Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

SECOND AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT 

THIS SECOND AMENDED AND RESTATED PLEDGE AND SECURITY AGREEMENT (this “Security Agreement”) is executed as of December 2,
2013 and effective as of the Effective Date (as defined below), among each of the undersigned grantors, the Additional Grantors (as hereinafter defined) (each, a “Grantor”), and U.S. BANK NATIONAL ASSOCIATION (“US
Bank”), as collateral agent for the Secured Parties (US Bank in such capacity, together with its successors and assignees, herein called “Collateral Agent”). 

RECITALS: 
 1. Energy Transfer
Equity, L.P., a Delaware limited partnership (“ETE”), has entered into that certain Credit Agreement dated as of even date herewith (such Credit Agreement, as from time to time amended, supplemented, restated, modified, replaced or
refinanced in whole or in part, the “Revolving Credit Agreement”), among ETE, as borrower, the Revolving Administrative Agent and the Revolving Lenders from time to time party thereto, pursuant to which the Revolving Lenders have
agreed to advance funds and extend credit to ETE. 
 2. Of even date herewith, ETE has entered into a Senior Secured Term Loan Agreement (as
from time to time amended, supplemented, restated, modified, replaced or refinanced in whole or in part, the “Term Loan Credit Agreement”), among ETE, as borrower, the Term Loan Administrative Agent and the Term Loan Lenders from
time to time party thereto, pursuant to which the Term Loan Lenders have agreed to make term loans to ETE in an initial aggregate principal amount of $1,000,000,000. 

3. ETE has issued its 7.500% Senior Notes due 2020 pursuant to that certain Indenture dated September 20, 2010 (the “Base
Indenture”), as supplemented by the First Supplemental Indenture dated as of September 20, 2010, by the Second Supplemental Indenture dated as of December 20, 2011, by the Second Supplemental Indenture dated as of February 16,
2012 and by the Third Supplemental Indenture dated as of April 24, 2012 (as so supplemented, the “7.500% Notes Indenture”), between ETE, as issuer, and U.S. Bank National Association, as trustee, which evidences Senior Note
Obligations in an aggregate principal amount of $1,187,057,000 outstanding as of the date hereof. 
 4. ETE has issued its 5.875% Senior
Notes due 2024 pursuant to the Fourth Supplemental Indenture dated as of the date hereof to the Base Indenture (as so supplemented, the “5.875% Notes Indenture”), which evidences Senior Note Obligations in the aggregate original
principal amount of $450,000,000. 
 5. Of even date herewith, the Revolving Administrative Agent, the Term Loan Administrative Agent and the
Indenture Trustee have entered into that certain Amended and Restated Collateral Agency Agreement to be effective as of the Effective Date (as from time to time amended, supplemented, restated, modified, replaced, the “Collateral Agency
Agreement”) with US Bank pursuant to which it has been appointed Collateral Agent which shall be effective as of the Effective Date. 

 6. Each Grantor and each direct and indirect Subsidiary of ETE are mutually dependent on each
other in the conduct of their respective businesses under a holding company structure, with the credit needed from time to time by each often being provided by another or by means of financing obtained by one such affiliate with the support of the
others for their mutual benefit and the ability of each to obtain such financing being dependent on the successful operations of the others. 

7. Each of the applicable governing bodies or the members of each Grantor (or of each Grantor’s general partner), as applicable, has
determined that such Grantor’s execution, delivery and performance of this Security Agreement may reasonably be expected to benefit such Grantor, directly or indirectly, and are in the best interests of such Grantor. 

NOW, THEREFORE, to induce the Secured Parties to enter into the various Transaction Documents to which they are or will be a party and/or to
comply with the terms and covenants of the Transaction Documents and for other good and valuable consideration, the receipt and sufficiency of all of which are hereby acknowledged, the parties agree as follows: 

AGREEMENTS 
 ARTICLE I 

Definitions and References 

Section 1.1 General Definitions. As used herein, the following terms shall have the following meanings: 

“5.875% Indenture” has the meaning given to such term in the Recitals. 

“7.500% Indenture” has the meaning given to such term in the Recitals. 

“Account Debtor” means each Person who is obligated on a Receivable or any supporting obligation related thereto. 

“Additional Grantor” has the meaning given to such term in Section 5.2. 

“Additional Secured Obligations” means any other indebtedness, obligations, liabilities, indemnities and reimbursements owed
by ETE or any of its Subsidiaries and designated as an “Additional Secured Obligation” for purposes of this Security Agreement in a Collateral Agency Joinder (as defined in the Collateral Agency Agreement), in each case to the extent
permitted (if addressed therein, or, otherwise, not prohibited) under the documents referred to in clauses (a), (b) and (c) of the definition of Transaction Documents contained herein, whether direct or indirect (including those acquired
by assumption), absolute or contingent, due or to become due, now existing or hereafter arising. 
 “Collateral” means all
property, of whatever type, that is described in Section 2.1 as being at any time subject to a security interest granted hereunder to Secured Party but excluding the Excluded Assets. 

  
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 “Collateral Agency Agreement” has the meaning given to such term in the
Recitals. 
 “Collateral Agency Hedge Counterparty Joinder” means with respect to the provisions of the Collateral Agency
Agreement relating to any Other Hedging Obligations, an agreement substantially in the form of Exhibit B to the Collateral Agency Agreement. 

“Collateral Agency Joinder” means with respect to the provisions of the Collateral Agency Agreement relating to any
Additional Secured Obligations, an agreement substantially in the form of Exhibit A to the Collateral Agency Agreement. 

“Collateral Documents” means, collectively, this Security Agreement, the Collateral Agency Agreement and any other agreement
or instrument pursuant to which a security interest or security interests are created to secure all or any portion of the Secured Obligations. 

“Commercial Tort Claim” has the meaning set forth in the UCC. 

“Company” means an LLC, Partnership, Corporation or other Person in respect of which Company Rights are granted. 

“Company Agreements”, “Company Rights”, and “Company Rights to Payments” have the meanings
given them in
 Section 2.1(l). 
 “Copyright License” means any license or other agreement, whether now or
hereafter in existence, under which is granted or authorized any right to use, copy, reproduce, distribute, prepare derivative works, display or publish any records or other materials on which a Copyright is in existence or may come into existence.

 “Copyrights” means all the following: (a) all copyrights under the laws of the United States or any other country
(whether or not the underlying works of authorship have been published), all registrations and recordings thereof, all intellectual property rights to works of authorship (whether or not published), and all application for copyrights under the laws
of the United States or any other country, including registrations, recordings and applications in the United States Copyright Office or in any similar office or agency of the United States, any State thereof or other country, or any political
subdivision thereof, (b) all reissues, renewals and extensions thereof, (c) all claims for, and rights to sue for, past or future infringements of any of the foregoing, and (d) all income, royalties, damages and payments now or
hereafter due or payable with respect to any of the foregoing, including damages and payments for past or future infringements thereof. 

“Corporation” means any corporation that is included within the term “Corporation” pursuant to
Section 2.1(l)(iii), and any successor of any such corporation. 
 “Deposit Accounts” has the meaning set forth in the
UCC. 
 “Documents” has the meaning set forth in the UCC. 

  
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 “Effective Date” means the date on which (i) the conditions precedent to
the “Closing Date” under the Term Loan Credit Agreement have occurred and (ii) the conditions precedent to the “Closing Date” under the Revolving Credit Agreement have occurred. 

“Equipment” has the meaning set forth in the UCC. 

“Equity Interests” has the meaning given to such term in the Term Loan Credit Agreement. 

“ETE” has the meaning given to such term in the Recitals. 

“ETP” means Energy Transfer Partners, L.P., a Delaware limited partnership. 

“Event of Default” means any “event of default” under a Transaction Document. 

“Excluded Assets” means (a) all of the incentive distribution rights and general partner interests held indirectly by
ETE in any MLP, (b) any real property (whether owned or leased) of ETE or any Restricted Subsidiary, (c) property and assets the pledge or granting of a security interest in which would violate contractual restrictions or applicable law,
in each case, unless such restrictions are rendered ineffective under the Uniform Commercial Code of any applicable jurisdiction, or would require the consent of any governmental authority or would result in materially adverse tax consequences as
reasonably determined by ETE, (d) any Equity Interests in Energy Transfer LNG Export, LLC, Energy Transfer Crude Oil Company, LLC, Trunkline or any of their respective subsidiaries held, directly or indirectly, by any Restricted Person,
(e) any other entity or entities created or acquired to undertake the construction, financing or operation of the Lake Charles Liquefaction Facility, the Lake Charles Regasification Facility or the Trunkline Conversion Project,
(f) property and assets with respect to which the Administrative Agent and the Borrower reasonably determine the time or expense of obtaining a pledge or grant of a security interest therein outweighs the benefits thereof and (g) so long
as such property is not pledged pursuant to Section 6.16 of the Revolving Credit Agreement or Section 6.16 of the Term Loan Credit Agreement, the Post-Closing Collateral. 

“General Intangibles” has the meaning set forth in the UCC. 

“Grantor” has the meaning given to such term in the Preamble. 

“Guarantor” means each Person which has guaranteed the payment of any portion of the Secured Obligations. 

“Indenture” means the 7.500% Indenture and the 5.875% Indenture, collectively or individually, as the context may require.

 “Indenture Trustee” has the meaning given to such term in the Recitals. 

“Instruments” means all “instruments”, “chattel paper” or “letters of credit” (as each is
defined in the UCC) and all Letter-of-Credit Rights. 

  
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 “Intellectual Property” means any Copyrights, Copyright Licenses, Patents,
Patent Licenses, Trademarks, and Trademark Licenses. 
 “Inventory” has the meaning set forth in the UCC. 

“Investment Property” has the meaning set forth in the UCC. 

“LC Issuer” means the Person who is from time to time the LC Issuer under the Revolving Credit Agreement. 

“LC Obligations” means the LC Obligations under the Revolving Credit Agreement. 

“Lender Hedging Obligations” has the meaning given to such term in the Revolving Credit Agreement. 

“Lender Parties” means the Revolving Administrative Agent, the LC Issuer, the Revolving Lenders, the holders of the Lender
Hedging Obligations, the holders of the Other Hedging Obligations, the Term Loan Administrative Agent and the Term Loan Lenders, holders or secured parties (or equivalent term) under Additional Secured Obligations with respect to which an
Administrative Agent (as defined in the Collateral Agency Agreement) has been joined to the Collateral Agency Agreement and any lenders under any permitted refinancing of the Indebtedness of such Persons. 

“Letter-of-Credit Rights” means all rights to payment or performance under a “letter of credit” (as defined in the
UCC) whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. 
 “LLC”
means any limited liability company which is included within the term “LLC” pursuant to Section 2.1(l)(i), and any successor of any such limited liability company. 

“MLP” means (a) ETP, (b) Regency, (c) Sunoco Logistics Partners L.P. or (d) any other publicly traded
limited partnership or limited liability company meeting the gross income requirements of Section 7704(c)(2) of the Internal Revenue Code of 1986 (as amended, together with all rules and regulations promulgated with respect thereto) created or
acquired by the Borrower or any Restricted Subsidiary after the date hereof, as applicable, and “MLPs” means all of the foregoing collectively. 

“Other Company Rights” has the meaning given it in Section 2.1(l)(iv). 

“Other Hedging Obligations” means any Other Hedging Obligation as defined in the Revolving Credit Agreement. 

“Partnership” means any general or limited partnership which is included within the term “Partnerships” pursuant
to
 Section 2.1(l)(ii), and any successor of any such partnership. 
 “Patent License” means any license or
other agreement, whether now or hereafter in existence, under which is granted or authorized any right with respect to any Patent or any invention now or hereafter in existence, whether patentable or not, whether a patent or application for patent
is in existence on such invention or not, and whether a patent or application for patent on such invention may come into existence. 

  
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 “Patents” means all the following: (a) all letters patent and design
letters patent of the United States or any other country and all applications for letters patent and design letters patent of the United States or any other country, including applications in the United States Patent and Trademark Office or in any
similar office or agency of the United States, any State thereof or other country, or any political subdivision thereof, (b) all reissues, divisions, continuations, continuations-in-part, renewals and extensions thereof, (c) all claims
for, and rights to sue for, past or future infringements of any of the foregoing, and (d) all income, royalties, damages and payments now or hereafter due or payable with respect to any of the foregoing, including damages and payments for past
or future infringements thereof. 
 “Payment Intangibles” has the meaning set forth in the UCC. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership or other entity. 
 “Pledge and Security Agreement Supplement” has the meaning given to such term in
Section 5.2. 
 “Pledged Shares” has the meaning given to such term in Section 2.1(l)(iii). 

“Post-Closing Collateral” means the Equity Interests in each of (a) ETE GP Acquirer LLC, (b) Regency GP LP,
(c) ETE Common Holdings Member, LLC and (d) ETE Common Holdings LLC, in each case, held by any Grantor. 

“Proceeds” has the meaning set forth in the UCC. 

“Receivables” means (a) all “accounts” and “chattel paper” (as defined in the UCC) and all other
rights to payment for goods or other personal property which have been (or are to be) sold, leased, or exchanged or for services which have been (or are to be) rendered, regardless of whether such accounts or other rights to payment have been earned
by performance and regardless of whether such accounts or other rights to payment are evidenced by or characterized as accounts receivable, contract rights, book debts, notes, drafts or other obligations of indebtedness, (b) all Documents and
Instruments of any kind relating to such accounts or other rights to payment or otherwise arising out of or in connection with the sale, lease or exchange of goods or other personal property or the rendering of services, (c) all rights in, to,
or under all security agreements, leases and other contracts securing or otherwise relating to any such accounts, rights to payment, Documents, or Instruments, (d) all rights in, to and under any purchase orders, service contracts, or other
contracts out of which such accounts and other rights to payment arose (or will arise on performance), and (e) all rights in or pertaining to any goods arising out of or in connection with any such purchase orders, service contracts, or other
contracts, including rights in returned or repossessed goods and rights of replevin, repossession, and reclamation. 

“Receiver” has the meaning given to such term in Section 4.2(g). 

  
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 “Regency” means Regency Energy Partners LP, a Delaware limited partnership. 

“Restricted Person” has the meaning given to such term in the Term Loan Credit Agreement. 

“Restricted Subsidiary” has the meaning given to such term in the Term Loan Credit Agreement. 

“Revolving Administrative Agent” means Credit Suisse AG, Cayman Islands Branch in its capacity as the “Administrative
Agent” under the Revolving Credit Agreement, together with any successors in such capacity. 
 “Revolving Credit
Agreement” has the meaning given to such term in the Recitals. 
 “Revolving Lenders” means the Persons who are
from time to time “Lenders” under the Revolving Credit Agreement. 
 “Secured Obligations” means, to the extent
not released pursuant to Section 2.8 or 3.8 of the Collateral Agency Agreement: (a) all principal, interest and fees due under the Revolving Credit Agreement and all LC Obligations (and refinancings thereof permitted by the Transaction
Documents), (b) all Lender Hedging Obligations and Other Hedging Obligations (and refinancings of any of the foregoing permitted by the Transaction Documents), (c) all principal, interest, premium, if any, and fees due under the Term Loan
Credit Agreement (and refinancings thereof permitted by the Transaction Documents), (d) for so long as the Senior Note Obligations (or Senior Note Refinancing Indebtedness permitted by the Transaction Documents) are required pursuant to the
terms of the Indenture (or any instrument governing any such Senior Note Refinancing Indebtedness) to be equally and ratably secured with any of the other Secured Obligations, all principal, interest, premium, if any, and fees due under the
Indenture (or such instrument), (e) any other indebtedness, obligations, liabilities, indemnities and reimbursements owed to any Secured Party under any Transaction Document, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising, (f) all Additional Secured Obligations (and refinancings thereof permitted by the Transaction Documents) and (g) all costs and expenses, including
attorneys’ fees and collection costs, permitted to be collected by any Secured Party under the Transaction Document being enforced. Without limiting the generality of the foregoing, the Secured Obligations shall include all post-petition
interest, fees, expenses and other duties and liabilities of ETE and the Grantors described above which would be owed by ETE and/or any Grantor but for the fact that such interest, expenses and other duties and liabilities are unenforceable or not
allowed due to the existence of a bankruptcy, reorganization or similar proceeding of ETE or such Grantor, including interest and fees that accrue after the commencement by or against ETE or any Grantor in any bankruptcy or insolvency proceeding
naming such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. 

  
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 “Secured Party” means the Collateral Agent, the Revolving Administrative Agent,
the Term Loan Administrative Agent, each Lender Party and, for so long as the Senior Note Obligations or Senior Note Refinancing Indebtedness are required pursuant to the terms of the Indenture or any instrument governing any Senior Note Refinancing
Indebtedness, as applicable, to be equally and ratably secured with any of the other Secured Obligations, the Indenture Trustee or equivalent under any instrument governing any Senior Note Refinancing Indebtedness and each Senior Note Holder or
equivalent under any instrument governing any Senior Note Refinancing Indebtedness, and any other holders or secured parties (or equivalent term) under Additional Secured Obligations. 

“Securities Act” means the Securities Act of 1933, as amended. 

“Security Agreement” has the meaning given to such term in the Preamble. 

“Senior Note Holder” means any Holder as defined in the Indenture or any equivalent term under any other indenture with
respect to an Additional Trustee (as defined in the Collateral Agency Agreement). 
 “Senior Note Obligations” means the
(a) the “Note Obligations” as defined in the 7.500% Notes Indenture and (b) the “Note Obligations” as defined in the 5.875% Notes Indenture (without reference to “Notes Collateral Documents” in the 7.500%
Notes Indenture). 
 “Senior Note Refinancing Indebtedness” has the meaning given to such term in the Collateral Agency
Agreement. 
 “Term Loan Administrative Agent” means Credit Suisse AG, Cayman Islands Branch in its capacity as the
“Administrative Agent” under the Term Loan Credit Agreement, together with its successor in such capacity. 
 “Term Loan
Credit Agreement” has the meaning given to such term in the Recitals. 
 “Term Loan Lenders” means the Persons who
are from time to time “Lenders” under the Term Loan Credit Agreement. 
 “Trademark License” means any license or
agreement, whether now or hereafter in existence, under which is granted or authorized any right to use any Trademark. 

“Trademarks” means all of the following: (a) all trademarks, trade names, corporate names, company names, business
names, fictitious business names, trade styles, service marks, logos, brand names, trade dress, prints and labels on which any of the foregoing have appeared or appear, package and other designs, and any other source or business identifiers, and
general intangibles of like nature, and the rights in any of the foregoing which arise under applicable law, (b) the goodwill of the business symbolized thereby or associated with each of them, (c) all registrations and applications in
connection therewith, including registrations and applications in the United States Patent and Trademark Office or in any similar office or agency of the United States, any State thereof or other country, or any political subdivision thereof,
(d) all reissues, extensions and renewals thereof, (e) all claims for, and rights to sue for, past or future infringements of any of the foregoing, and (f) all income, royalties, damages and payments now or hereafter due or payable
with respect to any of the foregoing, including damages and payments for past or future infringements thereof. 

  
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 “Transaction Documents” means, collectively, (a) the Revolving Credit
Agreement and each promissory note issued thereunder, (b) the Term Loan Credit Agreement and each promissory note issued thereunder, (c) for so long as the Senior Note Obligations or Senior Note Refinancing Indebtedness are required
pursuant to the terms of the Indenture or any instrument governing any Senior Note Refinancing Indebtedness, as applicable, to be equally and ratably secured with any of the other Secured Obligations, the Indenture or any instrument governing any
Senior Note Refinancing Indebtedness and, in each case, each note issued thereunder, (d) the documents governing any Additional Secured Obligations and (e) the Collateral Documents. 

“Trunkline” means Trunkline LNG Company, LLC, a Delaware limited liability company, or any successor thereto. 

“Trunkline Conversion Project” means the development of crude oil pipeline capacity at Trunkline (or any existing or future
subsidiary thereof) by abandoning the current use of its pipeline assets for the transportation of natural gas pursuant to Trunkline’s application before the FERC which was filed on July 26, 2011 and converting such pipeline assets to
crude oil transportation assets. 
 “UCC” means the Uniform Commercial Code in effect in the State of New York from time to
time. 
 “US Bank” has the meaning given to such term in the Preamble. 

Section 1.2 Incorporation of Other Definitions. All terms used in this Security Agreement which are defined in the UCC and not
otherwise defined herein shall have the same meanings herein as set forth therein, except where the context otherwise requires. The parties intend that the terms used herein that are defined in the UCC have, at all times, the broadest and most
inclusive meanings possible. Accordingly, if the UCC shall in the future be amended or held by a court to define any term used herein more broadly or inclusively than the UCC in effect on the date hereof, then such term, as used herein, shall be
given such broadened meaning. If the UCC shall in the future be amended or held by a court to define any term used herein more narrowly, or less inclusively, than the UCC in effect on the date hereof, such amendment or holding shall be disregarded
in defining terms used herein. 
 Section 1.3 Attachments. All exhibits or schedules which may be attached to this Security
Agreement are a part hereof for all purposes. 
 Section 1.4 Other Interpretive Provisions. With reference to this Security
Agreement, unless otherwise specified herein: 
 (a) The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including” shall be deemed
to be followed by the phrase “without limitation.” The word “will” shall be construed to have the same meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions
on 

  
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such amendments, supplements or modifications set forth herein or in any other Transaction Document), (ii) any reference herein to any Person shall be construed to include such Person’s
successors and assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import when used in any Transaction Document, shall be construed to refer to such Transaction
Document in its entirety and not to any particular provision thereof, (iv) all references in a Transaction Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and
Schedules to, the Transaction Document in which such references appear, (v) any reference to any law shall include all statutory and regulatory provisions consolidating, amending, replacing or interpreting such law and any reference to any law
or regulation shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time and (vi) the words “asset” and “property” shall be construed to have the
same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

(b) In the computation of periods of time from a specified date to a later specified date, the word “from” means “from
and including;” the words “to” and “until” each mean “to but excluding;” and the word “through” means “to and including.” 

(c) Section headings herein are included for convenience of reference only and shall not affect the interpretation of this Security Agreement.

 ARTICLE II 
 Security
Interest 
 Section 2.1 Grant of Security Interest. As security for all of the Secured Obligations, each Grantor hereby
grants to the Collateral Agent a continuing security interest, for the benefit of the Secured Parties, in and to all right, title and interest of such Grantor in and to any and all of the following property, whether now owned or existing or
hereafter acquired or arising and regardless of where located: 
 (a) all Receivables; 

(b) all General Intangibles; 
 (c)
all Documents; 
 (d) all Instruments; 

(e) all Inventory; 
 (f) all
Equipment; 
 (g) all Deposit Accounts; 

(h) all Intellectual Property; 

  
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 (i) all Investment Property; 

(j) all books and records (including, without limitation, customer lists, marketing information, credit files, price lists, operating records,
vendor and supplier price lists, sales literature, computer software, computer hardware, computer disks and tapes and other storage media, printouts and other materials and records) of such Grantor pertaining to any of the Collateral; 

(k) all moneys and property of any kind of such Grantor in the possession or under the control of the Collateral Agent; 

(l) in furtherance of Section 2.1(b), all of the following (herein collectively called the “Company Rights”),
whether now or hereafter existing, which are owned by such Grantor or in which such Grantor otherwise has any rights but excluding any such property to the extent, and for so long as, it constitutes Excluded Assets: 

(i) all interests in any limited liability company and all proceeds, interest, profits, and other payments or rights to payment
attributable to such Grantor’s interests in any limited liability company (whether one or more, herein called the “LLCs”), including those described in Exhibit A hereto, and all certificates representing such interests;

 (ii) all interests in general or limited partnerships (including general partnership interests and limited partnership
interests) and all proceeds, interest, profits, and other payments or rights to payment attributable to such Grantor’s interests in any general or limited partnership (whether one or more, herein called the “Partnerships”),
including those described in Exhibit A hereto, and all certificates representing such interests; 
 (iii) all shares
of stock of corporations (including common shares or preferred shares) and all proceeds, interest, profits, and other payments or rights to payment attributable to such Grantor’s interests in any corporation (whether one or more, herein called
the “Corporations”), including those described in Exhibit A hereto, all certificates representing any such shares, all options and other rights, contractual or otherwise, at any time existing with respect to such shares, and
all dividends, cash, instruments and other property now or hereafter received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares (any and all such shares, certificates, options, rights, dividends, cash,
instruments and other property being herein called the “Pledged Shares”); 
 (iv) all distributions,
dividends, cash, instruments and other property now or hereafter received, receivable or otherwise made with respect to or in exchange for any interest of such Grantor in any Company, including interim distributions, returns of capital, loan
repayments, and payments made in liquidation of any Company, and whether or not the same arise or are payable under any organizational document, any agreement or certificate forming any Company or any other agreement governing any Company or the
relations among the members, partners or stockholders of any Company (any and all such proceeds, interest, profits, payments, rights to payment, distributions, 

  
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dividends, cash, instruments, other property, interim distributions, returns of capital, loan repayments, and payments made in liquidation being herein called the “Company Rights to
Payments”, and any and all such organizational documents, agreements, certificates, and other agreements being herein called the “Company Agreements”); and 

(v) all other interests and rights of such Grantor in any Company, whether under the Company Agreements or otherwise, including
any option, right or warrant to acquire any of the foregoing and any right to cause the dissolution of any Company or to appoint or nominate a successor to such Grantor as a member, shareholder or partner in any Company (all such other interests and
rights being herein called the “Other Company Rights”); and 
 (m) all Proceeds of any and all of the foregoing Collateral.

 In each case, the foregoing shall be covered by this Security Agreement, whether such Grantor’s ownership or other rights therein are presently held
or hereafter acquired and however such Grantor’s interests therein may arise or appear (whether by ownership, security interest, claim or otherwise). 

Notwithstanding anything to the contrary contained in this Section 2.1, (a) the security interests granted under this
Security Agreement shall not attach to Excluded Assets and (b) if the documents governing any of the foregoing Collateral contain enforceable restrictions on the assignment or transfer of any Grantor’s rights thereunder, then the security
interests granted under this Security Agreement shall be limited only to the extent necessary to comply with such enforceable restrictions (with such limitation automatically ceasing upon removal of, or receipt of any consent with respect to, such
restrictions), and will in any event attach to the amounts payable to such Grantor under any such agreement. 
 The granting of the
foregoing security interest does not make the Collateral Agent or any other Secured Party a successor to such Grantor as a member of any LLC or as a partner of any Partnership or a stockholder of any Corporation, and none of the Collateral Agent,
any other Secured Party or any of their respective successors or assigns hereunder shall be deemed to have become a member of any LLC, have become a partner of any Partnership or have become a stockholder of any Corporation by accepting this
Security Agreement or exercising any right granted herein unless and until such time, if any, when the Collateral Agent, any other Secured Party or any such successor or assign expressly becomes a member of any LLC, becomes a partner of any
Partnership or becomes a stockholder of any Corporation after a foreclosure upon the Company Rights relating to that Company. Notwithstanding anything herein to the contrary (except to the extent, if any, that the Collateral Agent, any other Secured
Party or any of its successors or assigns hereafter expressly becomes a member of any LLC, a partner of any Partnership or a stockholder of any Corporation), none of the Collateral Agent, any other Secured Party nor any of their respective
successors or assigns shall be deemed to have assumed or otherwise become liable for any debts or obligations of any Company or of any Grantor to or under any Company, and the above definition of “Other Company Rights” shall be
deemed modified, if necessary, to prevent any such assumption or other liability. 

  
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 In the event of any conflict between the terms of the Collateral Agency Agreement and this
Security Agreement, the terms of the Collateral Agency Agreement will govern. 
 Section 2.2 Secured Obligations. The security
interests created by each Grantor hereunder in its Collateral constitute continuing security for all Secured Obligations, whether now existing or hereafter incurred or arising. 

It is the intention of each Grantor that is a Subsidiary of ETE and the Collateral Agent that this Security Agreement not constitute a
fraudulent transfer or fraudulent conveyance under any applicable law. Each Grantor that is a Subsidiary of ETE and, by its acceptance hereof, the Collateral Agent hereby acknowledges and agrees that, notwithstanding any other provision of this
Security Agreement: (a) with respect to such Grantor, the indebtedness secured hereby shall be limited to the maximum amount of indebtedness that can be incurred or secured by such Grantor without rendering the security interests granted, and
obligations incurred, hereunder by such Grantor subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable provisions of any applicable law; and (b) the Collateral pledged by such Grantor hereunder shall
be limited to the maximum amount of Collateral that can be pledged by such Grantor without rendering the pledge of Collateral by such Grantor subject to avoidance under Section 548 of the United States Bankruptcy Code or any comparable
provisions of any applicable law. Each Grantor hereby acknowledges that the Secured Obligations are owed to the various Secured Parties, as applicable, and that each is entitled to the benefits of the security interests given under this Security
Agreement. 
 ARTICLE III 

Representations, Warranties and Covenants 

Section 3.1 Representations and Warranties. Each Grantor hereby represents and warrants as follows: 

(a) Ownership Free of Liens. Such Grantor has good and valid title to its Collateral free and clear of all liens and security interests,
encumbrances or adverse claims, except for liens or security interests permitted under the Transaction Documents. No effective financing statement or other instrument similar in effect covering all or any part of the Collateral is on file in any
recording office except (i) any which have been filed in respect of liens or security interests permitted under the Transaction Documents and (ii) any such financing statements or other instruments for which a termination statement that
such Grantor is authorized to file has been delivered to the Collateral Agent. Any and all references made in this Security Agreement to liens and security interests permitted under the Transaction Documents are made for the purpose of limiting
certain warranties and covenants made by Grantor herein and such reference is not intended to affect the description herein of the Collateral nor to subordinate the security interests hereunder to any liens and/or security interests permitted under
the Transaction Documents. 

  
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 (b) Security Interest. Such Grantor has full right, power and authority to grant a
security interest in its Collateral to the Collateral Agent for the benefit of the Secured Parties as provided herein, free and clear of any security interests, adverse claim, or encumbrance other than liens and security interests permitted under
the Transaction Documents. This Security Agreement creates a valid and binding first priority security interest in favor of the Collateral Agent for the benefit of the Secured Parties in the Collateral, which security interest secures all of the
Secured Obligations. 
 (c) Name, Place of Business and Formation. Schedule 1 of the Agreement (as such schedule may be amended
or supplemented from time to time) contains: (i) the type of organization of such Grantor; (ii) the jurisdiction of organization of such Grantor; and (iii) its organizational identification number. The full legal name of such Grantor
is as set forth on such Schedule 1, and it has not done in the last five (5) years, and does not do, business under any other name (including any trade-name or fictitious business name) except for those names set forth on Schedule
1 (as such schedule may be amended or supplemented from time to time). Except as provided on Schedule 1, it has not changed its name, jurisdiction of organization, chief executive office or sole place of business (or principal residence
if such Grantor is a natural person) or its corporate structure in any way (e.g., by merger, consolidation, change in corporate form or otherwise) within the past five (5) years. 

(d) Perfection. The security interests in favor of the Collateral Agent in all of the Collateral is perfected and, except with respect
to any Collateral subject to a prior perfected security interests permitted to attach to the Collateral under the Transaction Documents, is a first priority security interest. 

(e) Receivables. Except has been disclosed to the Collateral Agent, none of the Account Debtors in respect of any Receivable is the
government of the United States, any agency or instrumentality thereof, any state or municipality or any foreign sovereign. 
 (f) Company
Rights. All units, stock, interests and other securities constituting the Company Rights have been duly authorized and validly issued, are fully paid (other than with respect to partnership and limited liability company interests), and were not
issued in violation of the preemptive rights of any person or of any agreement by which any Grantor or Company is bound. All documentary, stamp or other taxes or fees owing in connection with the issuance, transfer or pledge of the Company Rights
(or rights in respect thereof) have been paid. Except for certain rights contained in the Company Agreements, no restrictions or conditions exist with respect to the transfer, voting or capital of any Company Rights. Each Grantor has delivered to
the Collateral Agent all certificates and instruments evidencing the Company Rights it owns. All such certificates and instruments are valid and genuine and have not been altered. No Company has any outstanding stock rights, rights to subscribe,
options, warrants or convertible securities outstanding or any other rights outstanding whereby any person would be entitled to have issued to it units of ownership interest or partnership or membership interests in such Company. Except as set forth
on Exhibit A hereto, neither any Grantor nor any Company has elected the application of Article 8 of the UCC to apply to any Company or any Company Rights, and Article 8 of the UCC is thus not applicable to any Company, except with respect to
any Corporation or MLP. Each Grantor owns the interests in each Company which are described on Exhibit A as being owned by it. Neither the making of this Security Agreement nor the exercise of any rights or remedies of the Collateral
Agent hereunder will cause a default under any of the Company Agreements of any Company or otherwise adversely affect or diminish any of the Company Rights thereunder. Each Grantor’s rights under the Company Agreements are enforceable in
accordance with their terms, except as such enforcement may be limited by bankruptcy, insolvency or similar laws of general application relating to the enforcement of creditors’ rights. 

  
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 Section 3.2 Covenants. Each Grantor will at all times comply with the covenants
contained in this Section 3.2 so long as any part of the Secured Obligations is outstanding. 
 (a) General. Except for the
security interest created by this Security Agreement, such Grantor shall not create or suffer to exist any liens or security interests upon or with respect to any of the Collateral, except for liens and/or security interests permitted by the
Transaction Documents, and such Grantor shall defend the Collateral against all Persons at any time claiming any interest therein, other than Persons with liens and/or security interests on Collateral permitted by the Transaction Documents. Such
Grantor shall not produce, use or permit any Collateral to be used unlawfully or in violation of any provision of this Security Agreement or any applicable statute, regulation or ordinance or any policy of insurance covering the Collateral. Such
Grantor shall not take or permit any action which could impair the Secured Parties’ rights in the Collateral. Such Grantor shall keep and maintain at its own cost and expense satisfactory and complete records of the Collateral. Upon the
reasonable request of the Collateral Agent from time to time, acting at the direction of an Administrative Agent, such Grantor shall make all further or subsequent filings, recordings or registrations, or give other public notices or take such other
action as is necessary or desirable to perfect or otherwise continue, preserve or protect the security interest of the Collateral Agent in the Collateral. 

(b) Company Rights. Except as permitted by the Transaction Documents, such Grantor will maintain its ownership of the interests in each
Company listed on Exhibit A, and upon any such permitted sale or other disposition, the Collateral Agent agrees to release any security interests in favor of the Collateral Agent on any such interests concurrently with the consummation of
such permitted sale or disposition. Such Grantor will timely honor all calls under any Company Agreement to provide capital to any Company, and such Grantor will not otherwise default in performing any of Grantor’s obligations under any Company
Agreement or allow any Company Rights to be adversely affected or diminished. The Company Rights shall at all times be duly authorized and validly issued and shall not be issued in violation of the preemptive rights of any Person or of any agreement
by which any Grantor or any Company thereof is bound. Nothing herein shall require a Grantor as a member, partner or shareholder of a Company to cause such Company to initiate, approve, adopt or order a capital call by such Company. 

(c) Delivery of Documents, Instruments and Certificates. All instruments, documents and certificates constituting or evidencing
Collateral on the date of the Agreement shall be delivered to the Collateral Agent on or prior to the execution and delivery of this Security Agreement. All other instruments, documents or certificates, if any, constituting or evidencing Collateral
from time to time shall be delivered to the Collateral Agent promptly upon the receipt thereof by or on behalf of the relevant Grantor receiving such Collateral. Without limiting the foregoing, all such instruments, documents and certificates
received by such Grantor shall be held in trust on behalf of the Collateral Agent pursuant hereto and shall be delivered to the Collateral Agent in suitable form for transfer by delivery with any necessary endorsement or

  
 15 

 
shall be accompanied by fully executed instruments of transfer or assignment in blank, in each case in form and substance reasonably satisfactory to the Collateral Agent. To the extent that any
of the Company Rights (whether now owned or hereafter acquired) are not evidenced by a certificate, instrument or other writing, the Grantor will take all actions required under applicable law to perfect the security interest created hereunder, and
such other actions as the Collateral Agent considers necessary or desirable to effect the foregoing, and upon reasonable request by the Collateral Agent acting at the direction of an Administrative Agent will provide an opinion of counsel
satisfactory to the Collateral Agent, acting reasonably, with respect to the pledge of uncertificated interests. 
 (d) Diminution of
Company Rights. Such Grantor will not adjust, settle, compromise, amend or modify any of the Company Rights or the Company Agreements related to any Company except as permitted (or not restricted) by the Transaction Documents. Such Grantor will
not permit the creation of any additional interests in any Company (other than an MLP) or the issuance of any additional shares of any class of capital stock or any other interests of any Company (other than an MLP) (unless immediately upon creation
or issuance the same are pledged and delivered to the Collateral Agent pursuant to the terms hereof to the extent necessary to give the Collateral Agent a first priority security interest therein), whether such additional interests are presently
vested or will vest upon the payment of money or the occurrence or nonoccurrence of any other condition. 
 (e) Status of Company
Rights. Except for certificated securities that have been delivered to the Collateral Agent and reflected on Exhibit A (as supplemented from time to time), the Company Rights are not and shall not at any time be evidenced by any
certificates. The certificates evidencing the Company Rights shall at all times be valid and shall not be altered. The Company Rights at all times shall be duly authorized, validly issued, fully paid and (other than with respect to partnership and
limited liability company interests) non assessable, and shall not be issued in violation of the preemptive rights of any Person or of any agreement by which Grantor or any Company is bound and shall not be subject to any restrictions with respect
to transfer, voting or capital of such Company Rights. 
 (f) Restrictions on Collateral. Such Grantor will not enter into any
agreement creating, or otherwise permit to exist, any restriction or condition upon the transfer, voting, control, or exercise of any Company Rights in respect of any Company other than any such restrictions or conditions contained in (i) the
applicable Company’s Company Agreement, (ii) the Transaction Documents, (iii) any similar agreement as of the date hereof or (iv) restrictions permitted to exist pursuant to Section 7.09 of the Term Loan Credit Agreement or
Section 7.09 of the Revolving Credit Agreement. 
 (g) Commercial Tort Claims. If such Grantor shall at any time hold or acquire
a material Commercial Tort Claim, such Grantor shall immediately notify the Collateral Agent in writing of the details thereof and grant to the Collateral Agent in such writing a security interest therein and in the proceeds thereof, all upon the
terms of this Security Agreement, with such writing to be in form and substance reasonably acceptable to the Collateral Agent. 

  
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 (h) Article 8. To the extent that any Grantor elects the application of Article 8 of the
UCC to apply to any Company or any Company Rights, such Grantor will promptly notify the Collateral Agent of such election and will promptly and duly execute and deliver, and have recorded, such further instruments and documents and take such
further actions as the Collateral Agent may reasonably request to enable the Collateral Agent to obtain “control” (within the meaning of the UCC) with respect thereto. 

ARTICLE IV 
 Remedies, Powers
and Authorizations 
 Section 4.1 Provisions Concerning the Collateral. 

(a) Authorization to File Financing Statements; Additional Filings. Each Grantor hereby irrevocably authorizes the Collateral Agent at
the direction of any Administrative Agent (as defined in the Collateral Agency Agreement) at any time and from time to time to file, without the signature of such Grantor, in any jurisdiction any financing statements and amendments thereto that
(i) indicate the Collateral as “all assets of Grantor and all proceeds thereof, and all rights and privileges with respect thereto” or words of similar effect, regardless of whether any particular asset included in the Collateral
falls within the scope of Article 9 of the UCC; (ii) contain any other information required by subchapter E of Article 9 of the UCC for the sufficiency or filing office acceptance of any financing statement or amendment, including the address
of such Grantor, whether such Grantor is an organization, the type of organization and any organization identification number issued to such Grantor; and (iii) are necessary to properly effectuate the transactions described in this Security
Agreement and the Collateral Agency Agreement. Each Grantor agrees to furnish any such information to the Collateral Agent promptly upon request therefor at the direction of an Administrative Agent pursuant to the Collateral Agency Agreement. Each
Grantor hereby further authorizes the Collateral Agent at the direction of any Administrative Agent (as defined in the Collateral Agency Agreement) to file one or more continuation statements to such financing statements. Each Grantor further agrees
that a carbon, photographic or other reproduction of this Security Agreement or of any financing statement describing any Collateral is sufficient as a financing statement and may be filed in any jurisdiction accepting same by the Collateral Agent.

 (b) Power of Attorney. Each Grantor hereby irrevocably appoints the Collateral Agent as such Grantor’s attorney in fact and
proxy, with full power of substitution and with full authority in the place and stead of such Grantor and in the name of such Grantor or otherwise, from time to time, if an Event of Default shall have occurred and be continuing, to take any action,
and to execute or endorse any instrument, certificate or notice, as directed pursuant to the Collateral Agency Agreement, including any action or instrument: (i) to request or instruct each Company (and each registrar, transfer agent, or
similar Person acting on behalf of each Company) to register the pledge or transfer of its Collateral to the Collateral Agent; (ii) to otherwise give notification to any Company, registrar, transfer agent, financial intermediary, or other
Person of the Collateral Agent’s security interests in its Collateral hereunder; (iii) to ask, demand, collect, sue for, recover, compound, receive and give acquittance and receipts for moneys due and to become due under or in respect of
any of its Collateral; (iv) to receive, endorse and collect any drafts or other instruments or documents included in its Collateral; (v) to enforce any obligations included in its Collateral; and (vi) to file any claims or take any
action or 

  
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institute any proceedings which may be necessary or desirable for the collection of any of its Collateral or otherwise to enforce, perfect, or establish the priority of the rights of the
Collateral Agent with respect to any of its Collateral. Each Grantor hereby acknowledges that such power of attorney and proxy are coupled with an interest, and are irrevocable. 

(c) Collection Rights. The Collateral Agent shall have the right at any time, after the occurrence and during the continuance of an
Event of Default, to notify, or require any Grantor to notify, any or all Persons (including any Company) obligated to make payments which are included among its Collateral (whether accounts, General Intangibles, dividends, distribution rights,
Company Rights to Payment, or otherwise) of the assignment thereof to the Collateral Agent under this Security Agreement and to direct such obligors to make payment of all amounts due or to become due to such Grantor thereunder directly to the
Collateral Agent and, upon such notification and at the expense of such Grantor and to the extent permitted by law, to enforce collection thereof and to adjust, settle or compromise the amount or payment thereof, in the same manner and to the same
extent as such Grantor could have done. After such Grantor receives notice that the Collateral Agent has given (and after the Collateral Agent has required such Grantor to give) any notice referred to above in this subsection, and so long as any
Event of Default shall be continuing: 
 (i) all amounts and proceeds (including instruments and writings) received by such
Grantor in respect of such rights to payment, accounts, General Intangibles, dividends, distribution rights or Company Rights to Payments shall be received in trust for the benefit of the Collateral Agent hereunder, shall be segregated from other
funds of such Grantor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary endorsement) to be applied as specified in Section 4.3; and 

(ii) except with the consent of the Collateral Agent acting as directed by an Administrative Agent pursuant to the Collateral
Agency Agreement, such Grantor will not adjust, settle or compromise the amount or payment of any such account or general intangible, Company Rights to Payments or release wholly or partly any account debtor or obligor thereof (including any
Company) or allow any credit or discount thereon. 
 Section 4.2 Event of Default Remedies. If an Event of Default shall have
occurred and be continuing, then the Collateral Agent may from time to time in its discretion, without limitation and without notice except as expressly provided below: 

(a) exercise in respect of the Collateral, in addition to any other rights and remedies provided for herein, under the other Transaction
Documents or otherwise available to it, all the rights and remedies of a secured party on default under the UCC (whether or not the UCC applies to the affected Collateral); 

(b) require each Grantor to, and each Grantor hereby agrees that it will at its expense and upon request of the Collateral Agent, promptly
assemble all books, records and information of such Grantor relating to the Collateral at a place to be designated by the Collateral Agent which is reasonably convenient to both parties; 

  
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 (c) reduce its claim to judgment or foreclose or otherwise enforce, in whole or in part, the
security interest created hereby by any available judicial procedure; 
 (d) dispose of, at its office, on the premises of the respective
Grantor or elsewhere, all or any part of the Collateral, as a unit or in parcels, by public or private proceedings, and by way of one or more contracts (it being agreed that the sale of any part of the Collateral shall not exhaust the Collateral
Agent’s power of sale, but sales may be made from time to time, and at any time, until all of the Collateral has been sold or until the Secured Obligations have been paid and performed in full), and at any such sale it shall not be necessary to
exhibit any of the Collateral; 
 (e) buy (or allow one or more of the other Secured Parties to buy) the Collateral, or any part thereof, at
any public sale; 
 (f) buy (or allow one or more of the other Secured Parties to buy) the Collateral, or any part thereof, at any private
sale if the Collateral is of a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price quotations; 

(g) appoint by instrument in writing one or more receivers, managers or receiver/manager for the Collateral or the business and undertaking of
any Grantor pertaining to the Collateral (the “Receiver”). Any such Receiver will have, in addition to any other rights, remedies and powers which a Receiver may have at law, in equity or by statute, the rights and powers set out
elsewhere in this Section 4.2. In exercising such rights and powers, any Receiver will act as and for all purposes will be deemed to be the agent of Grantors and no Secured Party will be responsible for any act or default of any
Receiver. The Collateral Agent may remove any Receiver and appoint another from time to time. No Receiver appointed by the Collateral Agent need be appointed by, nor need its appointment be ratified by, or its actions in any way supervised by a
court; 
 (h) apply by appropriate judicial proceedings for appointment of a receiver for the Collateral, or any part thereof, and each
Grantor hereby consents to any such appointment; and 
 (i) at its discretion, retain the Collateral in satisfaction of the Secured
Obligations whenever the circumstances are such that the Collateral Agent is entitled to do so under the UCC or otherwise (provided that the Collateral Agent shall in no circumstances be deemed to have retained the Collateral in satisfaction of the
Secured Obligations in the absence of an express notice by the Collateral Agent to such Grantor that the Collateral Agent has either done so or intends to do so). 

Each Grantor agrees that, to the extent notice of sale shall be required by law, at least ten (10) days’ notice to such Grantor of
the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having
been given. The Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned.

  
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 Section 4.3 Application of Proceeds. If any Event of Default shall have occurred and
be continuing, then the Collateral Agent shall apply all cash proceeds received pursuant to Section 3.4 of the Collateral Agency Agreement or from any realization upon all or any part of the Collateral, as follows: 

First, to any costs, fees, charges or other amounts incurred by the Collateral Agent to collect such cash proceeds or realize upon the
Collateral or otherwise owing to the Collateral Agent under the Collateral Agency Agreement or this Security Agreement; 
 Second, to
(a) the Agents (as defined in the Collateral Agency Agreement), ratably among them in proportion to the aggregate amount of the Secured Obligations (other than the Other Hedging Obligations) owed to each for application in accordance with the
terms of the applicable Transaction Documents and (b) the Revolving Administrative Agent for application to the payment of that portion of the Secured Obligations constituting Other Hedging Obligations, in each case, on a pari passu
basis until all such amounts are indefeasibly paid in full in cash; and 
 Last, the balance, if any, after all of the Secured
Obligations have been indefeasibly paid in full in cash, to ETE or as otherwise required by law. 
 Any distribution under clause Second by
the Collateral Agent is subject to its receipt from the Agents (as defined in the Collateral Agency Agreement) of a written statement of the amount of the Other Hedging Obligations held by it or the Secured Obligations owed to the Secured Parties on
whose behalf it acts (as applicable) together with information calculating such amount in reasonable detail. The Collateral Agent shall be under no obligation to investigate or verify any amount set forth in any such statement. 

Section 4.4 Deficiency. In the event that the proceeds of any sale, collection or realization of or upon Collateral by the
Collateral Agent are insufficient to pay all Secured Obligations and any other amounts to which the Secured Parties are legally entitled, ETE and each other Grantor that is a Guarantor shall be liable for the deficiency, together with interest
thereon as provided in the governing Transaction Documents, together with the costs of collection and the fees of any legal counsel employed by the Collateral Agent and the other Secured Parties to collect such deficiency. 

Section 4.5 Indemnity and Expenses. In addition to, but not in qualification or limitation of, any similar obligations under other
Transaction Documents: 
 (a) each Grantor will indemnify each Secured Party from and against any and all claims, losses and liabilities
arising out of or resulting from this Security Agreement (including enforcement of this Security Agreement), whether based on contract, tort or any other theory, whether brought by a third party or by such Grantor or any other Grantor, and
regardless of whether any Indemnitee is a party thereto, in all cases, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnitee; provided that such indemnity shall not,

  
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as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses (i) are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee or (ii) result from a claim brought by such Grantor or any other Grantor against an Indemnitee for breach in bad faith of such
Indemnitee’s obligations hereunder or under any other Transaction Document, if such Grantor or any other Grantor has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction; and

 (b) each Grantor will upon demand pay to the Collateral Agent the amount of (i) any and all reasonable costs and expenses, including
the reasonable fees and disbursements of the Collateral Agent’s counsel and of any experts and agents, which the Collateral Agent may incur in connection with (A) the transactions which give rise to this Security Agreement, (B) the
preparation of this Security Agreement and the perfection and preservation of this security interest created under this Security Agreement, (C) the administration of this Security Agreement, and (D) the custody, preservation, use or
operation of, or the sale of, collection from, or other realization upon, any Collateral, and (ii) any and all costs and expenses, including the fees and disbursements of the Collateral Agent’s counsel and of any experts and agents, which
the Collateral Agent may incur in connection with (A) the exercise or enforcement of any of the rights of the Collateral Agent hereunder, or (B) the failure by Grantor to perform or observe any of the provisions hereof, except expenses
resulting from the Collateral Agent’s gross negligence or willful misconduct. 
 Section 4.6 Non-Judicial Remedies. In
granting to the Collateral Agent the power to enforce its rights hereunder without prior judicial process or judicial hearing, each Grantor expressly waives, renounces and knowingly relinquishes any legal right which might otherwise require the
Collateral Agent to enforce its rights by judicial process. In so providing for non judicial remedies, each Grantor recognizes and concedes that such remedies are consistent with the usage of trade, are responsive to commercial necessity, and are
the result of a bargain at arm’s length. Nothing herein is intended, however, to prevent the Collateral Agent or any Grantor from resorting to judicial process at its option. 

Section 4.7 Other Recourse. Each Grantor waives any right to require any Secured Party to proceed against any other Person, to
exhaust any Collateral or other security for the Secured Obligations, to marshal the Collateral, or to have any Grantor joined with such Grantor in any suit arising out of the Secured Obligations or this Security Agreement, or pursue any other
remedy in the Collateral Agent’s power. Each Grantor further waives any and all notice of the creation, modification, rearrangement, renewal or extension for any period of any of the Secured Obligations of any Grantor from time to time. Each
Grantor further waives any defense arising by reason of any disability or other defense of any Grantor or by reason of the cessation from any cause whatsoever of the liability of any Grantor. This Security Agreement shall continue irrespective of
the fact that the liability of any Grantor may have ceased and irrespective of the validity or enforceability of any other Transaction Document to which such Grantor or any Grantor may be a party, and notwithstanding any reorganization or bankruptcy
of any Grantor or any other event or proceeding affecting any Grantor. Until all of the Secured Obligations shall have been paid in full, no Grantor shall have any right to subrogation and each Grantor waives the right to enforce any remedy which
any Secured Party has or may hereafter have against any 

  
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Grantor, and waives any benefit of and any right to participate in any other security whatsoever now or hereafter held by the Collateral Agent. Each Grantor authorizes each Secured Party, without
notice or demand, without any reservation of rights against such Grantor, and without in any way affecting such Grantor’s liability hereunder or on the Secured Obligations, from time to time to (a) take or hold any other property of any
type from any other Person as security for the Secured Obligations, and exchange, enforce, waive and release any or all of such other property, (b) apply the Collateral or such other property and direct the order or manner of sale thereof as
the Collateral Agent may in its discretion determine, (c) renew, extend for any period, accelerate, modify, compromise, settle or release any of the obligations of any Grantor in respect of any or all of the Secured Obligations or other
security for the Secured Obligations, (d) waive, enforce, modify, amend, restate or supplement any of the provisions of any Transaction Document with any Person other than such Grantor, and (e) release or substitute any Grantor. 

Section 4.8 Exercise of Company Rights. 

(a) So long as no Event of Default shall have occurred and be continuing Grantors may receive, retain and use, free and clear of any security
interests created hereby, any and all Company Rights to Payment paid in respect of the Collateral, provided, however, that any and all Company Rights to Payment paid or payable other than in cash in respect of, and instruments and other property
received, receivable or otherwise distributed in respect of, or in exchange for, any Company Rights shall be, and shall forthwith be delivered to the Collateral Agent to hold as, Company Rights and shall, if received by any Grantor, be received,
segregated, held in trust and delivered as set forth above. 
 (b) Anything herein to the contrary notwithstanding, Grantors may at all times
exercise any and all voting rights pertaining to the Company Rights and Other Company Rights for any purpose not inconsistent with the terms of this Security Agreement. 

(c) Upon the occurrence and during the continuance of an Event of Default: 

(i) all rights of each Grantor to receive and retain the Company Rights to Payment which it would otherwise be authorized to
receive and retain pursuant to subsection (a) of this section shall automatically cease, and all such rights shall thereupon become vested in the Collateral Agent which shall thereupon have the sole right to receive and hold as Collateral such
Company Rights to Payment; 
 (ii) without limiting the generality of the foregoing, the Collateral Agent may at its option
exercise any and all rights of conversion, exchange, subscription or any other rights, privileges or options pertaining to any of the Company Rights, other than voting rights pertaining to the Company Rights, as if it were the absolute owner
thereof, including, without limitation, the right to exchange, in its discretion, any and all of the Company Rights upon the merger, consolidation, reorganization, recapitalization or other adjustment of any Company, or upon the exercise by any
Company of any right, privilege or option pertaining to any Company Rights, and, in connection therewith, to deposit and deliver any and all of the Company Rights with any committee, depository, transfer agent, registrar or other designated agent
upon such terms and conditions as it may determine and any and all rights to dissolve any Company or to compel distribution of any Company’s assets; and 

  
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 (iii) all Company Rights to Payments which are received by Grantor contrary to
the provisions of subsection (c)(i) of this section shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of such Grantor, and shall be forthwith paid over to the Collateral Agent as Company Rights
in the exact form received, to be held by the Collateral Agent as Collateral. 
 Section 4.9 Private Sale of Company Rights.
Each Grantor recognizes that the Collateral Agent may deem it impracticable to effect a public sale of all or any part of the Company Rights and that the Collateral Agent may, therefore, determine to make one or more private sales of any such
Company Rights to a restricted group of purchasers who will be obligated to agree, among other things, to acquire the same for their own account, for investment and not with a view to the distribution or resale thereof. Each Grantor acknowledges
that any such private sale may be at prices and on terms less favorable to the seller than the prices and other terms which might have been obtained at a public sale and, notwithstanding the foregoing, agrees that such private sales shall be deemed
to have been made in a commercially reasonable manner and that the Collateral Agent shall have no obligation to delay sale of any such Company Rights for the period of time necessary to permit their registration for public sale under the Securities
Act, to the extent, if any, that the Securities Act would be applicable thereto. Each Grantor further acknowledges and agrees that any offer to sell any Company Rights which has been (a) publicly advertised on a bona fide basis in a
newspaper or other publication of general circulation in the financial community of New York, New York (to the extent that such an offer may be so advertised without prior registration under the Securities Act), or (b) made privately in the
manner described above to not less than fifteen (15) bona fide offerees shall be deemed to involve a “public disposition” for the purposes of Section 9-610(c) of the UCC (or any successor or similar, applicable statutory
provision) as then in effect in the State of New York, notwithstanding that such sale may not constitute a “public offering” under the Securities Act, and that the Collateral Agent or one or more of the Secured Parties may, in such event,
bid for the purchase of such Company Rights. 
 ARTICLE V 

Miscellaneous 

Section 5.1 Notices; Effectiveness; Electronic Communication. 

(a) Notices Generally. Except in the case of notices and other communications expressly permitted to be given by telephone (and
except as provided in subsection (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

  
 23 

 (i) if to ETE, the Collateral Agent or any Grantor on the date of this Security
Agreement, to the address, telecopier number, electronic mail address or telephone number below such Person’s signature hereto; and 

(ii) if to any other Grantor, to the address, telecopier number, electronic mail address or telephone number specified in such
Grantor’s Pledge and Security Agreement Supplement. 
 Notices sent by hand or overnight courier service, or mailed by certified or
registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for the recipient, shall be deemed to have been given
at the opening of business on the next Business Day for the recipient), except that notices to the Collateral Agent shall be deemed to be effective only when actually received by it. Notices delivered through electronic communications to the extent
provided in subsection (b) below, shall be effective as provided in such subsection (b). 
 (b) Electronic
Communications. Notices and other communications hereunder may be delivered or furnished by electronic communication (including e mail and Internet or intranet web sites) pursuant to procedures approved by an Administrative Agent, except
that no such communication to the Collateral Agent shall be effective unless delivered pursuant to a procedure approved by it. The Collateral Agent (with the approval of an Administrative Agent) or ETE may, in its discretion, agree to accept notices
and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

Unless the Collateral Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received
upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or
other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient, and (ii) notices or
communications posted to an Internet or intranet web site shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or
communication is available and identifying the web site address therefor. 
 (c) Effectiveness of Facsimile Documents and
Signatures. This Security Agreement may be transmitted and/or signed by facsimile. The effectiveness of this Security Agreement and signatures shall, subject to applicable law, have the same force and effect as manually signed originals and
shall be binding on parties hereto. The Collateral Agent may also require that any such documents and signatures be confirmed by a manually signed original thereof; provided, however, that the failure to request or deliver the same
shall not limit the effectiveness of any facsimile document or signature. 

  
 24 

 (d) Change of Address, Etc. Each Grantor and the Collateral Agent may change its
address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. 
 (e)
Reliance by Collateral Agent. The Collateral Agent shall be entitled to rely and act upon any notices purportedly given by or on behalf of any Grantor even if (i) such notices were not made in a manner specified herein, were
incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. ETE shall indemnify the Collateral Agent from all losses,
costs, expenses and liabilities resulting from the reliance by the Collateral Agent on each notice purportedly given by or on behalf of the Grantors. All telephonic notices to and other telephonic communications with the Collateral Agent may be
recorded by the Collateral Agent, and each of the parties hereto hereby consents to such recording. 
 Section 5.2 Amendments;
Collateral Agency Joinders; Pledge and Security Agreement Supplements. No amendment of any provision of this Security Agreement shall be effective unless it is in writing and signed by each Grantor and the Collateral Agent. No waiver of any
provision of this Security Agreement, and no consent to any departure by any Grantor therefrom, shall be effective unless it is in writing and signed by the Collateral Agent, and then such waiver or consent shall be effective only in the specific
instance and for the specific purpose for which given and to the extent specified in such writing. In addition, all such amendments and waivers shall be effective only if given with the necessary approvals of the requisite percentage of Revolving
Lenders under the Revolving Credit Agreement and of the requisite percentage of Term Loan Lenders under the Term Loan Credit Agreement, if applicable. Upon the execution and delivery by any Person of a pledge and security agreement supplement in
substantially the form of Exhibit B (each, a “Pledge and Security Agreement Supplement”), (a) such Person shall be referred to as an “Additional Grantor” and shall become and be a Grantor hereunder, and
each reference in this Security Agreement to a “Grantor” shall also mean and be a reference to such Additional Grantor, and each reference in any other Transaction Document to a “Grantor” shall also mean and be a
reference to such Additional Grantor, and (b) each reference herein to “this Security Agreement,” “hereunder,” “hereof” or words of like import referring to this Security Agreement, and each reference
in any other Transaction Document to the “Security Agreement,” “thereunder,” “thereof” or words of like import referring to this Security Agreement, shall mean and be a reference to this Security
Agreement as supplemented by such Pledge and Security Agreement Supplement. Upon the execution and delivery by ETE and any Person joining the Collateral Agency Agreement as an “Additional Agent” or “Additional Trustee” of a
Collateral Agency Joinder (a) such Person shall be referred to as an “Additional Agent” or “Additional Trustee” (as indicated in such Collateral Agency Joinder) and shall become and be an “Additional
Agent” or “Additional Trustee” (as applicable) under the Collateral Agency Agreement and a “Secured Party” hereunder and (b) each reference herein to “this Agreement,”
“hereunder,” “hereof” or words of like import referring to this Agreement, and each reference in any other Transaction Document to the “Security Agreement,” “thereunder,”
“thereof” or words of like import referring to this Agreement, shall mean and be a reference to this Agreement as supplemented by such Collateral Agency Joinder, in each case without any further action by the Collateral Agent. Upon
the execution and delivery by any Person joining the Collateral Agency Agreement as an “Additional Hedge Counterparty” of a Collateral Agency Hedge Counterparty Joinder (a) such Person shall be referred to as an “Additional
Hedge Counterparty” and shall 

  
 25 

 
become and be an “Additional Hedge Counterparty” under the Collateral Agency Agreement and a “Lender Party” hereunder and (b) each reference herein to
“this Agreement,” “hereunder,” “hereof” or words of like import referring to this Agreement, and each reference in any other Transaction Document to the “Security Agreement,” “thereunder,”
“thereof” or words of like import referring to this Agreement, shall mean and be a reference to this Agreement as supplemented by such Collateral Agency Hedge Counterparty Joinder, in each case without any further action by the Collateral
Agent. 
 Section 5.3 Preservation of Rights. No failure on the part of the Collateral Agent or any other Secured Party to
exercise, and no delay in exercising, any right hereunder or under any other Transaction Document shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the
exercise of any other right. Neither the execution nor the delivery of this Security Agreement shall in any manner impair or affect any other security for the Secured Obligations. The rights and remedies of the Collateral Agent provided herein and
in the other Transaction Documents are cumulative and are in addition to, and not exclusive of, any rights or remedies provided by law. The rights of the Collateral Agent under any Transaction Document against any party thereto are not conditional
or contingent on any attempt by the Collateral Agent to exercise any of its rights or exhaust any recourse under any other Transaction Document against such party or against any other Person. 

Section 5.4 Unenforceability. Any provision of this Security Agreement which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such prohibition or invalidity without invalidating the remaining portions hereof or thereof or affecting the validity or enforceability of such provision in any other jurisdiction.

 Section 5.5 Survival of Agreements. All representations and warranties of each Grantor herein, and all covenants and
agreements herein shall survive the execution and delivery of this Security Agreement, the execution and delivery of any other Transaction Documents and the creation of the Secured Obligations. 

Section 5.6 Other Liable Party. Neither this Security Agreement nor the exercise by the Collateral Agent or the failure of the
Collateral Agent to exercise any right, power or remedy conferred herein or by law shall be construed as relieving any Grantor from liability on the Secured Obligations or any deficiency thereon. This Security Agreement shall continue irrespective
of the fact that the liability of any Grantor may have ceased or irrespective of the validity or enforceability of any other Transaction Document to which any Grantor may be a party, and notwithstanding the reorganization, death, incapacity or
bankruptcy of any Grantor, and notwithstanding the reorganization or bankruptcy or other event or proceeding affecting any Grantor. 

Section 5.7 Binding Effect and Assignment. This Security Agreement creates a continuing security interest in the Collateral and
(a) shall be binding on each Grantor and its successors and permitted assigns and (b) shall inure, together with all rights and remedies of the Collateral Agent hereunder, to the benefit of the Secured Parties and their respective
successors, transferees and assigns. Without limiting the generality of the foregoing, the Collateral Agent may pledge, assign or otherwise transfer any or all of its rights hereunder as provided in the Collateral Agency Agreement, and such other
Person shall thereupon become vested with all of the benefits in respect thereof granted to the Collateral Agent, herein or otherwise. 

  
 26 

 Section 5.8 Termination. It is contemplated by the parties hereto that there may be
times when no Secured Obligations are outstanding, but notwithstanding such occurrences, this Security Agreement shall remain valid and shall be in full force and effect as to subsequent outstanding Secured Obligations. Upon the payment in full in
cash of the Secured Obligations and the termination or expiration of the commitments of the Revolving Lenders to extend credit under the Revolving Credit Agreement, then upon written request for the termination hereof delivered by ETE to the
Collateral Agent, this Security Agreement and the security interest created hereby shall terminate and all rights to the Collateral shall revert to Grantors. The Collateral Agent will, upon the respective Grantor’s request and at the respective
Grantor’s expense, return to such Grantor such of the Collateral as shall not have been sold or otherwise disposed of in accordance with the terms of this Security Agreement free and clear of the security interests hereof and execute and
deliver to such Grantor such documents as such Grantor shall reasonably request to evidence such termination. 
 Section 5.9
Governing Law and Choice of Venue. 
 (a) GOVERNING LAW. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) SUBMISSION TO JURISDICTION. EACH GRANTOR IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY
THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS SECURITY AGREEMENT OR IN ANY OTHER TRANSACTION DOCUMENT SHALL
AFFECT ANY RIGHT THAT THE SECURED PARTIES MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT AGAINST ETE OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. 

  
 27 

 (c) WAIVER OF VENUE. EACH GRANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OTHER TRANSACTION DOCUMENT IN ANY COURT REFERRED TO
IN PARAGRAPH (b) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 (d) SERVICE OF PROCESS. EACH GRANTOR IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 5.1.
NOTHING IN THIS SECURITY AGREEMENT WILL AFFECT THE RIGHT OF ANY SECURED PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW. 

Section 5.10 Counterparts. This Security Agreement may be separately executed in any number of counterparts (including by
facsimile transmission), all of which when so executed shall be deemed to constitute one and the same Agreement. 
 Section 5.11
Loan Document. This Security Agreement is a “Loan Document” (or other equivalent defined term) for purposes of each Transaction Document, and, except as expressly provided herein to the contrary, this Security Agreement is subject
to all provisions of the applicable Transaction Document governing “Loan Documents” (or other equivalent defined term). 

Section 5.12 Limitation on Recourse Against Non-Guarantor Grantor. In respect of any Grantor that is neither ETE nor a Guarantor,
the Secured Parties will look solely to the Collateral pledged by such Grantor and nothing contained in this Security Agreement will create any right for any Secured Party to enforce a deficiency in respect of the Secured Obligations against such
Grantor. The foregoing shall not limit the rights of any Secured Party to proceed against such Grantor (i) to enforce the security interest against Collateral pledged by such Grantor (including enforcement in connection with any proceeding
under the United States Bankruptcy Code), (ii) to enforce any policy of insurance or to recover any condemnation proceeds or insurance proceeds or other similar funds in respect of Collateral pledged by such Grantor (but only to the extent of
the value of such Collateral), (iii) to recover damages for fraud or waste by such Grantor in respect of Collateral pledged by such Grantor (but only to the extent of the value of such Collateral), or (iv) to recover Collateral or proceeds
of Collateral that, under the terms of the Transaction Documents, should have been delivered or paid to the Collateral Agent by such Grantor. This Section shall not waive any right which the Collateral Agent may have to make any election permitted
under Section 1111(b) of the United States Bankruptcy Code or to require that after acquired property of the Grantor shall continue to secure the Secured Obligations. 

Section 5.13 FINAL AGREEMENT. THIS WRITTEN PLEDGE AND SECURITY AGREEMENT AND THE OTHER TRANSACTION DOCUMENTS REPRESENT
THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR OR CONTEMPORANEOUS ORAL AGREEMENTS OF THE PARTIES. 

  
 28 

 Section 5.14 AGENTS. The Collateral Agent may exercise its rights and remedies
hereunder directly or through agents appointed by it. 
 THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. 

[The remainder of this page is intentionally left blank.] 

  
 29 

 IN WITNESS WHEREOF, each Grantor has caused this Security Agreement to be executed and delivered
by its officer thereunto duly authorized, as of the date first above written. 
  

			
	ENERGY TRANSFER EQUITY, L.P.
	By:	 	LE GP, LLC, its general partner
	
	ETE GP ACQUIRER LLC
	By:	 	Energy Transfer Equity, L.P., its sole member
	By:	 	LE GP, LLC, its general partner
	
	ETE SERVICES COMPANY, LLC
	By:	 	Energy Transfer Equity, L.P., its sole member
	By:	 	LE GP, LLC, its general partner
	
	ETE COMMON HOLDINGS MEMBER, LLC
	
	ETE COMMON HOLDINGS, LLC
		
	By:	 	 /s/ John W. McReynolds

		 	John W. McReynolds
		 	President
	
	ENERGY TRANSFER PARTNERS, L.L.C.
		
	By:	 	 /s/ Martin Salinas Jr.

		 	Martin Salinas Jr.
		 	Chief Financial Officer

 [Signature Page to Second Amended and Restated Pledge and Security Agreement] 

 
			
	REGENCY GP LLC
	
	REGENCY EMPLOYEES MANAGEMENT HOLDINGS LLC
	By:	 	Regency GP LP, its sole member
	By:	 	Regency GP LLC, its general partner
	
	REGENCY EMPLOYEES MANAGEMENT LLC
	By:	 	Regency GP LLC
	AND	 	
	By:	 	Regency Employee Management Holdings, LLC, its members
	By:	 	Regency GP LP, its sole member
	By:	 	Regency GP LLC, its general partner
		
	By:	 	 /s/ Michael J. Bradley

		 	Michael J. Bradley
		 	President and Chief Executive Officer

 Address of each Grantor: 

2828 Woodside Street 
 Dallas, TX 75204 

Attention: Chief Financial Officer 
 Phone: (214) 981-0722

 Facsimile: (214) 981-0706 

  
 [Signature Page to Second
Amended and Restated Pledge and Security Agreement] 

			
	Agreed and Accepted:
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Collateral Agent

		
	By:	 	 /s/ Mauri J. Cowen

		 	Mauri J. Cowen
		 	Vice President
		
	By:	 	 /s/ Mauri J. Cowen

		 	Mauri J. Cowen
		 	Vice President

 Address of the Collateral Agent: 

U.S. Bank National Association 
 5555 San Felipe Street, Suite
1150 
 Houston, TX, 77056 
 Attention: Mauri J. Cowen, Vice
President 
 Phone: (713) 235-9206 
 Facsimile:
(713) 235-9213 
 Email: mauri.cowen@usbank.com 

  
 [Signature Page to Second
Amended and Restated Pledge and Security Agreement] 

 SCHEDULE 1 

GENERAL INFORMATION 
  

	(A)	Full legal name, type of organization, jurisdiction and organizational identification number of each Grantor: 

  

									
	 Name
	  	State of
Incorporation/
Formation	 	  	Organizational #	 
	 Energy Transfer Equity, L.P.
	  	 	Delaware	  	  	 	4019371	  
	 Energy Transfer Partners, L.L.C.
	  	 	Delaware	  	  	 	3187550	  
	 ETE GP Acquirer LLC
	  	 	Delaware	  	  	 	4820006	  
	 ETE Services Company, LLC
	  	 	Delaware	  	  	 	4821292	  
	 ETE Common Holdings Member, LLC
	  	 	Delaware	  	  	 	5325442	  
	 ETE Common Holdings, LLC
	  	 	Delaware	  	  	 	5325445	  
	 Regency GP LLC
	  	 	Delaware	  	  	 	4027333	  
	 Regency Employees Management LLC
	  	 	Delaware	  	  	 	4630223	  
	 Regency Employees Management Holdings LLC
	  	 	Delaware	  	  	 	4630226	  

  

	(B)	Other Names (including any Trade-Name or Fictitious Business Name) under which each Grantor has conducted business for the past five (5) years: 

None 
  

	(C)	Changes in Name, Jurisdiction of Organization, Chief Executive Office and Corporate Structure within past five (5) years: 

None 

 EXHIBIT A 

Description of Pledged Shares 
  

									
	 Grantor
	  	Company	  	Cert. No.	  	# of Shares	  	Percentage of
Equity Interest
Pledged
	 None
	  		  		  		  	

 Description of Partnership Interests 

 

							
	 Grantor
	 	 Company
	 	 Cert. No.
	 	 Percentage and Type of Equity
Interest
Pledged

				
	Energy Transfer Equity, L.P.	 	Energy Transfer Partners GP, L.P.	 	1	 	100% Class A limited partnership interest1
				
	Energy Transfer Equity, L.P.	 	Energy Transfer Partners GP, L.P.	 	2	 	50% of the Class B limited partnership interests2
				
	Energy Transfer Equity, L.P.	 	Energy Transfer Partners GP, L.P.	 	4	 	50% of the Class B limited partnership interests3
				
	Energy Transfer Partners, L.L.C.	 	Energy Transfer Partners GP, L.P.	 	2	 	.01% general partnership interest
				
	Energy Transfer Equity, L.P.	 	Energy Transfer Partners, L.P.	 	None*	 	44,324,102 common limited partnership units

  

	1 	Such interests when combined with the Class B limited partnership interests described below constitute the 99.99% limited partnership interests in Energy Transfer Partners GP, L.P. 

	2 	Such interests when combined with the Class A limited partnership interests described above and the additional Class B limited partnership interests described below constitute the 99.99% limited partnership
interests in Energy Transfer Partners GP, L.P. 

	3 	Such interests when combined with the Class A limited partnership interests described above and the additional Class B limited partnership interests described below constitute the 99.99% limited partnership
interests in Energy Transfer Partners GP, L.P. 

  
 EXHIBIT A 

							
	 Grantor
	 	 Company
	 	 Cert. No.
	 	 Percentage and Type of Equity
Interest
Pledged

				
	ETE Common Holdings, LLC	 	Energy Transfer Partners, L.P.	 	None*	 	5,226,967 common limited partnership units
				
	ETE Common Holdings, LLC	 	Energy Transfer Partners, L.P.	 	None*	 	50,160,000 Class H limited partnership units
				
	ETE GP Acquirer LLC	 	Regency GP LP	 	None*	 	99.999% limited partnership interest1
				
	Regency GP LLC	 	Regency GP LP	 	None*	 	.001% general partnership interest representing 100% of the general partnership interests1
				
	Energy Transfer Equity, L.P.	 	Regency Energy Partners LP	 	RP 0312	 	26,266,791 common limited partnership units

  

	*	Non-certificated 

	1	As of the Closing Date, such Partnership Interests constitute Excluded Assets pursuant to clause (g) of the definition thereof 

Description of LLC Rights 
  

							
	 Grantor
	 	 Company
	 	 Cert. No.
	 	 Percentage and Type of Equity
Interest
Pledged

				
	Energy Transfer Equity, L.P.	 	Energy Transfer Partners, L.L.C.	 	5	 	100% limited liability company interests (10,000 Class A units)
				
	Energy Transfer Equity, L.P.	 	ETE GP Acquirer LLC	 	1	 	100% limited liability company interests (1,000 units)2
				
	Energy Transfer Equity, L.P.	 	ETE Services Company, LLC	 	001	 	100% limited liability company interests (1,000 units)
				
	ETE GP Acquirer LLC	 	Regency GP LLC	 	1	 	100% limited liability company interests

  
 EXHIBIT A 

2 

							
				
	Regency GP LLC	  	Regency Employees Management Holdings LLC	  	None*	  	100% limited liability company interests
				
	Regency GP LLC	  	Regency Employees Management LLC	  	None*	  	99.9% limited liability company interests
				
	Regency Employees Management Holdings LLC	  	Regency Employees Management LLC	  	None*	  	0.1% limited liability company interests
				
	Energy Transfer Equity, L.P.	  	ETE Sigma Holdco, LLC	  	None*	  	100% limited liability company interests
				
	ETE Common Holdings, LLC	  	Sunoco Partners LLC	  	None*	  	0.1% limited liability company interests
				
	Energy Transfer Equity, L.P.	  	ETE Common Holdings Member, LLC	  	None*	  	100% limited liability company interests2
				
	Energy Transfer Equity, L.P.	  	ETE Common Holdings, LLC	  	None*	  	99.8% limited liability company interests2
				
	ETE Common Holdings Member, LLC	  	ETE Common Holdings, LLC	  	None*	  	0.2% limited liability company interests2

  

	*	Non-certificated 

	2	As of the Closing Date, such LLC Rights constitute Excluded Assets pursuant to clause (g) of the definition thereof 

  
 EXHIBIT A 

3 

 EXHIBIT B 

FORM OF PLEDGE AND SECURITY AGREEMENT AND 

COLLATERAL AGENCY AGREEMENT SUPPLEMENT 

            , 201     

U.S. Bank National Association, as the Collateral Agent 
 5555
San Felipe Street, Suite 1150 
 Houston, TX, 77056 
 Attention:
Mauri J. Cowen, Vice President 
 Phone: (713) 235-9206 

Facsimile: (713) 235-9213 
 Email: mauri.cowen@usbank.com

  

	 	Re:	(i) Second Amended and Restated Pledge and Security Agreement dated as of December 2, 2013 (herein, as from time to time further amended, supplemented or restated prior to the date hereof, called the
“Security Agreement”) among Energy Transfer Equity, L.P., a Delaware limited partnership, U.S. Bank National Association (“US Bank”), as Collateral Agent (the “Collateral Agent”) and the Grantors
party thereto and (ii) Amended and Restated Collateral Agency Agreement dated as of December 2, 2013 (herein, as from time to time amended, supplemented or restated prior to the date hereof, called the “Agency Agreement”)
among Credit Suisse AG, Cayman Islands Branch (“CS”), as Revolving Administrative Agent, CS, as the Term Loan Administrative Agent, US Bank, as trustee, on behalf of the Secured Parties, each of the grantors party thereto, each
Additional Grantor and the Collateral Agent. 

 Ladies and Gentlemen: 

Reference is made to the Security Agreement and the Agency Agreement. The capitalized terms defined in the Security Agreement and not otherwise
defined herein are used herein as therein defined. 
 Section 1. Joinder. The undersigned (the “Grantor”)
hereby agrees to become a party as a “Grantor” under the Security Agreement and an “Additional Grantor” under the Agency Agreement for all purposes thereof on the terms set forth therein. 

Section 2. Appointment of Collateral Agent. The undersigned Grantor hereby confirms the appointment of the Collateral Agent set
forth in the Agency Agreement. 
 Section 3. Grant of Security Interest. The undersigned Grantor hereby confirms the grant to
the Collateral Agent set forth in the Security Agreement of, and does hereby grant to the Collateral Agent, a security interest in all of Grantor’s right, title and interest in and to all Collateral to secure the Secured Obligations, in each
case whether now or hereafter existing or in 

  
 EXHIBIT B 

 
which Grantor now has or hereafter acquires an interest and wherever the same may be located. The undersigned Grantor represents and warrants that the attached supplements to schedules accurately
and completely set forth all additional information required pursuant to the Security Agreement and hereby agrees that such supplements to schedules shall constitute part of the schedules to the Security Agreement. 

Section 4. Obligations Under the Security Agreement and Agency Agreement. The undersigned Grantor hereby agrees, as of the date
first above written, to be bound as a “Grantor” by all of the terms and conditions of the Security Agreement and an “Additional Grantor” by all of the terms and conditions of the Agency Agreement to the same extent as each of the
other Grantors thereunder. The undersigned Grantor further agrees, as of the date first above written, that each reference in each of the Security Agreement and the Agency Agreement to an “Additional Grantor” or a
“Grantor” shall also mean and be a reference to the undersigned, and each reference in any other Transaction Document to a “Grantor” shall also mean and be a reference to the undersigned. 

Section 5. Representations, Warranties and Covenants. The undersigned Grantor hereby (a) makes each representation and
warranty set forth in Section 3.1 of the Security Agreement, (b) undertakes each covenant obligation set forth in Section 3.2 of the Security Agreement and (c) undertakes each obligation applicable to a
“Grantor” pursuant to the Agency Agreement, in each case to the same extent as each other Grantor. 
 Section 6. Governing
law and Choice of Venue. This Pledge and Security Agreement and Collateral Agency Agreement Supplement (this “Supplement”) shall be governed by and construed in accordance with the laws of the State of New York applicable to
contracts made and to be performed entirely within such State, except as required by mandatory provisions of law and except to the extent that the perfection and the effect of perfection or non-perfection of the security interest created hereunder,
in respect of any particular Collateral, are governed by the laws of a jurisdiction other than such State. Each of the Grantors irrevocably waives any objection, to the extent permitted by applicable law, that it may now or hereafter have (including
any claim of inconvenient forum) to the venue of any legal proceeding arising out of or relating to this Supplement in the courts of the State of New York sitting in New York County and of the United States District Court of the Southern District of
New York, and any appellate court from any thereof. 
 Section 7. FINAL AGREEMENT. THIS WRITTEN AGREEMENT AND THE
OTHER TRANSACTION DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR OR CONTEMPORANEOUS ORAL AGREEMENTS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES HERETO. 

  
 EXHIBIT B 

2 

 IN WITNESS WHEREOF, the undersigned has caused this Pledge and Security Agreement and Collateral
Agency Agreement Supplement to be executed and delivered by its officer thereunto duly authorized, as of the date first above written. 
  

			
	Very truly yours,
	
	[NAME OF ADDITIONAL GRANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EXHIBIT B 

3EX-4.1

 Exhibit 4.1 
  

 
  

PROLOGIS, L.P. 
 as Issuer, 

PROLOGIS, INC., 
 as Parent
Guarantor, 
 U.S. BANK NATIONAL ASSOCIATION 

as Trustee, 
 ELAVON FINANCIAL
SERVICES LIMITED, UK BRANCH 
 as Paying Agent and Transfer Agent, 

and 
 ELAVON FINANCIAL SERVICES
LIMITED, 
 as Security Registrar 

FORM OF 
 SIXTH
SUPPLEMENTAL INDENTURE 
 Dated as of December [—], 2013 

€700,000,000 3.000% Notes due 2022 
  

 
  

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	 ARTICLE I 
	 	DEFINITIONS, CREATION, FORMS AND TERMS AND CONDITIONS OF THE SECURITIES	  	 	1	  
				
		 	Section 1.01	 	Definitions	  	 	1	  
				
		 	Section 1.02	 	Creation of the Notes	  	 	3	  
				
		 	Section 1.03	 	Form of the Notes	  	 	3	  
				
		 	Section 1.04	 	Terms and Conditions of the Notes	  	 	3	  
			
	 ARTICLE II
	 	COVENANTS, FOR BENEFIT OF HOLDERS OF NOTES; EVENTS AND NOTICE OF DEFAULT	  	 	8	  
				
		 	Section 2.01	 	Covenants for Benefit of Holders of Notes	  	 	8	  
				
		 	Section 2.02	 	Events of Default	  	 	8	  
			
	 ARTICLE III
	 	TRANSFER AND EXCHANGE	  	 	8	  
				
		 	Section 3.01	 	Transfer and Exchange	  	 	8	  
			
	 ARTICLE IV
	 	LEGENDS	  	 	9	  
				
		 	Section 4.01	 	Legends	  	 	9	  
			
	 ARTICLE V
	 	TRUSTEE AND PAYING AGENT	  	 	9	  
				
		 	Section 5.01	 	Appointments	  	 	9	  
			
	 ARTICLE VI
	 	GUARANTEE	  	 	10	  
				
		 	Section 6.01	 	Guarantees	  	 	10	  
			
	 ARTICLE VII
	 	MISCELLANEOUS PROVISIONS	  	 	10	  
				
		 	Section 7.01	 	Ratification of Base Indenture	  	 	10	  
				
		 	Section 7.02	 	Table of Contents, Headings, Etc	  	 	10	  
				
		 	Section 7.03	 	Successors and Assigns	  	 	10	  
				
		 	Section 7.04	 	Official Acts by Successor Corporation	  	 	10	  
				
		 	Section 7.05	 	Separability Clause	  	 	10	  
				
		 	Section 7.06	 	Governing Law	  	 	10	  
				
		 	Section 7.07	 	Waiver of Jury Trial	  	 	11	  
				
		 	Section 7.08	 	Counterparts	  	 	11	  
				
		 	Section 7.09	 	Further Instruments and Acts	  	 	11	  
				
		 	Section 7.10	 	Force Majeure	  	 	11	  
				
		 	Section 7.11	 	Addresses for Notices, Etc	  	 	11	  
				
		 	Section 7.12	 	Information Covenant	  	 	12	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	 	 	  	Page	 
				
		 	Section 7.13	 	Right to Withhold	  	 	12	  
				
		 	Section 7.14	 	Redirection Clause	  	 	12	  
				
		 	Section 7.15	 	Money for Payments to be Held in Trust	  	 	12	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

 

							
	 	  	 	  	Page	 
	EXHIBITS	  		  			
			
	EXHIBIT A	  	Form of Global Note	  	 	A-1	  

  
 -iii- 

 SIXTH SUPPLEMENTAL INDENTURE 

SIXTH SUPPLEMENTAL INDENTURE, dated as of December 3, 2013 (this “Sixth Supplemental Indenture”), by and among PROLOGIS,
L.P., a Delaware limited partnership (hereinafter called the “Company”), having its principal office at Pier 1, Bay 1, San Francisco, California 94111, PROLOGIS, INC., a Maryland corporation (hereinafter called the
“Parent”), having its principal office at Pier 1, Bay 1, San Francisco, California 94111, as the parent guarantor, U.S. BANK NATIONAL ASSOCIATION, as trustee under the Base Indenture (hereinafter called the
“Trustee”), having its Corporate Trust Office at 100 Wall Street, Suite 1600, New York, New York 10005, ELAVON FINANCIAL SERVICES LIMITED, UK BRANCH, having its Corporate Trust Office at 125 Old Broad Street, London EC2N 1AR, United
Kingdom, as paying agent and transfer agent (hereinafter called the “Paying Agent” and/or the “Transfer Agent”) and ELAVON FINANCIAL SERVICES LIMITED, having its Corporate Trust Office at Block E, Cherrywood
Business Park, Loughlinstown, Dublin, Ireland, as security registrar (hereinafter called the “Security Registrar”). 

RECITALS OF THE COMPANY 

WHEREAS, the Company, the Parent and the Trustee have heretofore entered into an Indenture, dated as of June 8, 2011, as amended by a
First Supplemental Indenture, dated as of June 8, 2011, a Second Supplemental Indenture, dated as of June 8, 2011, a Third Supplemental Indenture, dated as of June 8, 2011, a Fourth Supplemental Indenture, dated as of June 8,
2011, and a Fifth Supplemental Indenture, dated as of August 15, 2013 (as so supplemented hereinafter called the “Base Indenture”), among the Company, the Parent and the Trustee, providing for the issuance by the Company from
time to time of its senior debt securities evidencing its unsubordinated indebtedness (the “Securities”); 
 WHEREAS,
Section 301 of the Base Indenture provides for various matters with respect to any series of Securities issued under the Base Indenture to be established in an indenture supplemental to the Base Indenture; 

WHEREAS, Section 901(7) of the Base Indenture provides for the Company, the Parent and the Trustee to enter into an indenture
supplemental to the Base Indenture to establish the form or terms of Securities of any series as provided by Sections 201 and 301 of the Base Indenture without the consent of the Holders of any Securities; 

WHEREAS, the Board of Directors of the Parent, acting in its individual capacity and in its capacity as the general partner of the Company,
has duly adopted resolutions authorizing the issue by the Company of its 3.000% Notes due 2022 (hereinafter referred to as the “Notes” or “Securities of this series”), initially in an aggregate principal amount not
to exceed €700,000,000, and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered, the execution and delivery of this Sixth Supplemental Indenture; 

WHEREAS, the Notes, the certificate of authentication to be borne by the Notes, a form of assignment, a form of certificate of transfer and
the Guarantee to be borne by the Notes are to be substantially in the forms hereinafter provided for; and 

 WHEREAS, all things necessary to make the Base Indenture, as hereby modified, a valid agreement
of the Company and the Parent, in accordance with its terms, have been done; 
 NOW, THEREFORE, THIS SIXTH SUPPLEMENTAL INDENTURE
WITNESSETH: 
 For and in consideration of the premises and of the covenants contained herein and in the Base Indenture, the Company, the
Parent, the Trustee and the Paying Agent covenant and agree, for the equal and proportionate benefit of all Holders of Securities issued on or after the date of this Sixth Supplemental Indenture, as follows: 

  
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 ARTICLE I 

DEFINITIONS, CREATION, FORMS AND 

TERMS AND CONDITIONS OF THE SECURITIES 

SECTION 1.01 Definitions. Capitalized terms used in this Sixth Supplemental Indenture and not otherwise defined shall have the
meanings ascribed to them in the Base Indenture. Terms defined both herein and in the Base Indenture shall have the meanings assigned to them herein. All references herein to Articles and Sections, unless otherwise specified, refer to the
corresponding Articles and Sections of this Sixth Supplemental Indenture. The words “herein,” “hereof,” “hereunder,” and words of similar import refer to this Sixth Supplemental Indenture as a whole and not to any
particular Article, Section or other subdivision. In addition, the following terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms defined: 

“Additional Amounts” has the meaning set forth in Section 1.04(f). 

“Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in
The City of New York or London are authorized or required by law, regulation or executive order to close and (2) on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or any successor
thereto, is open. 
 “Certificated Notes” has the meaning set forth in Article III. 

“Clearstream” means Clearstream Banking, société anonyme. 

“Code” has the meaning set forth in Section 1.04(f)(i)(d). 

“Common Depositary” means any Person acting as the common depositary for Euroclear and Clearstream, which initially shall be
Elavon Financial Services Limited. 
 “Company” has the meaning set forth in the first paragraph of this Sixth Supplemental
Indenture. 
 “Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the
discretion of an Independent Investment Banker, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed, or if the Independent Investment Banker in its discretion determines that such similar bond is not in
issue, such other German government bond as such Independent Investment Banker may, with the advice of the Reference Bond Dealers, determine to be appropriate for determining the Comparable Government Bond Rate. 

“Comparable Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005
being rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on
such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an Independent Investment Banker. 

 “Corporate Trust Office of the Paying Agent” means, initially, the office of
Elavon Financial Services Limited, UK Branch, located at 125 Old Broad Street, London EC2N 1AR, United Kingdom. 
 “euro”
or “€” means the single currency introduced at the third stage of the European Monetary Union pursuant to the Treaty establishing the European Community, as amended. 

“Euroclear” means Euroclear Bank S.A./N.V. 

“FATCA” has the meaning set forth in Section 1.04(f)(x). 

“FATCA Withholding Tax” has the meaning set forth in Section 7.12. 

“Global Note” means a permanent fully-registered global note in book-entry form, without coupons, substantially in the form
of Exhibit A attached hereto. 
 “Indenture” means the Base Indenture, as further amended by this Sixth Supplemental
Indenture. 
 “Independent Investment Banker” means one of the Reference Bond Dealers that the Company appoints to act as
the Independent Investment Banker from time to time. 
 “Interest Payment Date” has the meaning set forth in
Section 1.04(d). 
 “Make-Whole Amount” has the meaning set forth in the Section 1.04(e). 

“Market Exchange Rate” means the noon buying rate in The City of New York for cable transfers of euros as certified for
customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York. 

“Noteholder” or “Holder” or “holder,” as applied to any Note, or other similar terms (but
excluding the term “beneficial holder”), means any person in whose name at the time a particular Note is registered on the Security Register. 

“Notes” has the meaning set forth in the Recitals of this Sixth Supplemental Indenture. 

“Paying Agent” means Elavon Financial Services Limited, UK Branch, as Paying Agent for the Notes or any successor entity
appointed by the Company as Paying Agent for the Notes in London. 
 “Parent” has the meaning set forth in the first
paragraph of this Sixth Supplemental Indenture. 
 “Redemption Price” means the Make-Whole Amount or the Tax Redemption
Price, as the case may be. 
 “Reference Bond Dealer” means each of Deutsche Bank AG, London Branch, J.P. Morgan Securities
plc, Merrill Lynch International and The Royal Bank of Scotland plc and their 

  
 2 

 
successors, and one other firm that is a broker of, and/or market maker in German government bonds (each a “Primary Bond Dealer”) which the Company specifies from time to time;
provided, however, that if any of them ceases to be a Primary Bond Dealer, the Company shall substitute another Primary Bond Dealer. 

“Regular Record Date” has the meaning set forth in Section 1.04(d). 

“Security Registrar” has the meaning set forth in the first paragraph of this Sixth Supplemental Indenture. 

“Transfer Agent” has the meaning set forth in the first paragraph of this Sixth Supplemental Indenture. 

“Trustee” has the meaning set forth in the first paragraph of this Sixth Supplemental Indenture. 

“U.S. Dollar” or “$” means the lawful currency of the United States of America. 

“United States” means the United States of America (including the states and the District of Columbia and any political
subdivision thereof). 
 “United States person” means any individual who is a citizen or resident of the United States for
U.S. federal income tax purposes, a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United States or the District of Columbia, including an entity treated as a corporation for
United States income tax purposes, or any estate or trust the income of which is subject to United States federal income taxation regardless of its source. 

SECTION 1.02 Creation of the Notes. In accordance with Section 301 of the Base Indenture, the Company hereby creates the
Notes as a separate series of its securities issued pursuant to the Indenture. The Notes initially shall be limited to an aggregate principal amount of €700,000,000 (except in each case for Notes authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Notes of or within the series pursuant to Section 304, 305, 306, 906, 1107 or 1305 of the Base Indenture); provided, the Company may increase such aggregate principal amount upon the
authorization of the board of directors of the Company to do so from time to time. 
 SECTION 1.03 Form of the Notes. The Notes
shall be issued in the form of one or more Global Notes, duly executed by the Company and authenticated by the Trustee without the necessity of the reproduction thereon of the corporate seal of the General Partner (as defined in the Base Indenture),
which shall be deposited with, or on behalf of, Euroclear and Clearstream and shall be registered in the name of USB Nominees (UK) Limited, as nominee of Elavon Financial Services Limited, as common depositary for, and in respect of interests held
through, Euroclear and Clearstream. The Notes shall be substantially in the form of Exhibit A attached hereto. So long as the Common Depositary or its nominee is the registered owner of a Global Note, the Common Depositary or its nominee, as the
case may be, shall be considered the sole owner or Holder of the Notes represented by such Global Notes for all purposes under the Indenture. 

SECTION 1.04 Terms and Conditions of the Notes. The Notes shall be governed by all the terms and conditions of the Indenture. In
particular, the following provisions shall be terms of the Notes: 
 (a) Title. The title of the Notes shall be the “3.000%
Notes due 2022.” 

  
 3 

 (b) Stated Maturity. The Notes shall mature, and the unpaid principal thereof shall be
payable, on January 18, 2022, subject to the provisions of the Base Indenture and Section 1.04(e) below. 
 (c) Payment in
Euros. Principal of, and premium or Redemption Price, if any, and interest on, the Notes shall be payable in euros. If the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the
Company’s control or the euro is no longer used by the member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions within the international banking
community, then all payments in respect of the Notes shall be made in U.S. Dollars until the euro is again available to the Company or so used. The amount payable on any date in euros shall be converted to U.S. Dollars on the basis of the Market
Exchange Rate on the second Business Day before the date that payment is due, or if such Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate on or before the date that payment is due. Any
payment in respect of the Notes so made in U.S. Dollars shall not constitute an Event of Default under the Indenture. Neither the Trustee nor the Paying Agent shall be responsible for obtaining exchange rates, effecting conversions or otherwise
handling redenominations. 
 (d) Principal and Interest. The Notes shall bear interest at the rate of 3.000% per year. Interest
on the Notes shall accrue from December 3, 2013 and shall be payable annually in arrears on January 18 of each year, commencing on January 18, 2015 (each such date being an “Interest Payment Date”), to the persons in
whose names the Notes are registered in the security register on the preceding January 2, whether or not a Business Day, as the case may be (each such date being a “Regular Record Date”). Interest on the Notes shall be computed
on the basis of an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Markets Association) day count convention. Except as expressly provided in this Sixth Supplemental Indenture, the amount of payments of principal of or
interest on the Notes shall not be determined with reference to an index or formula. 
 The principal of each Note payable at maturity or
upon earlier redemption shall be paid against presentation and surrender of such Note at the office or agency maintained for such purpose in London, initially the Corporate Trust Office of the Paying Agent, in euros. 

(e) Sinking Fund; Repayment; Optional Redemption and Tax Redemption. The Notes shall not be entitled to the benefit of any sinking fund
or analogous provision. None of the Notes shall be redeemable at the option of the Holder. The Company shall have the right to redeem the Notes in whole at any time or in part from time to time, at the Company’s option, at a redemption price
(the “Make-Whole Amount”) equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the
Notes to be redeemed (exclusive of interest accrued to the Redemption Date (as defined in the Base Indenture)) discounted to the Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate plus 25
basis points. 
 Notwithstanding the foregoing, if the Notes are redeemed on or after October 18, 2021, the Redemption Price shall be
100% of the principal amount of the Notes to be redeemed. 

  
 4 

 In each case the Company shall pay accrued and unpaid interest on the principal amount being
redeemed to the Redemption Date. 
 In addition, if, as a result of any change in, or amendment to, the laws (or any regulations or rulings
promulgated under the laws) of the United States (or any taxing authority thereof or therein), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or rulings, which change or
amendment is announced or becomes effective on or after November 25, 2013, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become obligated to pay Additional Amounts with respect to the
Notes, then the Notes may be redeemed at the option of the Company, in whole, but not in part, having given not less than 30 days nor more than 60 days prior notice to the Holders of the Notes, at a redemption price (the “Tax Redemption
Price”) equal to 100% of the principal amount of the Notes being redeemed, together with accrued and unpaid interest thereon, to, but not including, the Redemption Date, all in accordance with the provisions of Article Eleven of the
Base Indenture. 
 If notice of redemption has been given as provided in the Base Indenture and funds for the redemption of any Notes called
for redemption shall have been made available on the Redemption Date referred to in such notice, such Notes shall cease to bear interest on the Redemption Date and the only right of the Holders of the Notes from and after the Redemption Date shall
be to receive payment of the Redemption Price upon surrender of such Notes in accordance with such notice. 
 (f) Payment of Additional
Amounts. All payments in respect of the Notes shall be made by or on behalf of the Company without withholding or deduction for, or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature,
imposed or levied by the United States or any taxing authority thereof or therein, unless such withholding or deduction is required by law. If such withholding or deduction is required by law, the Company shall pay to a holder who is not a United
States person such additional amounts (the “Additional Amounts”) on the Notes as are necessary in order that the net payment by the Company or a paying agent of the principal of, and premium or Redemption Price, if any, and interest
on, the Notes to such holder, after such withholding or deduction, shall not be less than the amount provided in the Notes to be then due and payable; provided, however, that the foregoing obligation to pay Additional Amounts shall not apply: 

(i) to any tax, assessment or other governmental charge that would not have been imposed but for the holder, or a fiduciary, settlor,
beneficiary, member or shareholder of the holder if the holder is an estate, trust, partnership or corporation, or a person holding a power over an estate or trust administered by a fiduciary holder, being considered as: 

(a) being or having been engaged in a trade or business in the United States or having or having had a permanent establishment
in the United States or having or having had a qualified business unit which has the U.S. Dollar as its functional currency; 

(b) having a current or former connection with the United States (other than a connection arising solely as a result of the
ownership of the Notes, the receipt of any payment or the enforcement of any rights thereunder) or being considered as having such relationship, including being or having been a citizen or resident of the United States; 

  
 5 

 (c) being or having been a personal holding company, a passive foreign investment
company or a controlled foreign corporation with respect to the United States or a foreign personal holding company that has accumulated earnings to avoid United States federal income tax; 

(d) being or having been an owner of a 10% or greater interest in the capital or profits of the Company within the meaning of
Section 871(h)(3) of the United States Internal Revenue Code of 1986, as amended (the “Code”), or any successor provision; or 

(e) being a bank receiving payments on an extension of credit made pursuant to a loan agreement entered into in the ordinary
course of its trade or business; 
 (ii) to any Holder that is not the sole beneficial owner of the Notes, or a portion of the Notes, or
that is a fiduciary, partnership or limited liability company, but only to the extent that a beneficiary or settlor with respect to the fiduciary, a beneficial owner or member of the partnership or limited liability company would not have been
entitled to the payment of an Additional Amount had the beneficiary, settlor, beneficial owner or member received directly its beneficial or distributive share of the payment; 

(iii) to any tax, assessment or other governmental charge that would not have been imposed but for the failure of the Holder or any other
person to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Holder or beneficial owner of the Notes, if compliance is required
by statute, by regulation of the United States or any taxing authority therein or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge; 

(iv) to any tax, assessment or other governmental charge that is imposed otherwise than by withholding by the Company or a Paying Agent from
the payment; 
 (v) to any tax, assessment or other governmental charge that would not have been imposed but for a change in law,
regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes due or is duly provided for, whichever occurs later; 

(vi) to any estate, inheritance, gift, sales, excise, transfer, wealth, capital gains or personal property tax or similar tax, assessment or
other governmental charge; 
 (vii) to any withholding or deduction that is imposed on a payment to an individual and that is required to
be made pursuant to any law implementing or complying with, or introduced in order to conform to, any European Union Directive on the taxation of savings; 

  
 6 

 (viii) to any tax, assessment or other governmental charge required to be withheld by any Paying
Agent from any payment of principal of or interest on any Note, if such payment can be made without such withholding by at least one other Paying Agent; 

(ix) to any tax, assessment or other governmental charge that would not have been imposed but for the presentation by the Holder of any Note,
where presentation is required, for payment on a date more than 30 days after the date on which payment became due and payable or the date on which payment thereof is duly provided for, whichever occurs later; 

(x) to any withholding or deduction that is imposed on a payment pursuant to Sections 1471 through 1474 of the Code and related Treasury
regulations and pronouncements (the Foreign Account Tax Compliance Act (“FATCA”)) or any successor provisions and any regulations or official law, agreement or interpretations thereof implementing an intergovernmental approach
thereto; or 
 (xi) in the case of any combination of items (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (x). 

The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to
the Notes. Except as specifically provided under this Section 1.04(f), the Company shall not be required to make any payment for any tax, duty, assessment or governmental charge of whatever nature imposed by any government or a political
subdivision or taxing authority of or in any government or political subdivision. 
 (g) Registration and Form. The Notes shall be
issuable as Registered Securities (as defined in the Base Indenture) as provided in Section 1.03 of this Sixth Supplemental Indenture without coupons. The Notes shall be issued and may be transferred only in minimum denominations of
€100,000 and integral multiples of €1,000 in excess thereof. All payments of principal, premium or Redemption Price, if any, and interest in respect of the Notes shall be made by the Company in immediately available funds. 

(h) Defeasance and Covenant Defeasance. The provisions for defeasance in Section 1402 of the Base Indenture and the provisions for
covenant defeasance (which provisions shall apply, without limitation, to the covenants set forth in Article II of this Sixth Supplemental Indenture) in Section 1403 of the Base Indenture, shall be applicable to the Notes. 

(i) Payment upon Acceleration. The principal amount of, and the Make-Whole Amount, if any, on, the Notes shall be payable upon
declaration of acceleration pursuant to Section 502 of the Base Indenture. 
 (j) Further Issues. Notwithstanding anything to
the contrary contained herein or in the Base Indenture, the Company may, from time to time, without the consent of or notice to the Holders, create and issue further debt securities under the Indenture having the same terms and conditions as the
Notes in all respects, except for issue date, issue price and, to the extent applicable, first payment of interest. Additional debt securities issued in this manner shall be consolidated with and shall form a single series with the previously
outstanding Notes. Notice of any such issuance shall be given to the Trustee and a new supplemental indenture shall be executed in connection with the issuance of such additional debt securities. 

  
 7 

 (k) Payments Falling on a Business Day. If any Interest Payment Date, maturity date or
earlier Redemption Date falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date the payment was due and no interest shall accrue on the amount so payable for the period
from and after that Interest Payment Date, that maturity date or that Redemption Date, as the case may be, until the next Business Day. 

(l) Other Terms and Conditions. Except as expressly set forth herein, the Notes shall have such other terms and conditions as set forth
in the Base Indenture. 
 ARTICLE II 

COVENANTS, FOR BENEFIT OF HOLDERS OF NOTES; 

EVENTS AND NOTICE OF DEFAULT 

SECTION 2.01 Covenants for Benefit of Holders of Notes. The Notes shall not contain any deletions from, modifications of or
additions to the covenants of the Company contained in the Base Indenture, except as expressly set forth herein. 
 SECTION 2.02
Events of Default. The Notes shall not contain any deletions from, modifications of or additions to the Events of Default of the Company contained in the Base Indenture. 

ARTICLE III 
 TRANSFER
AND EXCHANGE 
 SECTION 3.01 Transfer and Exchange. 

(a) The Global Notes shall be exchanged by the Company for one or more Notes in definitive, fully registered certificated form, without
coupons (the “Certificated Notes”) if (i) the Common Depositary notifies the Company that it is unwilling, unable or no longer qualified to continue as common depositary for the Global Notes and the Company fails to appoint a
successor common depositary within 90 calendar days; (ii) the Company, at its option, notifies the Trustee in writing that it elects to cause the issuance of Certificated Notes; or (iii) there has occurred and is continuing an Event of
Default with respect to the Notes. Whenever a Global Note is exchanged for one or more Certificated Notes, it shall be surrendered by the Holder thereof to the Trustee and cancelled by the Trustee. All Certificated Notes issued in exchange for a
Global Note, a beneficial interest therein or a portion thereof shall be registered in the names, and issued in any approved denominations, requested by or on behalf of the Common Depositary (in accordance with its customary procedures). 

(b) Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such Global Note may
be effected only through a book-entry system maintained by such Holder (or its agent), and that, subject to Section 3.01(a), ownership of a beneficial interest in the Notes represented thereby shall be required to be reflected in book-entry
form. Transfers of a Global Note shall be limited to transfers in whole and not in part, to the Common Depositary, its successors and their respective nominees. Interests of beneficial owners in a Global Note shall be transferred in accordance with
the rules and procedures of Euroclear and Clearstream (or their respective successors). 

  
 8 

 (c) Payments (including principal, premium, Redemption Price and interest) and transfers with
respect to Certificated Notes shall executed at the office or agency maintained for such purpose in London (initially the Corporate Trust Office of the Paying Agent) or, at the Company’s option, by check mailed to the Holders at the respective
addresses set forth in the Security Register, provided that all payments (including principal, premium, Redemption Price and interest) on Certificated Notes, for which the Holders thereof have given wire transfer instructions, shall be required to
be made by wire transfer of immediately available funds to the accounts specified by the Holders thereof. No service charge shall be made for any registration of transfer, other than payment of a sum sufficient to cover any tax or governmental
charge, if any, payable in connection with that registration. 
 ARTICLE IV 

LEGENDS 
 SECTION 4.01
Legends. Each Global Note shall bear the following legends on the face thereof: 
 UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”), AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM” AND, TOGETHER WITH EUROCLEAR,
“EUROCLEAR/CLEARSTREAM”), TO THE PROLOGIS, L.P. (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH OTHER NAME
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF ELAVON FINANCIAL SERVICES LIMITED, AS COMMON DEPOSITARY (THE “COMMON DEPOSITARY”) FOR EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, USB NOMINEES (UK) LIMITED, HAS AN
INTEREST HEREIN. 
 THIS SECURITY IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED, AS NOMINEE OF THE COMMON
DEPOSITARY. UNLESS AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE, CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE COMMON DEPOSITARY TO A NOMINEE THEREOF OR BY A NOMINEE THEREOF
TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON DEPOSITARY OR BY THE COMMON DEPOSITARY OR A NOMINEE OF THE COMMON DEPOSITARY TO A SUCCESSOR COMMON DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR COMMON DEPOSITARY. 

ARTICLE V 
 TRUSTEE AND
PAYING AGENT 
 SECTION 5.01 Appointments. The Paying Agent and Transfer Agent for the Notes shall initially be Elavon
Financial Services Limited, UK Branch. The Company hereby initially designates the Corporate Trust Office of the Paying Agent as the office to be maintained by it where Notes may be presented for payment, registration of transfer or exchange, and
where 

  
 9 

 
notices to or demands upon the Company in respect of the Notes or the Indenture may be served. The Security Registrar for the Notes shall initially be Elavon Financial Services Limited for the
purposes of Section 1002 of the Indenture. The Company reserves the right at any time to vary or terminate the appointment of any Paying Agent or Security Registrar, to appoint additional or other Paying Agents or Security Registrars and to
approve any change in the office through which any Paying Agent or Security Registrar acts. In furtherance of such appointment, the Trustee is hereby authorized and directed to execute and deliver that certain Agency Agreement dated December 3, 2013
among the Company, the Paying Agent, Transfer Agent and Security Registrar and the Trustee. 
 ARTICLE VI 

GUARANTEE 

SECTION 6.01 Guarantees. Article Sixteen of the Base Indenture shall be applicable to the Notes. 

ARTICLE VII 

MISCELLANEOUS PROVISIONS 

SECTION 7.01 Ratification of Base Indenture. Except as expressly modified or amended hereby, the Base Indenture continues in full
force and effect and is in all respects confirmed, ratified and preserved and the provisions thereof shall be applicable to the Notes and this Sixth Supplemental Indenture. 

SECTION 7.02 Table of Contents, Headings, Etc. The table of contents and the titles and headings of the articles and sections of
this Sixth Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 7.03 Successors and Assigns. All the covenants, stipulations, promises and agreements of the Company, the Parent, the
Trustee, Transfer Agent, Security Registrar and the Paying Agent contained in this Sixth Supplemental Indenture shall bind their respective successors and assigns whether so expressed or not. 

SECTION 7.04 Official Acts by Successor Corporation. Any act or proceeding by any provision of this Sixth Supplemental Indenture
authorized or required to be done or performed by any board, committee or officer of the Company, the Parent, the Trustee, Transfer Agent, Security Registrar or the Paying Agent shall and may be done and performed with like force and effect by the
like board, committee or officer of any corporation or entity that shall at the time be the lawful sole successor of the Parent, the Trustee, Transfer Agent, Security Registrar or the Paying Agent, respectively. 

SECTION 7.05 Separability Clause. In case any one or more of the provisions contained in this Sixth Supplemental Indenture shall
for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 7.06 Governing Law. THIS SIXTH SUPPLEMENTAL INDENTURE, EACH NOTE AND THE GUARANTEE SHALL BE DEEMED TO BE A CONTRACT MADE
UNDER THE LAWS OF THE STATE OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS ENTERED INTO AND TO BE PERFORMED THEREIN. 

  
 10 

 SECTION 7.07 Waiver of Jury Trial. EACH OF THE COMPANY, THE PARENT, THE TRUSTEE, THE
SECURITY REGISTRAR, THE TRANSFER AGENT AND THE PAYING AGENT 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 INDENTURE, THE
NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 SECTION 7.08 Counterparts. This Sixth Supplemental Indenture may be executed in
any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. 

SECTION 7.09 Further Instruments and Acts. Upon request of the Trustee, Security Registrar, Transfer Agent or the Paying Agent,
the Company and the Parent shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Sixth Supplemental Indenture. 

SECTION 7.10 Force Majeure. In no event shall the Trustee, Transfer Agent, Security Registrar or the Paying Agent be responsible
or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or
terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee,
Transfer Agent, Security Registrar and the Paying Agent shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

SECTION 7.11 Addresses for Notices, Etc. Any notice or demand which by any provision of this Sixth Supplemental Indenture is
required or permitted to be given or served by the Trustee, the Paying Agent or by the Noteholders on the Company shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage prepaid by
registered or certified mail in a post office letter box addressed (until another address is filed by the Company with the Trustee) to Prologis, L.P., Pier 1, Bay 1, San Francisco, California 94111, Attention: Chief Financial Officer. Any notice,
direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by registered or certified mail in a post office letter
box addressed to U.S. Bank National Association, 633 West Fifth Street, 24th Floor, Los Angeles, CA 90071, Attention: Corporate Trust Services/Prologis, L.P. The Trustee, by notice to the Company,
may designate additional or different addresses for subsequent notices or communications. Any notice, direction, request or demand hereunder to or upon the Paying Agent shall be deemed to have been sufficiently given or made, for all purposes, if
given or served by being deposited postage prepaid by registered or certified mail in a post office letter box addressed to Elavon Financial Services Limited, UK Branch, 125 Old Broad Street, London EC2N 1AR, United Kingdom, Attention: MBS
Relationship Management. The Trustee and the Paying Agent, by notice to the Company, may designate additional or different addresses for subsequent notices or communications. Any notice or communication mailed to a Noteholder

  
 11 

 
shall be mailed to him by first class mail, postage prepaid, at his address as it appears on the Security Register and shall be sufficiently given to him if so mailed within the time prescribed.
Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not
the addressee receives it. 
 SECTION 7.12 Information Covenant. The Company hereby covenants with the Trustee and the Paying
Agent that it shall provide each of the Trustee and the Paying Agent with sufficient information so as to enable each of the Trustee and the Paying Agent to determine whether or not any of the Trustee and the Paying Agent is obliged, in respect of
any payments to be made by it pursuant to the Indenture, to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any
regulations, or agreements thereunder or official interpretations thereof or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law implementing such an
intergovernmental agreement) (any such required withholding or deduction, a “FATCA Withholding Tax”). 
 SECTION 7.13
Right to Withhold. Each of the Trustee and the Paying Agent shall be entitled to deduct FATCA Withholding Tax, and shall have no obligation to gross-up any payment hereunder or to pay any Additional Amount as a result of such FATCA
Withholding Tax. 
 SECTION 7.14 Redirection Clause. If, for any reason, the Paying Agent or any other Paying Agent does not
become, or ceases to be, a participating foreign financial institution or otherwise exempt from any FATCA Withholding Tax (i) the Paying Agent or other Paying Agent shall give notice thereof to the Company as soon as reasonably practicable upon
becoming aware of such fact and (ii) if as a result of such notice the Company is required to deduct or withhold any amount pursuant to FATCA in respect of any payment due on the Notes, then the Company shall be entitled to re-direct or
reorganize any such payment in any way that it sees fit in accordance with the transaction documents in order that the payment may be made without such deduction or withholding. Neither the Paying Agent nor any other Paying Agent shall be obliged to
act on any instruction from the Company to it to redirect or reorganize any payment which would, in its opinion, result in the breach of its internal ‘know your customer’ checks and internal compliance procedures. Neither the Paying Agent
nor any other Paying Agent shall be liable to any other party for any loss or liability incurred by such party as a consequence of any redirection or reorganization by the Company. 

SECTION 7.15 Money for Payments to be Held in Trust. No later than 10:00 a.m. (London time) (or such later time as the Company and
the Paying Agent may from time to time agree) on any due date (including any Redemption Date) of the principal of, and premium or Redemption Price, if any, and interest on (including the Redemption Price for), the Notes, the Company shall
irrevocably deposit with the Paying Agent in immediately available funds, a sum sufficient to pay the principal of, and premium or Redemption Price, if any, and interest on (including the Redemption Price for), the Notes becoming due on such date,
such sum to be held by the Paying Agent in trust for the benefit of the Persons entitled to such payment and (unless the Paying Agent is the Trustee), the Company shall promptly notify the Trustee of its action or failure so to act. 

[This space intentionally left blank.] 

  
 12 

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

			
		 	 PROLOGIS, L.P.

		
		 	 By: Prologis, Inc.,

its sole General Partner

		
	 By:
	 	  

		 	Name:
		 	Title:
		
		 	 PROLOGIS, INC.

		
	 By:
	 	  

		 	Name:
		 	Title:

 
			
	 U.S. BANK NATIONAL ASSOCIATION,

	 as Trustee

		
	 By:
	 	  

		 	Name:
		 	Title:

 
			
	 ELAVON FINANCIAL SERVICES LIMITED, UK BRANCH,

	 as Paying Agent

		
	 By:
	 	  

		 	Name:
		 	Title:
		
	 By:
	 	  

		 	Name:
		 	Title:
	
	ELAVON FINANCIAL SERVICES LIMITED, UK BRANCH,
	 as Transfer Agent

		
	 By:
	 	  

		 	Name:
		 	Title:
		
	 By:
	 	  

		 	Name:
		 	Title:

 
			
	ELAVON FINANCIAL SERVICES LIMITED
	 as Security Registrar

		
	 By:
	 	  

		 	Name:
		 	Title:
		
	 By:
	 	  

		 	Name:
		 	Title:

 Exhibit A 

FORM OF GLOBAL NOTE 

[FACE OF GLOBAL NOTE] 
 UNLESS THIS
SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK, S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”), AND CLEARSTREAM BANKING, SOCIÉTÉ ANONYME (“CLEARSTREAM” AND, TOGETHER WITH
EUROCLEAR, “EUROCLEAR/CLEARSTREAM”), TO PROLOGIS, L.P. (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED OR IN SUCH
OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF ELAVON FINANCIAL SERVICES LIMITED, AS COMMON DEPOSITARY (THE “COMMON DEPOSITARY”) FOR EUROCLEAR/CLEARSTREAM (AND ANY PAYMENT IS MADE TO USB NOMINEES (UK) LIMITED OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE COMMON DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, USB NOMINEES (UK)
LIMITED, HAS AN INTEREST HEREIN. 
 THIS SECURITY IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF USB NOMINEES (UK) LIMITED, AS NOMINEE OF THE
COMMON DEPOSITARY. UNLESS AND UNTIL THIS SECURITY IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE, CERTIFICATED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE COMMON DEPOSITARY TO A NOMINEE THEREOF OR BY A NOMINEE
THEREOF TO THE COMMON DEPOSITARY OR ANOTHER NOMINEE OF THE COMMON DEPOSITARY OR BY THE COMMON DEPOSITARY OR A NOMINEE OF THE COMMON DEPOSITARY TO A SUCCESSOR COMMON DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR COMMON DEPOSITARY. 

 

			
	REGISTERED	  	PRINCIPAL AMOUNT
	No. [    ]	  	€[    ]
	ISIN No.: XS0999296006	  	
	COMMON CODE: 099929600	  	
	CUSIP No.: 74340X AZ4	  	

 PROLOGIS, L.P. 

3.000% NOTE DUE 2022 
 PROLOGIS,
L.P., a limited partnership organized and existing under the laws of the State of Delaware (hereinafter called the “Company,” which term shall include any successor under the Indenture hereinafter referred to), for value received, hereby
promises to pay to USB Nominees (UK) Limited, or registered assigns, upon presentation, the principal sum of [PRINCIPAL AMOUNT IN WORDS]] (€[    ]) on January 18, 2022 and to pay interest on the outstanding principal
amount thereon at the rate of 3.000% per annum, until the entire principal hereof is paid or made available for payment. 
 Interest
shall accrue from December 3, 2013 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, and be payable annually in arrears on January 18 of each year, commencing on January 18, 2015. The
interest so payable, and punctually paid or duly provided for on any Interest Payment Date shall, as provided in the 

  
 A-1 

 
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 January 2 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Interest on this Security shall be computed on the basis of an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the
International Capital Markets Association) day count convention. If any Interest Payment Date, maturity date or earlier date of redemption falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if
it were made on the date the payment was due and no interest shall accrue on the amount so payable for the period from and after that Interest Payment Date, that maturity date or that date of redemption, as the case may be, until the next Business
Day. For purposes of the notes, “Business Day” means any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in The City of New York or London are authorized or required by law, regulation or
executive order to close and (2) on which the Trans-European Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system), or any successor thereto, is open. 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 whereof shall be given to Holders of Securities of this series not more than 15 days and not less than 10 days prior to such Special Record Date, or may be paid
at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 Payment of the principal of, or premium or Redemption Price, if applicable, on, and interest on this Security shall be made at the office
or agency maintained for such purpose in London, initially the corporate trust office of the Paying Agent, located at 125 Old Broad Street, London EC2N 1AR, United Kingdom, in euros. 

Payments of principal of, premium or Redemption Price, if any, and interest in respect of this Security shall be made by wire transfer of
immediately available funds in euros. If the euro is unavailable to the Company due to the imposition of exchange controls or other circumstances beyond the Company’s control or the euro is no longer used by the member states of the European
Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions within the international banking community, then all payments in respect of the Securities shall be made in U.S. Dollars until
the euro is again available to the Company or so used. The amount payable on any date in euros shall be converted to U.S. Dollars on the basis of the Market Exchange Rate (as defined below) on the second Business Day before that payment is due, or
if such Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate on or before the date that payment is due. Any payment in respect of the Securities so made in U.S. Dollars shall not constitute an
event of default under the Indenture (as defined below). Neither the Trustee nor the Paying Agent (as defined below) shall be responsible for obtaining exchange rates, effecting conversions or otherwise handling redenominations. “Market
Exchange Rate” means the noon buying rate in The City of New York for cable transfers of euros as certified for customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York. 

  
 A-2 

 Each Security of this series is one of a duly authorized issue of securities of the Company
(herein called the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of June 8, 2011 (herein called the “Base Indenture”), among the Company, Prologis, Inc. (herein called the
“Parent Guarantor,” which term includes any successor under the Indenture) and U.S. Bank National Association, as trustee (herein called the “Trustee,” which term includes any successor trustee under the Indenture with respect to
the series of which this Security is a part), as amended by the first supplemental indenture, dated as of June 8, 2011, the second supplemental indenture, dated as of June 8, 2011, the third supplemental indenture, dated as of June 8,
2011, the fourth supplemental indenture, dated as of June 8, 2011, and the fifth supplemental indenture, dated as of August 15, 2013, and as further amended by the sixth supplemental indenture, dated as of December 3, 2013 (together
with the Base Indenture, the “Indenture”), among the Company, the Parent Guarantor, the Trustee, Elavon Financial Services Limited, as security registrar, and Elavon Financial Services Limited, UK Branch, as paying agent (hereinafter
called the “the Paying Agent,” which term includes any successor paying agent under the Indenture with respect to the series of which this Security is a part) and transfer agent, to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Parent Guarantor, the Trustee, the Paying Agent and the Holders of the Securities and of the terms upon
which the Securities are, and are to be, authenticated and delivered. 
 Securities of this series may be redeemed in whole at any time or
in part from time to time at the option of the Company at a redemption price (the “Make-Whole Amount”) equal to the greater of 
  

	 	(1)	100% of the principal amount of the Securities to be redeemed; or 

  

	 	(2)	the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the date of redemption) discounted to the date of redemption
on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate plus 25 basis points. 

Notwithstanding the foregoing, if the Securities are redeemed on or after October 18, 2021, the redemption price shall be 100% of the
principal amount of the Securities to be redeemed. 
 In each case the Company shall pay accrued and unpaid interest on the principal amount
being redeemed to the date of redemption. 
 The following definitions apply with respect to the Make-Whole Amount: 

“Comparable Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an
Independent Investment Banker, a German government bond whose maturity is closest to the maturity of the notes to be redeemed, or if the Independent Investment Banker in its discretion determines that such similar bond is not in issue, such other
German government bond as such Independent Investment Banker may, with the advice of the Reference Bond Dealers, determine to be appropriate for determining the Comparable Government Bond Rate. 

  
 A-3 

 “Comparable Government Bond Rate” means the price, expressed as a percentage (rounded
to three decimal places, with 0.0005 being rounded upwards), at which the gross redemption yield on the notes to be redeemed, if they were to be purchased at such price on the third Business Day prior to the date fixed for redemption, would be equal
to the gross redemption yield on such Business Day of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such Business Day as determined by an
Independent Investment Banker. 
 “Independent Investment Banker” means one of the Reference Bond Dealers that the Company
appoints to act as the Independent Investment Banker from time to time. 
 “Reference Bond Dealer” means each of Deutsche Bank AG,
London Branch, J.P. Morgan Securities plc, Merrill Lynch International and The Royal Bank of Scotland plc and their successors, and one other firm that is a broker of, and/or market maker in German government bonds (each a “Primary Bond
Dealer”) which the Company specifies from time to time; provided, however, that if any of them ceases to be a Primary Bond Dealer, the Company shall substitute another Primary Bond Dealer. 

The Securities are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable
to the Securities. Except as specifically provided for herein, the Company shall not be required to make any payment for any tax, duty, assessment or governmental charge of whatever nature imposed by any government or a political subdivision or
taxing authority of or in any government or political subdivision. 
 If, as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated under the laws) of the United States (or any taxing authority thereof or therein), or any change in, or amendments to, an official position regarding the application or interpretation of such laws, regulations or
rulings, which change or amendment is announced or becomes effective on or after November 25, 2013, the Company becomes or, based upon a written opinion of independent counsel selected by the Company, will become obligated to pay Additional
Amounts (as defined below) with respect to the Securities, then the Securities may be redeemed at the option of the Company, in whole, but not in part, at a redemption price equal to 100% of the principal amount of the Securities, together with
accrued and unpaid interest on the Securities to, but not including, the Redemption Date. Notice of any redemption shall be transmitted to Holders not more than 60 nor less than 30 days prior to the date fixed for redemption. 

All payments in respect of the Securities shall be made by or on behalf of the Company without withholding or deduction for, or on account of,
any present or future taxes, duties, assessments or governmental charges of whatever nature, imposed or levied by the United States or any taxing authority thereof or therein, unless such withholding or deduction is required by law. If such
withholding or deduction is required by law, the Company shall, subject to certain exceptions provided for in the Indenture, pay to a Holder who is not a United States person (as defined in the Indenture) such additional amounts (the
“Additional Amounts”) on the Securities as are necessary in order that the net payment by the Company or a paying agent of the principal 

  
 A-4 

 
of, and premium or Redemption Price, if any, and interest on, the Securities to such Holder, after such withholding or deduction, shall not be less than the amount provided in the Securities to
be then due and payable. 
 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company
on this Security and (b) certain restrictive covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which provisions
apply to this Security. 
 If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of,
and the Make-Whole Amount, if any, on, all of the Securities of this series at the time Outstanding may be declared due and payable in the manner and with the effect provided in the Indenture. 

As provided in and subject to the provisions of the Indenture, unless the principal of all of the Securities of this series at the time
Outstanding shall already have become due and payable, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder,
unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the
time Outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders of a
majority in principal amount of Securities of this series at the time Outstanding a direction inconsistent with such request, and the Trustee shall have failed to institute any such proceeding for 60 days after receipt of such notice, request
and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any interest on or after the respective due dates expressed herein. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company 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 Parent Guarantor and the Trustee with the consent of the Holders of not less than a majority in
principal amount of the Outstanding Securities of each series of Securities then Outstanding affected thereby. 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 with certain provisions of the Indenture and certain 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, whether or not notation of such consent or waiver is made upon this Security. 
 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, premium or Redemption Price, if applicable, on, and interest on this Security at the
times, place and rate, and in the coin or currency, herein prescribed. 

  
 A-5 

 As provided in the Indenture and subject to certain limitations therein set forth, the transfer
of this Security is registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company in any Place of Payment where the principal of, premium or Redemption Price, if applicable,
on, and interest on this Security are payable duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in
writing, and thereupon one or more new Securities of this series, of authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees. 

The Securities of this series are issuable only in registered form without coupons in minimum denominations of €100,000 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 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 payable in connection therewith. 

Prior to due presentment of this Security for registration of transfer, the Company, the Trustee, the Paying Agent and any agent of the
Company, the Trustee or the Paying Agent may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee, the Paying Agent nor any
such agent shall be affected by notice to the contrary. 
 Except as provided in Article Sixteen of the Indenture, no recourse under or
upon any obligation, covenant or agreement contained in the Indenture or in this Security, or because of any indebtedness evidenced thereby, shall be had against any promoter, as such, or against any past, present or future stockholder, partner,
director, officer, employee, agent thereof or trustee, as such, of the Company or any Guarantor or of any successor thereof, either directly or through the Company or any Guarantor or any successor thereof, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of this Security by the Holder thereof and as part of the
consideration for the issue of the Securities of this series. 
 THE INDENTURE AND THE SECURITIES, INCLUDING THIS SECURITY, SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK. 
 Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Company has caused “CUSIP” numbers to be printed on the Securities of this series as a convenience to the Holders of such Securities. No representation is made as to the
correctness or accuracy of such CUSIP numbers as printed on the Securities of this series, and reliance may be placed only on the other identification numbers printed hereon. 

  
 A-6 

 Capitalized terms used in this Security which are not defined herein shall have the meanings
assigned to them in the Indenture. 
 [This space intentionally left blank.] 

  
 A-7 

 Unless the certificate of authentication hereon has been executed by or on behalf of the Trustee
by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN
WITNESS WHEREOF, the Company has caused this instrument to be duly executed by the undersigned officer. 
  

					
	PROLOGIS, L.P.
	By: Prologis, Inc., its sole general partner
		
	 By:
	 	  

		 	Name:	 	
		 	Title:	 	

  

					
	 Attest
	 	
		
	 By:
	 	  

		 	Name:	 	
		 	Title:	 	
	
	 Dated: [            ],
20[    ]

  
 A-8 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

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

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	as trustee
		
	By:	 	  

		 	Authorized Officer

  
 A-9 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT SOCIAL 
 SECURITY OR OTHER IDENTIFYING 

NUMBER OF ASSIGNEE 
  

 
 (Please Print or Typewrite Name and
Address including 
 Zip Code of Assignee) 
 the
within-mentioned Security of Prologis, L.P. and                      hereby does irrevocably constitute and appoint Attorney to transfer
said Security on the books of the within-named Company with full power of substitution in the premises. 
 Dated:
                                        

 NOTICE: The signature to this assignment must correspond with the name as it appears on the first page of the within-mentioned Security in every
particular, without alteration or enlargement or any change whatever. 

  
 A-10 

 GUARANTEE 

FOR VALUE RECEIVED, the undersigned hereby, jointly and severally with any other Guarantors, unconditionally guarantees to the Holder of the
accompanying 3.000% Note due 2022 (the “Note”) issued by Prologis, L.P. (the “Company”) under an Indenture, dated as of June 8, 2011 (together with the First Supplemental Indenture thereto, the Second Supplemental Indenture
thereto, the Third Supplemental Indenture thereto, the Fourth Supplemental Indenture thereto, the Fifth Supplemental Indenture thereto and the Sixth Supplemental Indenture thereto, the “Indenture”) among the Company, Prologis, Inc., as
parent guarantor, U.S. Bank National Association, as trustee thereunder (the “Trustee”), and Elavon Financial Services Limited, UK Branch, as paying agent, (a) the full and prompt payment of the principal of and premium, if any, on
such Note when and as the same shall become due and payable, whether at Stated Maturity, by acceleration, by redemption or otherwise, and (b) the full and prompt payment of the interest on such Note when and as the same shall become due and
payable, according to the terms of such Note and of the Indenture. In case of the failure of the Company punctually to pay any such principal, premium or interest, the undersigned hereby agrees to cause any such payment to be made punctually when
and as the same shall become due and payable, whether at Stated Maturity, upon acceleration, by redemption or otherwise, and as if such payment were made by the Company. The undersigned hereby agrees, jointly and severally with any other Guarantors,
that its obligations hereunder shall be as principal and not merely as surety, and shall be absolute and unconditional, and shall not be affected, modified or impaired by the following: (a) the failure to give notice to the Guarantors of the
occurrence of an Event of Default under the Indenture; (b) the waiver, surrender, compromise, settlement, release or termination of the payment, performance or observance by the Company or the Guarantors of any or all of the obligations,
covenants or agreements of either of them contained in the Indenture or the Notes; (c) the acceleration, extension or any other changes in the time for payment of any principal of or interest or any premium on any Note or for any other payment
under the Indenture or of the time for performance of any other obligations, covenants or agreements under or arising out of the Indenture or the Notes; (d) the modification or amendment (whether material or otherwise) of any obligation,
covenant or agreement set forth in the Indenture or the Notes; (e) the taking or the omission of any of the actions referred to in the Indenture and in any of the actions under the Notes; (f) any failure, omission, delay or lack on the
part of the Trustee to enforce, assert or exercise any right, power or remedy conferred on the Trustee in the Indenture, or any other action or acts on the part of the Trustee or any of the Holders from time to time of the Notes; (g) the
voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all the assets, marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization,
arrangement, composition with creditors or readjustment of, or other similar proceedings affecting the Guarantors or the Company or any of the assets of any of them, or any allegation or contest of the validity of this Guarantee in any such
proceeding; (h) to the extent permitted by law, the release or discharge by operation of law of the Guarantors from the performance or observance of any obligation, covenant or agreement contained in the Indenture; (i) to the extent
permitted by law, the release or discharge by operation of law of the Company from the performance or observance of any obligation, covenant or agreement contained in the Indenture; (j) the default or failure of the Company or the Trustee fully
to perform any of its obligations set forth in the Indenture or the Notes; (k) the invalidity, irregularity or unenforceability of the Indenture or the Notes or any part of any thereof; (l) any judicial or governmental action affecting the
Company or any Notes or 

  
 A-11 

 
consent or indulgence granted to the Company by the Holders or by the Trustee; or (m) the recovery of any judgment against the Company or any action to enforce the same or any other
circumstance which might constitute a legal or equitable discharge of a surety or guarantor. The undersigned hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger, sale, lease or conveyance of
all or substantially all of its assets, insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to such Notice or the indebtedness evidenced thereby and all demands
whatsoever, and covenants that this Guarantee shall not be discharged except by complete performance of the obligations contained in such Note and in this Guarantee. 

No reference herein to such Indenture and no provision of this Guarantee or of such Indenture shall alter or impair the guarantee of the
undersigned, which is absolute and unconditional, of the full and prompt payment of the principal of and premium, if any, and interest on the Note. 

THIS GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE OF NEW YORK. 

This Guarantee shall not be valid or obligatory for any purpose until the certificate of authentication on the Note shall have been executed
by the Trustee under the Indenture referred to above by the manual signature of one of its authorized officers. The validity and enforceability of this Guarantee shall not be affected by the fact that it is not affixed to any particular Note. 

An Event of Default under the Indenture or the Notes shall constitute an event of default under this Guarantee, and shall entitle the Holders
of Notes to accelerate the obligations of the undersigned hereunder in the same manner and to the same extent as the obligations of the Company. 

Notwithstanding any other provision of this Guarantee to the contrary, the undersigned hereby waives any claims or other rights which it may
now have or hereafter acquire against the Company that arise from the existence or performance of its obligations under this Guarantee (all such claims and rights are referred to as “Guarantor’s Conditional Rights”), including,
without limitation, any right of subrogation, reimbursement, exoneration, contribution, or indemnification, any right to participate in any claim or remedy against the Company, whether or not such claim, remedy or right arises in equity or under
contract, statute or common law, by any payment made hereunder or otherwise, including without limitation, the right to take or receive from the Company, directly or indirectly, in cash or other property or by setoff or in any other manner, payment
or security on account of such claim or other rights. Guarantor hereby agrees not to exercise any rights which may be acquired by way of contribution under this Guarantee or any other agreement, by any payment made hereunder or otherwise, including,
without limitation, the right to take or receive from any other Guarantor, directly or indirectly, in cash or other property or by setoff or in any other manner, payment or security on account of such contribution rights. If, notwithstanding the
foregoing provisions, any amount shall be paid to the undersigned on account of the Guarantor’s Conditional Rights and either (i) such amount is paid to such undersigned party at any time when the indebtedness shall not have been paid or
performed in full, or (ii) regardless of when such amount is paid to such undersigned party, any payment made by the Company to a Holder that is at any time determined to be a Preferential 

  
 A-12 

 
Payment (as defined below), then such amount paid to the undersigned shall be held in trust for the benefit of Holder and shall forthwith be paid to such Holder to be credited and applied upon
the indebtedness, whether matured or unmatured. Any such payment is herein referred to as a “Preferential Payment” to the extent the Company makes any payment to Holder in connection with the Note, and any or all of such payment is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required to be repaid or paid over to a trustee, receiver or any other entity, whether under any bankruptcy act or otherwise. 

To the extent that any of the provisions of the immediately preceding paragraph shall not be enforceable, the undersigned agrees that until
such time as the indebtedness has been paid and performed in full and the period of time has expired during which any payment made by the Company or the undersigned to a Holder may be determined to be a Preferential Payment, Guarantor’s
Conditional Rights to the extent not validly waived shall be subordinate to Holders’ right to full payment and performance of the indebtedness and the undersigned shall not enforce any of Guarantor’s Conditional Rights until such time as
the indebtedness has been paid and performed in full and the period of time has expired during which any payment made by the Company or the undersigned to Holders may be determined to be a Preferential Payment. 

The obligations of the undersigned to the Holders of the Notes and to the Trustee pursuant to this Guarantee and the Indenture are expressly
set forth in Article 16 of the Indenture and reference is hereby made to the Indenture for the precise terms of this Guarantee and all of the other provisions of the Indenture to which this Guarantee relates. 

Capitalized terms used in this Guarantee which are not defined herein shall have the meanings assigned to them in the Indenture. 

[Remainder of page intentionally left blank] 

  
 A-13 

 IN WITNESS WHEREOF, the undersigned has caused this Guarantee to be duly executed. 

Dated: [            ], 20[    ] 

 

			
	PROLOGIS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-14

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