Document:

EX-10.10

    TECHNICAL
    MANAGEMENT AGREEMENT

 

    THIS AGREEMENT is made as of this 5th day of September, 2008

 

    BETWEEN:

 

    (1) Oceanaut Inc., a company duly incorporated in
    the Republic of the Marshall Islands having its registered
    office at Trust Company Complex , Ajeltake Island,
    P.O. Box 1405, Majuro, Marshall Islands, MH 96960
    (hereinafter called the “Company”);

 

    and

 

    (2) Maryville Maritime Inc., a company duly
    incorporated in Liberia having its registered address at 80,
    Broad Street, Monrovia, Liberia, with a branch in Greece
    pursuant to Law
    89/1967
    as replaced and currently in force, at 17th km National
    Road Athens-Lamia & Finikos Str., 14564, Nea Kifisia,
    Athens (hereinafter called “the Manager”)

 

    WHEREAS

 

    The Company wishes to appoint the Manager to manage the business
    of the Company and its various Subsidiaries from time to time
    (as defined below) and their respective operations and the
    Manager is willing to accept such appointment on the terms and
    conditions herein set forth.

 

    Each of the contracting parties represents and warrants that it
    has been incorporated and duly organised and validly existing
    and in good standing under the laws of its respective country of
    incorporation and that the legal representative signing for the
    respective party has been duly authorised by the proper
    corporate body for the execution of this Agreement.

 

    AND IT IS HEREBY AGREED as follows:

 

			
	 	    1.  
	
    (Definitions)

 

    In this agreement the following terms shall have the following
    meanings:

 

    “Subsidiary” means any company the share
    capital of which is from time to time directly or indirectly
    owned by more than 51% by the Company; and

 

    “Vessel” means any vessel owned from time to
    time by any Subsidiary.

 

    “Commercial Manager” means “Excel Maritime
    Carriers Ltd.” and its successors and lawful assigns.

 

			
	 	    2.  
	
    (Appointment — Acceptance)

 

    The Company hereby appoints and undertakes to ensure that the
    Subsidiaries will appoint
    and/or renew
    the appointment of the Manager as manager of the Vessels and the
    Manager hereby accepts such appointment and agrees to act as the
    manager of the Vessels pursuant to the terms of this Agreement
    and shall provide the services described in Clause 3 of
    this Agreement (the “Management Services”) in
    accordance with sound ship management practices and any specific
    terms and conditions set out in the specific management
    agreements to be made between each Subsidiary and the Manager
    (the “Management Agreements”), the terms of each of
    which will be substantially in the form of the management
    agreement attached hereto as Annex A. The Management
    Agreements with the subsidiaries will be executed immediately
    after the Shareholder Approval.

 

    In case that the Company becomes the parent company of other
    Subsidiaries, whether such Subsidiaries have Vessels in
    operation or under construction, the Company shall appoint the
    Manager and it shall procure and ensure that these Subsidiaries
    will appoint the Manager, as manager of such new Vessels and
    Subsidiaries under the same terms set forth herein and pursuant
    to the Management Agreement to be entered into by each such
    other Subsidiary.

 

    The Manager may, subject to the Company’s loan covenants
    being met, appoint any person or corporate entity (the
    “Sub-Manager”), at any time throughout the duration of
    this Agreement, to discharge any of the Manager’s duties
    and in particular to perform as agents
    and/or
    sub-contractors such parts of the Management Services, and in
    relation to such of the Vessels, as the Manager may deem
    convenient or appropriate. While the Manager may from time to
    time engage one or more Sub-Managers to assume some or all of
    the rights and perform some or all of the

    

    1

 

    duties assigned to the Manager hereunder, such engagement shall
    not relieve the Manager of any responsibility or liability which
    it would otherwise have under this Agreement.

 

			
	 	    3.  
	
    (Management Services)

 

    3.1 (General obligations of the Manager)

 

    The Manager shall, on behalf of the Company and the
    Subsidiaries, attend to the day-to-day technical management of
    the Vessels in accordance with sound technical shipping industry
    standards. In the exercise of its duties hereunder the Manager
    shall act fully in accordance with the reasonable policies,
    guidelines and instructions from time to time communicated to it
    by the Company and serve the Company faithfully and diligently
    in the performance of this Agreement, according to sound
    technical shipping industry standards. In the performance of
    this Agreement, the Manager shall protect the interests of the
    Company and the Subsidiaries in all matters directly or
    indirectly relating to the Vessels.

 

    The Manager shall ensure that the Manager employs adequate
    manpower to perform its obligations under this Agreement.
    Insofar as practicable, it shall use its best efforts to ensure
    fair distribution of available manpower, supplies and services
    as between the Vessels and any/all other vessels under its
    management. Subject to any limitation which may be provided
    elsewhere in this Agreement, the Manager shall enter into, make
    and perform all acts, contracts, agreements and other
    undertakings as may be, in the opinion of the Manager, necessary
    or advisable or incidental to the carrying out of the objectives
    of this Agreement.

 

    3.3 (Services to be performed in respect of the
    Vessels)

 

    The Manager shall provide or contract for
    and/or carry
    out as agent on behalf of the Company and the Subsidiaries all
    general administrative and support services necessary for the
    operation and employment of each Vessel including but not
    limited to crewing and other technical management, insurance,
    freight management, accounting related to the vessels’
    provisions, bunkering, operation and, subject to the
    Company’s instructions, sale and purchase of the Vessels .
    The Manager shall arrange so that an accounting system be
    established so as to meet the requirements of the Company and
    the Subsidiaries and provide regular accounting services. The
    Manager shall present on an annual basis for approval by the
    Company and the Subsidiaries, as the case may be, a budget for
    the following twelve (12) months and quarterly budget
    comparisons thereafter and shall arrange for the supply of
    provisions, bunker fuel and lubricants and generally will
    provide all such management services which will be included in
    the Management Agreements, always subject to the Company’s
    loan covenants being met.

 

    The Company and the Subsidiaries as the case may be shall
    indicate to the Manager their acceptance and approval of the
    annual budget within one month of presentation and in the
    absence of any such indication the Manager shall be entitled to
    assume that the Company and the Subsidiaries have accepted the
    said budget.

 

    It is specifically agreed that the Manager will arrange and
    supervise, in accordance with the Subsidiaries’
    instructions, the sale or purchase of the Vessels, and shall
    provide the commercial operation of the Vessels, other than the
    functions performed by the Commercial Manager, as required by
    the Subsidiaries, including but not limited to arranging for the
    proper payment to Subsidiaries of the hire
    and/or other
    moneys to which Subsidiaries may be entitled out of the
    employment of the Vessels.

 

    The Manager in the context of the management services in
    relation to the Vessels will act vis-à-vis third parties as
    agent acting in the name and on behalf of the Subsidiaries. The
    Manager shall have the power to carry out such services
    incidental to the management services as the Manager, at its
    sole discretion, shall consider necessary to enable the Manager
    to perform the management services. The responsibility of the
    Manager vis-à-vis the respective Subsidiary is set out in
    the specific terms and conditions of the respective Management
    Agreement.

 

    3.4 (Additional Services)

 

    The Company may entrust to the Manager any other services
    against a fee to be mutually agreed.

 

			
	 	    4.  
	
    (Incorporation of terms)

 

    The terms of the standard Management Agreement approved by BIMCO
    under code name SHIPMAN, which is attached hereto as
    Annex A are incorporated herein and are deemed to be an
    integral part of this Agreement in

    

    2

 

    respect of all the functions provided therein, excluding
    Chartering services. In case of conflict between the terms of
    this Agreement and any printed terms of SHIPMAN (Annex A),
    the terms of this Agreement shall prevail. Any amendments to be
    made to this standard form in any individual Management
    Agreement signed by any Subsidiary shall be deemed to be
    incorporated in this Agreement in respect of such Subsidiary and
    its Vessel.

 

			
	 	    5.  
	
    (Obligations of the contracting parties)

 

    The Manager undertakes to comply with all the terms of the
    Management Agreement and to provide such Management Services and
    to manage the Vessels in compliance with the rules and
    regulations applicable to the Company and the Subsidiaries.

 

    In compliance with the above, the Manager undertakes to keep
    books and information, to draw the financial statements
    required, make reports and provide the internal and independent
    auditors of the Subsidiaries
    and/or of
    the Company with such information and documents as may
    reasonably be required by them in relation to the Management
    Agreements and in particular with the accounting services
    referred to in Clauses 7 and 20 of the Management
    Agreements and services relating to the establishment of the
    budgets and the management of funds in accordance with
    Clause 16 of the Management Agreements, i.e. the income of
    the Vessels to be collected and the expenses to be paid on
    behalf of the Subsidiaries. Unless the parties agree otherwise,
    the Manager will take out insurance in respect of its liability
    towards the Company and its Subsidiaries at the cost of the
    Company and its Subsidiaries.

 

    Notwithstanding anything in this Agreement or any Management
    Agreement to the contrary, and in the absence of the
    Manager’s gross negligence or wilful misconduct, the
    Company will remain liable vis-à-vis the AMEX, the US
    Securities & Exchange Commission and other regulatory
    bodies as well as vis-à-vis the shareholders and investors
    in respect of the compliance of its obligations in accordance
    with any applicable act and regulation, including but not
    limited to, any act relating to the listing of shares of
    companies on the AMEX and will notify the Manager of any
    announcement, publication or any other action required to be
    made or prepared by the Manager under law.

 

			
	 	    6.  
	
    (Term)

 

    This Agreement shall become effective upon its signing by the
    parties and shall continue for an initial period of three
    (3) years commencing from such date and shall be
    automatically extended for successive one (1) year periods,
    unless written notice is given by the Company (acting for itself
    and its Subsidiaries) or the Manager at least three
    (3) months prior to the commencement of the next period.

 

			
	 	    7.  
	
    (Remuneration)

 

    The Remuneration of the Manager for the management of the
    Vessels shall be US$18,000 (Eighteen Thousand United States
    Dollars) per vessel per month payable monthly in advance, which
    is to be increased annually by an amount equal to the percentage
    change in The Consumer Price Index for All Urban Consumers
    (CPI-U) for the U.S. City Average for All Items,
    published by the US Department of Labor from time to time.

 

    The Company shall also pay to the Manager any and all expenses
    as provided in the Management Agreements.

 

			
	 	    8.  
	
    (Termination)

 

    8.1 (Termination due to default)

 

    (i). The Company shall be entitled to terminate this Agreement
    by notice in writing if the Manager is in breach of his
    obligation and the following notice by the Company does not
    remedy the breach within fourteen (14) days or such shorter
    period as the circumstances may require.

 

    (ii). The Manager shall be entitled to terminate this Agreement
    with immediate effect by notice in writing, if any monies
    payable by the Company or any Subsidiary in respect of any
    Vessel, shall not have been received in the Manager’s
    nominated account, within fourteen (14) running days from
    the written request of payment given by the Manager.

 

    8.2 (Extraordinary termination)

    

    3

 

    This Agreement shall be deemed to be terminated in respect of
    any Vessel, and only for such Vessel, in the case of the sale of
    such Vessel, or if the Vessel becomes a total loss, or is
    declared as a constructive or compromised or arranged total
    loss, or is requisitioned for title.

 

    The date upon which the said Vessel is to be treated as having
    been sold or otherwise disposed of shall be the date on which
    the respective Subsidiary ceases to be registered as owner of
    such Vessel, always subject to clause 15 of the printed
    terms of BIMCO SHIPMAN (Annex A)

 

    The said Vessel shall not be deemed to be lost unless either it
    has become an actual total loss or agreement has been reached
    with its underwriters in respect of its constructive,
    compromised or arranged total loss or, if such agreement with
    its underwriters is not reached, it is adjudged by a competent
    tribunal that a constructive loss of the Vessel has occurred.

 

			
	 	    9.  
	
    (Effect of Termination)

 

    9.1 Notwithstanding anything in the Management Agreements
    to the contrary, each Management Agreement shall terminate
    automatically upon the termination of this Agreement.
    Termination of this Agreement shall be without prejudice to the
    accrued rights and obligations of the parties hereunder or any
    Management Agreement at the date of the termination including;
    but not limited to, the obligation of the Company and any
    Subsidiary, as applicable, to pay and the Manager’s right
    to be paid and reimbursed for all costs, liabilities and
    expenses payable or reimbursable under this Agreement.

 

    9.2 In the event of termination: (i) the Company and
    the Manager shall consult with each other for the purpose of
    ensuring an orderly and efficient transfer of the management of
    each Vessel at a convenient and mutually agreed port and, to
    that end, the Manager will endeavour to co-operate with any new
    manager of a Vessel appointed by the Company or any Subsidiary
    and (ii) the Manager shall terminate any agreement with a
    Sub-Manager. The Company and any Subsidiary, as applicable,
    shall be obligated to continue to pay to the Manager the monthly
    fixed fee specified in Clause 7 above and Clause 15 of
    BIMCO SHIPMAN and any addenda made or to be made thereto of the
    Management Agreements in respect of each Vessel accrued to the
    effective date of the transfer of management of such Vessel and
    shall, in addition, pay to the Manager a termination fee in an
    amount equal to three months of such monthly fixed fee, capped
    at a maximum of ten (10) vessels.

 

    9.3 The Manager shall, within ninety (90) days after
    the effective date of transfer of the management of any Vessel
    (or as soon as practicable thereafter in the circumstances),
    shall prepare and submit to the Company and the applicable
    Subsidiary a final account giving details of the outstanding
    balance between the Manager, the Company and such Subsidiary
    with respect to such Vessel. Within thirty (30) days after
    the delivery of such account to the Company and such Subsidiary,
    the Company and such Subsidiary shall pay to the Manager any
    undisputed or adjudicated sums found to be due to the Manager,
    or the Manager shall pay to the Company any such Subsidiary any
    undisputed or adjudicated sums for the balance standing to the
    credit of such account.

 

			
	 	    10.  
	
    (Responsibilities)

 

    10.1 (Force Majeure) Neither the Company nor the
    Manager shall be under any liability for any failure to perform
    any of their obligations hereunder by reason of any cause
    whatsoever of any nature or kind beyond their reasonable control.

 

    10.2 (Liability to Company) Without prejudice to the
    above sub-clause 10.1, the Manager shall be under no
    liability whatsoever to the Company for any loss, damage, delay
    or expense of whatsoever nature whether direct or indirect,
    including but not limited to loss of profit arising out of or in
    connection with detention or delay of any Vessel and howsoever
    arising in the course of performance of the Management Services,
    unless same is proved to have resulted from the gross negligence
    or wilful default of the Manager, or their employees or agents
    in which case (save where loss, damage, delay or expense has
    resulted from the Manager’s act or omission committed with
    the intent to cause same or recklessly and with knowledge that
    such loss, damage, delay or expense would probably result) the
    Manager’s liability for each incident giving rise to a
    claim or claims shall never exceed (i) in respect of the
    Company, a total of ten times the annual fees payable to the
    Manager hereunder, and (ii) in respect of each Vessel and
    the respective Subsidiary, a total of ten times the annual
    management fee payable in respect of such Vessel.

    

    4

 

    10.3 Indemnity. Except to the extent and solely for the
    amount therein set out that the Managers would be liable under
    sub-clause 10.2, the Company hereby undertakes to keep the
    Manager and its employees, agents and sub-contractors
    indemnified and to hold them harmless against all actions,
    proceedings, claims, demands or liabilities whatsoever or
    howsoever, which may be brought against them or incurred or
    suffered by them, arising out of or in connection with the
    performance of this Agreement or any Management Agreement, and
    against and in respect of all costs, loss, damages and expenses,
    including reasonable legal costs and expenses on a full
    indemnity basis, which the Manager may suffer or incur directly
    or indirectly in the course of the performance of this Agreement
    or any Management Agreement.

 

    10.4 (Himalaya). It is hereby expressly agreed that
    no employee or agent of the Manager, including every
    sub-contractor from time to time employed by the Manager, shall
    in any circumstances whatsoever be under any liability
    whatsoever to the Company for any loss, damage, or delay of
    whatsoever kind arising or resulting directly or indirectly from
    any act, neglect or default on his part while acting in the
    course or in connection with his employment and, unless due to
    the gross negligence or wilful misconduct, without prejudice to
    the generality of the foregoing, every exemption, limitation,
    condition and liberty herein contained and every right,
    exemption from liability, defence and immunity of whatsoever
    nature applicable to the Manager or to which the Manager is
    entitled hereunder, shall also be available and shall extend to
    protect every such employee or agent of the Manager acting as
    aforesaid and for the purpose of all the foregoing provisions of
    this Clause 10 the Manager is or shall be deemed to be
    acting as agent or trustee on behalf and for the benefit of all
    persons who are his servants of agents from time to time,
    including sub-contractors, and all such persons shall be or be
    deemed to be parties to this Agreement.

 

			
	 	    11.  
	
    (Assignability of Agreement)

 

    This Agreement is not assignable by either the Company or the
    Manager without the prior written consent of the other.

 

			
	 	    12.  
	
    (Confidentiality)

 

    Except as may be required by applicable law, any non-public or
    confidential information relating to the business or affairs of
    the Company and its Subsidiaries or the Company’s and its
    Subsidiaries’ principals obtained by the Manager in the
    performance of this Agreement or any Management Agreement shall
    be kept strictly confidential.

 

    Except as may be required by applicable law or regulations,
    including without limitation, those applicable to companies with
    securities registered under the 1934 Act, this Agreement
    including all terms, details conditions and period is to be kept
    private and confidential and beyond the reach of any third party.

 

    Except as may be required by applicable law or regulations,
    including without limitation, those applicable to companies with
    securities registered under the 1934 Act,, any non-public
    or confidential information relating to the business or affairs
    of the Manager
    and/or the
    Manager’s principals obtained by the Company and its
    Subsidiaries or the Company’s and its Subsidiaries’
    principals in the performance of this Agreement shall be kept
    strictly confidential.

 

			
	 	    13.  
	
    (Notices)

 

    All notices, requests, consents and other communications under
    this Agreement shall be in writing and shall be deemed delivered
    (i) upon delivery when delivered personally, (ii) upon
    receipt if by facsimile transmission (with confirmation of
    receipt thereof), or (iii) one business day after being
    sent via a reputable nationwide overnight courier service
    guaranteeing next business day delivery, in each case to the
    intended recipient as set forth below:

 

    If to Oceanaut Inc.:

 

    Oceanaut Inc

    17th
    Km National Road Athens — Lamia & Finikos
    street

    145 64 Nea Kifisia

    Athens, Greece

    Facsimile: +30 210 62 09 528

    Attention: Chief Executive Officer

    

    5

 

 

    If to Maryville Maritime Inc.:

 

    Maryville Maritime Inc

    17th
    Km National Road Athens — Lamia & Finikos
    street

    145 64 Nea Kifisia

    Athens, Greece

    Facsimile: +30 210 81 87 001

    Attention: General Manager

 

    Any party may change the address to which notices, requests,
    consents or other communications hereunder are to be delivered
    by giving the other parties notice in the manner set forth in
    this Section.

 

			
	 	    14.  
	
    (Governing Law and Arbitration)

 

    This Agreement shall be governed by and construed in accordance
    with English law and any dispute arising out of or in connection
    with this Agreement shall be referred to arbitration in London
    in accordance with the Arbitration Act 1996, or any statutory
    modification or re-enactment thereof save to the extent
    necessary to give effect to the provisions of this Clause. The
    Arbitration shall be conducted in accordance with the London
    Maritime Arbitrators Association (LMAA) terms current at the
    time when the arbitration proceedings are commenced. The
    reference shall be to three arbitrators. Each party to appoint
    one arbitrator and the two so appointed to appoint the third who
    shall act as chairman of the Tribunal. On the receipt by one
    party of the nomination in writing of the other party’s
    arbitrator, that party shall appoint their arbitrator within
    fourteen days, failing which the single arbitrator shall act as
    sole arbitrator and any decision of the sole arbitrator shall be
    binding in both parties. The two arbitrators so appointed shall
    appoint the third arbitrator within fourteen days.

 

			
	 	    15.  
	
    (Entire Agreement)

 

    This Agreement and the Management Agreement contains the entire
    agreement of the Company and the Manager with respect to the
    subject matter hereof and supersedes all prior agreements and
    understandings, either verbal or written, between the parties
    with respect to such subject matter and no amendment of any
    provision hereof will be binding upon any party unless in
    writing and signed by the party agreeing to such amendment.

    

    6

 

    IN WITNESS WHEREOF, the parties hereto have caused this
    Agreement to be duly executed in duplicate by their respective
    and duly authorized representatives as of the day and year
    written hereinabove.

 

    OCEANAUT INC.

 

			
	 	    By: 
	
    /s/ Gabriel Panayotides

    Name:     Gabriel Panayotides

			
	 	    Title: 
	
    President, Chief Executive Officer and Director.

 

    MARYVILLE MARITIME INC.

 

			
	 	    By: 
	
    /s/ Georgios Perivolaris

    Name:     Georgios Perivolaris

			
	 	    Title: 
	
    Sole Director, President, Secretary and Treasurer.

    

    7exv10w1

Exhibit 10.1

TEPPCO Partners, L.P.

241,380 Units

Representing Limited Partner Interests

Unit Purchase Agreement

Houston, Texas

September 4, 2008

 

TEPPCO UNIT L.P.

1100 Louisiana Street, 10th Floor

HOUSTON, TEXAS 77002

 

Ladies and Gentlemen:

 

     TEPPCO Partners, L.P., a limited partnership organized under the laws of Delaware (the
“Partnership”), proposes to directly sell in a transaction not registered under the
Securities Act of 1933, as amended to TEPPCO Unit L.P., a Delaware limited partnership (the
“Employee Partnership”), 241,380 units (the “Units”), each representing a limited
partner interest in the Partnership (“Partnership Units”). Certain terms used herein are
defined in Section 11 hereof, and, in addition, other terms used but not defined herein
have the meanings assigned to them in the underwriting agreement (the “Underwriting
Agreement”), dated as of even date herewith, between the Partnership and the underwriters named
therein (the “Underwriters”), relating to the Partnership’s proposed public offering and sale of an
aggregate 9,200,000 units (the “Underwritten Units”), each representing a limited partner
interest in the Partnership, to the Underwriters. Texas Eastern Products Pipeline Company, LLC is
referred to herein as the “General Partner,” and the General Partner together with the
Partnership are referred to collectively herein as the “TEPPCO Parties” or individually as
a “TEPPCO Party”).

     This is to confirm the agreement among the TEPPCO Parties and the Employee Partnership
concerning the purchase of the Units from the Partnership by the Employee Partnership.

     1. Representations and Warranties. The Partnership represents and warrants to, and
agrees with, the Employee Partnership as set forth below in this Section 1.

     (a) No Material Misstatements or Omissions. The information concerning the Partnership in
the Registration Statement (including the information incorporated by reference therein) did
not, as of the respective filing dates of such registration statement and the documents
incorporated by reference therein, contain any untrue statement of a material fact or omit a
material fact necessary to make the statements therein not misleading in light of the
circumstances under which they were made.

     (b) Formation and Qualification of the TEPPCO Parties. Each of the TEPPCO Parties has
been duly formed and is validly existing in good standing under the laws of the State of
Delaware with all limited liability company or limited partnership, as the case may be, power
and authority necessary to own or hold its properties and conduct the businesses in which it
is engaged and, (i) in the case of the General Partner, to act as general partner of the
Partnership, and (ii) in the case of the General Partner and the Partnership to execute and
deliver this Agreement and to consummate the transactions contemplated hereby. Each of the
General Partner and the Partnership is duly registered or qualified to do business and is in
good standing as a foreign limited liability company or limited partnership, as the case may
be, in each jurisdiction in which its ownership or lease of property or the conduct of its
businesses requires such qualification or registration, except where the failure to so qualify
or register would not, (i) individually or in the aggregate, have a material adverse effect on
the condition (financial or otherwise), results of operations, business or prospects of the
TEPPCO Parties, taken as a whole (an “TPP Material Adverse Effect”) or (ii) subject
the limited partners of the Partnership to any material liability or disability.

     (c) Valid Issuance of the Units. The Units and the limited partner interests represented
thereby, will be duly authorized in accordance with the Partnership Agreement and, when issued
and delivered to the Employee Partnership against payment therefor in accordance with the
terms hereof, will be validly issued, fully paid (to the extent required under the Partnership
Agreement) and nonassessable (except as such

1

 

nonassessability may be affected by (i) matters described in the Prospectus and (ii)
Sections 17-303 and 17-607 of the Delaware Revised Uniform Limited Partnership Act).

     (d) Authority. Each of the TEPPCO Parties has all requisite limited liability company and
limited partnership power and authority, as the case may be, to execute and deliver this
Agreement and perform its respective obligations hereunder. The Partnership has all requisite
power and authority to issue, sell and deliver the Units, in accordance with and upon the
terms and conditions set forth in this Agreement, the Partnership Agreement and the
Registration Statement.

     (e) Authorization, Execution and Delivery of Agreements.

     (i) This Agreement has been duly authorized, validly executed and delivered by each
of the TEPPCO Parties.

     (ii) The Partnership Agreement has been duly authorized, executed and delivered by
the General Partner and is a valid and legally binding agreement of the General Partner,
enforceable against the General Partner in accordance with its terms; and

     (iii) The GP LLC Agreement has been duly authorized, executed and delivered by the
sole member of the General Partner, and will be a valid and legally binding agreement of
such sole member, enforceable against it in accordance with its terms;

except, with respect to each agreement described in this Section, as the enforceability
thereof may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights generally and by
general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law).

     (f) No Conflicts. None of the (i) issuance and sale by the Partnership of the Units
pursuant to this Agreement, (ii) the execution, delivery and performance of this Agreement by
the TEPPCO Parties, or (iii) consummation of the transactions contemplated hereby (A)
conflicts or will conflict with or constitutes or will constitute a violation of any
organizational documents of any of the TEPPCO Parties, (B) conflicts or will conflict with or
constitutes or will constitute a breach or violation of, or a default (or an event that, with
notice or lapse of time or both, would constitute such a default) under, any indenture,
mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which any
of the TEPPCO Parties is a party or by which any of them or any of their respective properties
may be bound, (C) violates or will violate any statute, law or regulation or any order,
judgment, decree or injunction of any court, arbitrator or governmental agency or body having
jurisdiction over any of the TEPPCO Parties, or any of their properties or assets, or (D)
results or will result in the creation or imposition of any lien, charge or encumbrance upon
any property or assets of any of the TEPPCO Parties, which conflicts, breaches, violations,
defaults or liens, in the case of clauses (B) or (D), would, individually or
in the aggregate, have an TPP Material Adverse Effect.

     (g) Investment Company. None of the TEPPCO Parties is now, or after the sale of the Units
to be sold by the Partnership hereunder and application of the net proceeds from such sale as
described in the Prospectus under the caption “Use of Proceeds” will be an “investment
company” or a company “controlled by” an “investment company” within the meaning of the
Investment Company Act of 1940, as amended (the “Investment Company Act”).

     (h) NYSE Listing. The Units being sold hereunder by the Partnership have been approved
for listing on the New York Stock Exchange (the “NYSE”), subject only to official
notice of issuance.

     (i) Absence of Certain Actions. No action has been taken and no statute, rule, regulation
or order has been enacted, adopted or issued by any governmental agency or body which prevents
the issuance or sale of the Units in any jurisdiction; no injunction, restraining order or
order of any nature by any federal or state court of competent jurisdiction has been issued
with respect to any of the TEPPCO Parties which would prevent or suspend the issuance or sale
of the Units or the use of the Prospectus in any jurisdiction; no action, suit or proceeding
is pending against or, to the knowledge of the TEPPCO Parties, threatened against or affecting
any of the TEPPCO Parties before any court or arbitrator or any governmental agency, body or
official, domestic or foreign, which could reasonably be expected to interfere with or
adversely affect the

2

 

issuance of the Units or in any manner draw into question the validity or enforceability
of this Agreement or any action taken or to be taken pursuant hereto; and the Partnership has
complied with any and all requests by any securities authority in any jurisdiction for
additional information to be included in the Prospectus.

     2. Representations of the Employee Partnership.

     (a) Formation and Qualification of the Employee Partnership. The Employee Partnership has
been duly formed and is validly existing in good standing under the laws of the State of
Delaware with all partnership power and authority necessary to own or hold its properties and
conduct the businesses in which it is engaged and to execute and deliver this Agreement and
consummate the transactions contemplated thereby, in all respects as described in the
Registration Statement and the Prospectus. The Employee Partnership is duly registered or
qualified to do business and is in good standing as a foreign limited partnership in each
jurisdiction in which its ownership or lease of property or the conduct of its businesses
requires such qualification or registration, except where the failure to so qualify or
register would not, (i) individually or in the aggregate, have a material adverse effect on
the condition (financial or otherwise), results of operations, business or prospects of the
Employee Partnership (an “Employee Partnership Material Adverse Effect”) or (ii)
subject the limited partners of the Employee Partnership to any material liability or
disability.

     (b) No Conflicts. Neither the execution, delivery and performance of this Agreement by
the Employee Partnership nor the consummation of the transactions contemplated hereby (A)
conflicts or will conflict with or constitutes or will constitute a violation of the
organizational documents of any of the Employee Partnership, (B) conflicts or will conflict
with or constitutes or will constitute a breach or violation of, or a default (or an event
that, with notice or lapse of time or both, would constitute such a default) under, any
indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to
which the Employee Partnership is a party or by which it or any of its respective properties
may be bound, (C) violates or will violate any statute, law or regulation or any order,
judgment, decree or injunction of any court, arbitrator or governmental agency or body having
jurisdiction over the Employee Partnership, or any of its properties or assets, or (D) results
or will result in the creation or imposition of any lien, charge or encumbrance upon any
property or assets of the Employee Partnership, which conflicts, breaches, violations,
defaults or liens, in the case of clauses (B) or (D), would, individually or
in the aggregate, have an Employee Partnership Material Adverse Effect.

     3. Purchase and Sale. Subject to the terms and conditions and in reliance upon the
representations and warranties herein set forth, the Partnership agrees to sell to the Employee
Partnership, and the Employee Partnership hereby agrees to purchase from the Partnership, at a
purchase price of $29.00 per unit, the Units.

     4. Delivery and Payment. Delivery of and payment for the Units shall be made at 11
a.m., New York City time, on September 9, 2008 or at such time on such later date not more than
three Business Days after the foregoing date as the Employee Partnership shall designate, which
date and time may be postponed by agreement between the Employee Partnership and the Partnership
(such date and time of delivery and payment for the Units being herein called the “Closing
Date”). Delivery of the Units shall be made to the Employee Partnership against payment by the
Employee Partnership of the purchase price thereof to or upon the order of the Partnership by wire
transfer payable in same-day funds to an account specified by the Partnership.

     5. Conditions to the Obligations of the Employee Partnership. The obligations of the
Employee Partnership to purchase the Units shall be subject to the accuracy of the representations
and warranties on the part of the TEPPCO Parties contained herein as of the Execution Time and the
Closing Date, to the performance by the TEPPCO Parties of their obligations hereunder and to the
following additional conditions:

     (a) All partnership and limited liability company proceedings and other legal matters
incident to the authorization, form and validity of this Agreement and the Units, and all
other legal matters relating to this Agreement and the transactions contemplated hereby shall
be reasonably satisfactory in all material respects to representatives of the Employee
Partnership, and the Partnership shall have furnished to such representatives all documents
and information that they may reasonably request to enable them to pass upon such matters.

     (b) The NYSE shall have approved the Units for listing, subject only to official notice
of issuance.

3

 

     (c) The closing of the purchase and sale of the Underwritten Units shall have occurred.

 
If any of the conditions specified in this Section 5 shall not have been fulfilled when and
as provided in this Agreement, this Agreement and all obligations of the Employee Partnership
hereunder may be canceled at, or at any time prior to, the Closing Date by the Employee
Partnership. Notice of such cancellation shall be given to the Partnership in writing according to
the provisions of this Agreement.
 

     6. Expenses. The parties agree that the Partnership shall have no obligation to
reimburse the Employee Partnership for any costs of funding the Employee Partnership or expenses
associated with the Employee Partnership; provided that the Partnership may be allocated certain
non-cash expenses attributable to a portion of the fair value of the Class B interests in the
Employee Partnership pursuant to the Fourth Amended and Restated Administrative Services Agreement
among TEPPCO, EPCO, Inc. and the other parties thereto, dated January 30, 2007.

     7. Notices. All communications hereunder will be in writing and effective only upon
receipt, and, if sent to the Employee Partnership, will be mailed, delivered, telefaxed or sent by
electronic mail to TEPPCO Unit L.P., to EPCO, Inc., 1100 Louisiana Street, 10th Floor,
Houston, Texas 77002, Attention: Chief Legal Officer (Fax No.: (713) 381-6570); email address:
hbachmann@epco.com); or, if sent to the TEPPCO Parties, will be mailed, delivered, faxed or sent by
electronic mail to Texas Eastern Products Pipeline Company, LLC, 1100 Louisiana Street,
16th Floor, Houston, Texas 77002, Attention: General Counsel (Fax No.: (713) 381-4039);
email address: patotten@epco.com).

     8. Successors. This Agreement will inure to the benefit of and be binding upon the
parties hereto and their respective successors and the officers, directors, employees and agents,
and no other person will have any right or obligation hereunder.

     9. Applicable Law. THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF TEXAS APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WITHIN THE STATE OF
TEXAS.

     10. Counterparts. This Agreement may be signed in one or more counterparts, each of
which shall constitute an original and all of which together shall constitute one and the same
Agreement.

     11. Headings. The section headings used herein are for convenience only and shall not
affect the construction hereof.

     12. Definitions. The terms which follow, when used in this Agreement, shall have the
meanings indicated.

     “Act” shall mean the Securities Act of 1933, as amended, and the rules and
regulations of the Commission promulgated thereunder.

     “Business Day” shall mean any day other than a Saturday, a Sunday or a legal
holiday or a day on which banking institutions or trust companies are authorized or obligated
by law to close in Houston, Texas.

     “Commission” shall mean the Securities and Exchange Commission.

     “Effective Date” shall mean each date and time that the Registration Statement
became or becomes effective.

     “Execution Time” shall mean the date and time that this Agreement is executed and
delivered by the parties hereto.

[Signature Pages to Follow]

4

 

     If the foregoing is in accordance with your understanding of our agreement, please sign and
return to us the enclosed duplicate hereof, whereupon this letter and your acceptance shall
represent a binding agreement among the Partnership and the Employee Partnership.

	 	 	 	 	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	the “Partnership”	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	TEPPCO PARTNERS, L.P.	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	Texas Eastern Products Pipeline Company, LLC,

its general partner	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ William G. Manias	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	William G. Manias	 	 
	 

	 	 	 	 	 	 	 	Vice President and Chief Financial Officer	 	 

Signature Page to Unit Purchase Agreement of

TEPPCO Partners, L.P.

5

 

	 	 	 	 	 	 	 
	The foregoing Agreement is hereby
confirmed and accepted as of the
date first above written.
	 
	 	 	 	 	 	 
	“Employee Partnership”	 	 
	 
	 	 	 	 	 	 
	TEPPCO UNIT L.P.	 	 
	 
	 	 	 	 	 	 
	By:	 	EPCO, Inc., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ W. Randall Fowler	 	 
	 

	 	 	 	 	 	 
	 

 

	 	 

 
	 	W. Randall Fowler

President and Chief Executive Officer	 	 
	 
	 	 	 	 	 	 

Signature Page to Unit Purchase Agreement of

TEPPCO Partners, L.P.

6

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