive’s willful dishonesty, fraud, or misconduct with respect to the business or affairs of the Company, which materially and adversely affects the operations or reputation of the Company;
(iv) Executive’s conviction of a felony crime involving dishonesty or moral turpitude; or (v) a confirmed positive illegal drug test result. In the event of a termination by the Company for Good Cause, Executive shall have no right to
any severance under this Severance Policy. 
 (b) Good Reason. “Good Reason,” as it applies to the
determination by a Covered Executive to terminate Covered Executive’s employment with the Company shall mean the occurrence of any of the following events without Executive’s prior written approval: (i) Executive suffers a material
reduction in authority or responsibilities with or duties to the Company; (ii) Executive’s annual base salary for a fiscal year is reduced to a level that is less than 90% of the base salary paid to Executive during the prior fiscal year
unless such reduction does not exceed the average of the reductions for all other Executives subject to this Severance Policy and all other persons designated by the Company as executive officers; (iii) Executive is required to render
Executive’s primary employment services from a location more than 25 miles from the location of the Company’s headquarters at the later of the time Executive began Executive’s employment with the Company or the date of this Severance
Policy; or (iv) the Company takes steps to deny Executive a reasonable opportunity to maintain Executive’s total compensation (i.e., base salary plus bonus and any other annual cash incentive compensation) compared to the previous fiscal
year, provided total compensation may take into account performance of the Company and past compensation practices of the Company and compensation decisions applicable to all other Executives subject to this Severance Policy and all other persons
designated by the Company as executive officers. In order for an event to justify termination for Good Reason, Executive must give written notice to the Company of such event within 90 days of its first occurrence and the Company must have 30 days
to cure, if possible. 

 (c) Employment Termination. “Employment Termination” shall mean a Covered
Executive no longer being an employee of the Company as a result of a termination by the Company without Good Cause or by Executive with Good Reason. 
 4. Result of Termination by the Company without Good Cause or by Executive with Good Reason. The following provisions shall apply should the Company terminate a Covered Executive’s employment
without Good Cause or should a Covered Executive terminate Executive’s employment with Good Reason: 
 (a) Salary and
Bonus. The Company shall pay to Covered Executive, for 12 months following the Employment Termination, an amount equal to the average of the base salary and cash bonus paid to Covered Executive for the two prior full fiscal years payable on such
dates as would otherwise be paid by the Company. 
 (b) Welfare Benefit Plans. The Company will continue, for 12 months
following the Employment Termination, coverage for Covered Executive and Covered Executive’s dependent family members under the Company’s medical plan for the applicable continuation period described in this sentence by paying the COBRA
premium for such coverage, but such coverage shall not extend beyond the period during which Earned Executive and his dependents are eligible for COBRA. 
 (c) Stock Options. All options to purchase Common Stock of the Company held by Covered Executive shall continue to vest and shall be exercisable for 12 months following Employment Termination, up
to their full term, to the extent that such vesting or exercise will not cause Covered Executive with respect to such options to be subject to any excise tax under Section 409A notwithstanding the Employment Termination. 

(d) RSUs. All restricted stock and/or restricted stock units (or comparable forms of equity compensation, if any) held by Covered
Executive that, as of Employment Termination, are not then subject to any performance conditions for vesting, shall continue to vest and shall not be subject to any risk of forfeiture or repurchase for 12 months after Employment Termination.

 (e) Accrued Benefits. Covered Executive shall be entitled to receive all other accrued but unpaid benefits relating to
vacations and other executive perquisites through the date of Employment Termination, except that Executive shall not continue to accrue vacation benefits or other executive perquisites after the date of Employment Termination. 

 5. Release of Claims. The Company’s obligations under this Severance Policy are
contingent upon a Covered Executive’s executing (and not revoking during any applicable revocation period) a valid, enforceable, full and unconditional release of all claims Executive may have against the Company (whether known or unknown) as
of the date of Employment Termination in such form as provided by the Company no later than 60 days after the date of Employment Termination. If the foregoing release is executed and delivered and no longer subject to revocation within 60 days after
the date of Employment Termination, then the following shall apply: 
 (a) To the extent any payments due to Executive under
this Severance Policy are not “deferred compensation” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, then such payments shall commence upon the first scheduled payment date immediately after the date
the release is executed and no longer subject to revocation (the “Release Effective Date”). The first such cash payment shall include payment of all amounts that otherwise would have been due prior to the Release Effective Date under the
terms of this Severance Policy had such payments commenced after the date of Employment Termination, and any payments to be made thereafter shall continue as provided herein. The delayed payments shall in any event expire at the time such payments
would have expired had such payments commenced after the date of Employment Termination. 
 (b) To the extent any payments due
to Executive under this Severance Policy above are “deferred compensation” for purposes of Section 409A, then such payments shall commence upon the 60th day following the date of Employment Termination. The first such cash payment
shall include payment of all amounts that otherwise would have been due prior thereto under the terms of this Severance Policy had such payments commenced after the date of Employment Termination, and any payments to be made thereafter shall
continue as provided herein. The delayed payments shall in any event expire at the time such payments would have expired had such payments commenced immediately following the date of Employment Termination. 

6. Section 409A. Notwithstanding any provisions in this Severance Policy to the contrary, if at the time of the Employment
Termination the Covered Executive is a “specified employee” as defined in Section 409A and the deferral of the commencement of any payments or benefits otherwise payable as a result of such Employment Termination is necessary to avoid
the additional tax under Section 409A, the Company will defer the payment or commencement of the payment of any such payments or benefits (without any reduction in such payments or benefits ultimately paid or provided to Executive) until the
date that is six months following the Employment Termination. Any monthly payment amounts deferred will be accumulated and paid to Executive (without interest) six months after the date of Employment Termination in a lump sum, and the balance of
payments due to Executive will be paid as otherwise provided in this Severance Policy. Each monthly payment described in this Severance Policy is designated as a “separate payment” for purposes of Section 409A and, subject to the six
month delay, if applicable, and the first monthly payment shall commence on the payroll date as in effect on termination following the termination. For purposes of this Severance Policy, a termination of employment means a separation from service as
defined in Section 409A. No reimbursement payable to Executive pursuant to any provisions of this Severance Policy or pursuant to any plan or arrangement of the Company shall be paid later than the last day of the calendar year following the
calendar year in which the related expense was incurred, and no such reimbursement during any calendar year shall affect the amounts eligible for reimbursement in any other calendar year, except, in each case, to the extent that the right to
reimbursement does not provide for a “deferral of compensation” within the meaning of Section 409A. This Severance Policy will be interpreted, administered and operated in accordance with Section 409A, although nothing herein
will be construed as an entitlement to or guarantee of any particular tax treatment to Executive.Fourth Supplemental Indenture

 Exhibit 4.3 
 DCP MIDSTREAM OPERATING, LP 
 As ISSUER, 

DCP MIDSTREAM PARTNERS, LP 
 As GUARANTOR 
 AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 As TRUSTEE 
  

 
 Fourth
Supplemental Indenture 
 Dated as of November 27, 2012 

to 
 Indenture

 Dated as of September 30, 2010 
  

 
 2.50% Senior
Notes due 2017 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	ARTICLE 1 ESTABLISHMENT OF SERIES	  	 	2	  
	 Section 1.01     Establishment
	  	 	2	  
		
	ARTICLE 2 2.50% SENIOR NOTES DUE 2017	  	 	2	  
	 Section 2.01     Authentication and Delivery
	  	 	2	  
	 Section 2.02     Definitions
	  	 	2	  
	 Section 2.03     Payment of Principal and Interest
	  	 	4	  
	 Section 2.04     Denominations
	  	 	5	  
	 Section 2.05     Redemption at the Option of the Company
	  	 	5	  
	 Section 2.06     Global Securities
	  	 	6	  
	 Section 2.07     Place of Payment and Paying Agent
	  	 	7	  
	 Section 2.08     Amount Not Limited
	  	 	7	  
	 Section 2.09     Parent Guarantee
	  	 	7	  
	 Section 2.10     Global Security Legend
	  	 	8	  
		
	ARTICLE 3 COVENANT SUPPLEMENTS	  	 	8	  
	 Section 3.01     Limitation on Liens
	  	 	8	  
	 Section 3.02     Restriction of Sale-Leaseback Transaction
	  	 	10	  
	 Section 3.03     Covenant Defeasance and Waiver
	  	 	11	  
	 Section 3.04     Future Subsidiary Guarantors
	  	 	11	  
		
	ARTICLE 4 MISCELLANEOUS PROVISIONS	  	 	11	  
	 Section 4.01     Recitals by Company and the Guarantor
	  	 	11	  
	 Section 4.02     Ratification and Incorporation of Original Indenture
	  	 	11	  
	 Section 4.03     Executed in Counterparts
	  	 	12	  
	 Section 4.04     Governing Law; Waiver of Jury Trial
	  	 	12	  
	 Section 4.05     Effect of Headings
	  	 	12	  

  
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 THIS FOURTH SUPPLEMENTAL INDENTURE (this “Fourth Supplemental Indenture”)
is made as of November 27, 2012, by and between DCP MIDSTREAM OPERATING, LP, a Delaware limited partnership, having its principal office at 370 17th Street, Suite 2775, Denver, Colorado 80202 (the “Company”), DCP MIDSTREAM
PARTNERS, LP, a Delaware limited partnership, having its principal office at 370 17th Street, Suite 2775, Denver, Colorado 80202 (the “Guarantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association,
as trustee (herein called the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Company has heretofore entered into an Indenture, dated as of September 30, 2010 (the “Original
Indenture”), with The Bank of New York Mellon Trust Company, N.A., as Trustee, to provide for the issuance from time to time of its unsecured senior debt securities (the “Securities”); 

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

WHEREAS, the Company has heretofore entered into a First Supplemental Indenture dated as of September 30, 2010, pursuant to which
the Company created a series of Securities under the Original Indenture issued in an initial aggregate principal amount of $250,000,000, designated as the 3.25% Senior Notes due 2015, such series having been guaranteed by the Guarantor; 

WHEREAS, the Company has heretofore entered into a Second Supplemental Indenture dated as of March 13, 2012, pursuant to which the
Company created a series of Securities under the Original Indenture issued in an initial aggregate principal amount of $350,000,000, designated as the 4.95% Senior Notes due 2022, such series having been guaranteed by the Guarantor; 

WHEREAS, the Company has heretofore entered into a Third Supplemental Indenture dated as of June 14, 2012, pursuant to which the
Company amended the Original Indenture provisions regarding the terms on which the Guarantee of the Guarantor or any future Guarantees of the Guarantor or of Subsidiaries or other Affiliates of the Company may be released or terminated; 

WHEREAS, the Company proposes to create under the Original Indenture a new series of Securities, to be issued in an initial aggregate
principal amount of $500,000,000, designated as the 2.50% Senior Notes due 2017, such series to be guaranteed by the Guarantor; 

WHEREAS, the Original Indenture is incorporated herein by this reference, and the Original Indenture, as amended and supplemented to the
date hereof, including by this Fourth Supplemental Indenture, is herein called the “Indenture”; 

 WHEREAS, additional Securities of other series hereafter established, except as may be
limited in the Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions necessary to authorize the execution and delivery of this Fourth Supplemental Indenture and to make it the valid and binding obligations of the Company and the Guarantor 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 1 
 ESTABLISHMENT OF SERIES 

Section 1.01 Establishment. There is hereby established a new series of Securities to be issued under the Indenture,
designated as the Company’s 2.50% Senior Notes due 2017 (the “2017 Notes”). The 2017 Notes shall have the form and terms specified in Article 2 hereof. 

ARTICLE 2 
 2.50% SENIOR NOTES DUE 2017 

Section 2.01 Authentication and Delivery. There are to be authenticated and delivered $500,000,000 principal amount of
2017 Notes on the Original Issue Date (as defined below), and additional 2017 Notes may be authenticated and delivered from time to time as provided by Sections 301, 304, 305, 306, 906 or 1007 of the Original Indenture or as provided in
Section 2.08 of this Fourth Supplemental Indenture. The 2017 Notes shall be fully registered and without coupons and shall be initially issued in the form of one or more Global Securities substantially in the form set out in
Annex A hereto, which is hereby incorporated into this Fourth Supplemental Indenture by reference. The 2017 Notes shall be senior debt securities. 
 Each 2017 Note shall be dated the date of authentication thereof and shall bear interest from the Original Issue Date or from the most recent Interest Payment Date (as defined below) to which
interest has been paid or duly provided for. 
 Section 2.02 Definitions. The following defined terms used herein
with respect to the 2017 Notes shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.

 “Consolidated Net Tangible Assets” means at any date of determination, the total amount of consolidated
assets of the Guarantor and its Subsidiaries after deducting therefrom (1) all current liabilities (excluding (A) any current liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more
than 12 months after the time as of which the amount thereof is being computed, and (B) current maturities of long term debt), and (2) the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents

  
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and other like intangible assets, all as set forth on the consolidated balance sheet of the Guarantor and its Subsidiaries for the most recently completed fiscal quarter, prepared in accordance
with GAAP. 
 “Debt” of any Person means, without duplication, (i) all indebtedness of such Person for
borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments,
(iii) all obligations of such Person in respect of letters of credit or other similar instruments (or reimbursement obligations with respect thereto), other than standby letters of credit, performance bonds and other obligations issued by or
for the account of such Person in the ordinary course of business, to the extent not drawn or, to the extent drawn, if such drawing is reimbursed not later than the third Business Day following demand for reimbursement, (iv) all obligations of
such Person to pay the deferred and unpaid purchase price of property or services, except trade payables and accrued expenses incurred in the ordinary course of business, (v) all capitalized lease obligations of such Person, (vi) all Debt
of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person (provided that if the obligations so secured have not been assumed in full by such Person or are not otherwise such Person’s legal
liability in full, then such obligations shall be deemed to be in an amount equal to the greater of (a) the lesser of (1) the full amount of such obligations and (2) the fair market value of such assets, as determined in good faith by
the Board of Directors of such Person, which determination shall be evidenced by a Board Resolution, and (b) the amount of obligations as have been assumed by such Person or which are otherwise such Person’s legal liability), and
(vii) all Debt of others (other than endorsements in the ordinary course of business) guaranteed by such Person to the extent of such guarantee. 
 “Funded Debt” means all Debt maturing one year or more from the date of the creation thereof, all Debt directly or indirectly renewable or extendible, at the option of the debtor, by its
terms or by the terms of any instrument or agreement relating thereto, to a date one year or more from the date of the creation thereof, and all Debt under a revolving credit or similar agreement obligating the lender or lenders to extend credit
over a period of one year or more. 
 “Interest Payment Dates” means June 1 and December 1,
commencing on June 1, 2013. 
 “Lien” means, with respect to any asset, any mortgage, lien, security
interest, pledge, charge, adverse claim or other encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law. 
 “Original Issue Date” means November 27, 2012. 

“Person” means any individual, corporation, company, limited liability company, partnership, limited partnership, joint
venture, association, joint-stock company, trust, other entity, unincorporated organization or government or any agency or political subdivision thereof. 
 “Principal Property” means, whether owned or leased on the date hereof or hereafter acquired, any pipeline, gathering system, terminal, storage facility, processing plant or other plant
or facility owned or leased by the Guarantor or its Subsidiaries and used in the transportation, distribution, terminalling, gathering, treating, processing, marketing or storage of 

  
 3 

 
natural gas, natural gas liquids and propane 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 property or asset, plant or terminal which, in the good faith opinion of the Board of Directors of the
Guarantor as evidenced by resolutions of the Board of Directors of the Guarantor, is not material in relation to the activities of the Guarantor and its Subsidiaries, taken as a whole. 

“Principal Subsidiary” means the Company and any Subsidiary of the Company or the Guarantor that owns or leases,
directly or indirectly, a Principal Property. 
 “Regular Record Date” means, with respect to each Interest
Payment Date, the close of business on May 15 or November 15, respectively, prior to such Interest Payment Date (whether or not a Business Day). 
 “Sale-Leaseback Transaction” means the sale or transfer by the Guarantor or any Principal Subsidiary of any Principal Property to a Person (other than the Guarantor or a Principal
Subsidiary) and the taking back by the Guarantor or any Principal Subsidiary, as the case may be, of a lease of such Principal Property. 
 “Stated Maturity” means December 1, 2017. 

Section 2.03 Payment of Principal and Interest. The principal of the 2017 Notes shall be due at Stated Maturity, unless
earlier redeemed. The principal amount of the 2017 Notes shall bear interest at the rate of 2.50% per annum until paid or duly provided for, such interest to accrue from the Original Issue Date or from the most recent Interest Payment Date on
which interest has been paid or duly provided for. Subject to Section 307 of the Original Indenture, Interest shall be paid semi-annually in arrears on each Interest Payment Date to the Person or Persons in whose name the 2017 Notes are
registered on the Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity of principal or on a Redemption Date as provided herein shall be paid to the Person to whom principal is payable. The
Company shall pay interest on overdue principal and premium, if any, from time to time on demand at the same rate; and it shall pay interest on overdue installments of interest (without regard to any applicable grace periods) from time to time on
demand at the same rate to the extent lawful. 
 Payments of interest on the 2017 Notes shall include interest accrued to but
excluding the respective Interest Payment Dates. Interest payments for the 2017 Notes shall be computed and paid on the basis of a 360-day year of twelve 30-day months. If any date on which interest is payable on the 2017 Notes is not a Business
Day, then payment of the interest payable on such date shall be made on the next succeeding day that is a Business Day (and without any interest or payment in respect of any such delay) with the same force and effect as if made on the date the
payment was originally payable. 
 Payment of principal of, premium, if any, and interest on the 2017 Notes shall be made 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. Payments of principal of, premium, if any, and interest

  
 4 

 
on the 2017 Notes represented by a Global Security shall be made by wire transfer of immediately available funds to the Depositary therefor; provided that, in the case of payments of
principal and premium, if any, at maturity or upon redemption, such Global Security is first surrendered to a Paying Agent. If any of the 2017 Notes are no longer represented by Global Securities, (i) payments of principal, premium, if any, and
interest due at the Stated Maturity or earlier redemption of such 2017 Notes shall be made at the office of any Paying Agent upon surrender of such 2017 Notes to such Paying Agent and (ii) payments of interest shall be made, at the option of
the Company, subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) wire transfer at such place and to such account at a
banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date for payment by the Person entitled thereto. 
 Section 2.04 Denominations. The 2017 Notes shall be issued in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. 

Section 2.05 Redemption at the Option of the Company. At any time prior to the date that is 30 days prior to the Stated
Maturity, the 2017 Notes shall be redeemable, in whole or in part at any time, at the option of the Company on any date prior to the Stated Maturity, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the 2017
Notes to be redeemed and (ii) the sum of the present values of the principal amount of the 2017 Notes to be redeemed and the remaining scheduled payments of interest thereon (exclusive of interest accrued to the Redemption Date) from the
Redemption Date to the respective scheduled payment dates discounted from their respective scheduled payment dates to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as
hereinafter defined) plus 30 basis points, plus, in either case, accrued and unpaid interest, if any, on the principal amount being redeemed to, but not including, such Redemption Date. From and after the date that is 30 days prior to Stated
Maturity, the 2017 Notes shall be redeemable, in whole or in part at any time, at the option of the Company, at a Redemption Price equal to 100% of the principal amount of the 2017 Notes to be redeemed, plus accrued and unpaid interest, if any, on
the principal amount being redeemed to, but not including, such Redemption Date. 
 For purposes of determining the Redemption
Price, the following definitions shall apply: 
 “Comparable Treasury Issue” means the United States Treasury
security selected by the Quotation Agent as having a maturity comparable to the term between the Redemption Date and the Stated Maturity (the “Remaining Life”) that would be utilized, at the time of selection, and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable maturity with the Remaining Life. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the
highest and lowest of all of the Reference Treasury Dealer Quotations or (2) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

  
 5 

 “Quotation Agent” means the Reference Treasury Dealer appointed by the
Company. 
 “Reference Treasury Dealer” means (i) each of J.P. Morgan Securities LLC, RBS Securities Inc.
and one U.S. government securities dealer in The City of New York (a “Primary Treasury Dealer”) selected by SunTrust Robinson Humphrey, Inc., and their respective successors; provided, however, that if any of the foregoing
ceases to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer and (ii) one other Primary Treasury Dealer selected by the Company. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer
at 5:00 p.m., The City of New York time, on the third Business Day preceding such Redemption Date. 
 “Treasury
Rate” means, with respect to any Redemption Date, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for the Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

The Redemption Price for any redemption pursuant to the first sentence of this Section 2.05 shall be certified in writing to the
Trustee by the Company in an Officer’s Certificate no later than one Business Day after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the 2017 Notes and shall have no
obligation to repurchase any Notes at the option of the Holders. 
 Section 2.06 Global Securities. The 2017 Notes
shall initially be issued in the form of one or more permanent Global Securities registered in the name of the Depositary (which initially shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below,
the 2017 Notes represented by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable as, 2017 Notes in definitive form. The Global Securities described above may not be transferred, except by the
Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.

 A Global Security shall be exchangeable for 2017 Notes registered in the names of Persons other than the Depositary or its
nominee only if the conditions described in Section 305 of the Indenture relating to any such exchange have been met. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for 2017 Notes registered in
such names as the Depositary shall direct. Except to the extent inconsistent with this Section 2.06, Section 305 of the Indenture shall apply to the Global Securities evidencing the 2017 Notes. 

  
 6 

 Section 2.07 Place of Payment and Paying Agent. The Place of Payment with
respect to the 2017 Notes shall be the offices of the Paying Agent with respect to the 2017 Notes in the Borough of Manhattan, The City of New York. 
 The Company initially appoints the Trustee to act as Paying Agent and Security Registrar with respect to the 2017 Notes. 
 Section 2.08 Amount Not Limited. The aggregate principal amount of 2017 Notes that may be authenticated and delivered under this Fourth Supplemental Indenture shall not be limited, and
additional 2017 Notes (the “Additional Notes”) may be issued from time to time without any consent of Holders or of the Trustee. The Company may, upon the execution and delivery of this Fourth Supplemental Indenture or from time to
time thereafter, execute and deliver the Additional Notes to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Additional Notes upon a Company Order and delivery of such other documentation as shall be
required by the Original Indenture. Upon the issuance of Additional Notes, references herein to the “2017 Notes” shall include the Additional Notes and all 2017 Notes to be issued on the Original Issue Date and any Additional Notes
subsequently issued shall be treated as a single series for all purposes under the Indenture. 
 Section 2.09 Parent
Guarantee. DCP Midstream Partners, LP shall be a Guarantor of the 2017 Notes in accordance with Article Sixteen of the Original Indenture. For the purposes of this Fourth Supplemental Indenture and the 2017 Notes (including without
limitation the provisions of the Original Indenture to the extent applicable thereto), the term “Guarantor” (and such derivative terms as are herein or therein used) shall mean DCP Midstream Partners, LP, and accordingly, the Guarantee of
DCP Midstream Partners, LP shall be a Guarantee with respect to the Indenture and the 2017 Notes; provided, however, that such Guarantee shall not apply to any obligations under any series of Securities other than the 2017 Notes. 

To evidence its Guarantee set forth in Article Sixteen of the Original Indenture (as amended and supplemented by this Fourth
Supplemental Indenture), the Guarantor hereby agrees that a notation of such Guarantee substantially in the form attached as Annex B hereto will be endorsed by an Officer of the Guarantor on each 2017 Note authenticated and
delivered by the Trustee and that this Fourth Supplemental Indenture will be executed on behalf of the Guarantor by one of its Officers. 
 The Guarantor hereby agrees that its Guarantee set forth in Article Sixteen of the Original Indenture (as amended and supplemented by this Fourth Supplemental Indenture) will remain in full force and
effect notwithstanding any failure to endorse on each 2017 Note a notation of such Guarantee. 
 If an Officer whose
signature is on this Fourth Supplemental Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the 2017 Note on which a Guarantee is endorsed, the Guarantee will be valid nevertheless. 

  
 7 

 The delivery of any 2017 Note by the Trustee, after the authentication thereof
hereunder, will constitute due delivery of the Guarantee set forth in the Indenture on behalf of the Guarantor. 

Section 2.10 Global Security Legend. Each security certificate evidencing the Global Securities shall bear a legend
substantially in the form set forth in Section 203 of the Original Indenture. 
 ARTICLE 3 

COVENANT SUPPLEMENTS 
 The covenants contained in this Article 3 shall apply to the 2017 Notes only and not to any other series of Securities issued under the Original Indenture, and any covenants provided in this
Article 3 are expressly being included solely for the benefit of the 2017 Notes and not for the benefit of any other series of Securities issued under the Original Indenture. The covenants contained in this Article 3 shall be effective
only for so long as any 2017 Notes remain Outstanding. 
 Section 3.01 Limitation on Liens. While any of the 2017
Notes remain Outstanding, the Guarantor will not, nor will it permit any Principal Subsidiary to, create, or permit to be created or to exist, any Lien of any kind upon any Principal Property of the Guarantor or any Principal Subsidiary, or upon any
shares of stock of any Principal Subsidiary, whether such Principal Property is, or shares of stock are, now owned or hereafter acquired, to secure any Debt of the Guarantor or any other Person, unless it shall make effective provision whereby the
2017 Notes then Outstanding shall be secured by such Lien equally and ratably with any and all such Debt thereby secured so long as such Debt shall be so secured; provided, however, that nothing in this Section shall be construed to
prevent the Guarantor or any Principal Subsidiary from creating, or from permitting to be created or to exist, any Liens with respect to: 
 (a) purchase money mortgages, or other purchase money Liens of any kind upon property hereafter acquired by the Guarantor or any Principal Subsidiary, or Liens of any kind existing on any property or any
shares of stock at the time of the acquisition thereof (including Liens that exist on any property or any shares of stock of a Person that is consolidated with or merged with or into the Guarantor or any Principal Subsidiary or that transfers or
leases all or substantially all of its properties to the Guarantor 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; provided, however, that no such Lien shall extend to or cover any other property of the Guarantor or such Principal Subsidiary; 
 (b) Liens upon any property of the Guarantor or any Principal Subsidiary or any shares of stock of any Principal Subsidiary existing as of the date of the initial issuance of the Securities or upon the
property or any shares of stock of any Corporation, which Liens existed at the time such Corporation became a Subsidiary of the Guarantor; Liens for taxes or assessments or other governmental charges or levies relating to amounts that are not yet
delinquent or are being contested in good faith; pledges to secure 

  
 8 

 
other governmental charges or levies; pledges or deposits to secure obligations under worker’s compensation laws, unemployment insurance and other social security legislation; pledges or
deposits to secure performance in connection with bids, tenders, contracts (other than contracts for the payment of money) or leases to which the Guarantor or any Principal Subsidiary is a party; pledges or deposits to secure public or statutory
obligations of the Guarantor or any Principal Subsidiary; builders’, materialmen’s, mechanics’, carriers’, warehousemen’s, workers’, repairmen’s, operators’, landlords’ or other similar Liens, in the
ordinary course of business; pledges or deposits to secure surety, stay, appeal, indemnity, customs, performance or return-of-money bonds or pledges or deposits in lieu thereof; 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 Guarantor or any Principal Subsidiary has not exhausted its appellate rights; Liens on deposits required by any
Person with whom the Guarantor 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; Liens in connection with leases (other than capital leases) made, or existing on property acquired, in the ordinary course of business; 
 (c) 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 Guarantor and its Subsidiaries, taken as a whole, or the value of such property for the purpose of such business; 

(d) 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; 

(e) Liens of any kind upon any property acquired, constructed, developed or improved by the Guarantor or any Principal
Subsidiary (whether alone or in association with others) after the date of this Fourth Supplemental 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 Guarantor or any Principal Subsidiary other than theretofore unimproved real property;

  
 9 

 (f) Liens in favor of the Guarantor, one or more Principal Subsidiaries, one
or more wholly-owned Subsidiaries of the Guarantor or any of the foregoing in combination; 
 (g) the
replacement, extension or renewal (or successive replacements, extensions or renewals), as a whole or in part, of any Lien, or of any agreement, referred to above in clauses (a) through (f) inclusive, or the replacement, extension or
renewal of the Debt secured thereby (not exceeding the principal amount of Debt secured thereby, other than to provide for the payment of any underwriting or other fees related to any such replacement, extension or renewal, as well as any premiums
owed on and accrued and unpaid interest payable in connection with any such replacement, extension or renewal); provided that such replacement, extension or renewal is limited to all or a part of the same property that secured the Lien
replaced, extended or renewed (plus improvements thereon or additions or accessions thereto); or 
 (h) any Lien
not excepted by the foregoing clauses (a) through (g); provided that immediately after the creation or assumption of such Lien the aggregate principal amount of Debt of the Guarantor or any Principal Subsidiary secured by all Liens
created or assumed under the provisions of this clause (h), together with all net sale proceeds from any Sale-Leaseback Transactions (excluding net sale proceeds applied pursuant to clause (c)(1) of Section 3.02) shall not exceed an
amount equal to 10% 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
this Section 3.01(h), with respect to any such secured indebtedness of a non-wholly-owned Principal Subsidiary of the Company or the Guarantor with no recourse to the Company, the Guarantor or any wholly-owned Principal Subsidiary thereof, only
that portion of the aggregate principal amount of indebtedness for borrowed money reflecting the Company’s or the Guarantor’s pro rata ownership interest in such non-wholly-owned Principal Subsidiary shall be included in calculating
compliance herewith. 
 As used in this Section 3.01, the term “shares of stock” means any and all shares of
Capital Stock. 
 Section 3.02 Restriction of Sale-Leaseback Transaction. The Guarantor will not, nor will it permit
any Principal Subsidiary to, engage in a Sale-Leaseback Transaction, unless: 
 (a) the Sale-Leaseback
Transaction occurs within one year from the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the
Guarantor shall have elected to designate, as a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback
Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); 

  
 10 

 (b) the Guarantor or such Principal Subsidiary would be entitled under
Section 3.01 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback Transaction without equally and ratably
securing the 2017 Notes; or 
 (c) the Guarantor or such Principal Subsidiary, within a six-month 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
Guarantor or any Subsidiary of the Guarantor (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal Property. 

Section 3.03 Covenant Defeasance and Waiver. Upon the Company’s exercise of the option described in Section 402(3)
of the Indenture with respect to the 2017 Notes, in addition to the other obligations permitted to be released by Section 402(3), the Company shall be released from its obligations to comply with any term, provision or condition under
Sections 3.01 and 3.02 of this Fourth Supplemental Indenture with respect to the 2017 Notes. The provisions of Sections 3.01 and 3.02 of this Fourth Supplemental Indenture may be waived in accordance with Section 1005 of the
Indenture. 
 Section 3.04 Future Subsidiary Guarantors. The Company shall cause each Subsidiary of the Company that
guarantees or becomes a co-obligor in respect of any Funded Debt of the Company or the Guarantor to promptly execute and deliver a supplemental indenture, substantially in the form of Annex C hereto, providing for the guarantee of the
payment of the 2017 Notes pursuant hereto. 
 ARTICLE 4 

MISCELLANEOUS PROVISIONS 
 Section 4.01 Recitals by Company and the Guarantor. The recitals in this Fourth Supplemental Indenture are made by the Company and the Guarantor only and not by the Trustee, and the Trustee
makes no representations as to the validity or sufficiency of this Fourth Supplemental Indenture. All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be
applicable in respect of the 2017 Notes and this Fourth Supplemental Indenture as fully and with like effect as if set forth herein in full. 
 Section 4.02 Ratification and Incorporation of Original Indenture. As amended and supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original
Indenture and this Fourth Supplemental Indenture shall be read, taken and construed as one and the same instrument. If and to the extent that the provisions of the Original Indenture are duplicative of, or in contradiction with, the provisions of
this Fourth Supplemental Indenture, the provisions of this Fourth Supplemental Indenture will govern. 

  
 11 

 Section 4.03 Executed in Counterparts. This Fourth Supplemental Indenture may be
executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. Portable Document Format (PDF) or facsimile signatures shall be deemed originals.

 Section 4.04 Governing Law; Waiver of Jury Trial. THIS FOURTH SUPPLEMENTAL INDENTURE AND THE 2017 NOTES SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN SAID STATE. EACH OF THE COMPANY, THE GUARANTOR AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS FOURTH SUPPLEMENTAL INDENTURE, THE 2017 NOTES OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
 Section 4.05 Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction thereof. 

  
 12 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name
and behalf by its duly authorized signatory, all as of the day and year first above written. 
  

							
	DCP MIDSTREAM OPERATING, LP
		
	By:	 	DCP Midstream Operating, LLC,
		 	its general partner
			
		 	By:	 	 /s/ Rose M. Robeson

		 	Name:	 	Rose M. Robeson
		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	DCP MIDSTREAM PARTNERS, LP
		
	By:	 	DCP Midstream GP, LP,
		 	its general partner
			
		 	By:	 	DCP Midstream GP, LLC,
		 		 	its general partner
				
		 		 	By:	 	 /s/ Rose M. Robeson

		 		 	Name:	 	Rose M. Robeson
		 		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON TRUST
COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Julie H. Ramos

	 Name:
	 	Julie Hoffman-Ramos
	 Title:
	 	Vice President

 Signature Page to Fourth Supplemental Indenture 

 Annex A 
 FORM OF 2017 NOTE 
 [FORM OF FACE OF NOTE] 

[If a Global Security, insert—THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL
SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 THE DEPOSITORY TRUST COMPANY SHALL ACT AS THE DEPOSITARY
UNTIL A SUCCESSOR SHALL BE APPOINTED BY THE COMPANY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR SUCH OTHER ENTITY AS MAY BE 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.] 
 DCP MIDSTREAM OPERATING, LP 

2.50% Senior Note due 2017 
  

					
	No.	  		  	U.S. $500,000,000            

 CUSIP: 23311V AC1 

ISIN: US23311VAC19 
 DCP
Midstream Operating, LP, a Delaware limited partnership (herein called the “Company,” which term includes any successor or resulting Person under the Indenture (as defined on the reverse hereof), for value received, hereby promises to pay
to                     , or registered assigns, the principal sum of
                    United States Dollars on December 1, 2017 and to pay interest thereon from November 27, 2012, or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 1 and December 1 (each, an “Interest Payment Date”) in each year, commencing on June 1, 2013, at the rate of
2.50% per annum, until the principal hereof is paid or made available for payment and at the same rate per annum on any overdue principal and premium and on any overdue installment of interest (to the extent that the payment of such interest
shall be legally enforceable). Interest on this Security shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year
comprised of twelve 30-day months and the days elapsed in any partial month. If any date on which interest is payable on this Security is not a Business Day, then the payment of the 

 
interest payable on such date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and
effect as if made on the date the payment was originally payable. A Business Day shall mean, when used with respect to any Place of Payment, each day that is not a Saturday or Sunday or other day on which banking institutions in that Place of
Payment are authorized or required by law, regulation or executive order to close. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the May 15 or November 15 (whether or not a Business Day), as the case may be,
next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities of this series not
less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed or traded, and upon such
notice as may be required by such exchange, all as more fully provided in such Indenture. 
 [If a Global Security,
insert—Payment of the principal of (and premium, if any) and interest on this Security will be made 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.
Payments of principal of, premium, if any, and interest on this Security will be made by wire transfer of immediately available funds to the Depositary for this Global Security; provided that in the case of payments of principal and premium,
if any, at maturity or upon redemption, this Security is first surrendered to the Paying Agent.] 
 [If a Definitive Security,
insert— Payment of the principal of (and premium, if any) and interest on this Security will be made 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.
Payments of (i) principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of this Security shall be made at the office of any Paying Agent upon surrender of this Security to such Paying Agent and
(ii) interest shall be made, at the option of the Company, subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) wire
transfer at such place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date for payment by the Person entitled thereto.] 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place. 
 Unless the certificate of authentication hereon has been
executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 2 

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

Dated:                 ,
     
  

					
	DCP Midstream Operating, LP
		
	By:	 	 DCP Midstream Operating, LLC,
 its general partner

			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 3 

 [Form of Trustee’s Certificate of Authentication] 

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

THE BANK OF NEW 
 YORK MELLON TRUST COMPANY, NA,

 as Trustee 
  

			
	 By:
	 	  

		 	Authorized Signatory

  
 4 

 [REVERSE OF NOTE] 

DCP MIDSTREAM OPERATING, LP 
 2.50% Senior Note due 2017 
 This Security is one of a duly authorized
issue of senior securities of the Company (the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of September 30, 2010, as amended and supplemented by the Third Supplemental Indenture
thereto, dated as of June 14, 2012, and the Fourth Supplemental Indenture thereto, dated as of November 27, 2012 (such Indenture, as so amended and supplemented being referred to herein as the “Indenture”), by and among
the Company, DCP Midstream Partners, LP (the “Guarantor”) and The Bank of New York Mellon Trust Company, N.A., a national banking association organized and existing under the laws of the United States of America, as Trustee (the
“Trustee,” which term includes any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights,
obligations, duties and immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. Capitalized terms used but not
defined herein have the meanings set forth in the Indenture. This Security is one of the series designated on the face hereof, initially limited in aggregate principal amount to $500,000,000. To the extent any provision of this Security conflicts
with the express provisions of the Indenture, the Indenture will govern and be controlling. The Company may issue an unlimited aggregate principal amount of additional Securities of this series under the Indenture. Any such additional Securities
shall be treated as issued and outstanding Securities of the same series as this Security (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. 
 This Security is
the general, unsecured, senior obligation of the Company and is guaranteed pursuant to a guarantee (the “Parent Guarantee”) by the Guarantor. The Parent Guarantee is the general, unsecured, senior obligation of the Guarantor.

 At any time prior to the date that is 30 days prior to Stated Maturity, this Security is redeemable, in whole or in part, at
the Company’s option at any time prior to the Stated Maturity at a Redemption Price equal to the greater of (a) 100% of the principal amount of this Security to be redeemed, and (b) the sum of the present values of the principal
amount of this Security to be redeemed and the remaining scheduled payments of interest hereon (exclusive of interest accrued to the Redemption Date) from the Redemption Date to the respective scheduled payment dates discounted from their respective
scheduled payment dates to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 30 basis points, plus, in either case, accrued and unpaid interest, if any, on the
principal amount being redeemed to, but not including, such Redemption Date. From and after the date that is 30 days prior to Stated Maturity, this Security shall be redeemable, in whole or in part at any time, at the option of the Company, at a
Redemption Price equal to 100% of the principal amount of this Security to be redeemed, plus accrued and unpaid interest, if any, on the principal amount being redeemed to, but not including, such Redemption Date. 

For purposes of determining any Redemption Price, the following definitions shall apply: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a
maturity comparable to the term between the Redemption Date and the Stated Maturity (the “Remaining Life”) that would be utilized, at the time of selection, and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity with the Remaining Life. 
 “Comparable Treasury Price”
means, with respect to any Redemption Date, (a) the average of four Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations or (b) if the Quotation Agent
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Quotation
Agent” means the Reference Treasury Dealer appointed by the Company. 
 “Reference Treasury Dealer”
means (i) each of J.P. Morgan Securities LLC, RBS Securities Inc. and one U.S. government securities dealer in The City of New York (a “Primary Treasury Dealer”) selected by SunTrust

  
 R-1

 
Robinson Humphrey, Inc., and their respective successors; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company shall substitute therefor
another Primary Treasury Dealer and (ii) one other Primary Treasury Dealer selected by the Company. 
 “Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each
case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., The City of New York time, on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semiannual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Redemption Date. The Treasury Rate will be
calculated on the third Business Day preceding the Redemption Date. 
 Unless the Company defaults in payment of the Redemption
Price, on and after the Redemption Date, interest will cease to accrue on this Security or the portions hereof called for redemption. 
 In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof
upon the cancellation hereof. 
 The Company is not required to make mandatory redemption or sinking fund payments with respect
to this Security. 
 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of this
Security or (b) certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company, the Guarantor and any Subsidiary Guarantor, and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company, the Guarantor or any Subsidiary Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company, the Guarantor or any Subsidiary Guarantor with certain provisions of the Indenture and certain existing and past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, regardless of whether notation of
such consent or waiver is made upon this Security. 
 No Holder of this Security shall have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of this series, (b) as set forth in the Indenture, the Holders of a particular percentage of the principal amount of the Outstanding Securities of this series (either not less than 25%, or
not less than a majority, in aggregate principal amount of the Outstanding Securities, depending on the nature of the relevant Event of Default) shall have made written request to the Trustee to institute proceedings in respect of certain Events of
Default set forth in the Indenture in its own name as Trustee hereunder, (c) such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with
such request, 

  
 R-2

 
(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding and (e) no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of this series; it being understood and intended that no one or more of
such Holders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of the Indenture or this Security to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain
priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner herein provided or provided in the Indenture and for the equal and ratable benefit of all such Holders. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place(s) and rate, and in the coin or currency, herein prescribed. 

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for Definitive Securities of this series
except in the limited circumstances provided in the Indenture. The holders of beneficial interests in this Global Security will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not
be considered the Holders thereof for any purpose under the Indenture.] 
 [If a Definitive Security, insert— The Holder of
this Security may exchange such Security for a beneficial interest in a Global Security or transfer this Security to a Person who takes delivery hereof in the form of a beneficial interest in a Global Security at any time. Upon receipt of a request
for such an exchange or transfer, the Trustee shall cancel this Security and increase or cause to be increased the aggregate principal amount of the applicable Global Security. 

At the option of the Holder, this Security may be exchanged for other Definitive Securities of the same series, of any authorized
denominations and of like tenor and aggregate principal amount, upon surrender of this Security at an Office or Agency. Whenever this Security is so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Definitive Securities which the Holder making the exchange is entitled to receive. 
 Upon request by the Holder of this
Security and such Holder’s compliance with the provisions of this paragraph, the Registrar shall register the transfer or exchange of this Security. Prior to such registration of transfer or exchange, the Holder shall present or surrender to
the Registrar this Security duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. A Holder of this Security
may transfer this Security to a Person who takes delivery thereof in the form of this Security. Upon receipt of a request to register such a transfer, the Registrar shall register such Security pursuant to the instructions from the Holder thereof.]

 The Securities of this series are issuable only in registered form without coupons in denominations of U.S. $2,000 and any
integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of
like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses of the Trustee) payable in
connection therewith, other than exchanges pursuant to Sections 304, 306, 906 and 1107 of the Indenture. 
 Except as
provided in the Indenture, prior to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is overdue, and none of the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
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 No recourse under or upon any obligation, covenant or agreement of or contained in the
Indenture or of or contained in this Security, or the Parent Guarantee endorsed thereon, or for any claim based thereon or otherwise in respect thereof, or in any Security or in the Parent Guarantee, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, shareholder, partner, member, officer, manager or director, as such, past, present or future, of the Company or the Guarantor or of any successor Person, either directly or through the
Company or the Guarantor or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment, penalty or otherwise; it being expressly understood that all such liability is hereby expressly
waived and released by the acceptance hereof and as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the Securities. 
 This Security shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said State.

  
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 ANNEX B 
 NOTATION OF GUARANTEE 
 Each Guarantor (which term includes any successor
Person under the Indenture) named below, has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if
any, and interest on the 2.50% Senior Notes due 2017 (the “Securities”) and all other amounts due and payable under the Indenture and the Securities by the Company. 
 The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article Sixteen of the Indenture (as amended
and supplemented by the Fourth Supplemental Indenture) and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 
							
	DCP MIDSTREAM PARTNERS, LP
		
	By:	 	DCP Midstream GP, LP,
		 	its general partner
			
		 	By:	 	DCP Midstream GP, LLC,
		 		 	its general partner
				
		 		 	By:	 	  

		 		 	Name:	 	Rose M. Robeson
		 		 	Title:	 	 Senior Vice President and

Chief Financial Officer

  
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 ANNEX C 
 FORM OF SUPPLEMENTAL INDENTURE 
 This SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of             ,             , among DCP MIDSTREAM OPERATING, LP, a Delaware
limited partnership (the “Company”), DCP MIDSTREAM PARTNERS, LP, a Delaware limited partnership (the “Guarantor”), and
                                        (the
“Subsidiary Guarantor”), a direct or indirect subsidiary of the Company, and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (herein called the “Trustee”) 

W I T N E S S E T H: 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Original Indenture”), dated as of September 30, 2010, as supplemented by the Third
Supplemental Indenture (the “Third Supplemental Indenture”), dated as of June 14, 2012, as supplemented by the Fourth Supplemental Indenture (the “Fourth Supplemental Indenture” and, together with the Original
Indenture and the Third Supplemental Indenture, the “Indenture”), dated as of November 27, 2012, among the Company, the Guarantor and the Trustee, providing for the issuance of the Company’s 2.50% Notes due 2017 (the
“Notes”); 
 WHEREAS, Section 3.04 of the Fourth Supplemental Indenture provides that under certain
circumstances the Company is required to cause the Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all of the Company’s obligations
under the Notes pursuant to a guarantee on the terms and conditions set forth herein; and 
 WHEREAS, pursuant to
Section 901 of the Original Indenture, the Company, the Guarantor, the Subsidiary Guarantor and the Trustee are authorized to execute and deliver this Supplemental Indenture; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Company, the Guarantor, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 

Section 1. Definitions. 
 (a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture or the Fourth Supplemental Indenture, as applicable. 

(b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context
otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and
other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

  
 C-1

 Section 2. Agreement to Guarantee. 

(a) The Subsidiary Guarantor hereby agrees, jointly and severally with any other Guarantors under the Indenture with
respect to the Notes, to guarantee the Company’s obligations under the Notes and all other amounts due and payable under the Indenture on the terms and subject to the conditions set forth in Article Sixteen of the Original Indenture and
Section 2.09 of the Fourth Supplemental Indenture (as if such Section 2.09 related to the Guarantee hereunder) and to be bound by all other applicable provisions of the Indenture. To further evidence the Guarantee set forth in
Article Sixteen of the Original Indenture (as amended and supplemented by the Fourth Supplemental Indenture and this Supplemental Indenture), the Subsidiary Guarantor is executing a notation relating to such Guarantee, substantially in the form
attached to the Fourth Supplemental Indenture as Annex B. Except as expressly amended hereby, the Indenture and the Fourth Supplemental Indenture are in all respects ratified and confirmed and all the terms, conditions and provisions thereof
shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

Section 3. Governing Law; Waiver of Jury Trial. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN SAID STATE. EACH OF THE COMPANY, THE GUARANTOR , THE SUBSIDIARY GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 4. Recitals by Company, the Subsidiary Guarantor and the Guarantor. The recitals in this Supplemental Indenture are
made by the Company, the Subsidiary Guarantor and the Guarantor only and not by the Trustee, and the Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. All of the provisions contained in the Indenture
in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like effect as if set forth herein in full. 

Section 5. Executed in Counterparts. This Supplemental Indenture may be executed in several counterparts, each of which shall
be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. Portable Document Format (PDF) or facsimile signatures shall be deemed originals. 

  
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 Section 6. Effect of Headings. The Section headings herein are for
convenience only and shall not affect the construction thereof. 
 Section 7. Ratification and Incorporation of Original
Indenture. As amended and supplemented hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. If and to the extent
that the provisions of the Indenture are duplicative of, or in contradiction with, the provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture will govern. 

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

  

							
	DCP MIDSTREAM OPERATING, LP
		
	By:	 	DCP Midstream Operating, LLC,
		 	its general partner
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	
	
	DCP MIDSTREAM PARTNERS, LP
		
	By:	 	DCP Midstream GP, LP,
		 	its general partner
			
		 	By:	 	DCP Midstream GP, LLC,
		 		 	its general partner
				
		 		 	By:	 	  

		 		 	Name:	 	  

		 		 	Title:	 	  

	
	[SUBSIDIARY GUARANTOR]
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	THE BANK OF NEW YORK MELLON TRUST
	COMPANY, N.A., as Trustee
		
	By:	 	  

	Name:	 	  

	Title:	 	  

  
 C-3

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