Document:

exhibit4_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

        Exhibit
4.1

      

    

                                                                                                                  

    SECOND
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

     

    THIS
SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made
and entered into as of June 26, 2009 by and between Boardwalk Pipeline
Partners, LP, a Delaware limited partnership (the “Partnership”), and
Boardwalk Pipelines Holding Corp., a Delaware corporation (the “Purchaser”).

     

    WHEREAS,
the Partnership and the Purchaser previously entered into a Registration Rights
Agreement (the “Original Agreement”)
dated as of June 17, 2008 in connection with the closing of the issuance and
sale of Class B Units pursuant to the Class B Unit Purchase Agreement, dated as
of April 24, 2008, by and between the Partnership and the Purchaser (the “Class B Purchase
Agreement”);

     

    WHEREAS,
the Partnership and the Purchaser previously entered into an Amended and
Restated Registration Rights Agreement (the “Amended and Restated
Agreement”) dated as of November 4, 2008 in connection with the
closing of the issuance and sale of Common Units pursuant to the Unit Purchase
Agreement, dated as of October 30, 2008, by and between the Partnership and
the Purchaser (the “October 2008 Purchase
Agreement”);

     

    WHEREAS,
this Agreement is made to amend and restate the Amended and Restated Agreement
in connection with the closing of the issuance and sale of Common Units pursuant
to the Unit Purchase Agreement, dated as of June 23, 2009, by and
between the Partnership and the Purchaser (the “June 2009 Purchase
Agreement”);

     

    WHEREAS,
the Partnership has agreed to provide the registration and other rights set
forth in this Agreement for the benefit of the Purchaser pursuant to the
June 2009 Purchase Agreement; and

     

    WHEREAS,
it is a condition to the obligations of the Purchaser and the Partnership under
the June 2009 Purchase Agreement that this Agreement be executed and
delivered.

     

    NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged by each party hereto, the Amended and Restated
Agreement is hereby amended and restated as follows:

     

    ARTICLE
I

     

    DEFINITIONS

     

    Section
1.01  Definitions.  Capitalized
terms used herein without definition shall have the meanings given to them in
the June 2009 Purchase Agreement.  The terms set forth below are
used herein as so defined:

     

    “Agreement” has the
meaning given to such term in the introductory paragraph.

     

    “Class B Units” has
the meaning given to such term in the Partnership Agreement.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Effectiveness Period”
has the meaning given to such term in Section 2.01 of this
Agreement.

     

    “Holder” means the
record holder of (i) any Registrable Securities and (ii) Class B Units prior to
their conversion into Common Units.

     

    “June 2009 Purchase
Agreement” has the meaning given to such term in the Recitals of this
Agreement.

     

    “Losses” has the
meaning given to such term in Section 2.07(a) of this
Agreement.

     

    “Managing Underwriter”
means, with respect to any Underwritten Offering, the book-running lead manager
of such Underwritten Offering.

     

    “Purchaser” has the
meaning given to such term in the introductory paragraph of this
Agreement.

     

    “Registrable
Securities” means an amount of Common Units equal to the aggregate number
of Common Units issued pursuant to the June 2009 Purchase Agreement, the
October 2008 Purchase Agreement and the aggregate number of Common Units
into which the Class B Units issued pursuant to the Class B Purchase Agreement
are convertible, which Registrable Securities are subject to the rights provided
herein until such rights terminate pursuant to the provisions
hereof.

     

    “Registration
Expenses” has the meaning given to such term in Section 2.06(b) of this
Agreement.

     

    “Selling Expenses” has
the meaning given to such term in Section 2.06(b) of this
Agreement.

     

    “Selling Holder” means
a Holder who is selling Registrable Securities pursuant to a registration
statement.

     

    “Registration
Statement” has the meaning given to such term in Section 2.01 of this
Agreement.

     

    “Underwritten
Offering” means an offering (including an offering pursuant to a
Registration Statement) in which Common Units are sold to one or more
underwriters on a firm commitment basis for reoffering to the public or an
offering that is a “bought deal” with one or more investment banks.

     

    Section
1.02  Registrable
Securities.  Any Registrable Security will cease to be a
Registrable Security (a) at the time a registration statement covering such
Registrable Security has been declared effective by the Commission and such
Registrable Security has been sold or disposed of pursuant to such effective
registration statement; (b) at the time such Registrable Security (or Class B
Unit) has been disposed of pursuant to Rule 144 (or any similar provision then
in effect under the Securities Act); (c) 10 years after the Purchaser ceases to
be an Affiliate of the general partner of the Partnership (including where the
General Partner ceases to be the general partner of the Partnership); (d) if
such Registrable Security (or Class B Unit) is held by the Partnership or one of
its subsidiaries; (e) at the time such Registrable Security (or Class B Unit)
has been sold in a private transaction in which the transferor’s rights under
this Agreement are not assigned to the transferee of such securities; or (f) if
such Registrable Security (or Class B Unit) has been sold in a private
transaction in which the transferor’s rights under this Agreement are assigned
to the transferee and such transferee is not an Affiliate of the general partner
of the Partnership, at the time that is two years following (x) in the event
that Class B Units are sold, the later of (i) the conversion of such Class B
Units into Common Units and (ii) the transfer of such Registrable Security to
such transferee or (y) in the case of any other transfer of Registrable
Securities, the transfer of such Registrable Security to such
transferee.

     

    
      
        
        

      

      
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    ARTICLE
II

     

    REGISTRATION
RIGHTS

     

    Section
2.01  Demand
Registration. Upon
the written request (a “Notice”) of the
Holders of at least 2,000,000 units of the then-outstanding Registrable
Securities, subject to adjustment pursuant to Section 3.04, the Partnership
shall file with the Commission, as soon as reasonably practicable following the
receipt of the Notice, a registration statement (each, a “Registration
Statement”) under the Securities Act providing for the resale of the
Registrable Securities (which may, at the option of the Holders giving such
Notice, be a registration statement under the Securities Act that provides for
the resale of the Registrable Securities pursuant to Rule 415 from time to time
by the Holders).  The Partnership shall use its commercially
reasonable efforts to cause such Registration Statement to be declared effective
by the Commission as soon as reasonably practicable after the initial filing of
the Registration Statement.  Any Registration Statement shall provide
for the resale pursuant to any method or combination of methods legally
available to, and requested by, the Holders of any and all Registrable
Securities covered by such Registration Statement.  The Partnership
shall use its commercially reasonable efforts to cause each Registration
Statement filed pursuant to this Section 2.01 to be
continuously effective, supplemented and amended to the extent necessary to
ensure that it is available for the resale of all Registrable Securities by the
Holders until all Registrable Securities covered by such Registration Statement
have ceased to be Registrable Securities (the “Effectiveness
Period”).  Each Registration Statement when effective (and the
documents incorporated therein by reference) shall comply in all material
respects as to form with all applicable requirements of the Securities Act and
shall not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading.  There shall be no limit on the number of
Registration Statements that may be required by the Holders
hereunder.

     

    Section
2.02  Underwritten
Offerings.

     

    (a)           Request for Underwritten
Offering.  In the event that one or more Holders collectively
holding more than 2,000,000 units of the then-outstanding Registrable
Securities, subject to adjustment pursuant to Section 3.04, elects to
dispose of Registrable Securities under a Registration Statement pursuant to an
Underwritten Offering, the Partnership shall, upon request by such Holders,
retain underwriters in order to permit such Holders to effect such sale through
an Underwritten Offering.  The obligation of the Partnership to retain
underwriters shall include entering into an underwriting agreement in customary
form with the Managing Underwriter or other underwriters, which shall include,
among other provisions, indemnities to the effect and to the extent provided in
Section 2.07 and
taking all reasonable actions as are requested by the Managing Underwriter or
other underwriters to expedite or facilitate the disposition of such Registrable
Securities.  The Partnership shall, upon request of the Holders, cause
its management to participate in a roadshow or similar marketing effort on
behalf of the Holders.

     

    
      
        
        

      

      
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    (b)           Limitation on Underwritten
Offerings.  In no event shall the Partnership be required
hereunder to participate in more than two Underwritten Offerings in any 12-month
period.

     

     

    (c)           General
Procedures.  In connection with any Underwritten Offering under this
Agreement, Selling Holders holding a majority of the Registrable Securities in
such Underwritten Offering shall be entitled to select the Managing Underwriter
or other underwriters, subject to the approval of the Partnership, which
approval shall not be unreasonably withheld.  In connection with an
Underwritten Offering contemplated by this Agreement, each Selling Holder and
the Partnership shall be obligated to enter into an underwriting agreement that
contains such representations, covenants, indemnities and other rights and
obligations as are customary in underwriting agreements for firm commitment
offerings of securities.  No Selling Holder may participate in such
Underwritten Offering unless such Selling Holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other
documents reasonably required under the terms of such  underwriting
agreement.  Each Selling Holder may, at its option, require that any or all
of the representations and warranties by, and the other agreements on the part
of, the Partnership to and for the benefit of such underwriters also be made to
and for such Selling Holder’s benefit and that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting
agreement also be conditions precedent to such Selling Holder’s
obligations.  No Selling Holder shall be required to make any
representations or warranties to or agreements with the Partnership or the
underwriters other than representations, warranties or agreements regarding such
Selling Holder and its ownership of the securities being registered on its
behalf, its intended method of distribution and any other representation
required by Law.  If any Selling Holder disapproves of the terms of an
underwriting, such Selling Holder may elect to withdraw from the Underwritten
Offering by notice to the Partnership and the Managing Underwriter; provided, however, that such withdrawal
must be made at a time prior to the time of pricing of such Underwritten
Offering.  No such withdrawal shall affect the Partnership’s obligation to
pay Registration Expenses.

    

    Section
2.03  Delay
Rights.  If the General Partner determines that the
Partnership’s compliance with its obligations under this Article II would be
materially detrimental to the Partnership and its Partners (as defined in the
Partnership Agreement) because such registration would (a) materially interfere
with a significant acquisition, reorganization or other similar transaction
involving the Partnership, (b) require premature disclosure of material
information that the Partnership has a bona fide business purpose for preserving
as confidential or (c) render the Partnership unable to comply with applicable
securities laws, then the Partnership shall have the right to postpone
compliance with its obligations under Section 2.01 and Section 2.02 for a period
of not more than six months, provided, that such right pursuant to this Section
2.03 may not be utilized more than once in any 12-month period.

     

    
      
        
        

      

      
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    Section
2.04   Sale
Procedures.  In connection with its obligations under this
Article II, the
Partnership will, as expeditiously as possible:

     

    (a)           prepare
and file with the Commission such amendments and supplements to
each Registration Statement and the prospectus used in connection therewith
as may be necessary to keep each Registration Statement effective for the
Effectiveness Period and as may be necessary to comply with the provisions of
the Securities Act with respect to the disposition of all Registrable Securities
covered by such Registration Statement;

     

    (b)           if
a prospectus supplement will be used in connection with the marketing of an
Underwritten Offering from a Registration Statement and the Managing
Underwriter at any time shall notify the Partnership in writing that, in the
sole judgment of such Managing Underwriter, inclusion of detailed information to
be used in such prospectus supplement is of material importance to the success
of the Underwritten Offering, the Partnership shall use its commercially
reasonable efforts to include such information in such prospectus
supplement;

     

    (c)           furnish
to each Selling Holder (i) as far in advance as reasonably practicable before
filing a Registration Statement or any supplement or amendment thereto,
upon request, copies of reasonably complete drafts of all such documents
proposed to be filed (including exhibits and each document incorporated by
reference therein to the extent then required by the rules and regulations of
the Commission), and provide each such Selling Holder the opportunity to object
to any information pertaining to such Selling Holder and its plan of
distribution that is contained therein and make the corrections reasonably
requested by such Selling Holder with respect to such information prior to
filing a Registration Statement or supplement or amendment thereto, and
(ii) such number of copies of such Registration Statement and the
prospectus included therein and any supplements and amendments thereto as such
Selling Holder may reasonably request in order to facilitate the public sale or
other disposition of the Registrable Securities covered by such Registration
Statement;

     

    (d)           if
applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by a Registration Statement under the
securities or blue sky laws of such jurisdictions as the Selling Holders or, in
the case of an Underwritten Offering, the Managing Underwriter, shall reasonably
request; provided,
however, that the Partnership will not be required to qualify generally
to transact business in any jurisdiction where it is not then required to so
qualify or to take any action that would subject it to general service of
process in any such jurisdiction where it is not then so subject;

     

    (e)           promptly
notify each Selling Holder and each underwriter, at any time when a prospectus
relating to the offering of Registrable Securities  is required to be
delivered under the Securities Act, of (i) the filing of a Registration
Statement or any prospectus or prospectus supplement to be used in connection
therewith, or any amendment or supplement thereto, and, with respect to such
Registration Statement or any post-effective amendment thereto, when the same
has become effective; and (ii) any written comments from the Commission with
respect to any filing referred to in clause (i) and any written request by the
Commission for amendments or supplements to a Registration Statement or any
prospectus or prospectus supplement thereto;

     

    
      
        
        

      

      
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    (f)           immediately
notify each Selling Holder and each underwriter, at any time when a prospectus
relating to the offering of Registrable Securities is required to be delivered
under the Securities Act, of (i) the happening of any event as a result of which
the prospectus or prospectus supplement contained in a Registration
Statement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to
make the statements therein not misleading (in the case of the prospectus
contained therein, in the light of the circumstances under which a statement is
made); (ii) the issuance or threat of issuance by the Commission of any stop
order suspending the effectiveness of a Registration Statement, or the
initiation of any proceedings for that purpose; or (iii) the receipt by the
Partnership of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the applicable
securities or blue sky laws of any jurisdiction.  Following the
provision of such notice, the Partnership agrees to, as promptly as practicable,
amend or supplement the prospectus or prospectus supplement or take other
appropriate action so that the prospectus or prospectus supplement does not
include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing and to take such
other reasonable action as is necessary to remove a stop order, suspension,
threat thereof or proceedings related thereto;

     

    (g)           upon
request and subject to appropriate confidentiality obligations, furnish to each
Selling Holder copies of any and all transmittal letters or other correspondence
with the Commission or any other governmental agency or self-regulatory body or
other body having jurisdiction (including any domestic or foreign securities
exchange) relating to such offering of Registrable Securities;

     

    (h)           in
the case of an Underwritten Offering, furnish upon request, (i) an opinion of
counsel for the Partnership dated the date of the closing under the underwriting
agreement, and (ii) a “cold comfort” letter, dated the pricing date of such
Underwritten Offering (to the extent available) and a letter of like kind
dated the date of the closing under the underwriting agreement, in each case,
signed by the independent public accountants who have certified the
Partnership’s financial statements included or incorporated by reference into
the applicable registration statement, and each of the opinion and the “cold
comfort” letter shall be in customary form and covering substantially the same
matters with respect to such registration statement (and the prospectus and any
prospectus supplement included therein) as have been customarily covered in
opinions of issuer’s counsel and in accountants’ letters delivered to the
underwriters in Underwritten Offerings of securities by the Partnership and such
other matters as such underwriters and Selling Holders may reasonably
request;

     

    (i)           otherwise
use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as
soon as reasonably practicable, an earnings statement, which earnings statement
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
promulgated thereunder;

     

    
      
        
        

      

      
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    (j)           make
available to the appropriate representatives of the Managing Underwriter and
Selling Holders access to such information and Partnership personnel as is
reasonable and customary to enable such parties to establish a due diligence
defense under the Securities Act;

     

    (k)           cause
all such Registrable Securities registered pursuant to this Agreement to be
listed on each securities exchange or nationally recognized quotation system on
which similar securities issued by the Partnership are then listed;

     

    (l)           use
its commercially reasonable efforts to cause the Registrable Securities to be
registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Partnership
to enable the Selling Holders to consummate the disposition of such Registrable
Securities;

     

    (m)           provide
a transfer agent and registrar for all Registrable Securities covered by a
Registration Statement not later than the effective date of such Registration
Statement; and

     

    (n)           enter
into customary agreements and take such other actions as are reasonably
requested by the Selling Holders or the underwriters, if any, in order to
expedite or facilitate the disposition of such Registrable
Securities.

     

    Each
Selling Holder, upon receipt of notice from the Partnership of the happening of
any event of the kind described in subsection (f) of this Section 2.04, shall forthwith
discontinue disposition of the Registrable Securities until such Selling
Holder’s receipt of the copies of the supplemented or amended prospectus
contemplated by subsection (f) of this Section 2.04 or until it is
advised in writing by the Partnership that the use of the prospectus may be
resumed, and has received copies of any additional or supplemental filings
incorporated by reference in the prospectus, and, if so directed by the
Partnership, such Selling Holder will, or will request the managing underwriter
or underwriters, if any, to deliver to the Partnership (at the Partnership’s
expense) all copies in their possession or control, other than permanent file
copies then in such Selling Holder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such
notice.

     

    Section
2.05  Cooperation by
Holders.  The Partnership shall have no obligation to include
in a Registration Statement, or in an Underwritten Offering pursuant to Section 2.02(a), Registrable
Securities of a Selling Holder who has failed to timely furnish such information
that, in the opinion of counsel to the Partnership, is reasonably required in
order for the registration statement or prospectus supplement, as applicable, to
comply with the Securities Act.

     

    Section
2.06  Expenses.

     

    (a)            Expenses.  The
Partnership (i) will pay all reasonable Registration Expenses including in
the case of an Underwritten Offering, regardless of whether any sale is made
pursuant to such Underwritten Offering and (ii) with respect to the first
27,869,466 units of Registrable Securities sold in one or more Underwritten
Offerings pursuant hereto, will reimburse each Selling Holder for the amount of
Selling Expenses incurred in connection with such Underwritten Offerings in an
amount not to exceed $0.914 per Registrable Security then being offered.
 Each Selling Holder shall pay all other Selling Expenses in connection
with any sale of its Registrable Securities hereunder. In addition, except as
otherwise provided in Section 2.07, the Partnership
shall not be responsible for legal fees incurred by Holders in connection with
the exercise of such Holders’ rights hereunder.   For the
avoidance of doubt, all reimbursed Selling Expenses shall be treated for U.S.
federal income tax purposes as payments to a Selling Holder other than in its
capacity as a Partner of the Partnership.

     

    
      
        
        

      

      
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    (b)           Certain
Definitions.  “Registration
Expenses” means all expenses incident to the Partnership’s performance
under or compliance with this Agreement to effect the registration of
Registrable Securities on a Registration Statement pursuant to Section 2.01 and/or
in connection with an Underwritten Offering pursuant to Section 2.02(a), and
the disposition of such Registrable Securities, including, without limitation,
all registration, filing, securities exchange listing and New York Stock
Exchange fees, all registration, filing, qualification and other fees and
expenses of complying with securities or blue sky laws, fees of the Financial
Industry Regulatory Authority, fees of transfer agents and registrars, all word
processing, duplicating and printing expenses, any transfer taxes and the fees
and disbursements of counsel and independent public accountants for the
Partnership, including the expenses of any special audits or “cold comfort”
letters required by or incident to such performance and
compliance.  “Selling Expenses”
means underwriting fees, discounts and selling commissions allocable to the sale
of the Registrable Securities.

     

    Section
2.07  Indemnification.

     

    (a)           By the
Partnership.  In the event of a registration of any Registrable
Securities under the Securities Act pursuant to this Agreement, the Partnership
will indemnify and hold harmless each Selling Holder, its directors, officers,
employees and agents, and each underwriter, pursuant to the applicable
underwriting agreement with such underwriter, of Registrable Securities
thereunder and each Person, if any, who controls such Selling Holder within the
meaning of the Securities Act and the Exchange Act, and its directors, officers,
employees or agents, against any losses, claims, damages, expenses or
liabilities (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”),
joint or several, to which such Selling Holder, director, officer, employee,
agent or underwriter or controlling Person may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such Losses (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact (in the case of any prospectus, in light of the
circumstances under which such statement is made) contained in a Registration
Statement, any preliminary prospectus or prospectus supplement, free writing
prospectus or final prospectus or prospectus supplement contained therein, or
any amendment or supplement thereof, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made) not
misleading, and will reimburse each such Selling Holder, its directors,
officers, employee and agents, each such underwriter and each such controlling
Person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Loss or actions or proceedings as such
expenses are incurred; provided, however, that the
Partnership will not be liable in any such case if and to the extent that any
such Loss arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information
furnished by such Selling Holder, its directors, officers, employees and agents
or any underwriter or such controlling Person in writing specifically for use in
a Registration Statement, or prospectus or any amendment or supplement
thereto, as applicable. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Selling Holder or
any such directors, officers, employees agents or any underwriter or controlling
Person, and shall survive the transfer of such securities by such Selling
Holder.

     

    
      
        
        

      

      
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    (b)           By Each Selling
Holder.  Each Selling Holder agrees severally and not jointly
to indemnify and hold harmless the Partnership, the General Partner, its
directors, officers, employees and agents and each Person, if any, who controls
the Partnership within the meaning of the Securities Act or of the Exchange Act,
and its directors, officers, employees and agents, to the same extent as the
foregoing indemnity from the Partnership to the Selling Holders, but only with
respect to information regarding such Selling Holder furnished in writing by or
on behalf of such Selling Holder expressly for inclusion in a Registration
Statement or prospectus supplement relating to the Registrable Securities, or
any amendment or supplement thereto; provided, however, that the
liability of each Selling Holder shall not be greater in amount than the dollar
amount of the proceeds (net of any Selling Expenses) received by such Selling
Holder from the sale of the Registrable Securities giving rise to such
indemnification.

     

    (c)           Notice.  Promptly
after receipt by an indemnified party hereunder of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party hereunder, notify the indemnifying party in
writing thereof, but the omission so to notify the indemnifying party shall not
relieve it from any liability that it may have to any indemnified party under
this Section
2.07 to
the extent such failure has not prejudiced the indemnifying party.  In
any action brought against any indemnified party, it shall notify the
indemnifying party of the commencement thereof.  The indemnifying
party shall be entitled to participate in and, to the extent it shall wish, to
assume and undertake the defense thereof with counsel reasonably satisfactory to
such indemnified party and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this Section
2.07 for
any legal expenses subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation and of
liaison with counsel so selected; provided, however, that, (i)
if the indemnifying party has failed to assume the defense or employ counsel
reasonably acceptable to the indemnified party or (ii) if the defendants in any
such action include both the indemnified party and the indemnifying party and
counsel to the indemnified party shall have concluded that there may be
reasonable defenses available to the indemnified party that are different from
or additional to those available to the indemnifying party, or if the interests
of the indemnified party reasonably may be deemed to conflict with the interests
of the indemnifying party, then the indemnified party shall have the right to
select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the reasonable expenses and fees
of such separate counsel and other reasonable expenses related to such
participation to be reimbursed by the indemnifying party as
incurred.  Notwithstanding any other provision of this Agreement, no
indemnified party shall settle any action brought against it with respect to
which it is entitled to indemnification hereunder without the consent of the
indemnifying party, unless the settlement thereof imposes no liability or
obligation on, and includes a complete and unconditional release from all
liability of, the indemnifying party.

     

    
      
        
        

      

      
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    (d)           Contribution.  If
the indemnification provided for in this Section 2.07 is held by a court
or government agency of competent jurisdiction to be unavailable to any
indemnified party or is insufficient to hold them harmless in respect of any
Losses, then each such indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such Loss in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and of
such indemnified party on the other in connection with the statements or
omissions that resulted in such Losses, as well as any other relevant equitable
considerations; provided,
however, that in no event shall such Selling Holder be required to
contribute an aggregate amount in excess of the dollar amount of proceeds (net
of Selling Expenses) received by such Selling Holder from the sale of
Registrable Securities giving rise to such indemnification.  The
relative fault of the indemnifying party on the one hand and the indemnified
party on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact has been made by, or
relates to, information supplied by such party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  The parties hereto agree that it would
not be just and equitable if contributions pursuant to this paragraph were to be
determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to
herein.  The amount paid by an indemnified party as a result of the
Losses referred to in the first sentence of this paragraph shall be deemed to
include any legal and other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any Loss that is the subject
of this paragraph. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who is not guilty of such fraudulent
misrepresentation.

     

    (e)           Other
Indemnification.  The provisions of this Section 2.07 shall be in
addition to any other rights to indemnification or contribution that an
indemnified party may have pursuant to law, equity, contract or
otherwise.

     

    Section
2.08  Rule
144 Reporting.  With a view to making available the benefits of
certain rules and regulations of the Commission that may permit the sale of the
Registrable Securities to the public without registration, the Partnership
agrees to use its commercially reasonable efforts to:

     

    (a)           make
and keep public information regarding the Partnership available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times
from and after the date hereof;

     

    (b)           file
with the Commission in a timely manner all reports and other documents required
of the Partnership under the Exchange Act at all times from and after the date
hereof; and

     

    (c)           so
long as a Holder owns any Registrable Securities, furnish to such Holder
forthwith upon request a copy of the most recent annual or quarterly report of
the Partnership, and such other reports and documents so filed as such Holder
may reasonably request in availing itself of any rule or regulation of the
Commission allowing such Holder to sell any such securities without
registration.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Section
2.09  Transfer or Assignment of
Registration Rights.  The rights to cause the Partnership to
register Registrable Securities granted to the Purchaser by the Partnership
under this Article
II may be transferred or assigned by the Purchaser to one or more
transferee(s) or assignee(s) of such Registrable Securities (or Class B Units
prior to conversion); provided, however, that (a)
unless such transferee or assignee is an Affiliate of the Purchaser, each such
transferee or assignee holds Registrable Securities (or Class B Units prior to
conversion) representing at least 2,000,000 units of the then-outstanding
Registrable Securities or Class B Units, subject to adjustment pursuant to Section 3.04, (b) the
Partnership is given written notice prior to any said transfer or assignment,
stating the name and address of each such transferee and identifying the
securities with respect to which such registration rights are being transferred
or assigned, and (c) each such transferee assumes in writing responsibility for
its portion of the obligations of the Purchaser under this
Agreement.

     

    Section
2.10  Restrictions on Public Sale
by Holders of Registrable Securities.  Each Holder who, along
with its Affiliates, holds at least 2,000,000 units of the then-outstanding
Registrable Securities, subject to adjustment pursuant to Section 3.04, agrees
not to effect any public sale or distribution of the Registrable Securities
during the 30 calendar day period beginning on the date of a prospectus or
prospectus supplement filed with the Commission with respect to the pricing of
an Underwritten Offering, provided that (i) the duration of the foregoing
restrictions shall be no longer than the duration of the shortest restriction
generally imposed by the underwriters on the Partnership or the officers,
directors or any other unitholder of the Partnership on whom a restriction is
imposed and (ii) the restrictions set forth in this Section 2.10 shall
not apply to any Registrable Securities that are included in such Underwritten
Offering by such Holder.

     

    ARTICLE
III

     

    MISCELLANEOUS

     

    Section
3.01  Communications.  All
notices and other communications provided for or permitted hereunder shall be
made in writing by facsimile, electronic mail, courier service or personal
delivery:

     

    (a)           if
to the Purchaser:

     

    Boardwalk
Pipelines Holding Corp.

    9
Greenway Plaza, Suite 2800

    Houston,
TX 77046

    Attention:  Corporate
Secretary

    Facsimile:
(866) 459-7336

    

    with a
copy to:

    

    Loews
Corporation

    667
Madison Avenue

    New York,
NY 10065

    Attention:  Corporate
Secretary

    Facsimile:
(212) 521-2997

    

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (b)           if
to a transferee of the Purchaser, to such Holder at the address provided
pursuant to Section
2.09;
and

     

    (c)           if
to the Partnership:

     

    Boardwalk
Pipeline Partners, LP

    9
Greenway Plaza, Suite 2800

    Houston,
TX 77046

    Attention:  Corporate
Secretary

     

    Facsimile:
(866) 459-7336

     

    All such
notices and communications shall be deemed to have been received at the time
delivered by hand, if personally delivered; when receipt acknowledged, if sent
via facsimile or sent via Internet electronic mail; and when actually received,
if sent by courier service or any other means.

     

    Section
3.02  Successor and
Assigns.  This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including
subsequent Holders of Registrable Securities to the extent permitted
herein.

     

    Section
3.03  Assignment of
Rights.  All or any portion of the rights and obligations of
any Purchaser under this Agreement may be transferred or assigned by such
Purchaser in accordance with Section 2.09
hereof.

     

    Section
3.04  Recapitalization, Exchanges,
Etc. Affecting the Registrable
Securities.  The provisions of this Agreement shall apply to
the full extent set forth herein with respect to any and all units of the
Partnership or any successor or assign of the Partnership (whether by merger,
consolidation, sale of assets or otherwise) that may be issued in respect of, in
exchange for or in substitution of, the Registrable Securities, and shall be
appropriately adjusted for combinations, unit splits, recapitalizations, pro
rata distributions of units and the like occurring after the date of this
Agreement.

     

    Section
3.05  Specific
Performance.  Damages in the event of breach of this Agreement
by a party hereto may be difficult, if not impossible, to ascertain, and it is
therefore agreed that each such Person, in addition to and without limiting any
other remedy or right it may have, will have the right to an injunction or other
equitable relief in any court of competent jurisdiction, enjoining any such
breach, and enforcing specifically the terms and provisions hereof, and each of
the parties hereto hereby waives any and all defenses it may have on the ground
of lack of jurisdiction or competence of the court to grant such an injunction
or other equitable relief.  The existence of this right will not
preclude any such Person from pursuing any other rights and remedies at law or
in equity that such Person may have.

     

    Section
3.06  Counterparts.  This
Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which counterparts, when so executed
and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Section
3.07  Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

     

    Section
3.08  Governing Law.  THIS AGREEMENT WILL BE CONSTRUED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

     

    Section
3.09  Severability of
Provisions.  Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting or impairing the
validity or enforceability of such provision in any other
jurisdiction.

     

    Section
3.10  Scope
of
Agreement.  The rights granted pursuant to this Agreement are
intended to supplement and not to reduce or replace any rights any Holders may
have under the Partnership Agreement with respect to the Registrable
Securities.  This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. Except as provided in the Partnership
Agreement, there are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein with respect to the rights
granted by the Partnership set forth herein.  Except as provided in
the Partnership Agreement, this Agreement and the June 2009 Purchase Agreement
supersede all prior agreements and understandings between the parties with
respect to such subject matter.

     

    Section
3.11  Amendment.  This
Agreement may be amended only by means of a written amendment signed by the
Partnership and the Holders of a majority of the then outstanding Registrable
Securities; provided,
however, that no such amendment shall materially and adversely affect the
rights of any Holder hereunder without the consent of such Holder.

     

    Section
3.12  No
Presumption.  If any claim is made by a party relating to any
conflict, omission, or ambiguity in this Agreement, no presumption or burden of
proof or persuasion shall be implied by virtue of the fact that this Agreement
was prepared by or at the request of a particular party or its
counsel.

     

    Section
3.13  Aggregation of Registrable
Securities.  All Registrable Securities held or acquired by
Persons who are Affiliates of one another shall be aggregated together for the
purpose of determining the availability of any rights under this
Agreement.

     

    Section 3.14  Obligations Limited to
Parties to Agreement.  Each of the Parties hereto covenants,
agrees and acknowledges that no Person other than the Partnership and the
Holders shall have any obligation hereunder and that, notwithstanding that one
or more of the Holders may be a corporation, partnership or limited liability
company, no recourse under this Agreement or under any documents or instruments
delivered in connection herewith or therewith shall be had against any former,
current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the Holders or any
former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the foregoing,
whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any applicable Law, it being expressly agreed and
acknowledged that no personal liability whatsoever shall attach to, be imposed
on or otherwise by incurred by any former, current or future director, officer,
employee, agent, general or limited partner, manager, member, stockholder or
Affiliate of any of the Holders or any former, current or future director,
officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of the foregoing, as such, for any obligations
of the Holders under this Agreement or any documents or instruments delivered in
connection herewith or therewith or for any claim based on, in respect of or by
reason of such obligation or its creation, except in each case for any assignee
of a Holder hereunder.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Section 3.15  Interpretation.  Article
and Section references are to Articles and Sections of this Agreement, unless
otherwise specified.  All references to instruments, documents,
contracts and agreements are references to such instruments, documents,
contracts and agreements as the same may be amended, supplemented and otherwise
modified from time to time, unless otherwise specified. The word “including”
shall mean “including but not limited to.” Whenever any determination, consent
or approval is to be made or given by a Holder under this Agreement, such action
shall be in such Holder’s sole discretion unless otherwise
specified.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the Parties hereto execute this Agreement, effective as of the
date first above written.

     

        BOARDWALK PIPELINE
PARTNERS, LP

    

    
      	
               
      

            	
              By:  BOARDWALK
      GP, LP

            

    

    
      	
               
      

            	
              (its
      General Partner)

            

    

    

          By:  BOARDWALK GP,
LLC

          (its General
Partner)

    

    

          By:   /s/ Jamie
L. Buskill

          Name:  Jamie L.
Buskill

          Title:    Chief
Financial Officer

    

    

    

    

          BOARDWALK PIPELINES HOLDING
CORP.

    

    

    

          By:   /s/ Jamie
L. Buskill

          Name:  Jamie L.
Buskill

          Title:    Chief
Financial Officer

    

    

     

     

     

     

    
 

    
      
        
            

        

        Signature
Page to Second Amended and Restated Registration Rights Agreementexhibit10_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

        Exhibit
10.1

      

    

    
      	
               

            

    

    UNIT
PURCHASE AGREEMENT

     

    

     

    by
and between

     

    

     

    BOARDWALK
PIPELINE PARTNERS, LP

     

    and

     

    BOARDWALK
PIPELINES HOLDING CORP.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    TABLE
OF CONTENTS

     

                                       
ARTICLE I
DEFINITIONS                                                                                                                                                                                                                                                                  
1

                                                                                                                                                                                                                                                                            

    
      	
               
      

            	
              Section
      1.1   
      Definitions...................................................................................................................................................................................................................................................................1

            

    

                                    

                ARTICLE II AGREEMENT
TO SELL AND
PURCHASE                                                                                                                                                                                                                4

                                                                                                                                                                                                                                                                                                                                                           

    
      	
               
      

            	
              Section
      2.1    Sale and
      Purchase.....................................................................................................................................................................................................................................................
      4

            

    

    
      	
               
      

            	
              Section
      2.2   
      Closing.........................................................................................................................................................................................................................................................................4

            

    

    
      	
               
      

            	
              Section
      2.3    Mutual
      Conditions.....................................................................................................................................................................................................................................................4

            

    

    
      	
               
      

            	
              Section
      2.4   The Purchaser’s
      Conditions......................................................................................................................................................................................................................................5

            

    

    
      	
               
      

            	
              Section
      2.5    Boardwalk’s
      Conditions............................................................................................................................................................................................................................................5

            

    

    
      	
               
      

            	
              Section
      2.6    Boardwalk
      Deliveries.................................................................................................................................................................................................................................................5

            

    

    
      	
               
      

            	
              Section
      2.7    Purchaser
      Deliveries..................................................................................................................................................................................................................................................6

            

    

                                   

                ARTICLE III
REPRESENTATIONS AND WARRANTIES OF
BOARDWALK                                                                                                                                                                          7

     

    
      	
               
      

            	
              Section
      3.1    Existence......................................................................................................................................................................................................................................................................7

            

    

    
      	
               
      

            	
              Section
      3.2    No
      Conflict..................................................................................................................................................................................................................................................................7

            

    

    
      	
               
      

            	
              Section
      3.3    No
      Default...................................................................................................................................................................................................................................................................8

            

    

    
      	
               
      

            	
              Section
      3.4   
      Authority.....................................................................................................................................................................................................................................................................8

            

    

    
      	
               
      

            	
              Section
      3.5    Due
      Authorization......................................................................................................................................................................................................................................................8

            

    

    
      	
               
      

            	
              Section
      3.6    Valid
      Issuance.............................................................................................................................................................................................................................................................8

            

    

    
      	
               
      

            	
              Section
      3.7    No Preemptive or Registration
      Rights.....................................................................................................................................................................................................................9

            

    

    
      	
               
      

            	
              Section
      3.8    Periodic
      Reports..........................................................................................................................................................................................................................................................9

            

    

    
      	
               
      

            	
              Section
      3.9   
      Litigation......................................................................................................................................................................................................................................................................9

            

    

    
      	
               
      

            	
              Section
      3.10  Certain
      Fees.................................................................................................................................................................................................................................................................9

            

    

    
      	
               
      

            	
              Section
      3.11  No Side
      Agreements..................................................................................................................................................................................................................................................9

            

    

    
      	
               
      

            	
              Section
      3.12  No
      Registration.........................................................................................................................................................................................................................................................10

            

    

    
      	
               
      

            	
              Section
      3.13  No
      Integration...........................................................................................................................................................................................................................................................10

            

     

               ARTICLE IV REPRESENTATIONS
AND WARRANTIES OF THE
PURCHASER                                                                                                                                                                10

     

    
      	
               
      

            	
              Section
      4.1   
      Existence.....................................................................................................................................................................................................................................................................10

            

    

    
      	
               
      

            	
              Section
      4.2    Authorization,
      Enforceability..................................................................................................................................................................................................................................10

            

    

    
      	
               
      

            	
              Section
      4.3    No
      Breach...................................................................................................................................................................................................................................................................10

            

    

    
      	
               
      

            	
              Section
      4.4    Certain
      Fees................................................................................................................................................................................................................................................................11

            

    

    
      	
               
      

            	
              Section
      4.5    No Side
      Agreements.................................................................................................................................................................................................................................................11

            

    

    
      	
               
      

            	
              Section
      4.6   
      Investment..................................................................................................................................................................................................................................................................11

            

    

    
      	
               
      

            	
              Section
      4.7    Nature of
      Purchaser...................................................................................................................................................................................................................................................11

            

    

    
      	
               
      

            	
              Section
      4.8    Restricted
      Securities..................................................................................................................................................................................................................................................11

            

    

    
      	
               
      

            	
              Section
      4.9   
      Legend.........................................................................................................................................................................................................................................................................12

            

    

     

    
      
        
        

      

      
        i

        
          

        

      

      
        
        

      

    

                ARTICLE V
COVENANTS                                                                                                                                                                                                                                                               
12

     

    
      	
               
      

            	
              Section
      5.1    Taking of Necessary
      Action..................................................................................................................................................................................................................................12

            

    

    
      	
               
      

            	
              Section
      5.2    Payment of
      Expenses..............................................................................................................................................................................................................................................12

            

    

     

                ARTICLE VI
MISCELLANEOUS                                                                                                                                                                                                                                                    
12

     

    
      	
               
      

            	
              Section
      6.1    Interpretation and Survival of
      Provisions...........................................................................................................................................................................................................12

            

    

    
      	
               
      

            	
              Section
      6.2    Survival of
      Provisions............................................................................................................................................................................................................................................13

            

    

    
      	
               
      

            	
              Section
      6.3    No Waiver; Modifications in
      Writing..................................................................................................................................................................................................................13

            

    

    
      	
               
      

            	
              Section
      6.4    Binding Effect;
      Assignment..................................................................................................................................................................................................................................13

            

    

    
      	
               
      

            	
              Section
      6.5   
      Communications......................................................................................................................................................................................................................................................14

            

    

    
      	
               
      

            	
              Section
      6.6    Removal of
      Legend.................................................................................................................................................................................................................................................14

            

    

    
      	
               
      

            	
              Section
      6.7    Entire
      Agreement....................................................................................................................................................................................................................................................14

            

    

    
      	
               
      

            	
              Section
      6.8    Governing
      Law........................................................................................................................................................................................................................................................15

            

    

    
      	
               
      

            	
              Section
      6.9    Execution in
      Counterparts.....................................................................................................................................................................................................................................15

            

    

    
      	
               
      

            	
              Section
      6.10  Termination..............................................................................................................................................................................................................................................................15

            

    

    
      	
               
      

            	
              Section
      6.11  Recapitalization, Exchanges, Etc. Affecting the
      Units......................................................................................................................................................................................15

            

    

    

    
      
         

      

      
        ii

        
          

        

      

      
         

      

    

    UNIT
PURCHASE AGREEMENT

     

    This UNIT
PURCHASE AGREEMENT, dated as of June 23, 2009 (this “Agreement”), is by
and between BOARDWALK PIPELINE PARTNERS, LP, a Delaware limited partnership
(“Boardwalk”),
and BOARDWALK PIPELINES HOLDING CORP., a Delaware corporation (the “Purchaser”).

     

    WHEREAS,
subject to the terms and conditions set forth herein, Boardwalk desires to sell
and Purchaser desires to purchase 6,684,857 Common Units (the “Units”) from
Boardwalk in accordance with the provisions of this Agreement;

     

    WHEREAS,
Boardwalk has agreed to provide the Purchaser with certain registration rights
with respect to the Units acquired pursuant hereto; and

     

    WHEREAS,
the General Partner (as hereinafter defined) has indicated it intends to
exercise its right to make additional capital contributions pursuant to Section
5.2(b) of the Partnership Agreement (such contribution, the “GP 2% Contribution”)
in connection with the issuance of the Units contemplated hereby;

     

    NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:

     

    ARTICLE
I

     

    

     

    DEFINITIONS

     

    Section
1.1 Definitions

     

    .  Capitalized
terms used but not defined herein have the meanings assigned to such terms in
the Partnership Agreement (as hereinafter defined).  As used in this
Agreement, and unless the context requires a different meaning, the following
terms have the meanings indicated:

     

    “Affiliate” means,
with respect to any Person, any other Person that directly or indirectly through
one or more intermediaries controls, is controlled by or is under common control
with, the Person in question. As used herein, the term “control” means the
possession, direct or indirect, of the power to direct or cause the direction of
the management and policies of a Person, whether through ownership of voting
securities, by contract or otherwise.

     

    “Agreement” has the
meaning set forth in the introductory paragraph.

     

    “BGL” means Boardwalk
GP, LLC, a Delaware limited liability company.

     

    “Boardwalk” has the
meaning set forth in the introductory paragraph.

     

    “Boardwalk Entity”
means Boardwalk and its Subsidiaries.

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    “Business Day” means
Monday through Friday of each week, except that a legal holiday recognized as
such by the government of the United States of America or the State of Kentucky
shall not be regarded as a Business Day.

     

    “Closing” has the
meaning specified in Section
2.2.

     

    “Closing Date” has the
meaning specified in Section
2.2.

     

    “Commission” means the
United States Securities and Exchange Commission.

     

    “Common Units” means
the common units representing limited partner interests in
Boardwalk.

     

    “Delaware LP Act” has
the meaning specified in Section
3.1.

     

    “Delaware LLC Act” has
the meaning specified in Section
3.1.

     

    “Exchange Act” means
the Securities Exchange Act of 1934, as amended from time to time, and the rules
and regulations of the Commission promulgated thereunder.

     

    “General Partner”
means Boardwalk GP, LP, a Delaware limited partnership.

     

    “Governmental
Authority” means, with respect to a particular Person, any country,
state, county, city and political subdivision in which such Person or such
Person’s Property is located or that exercises valid jurisdiction over any such
Person or such Person’s Property, and any court, agency, department, commission,
board, bureau or instrumentality of any of them and any monetary authority that
exercises valid jurisdiction over any such Person or such Person’s
Property.  Unless otherwise specified, all references to Governmental
Authority herein with respect to Boardwalk means a Governmental Authority having
jurisdiction over Boardwalk, its Subsidiaries or any of their respective
Properties.

     

     “Law” means any
federal, state, local or foreign order, writ, injunction, judgment, settlement,
award, decree, statute, law, rule or regulation.

     

    “Lien” means any
interest in Property securing an obligation owed to, or a claim by, a Person
other than the owner of the Property, whether such interest is based on the
common law, statute or contract, and whether such obligation or claim is fixed
or contingent, and including but not limited to the lien or security interest
arising from a mortgage, encumbrance, pledge, security agreement, conditional
sale or trust receipt or a lease, consignment or bailment for security
purposes.  For the purpose of this Agreement, a Person shall be deemed
to be the owner of any Property that it has acquired or holds subject to a
conditional sale agreement, or leases under a financing lease or other
arrangement pursuant to which title to the Property has been retained by or
vested in some other Person in a transaction intended to create a
financing.

     

    “Material Adverse
Effect” has the meaning specified in Section
3.1.

     

    “NYSE” means The New
York Stock Exchange, Inc.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    “Operative Documents”
means, collectively, this Agreement, the Registration Rights Agreement and any
other agreements or instruments executed and delivered by the Parties on even
date herewith or at the Closing relating to the issuance and sale of the Units,
or any amendments, supplements, continuations or modifications
thereto.

     

    “Partnership
Agreement” means the Third Amended and Restated Agreement of Limited
Partnership of Boardwalk dated June 17, 2008, as amended from time to
time.

     

    “Partnership
Securities” means any class or series of equity interest in Boardwalk
(but excluding any options, rights, warrants and appreciation rights relating to
an equity interest in Boardwalk), including without limitation any Common Units,
Class B Units and Incentive Distribution Rights (as defined in the Partnership
Agreement).

     

    “Person” means an
individual or a corporation, limited liability company, partnership, joint
venture, trust, unincorporated organization, association, government agency or
political subdivision thereof or other entity.

     

    “Property” means any
interest in any kind of property or asset, whether real, personal or mixed, or
tangible or intangible.

     

    “Purchase Price” means
an amount equal to the product of the number of Units multiplied by the Unit
Price.

     

    “Purchaser” has the
meaning set forth in the introductory paragraph.

     

    “Registration Rights
Agreement” means the Second Amended and Restated Registration Rights
Agreement, to be entered into at the Closing, between Boardwalk and the
Purchaser in the form attached hereto as Exhibit
A.

     

    “Representatives” of
any Person means the officers, directors, managers, employees, agents, counsel,
accountants, investment bankers and other representatives of such
Person.

     

    “Securities Act” means
the Securities Act of 1933, as amended from time to time, and the rules and
regulations of the Commission promulgated thereunder.

     

    “Subsidiary” means,
with respect to any Person, (a) a corporation of which more than 50% of the
voting power of shares entitled (without regard to the occurrence of any
contingency) to vote in the election of directors or other governing body of
such corporation is owned, directly or indirectly, at the date of determination,
by such Person, by one or more Subsidiaries of such Person or a combination
thereof, (b) a partnership (whether general or limited) in which such Person or
a Subsidiary of such Person is, at the date of determination, a general or
limited partner of such partnership, but only if more than 50% of the
partnership interests of such partnership (considering all of the partnership
interests of the partnership as a single class) is owned, directly or
indirectly, at the date of determination, by such Person, by one or more
Subsidiaries of such Person, or a combination thereof, or (c) any other Person
(other than a corporation or a partnership) in which such Person, one or more
Subsidiaries of such Person, or a combination thereof, directly or indirectly,
at the date of determination, has (i) at least a majority ownership interest or
(ii) the power to elect or direct the election of a majority of the directors or
other governing body of such Person.

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    “Unitholders” means
the unitholders of Boardwalk.

     

    “Unit Price” has the
meaning specified in Section
2.1(b).

     

    “Units” has the
meaning set forth in the recitals to this Agreement.

     

    “Waiver and Consent
Agreement” means the Waiver and Consent of Lender, dated as of the date
hereof, between the Purchaser and Boardwalk Pipelines, LP.

     

    ARTICLE
II

     

    

     

    AGREEMENT
TO SELL AND PURCHASE

     

    Section
2.1 
Sale and
Purchase.

     

    (a) Subject
to the terms and conditions hereof, Boardwalk hereby agrees to issue and sell to
the Purchaser and the Purchaser hereby agrees to purchase from Boardwalk,
6,684,857 Common Units, and the Purchaser agrees to pay Boardwalk the Unit Price
for each Purchased Unit as set forth in paragraph (b) below.

     

    (b) The
amount per Unit the Purchaser will pay to Boardwalk to purchase the Units (the
“Unit Price”)
hereunder shall be $21.99.

     

    Section
2.2 
Closing

     

    .  Subject
to the terms and conditions hereof, the consummation of the purchase and sale of
the Units hereunder (the “Closing”) shall take
place at the offices of Vinson & Elkins L.L.P., 666 Fifth Avenue, 26th
Floor, New York, New York on June 26, 2009 or such other date mutually agreed by
the parties (the date of such closing, the “Closing
Date”).

     

    Section
2.3 
Mutual
Conditions

     

    .  The
respective obligations of each party to consummate the purchase and issuance and
sale of the Units shall be subject to the satisfaction on or prior to the
Closing Date of each of the following conditions (any or all of which may be
waived by a party on behalf of itself in writing, in whole or in part, to the
extent permitted by applicable Law):

     

    (a) no Law
shall have been enacted or promulgated, and no action shall have been taken, by
any Governmental Authority of competent jurisdiction that temporarily,
preliminarily or permanently restrains, precludes, enjoins or otherwise
prohibits the consummation of the transactions contemplated hereby or makes the
transactions contemplated hereby illegal; and

     

    (b) there
shall not be pending any suit, action or proceeding by any Governmental
Authority seeking to restrain, preclude, enjoin or prohibit the transactions
contemplated by this Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Section
2.4 
The Purchaser’s
Conditions.  The
obligation of the Purchaser to consummate the purchase of the Units shall be
subject to the satisfaction on or prior to the Closing Date of each of the
following conditions (any or all of which may be waived by the Purchaser in
writing, in whole or in part, to the extent permitted by applicable
Law):

     

    (a) Boardwalk
shall have performed and complied with the covenants and agreements contained in
this Agreement that are required to be performed and complied with by Boardwalk
on or prior to the Closing Date;

     

    (b) The
representations and warranties of Boardwalk contained in this Agreement that are
qualified by materiality or a Material Adverse Effect shall be true and correct
when made and as of the Closing Date and all other representations and
warranties of Boardwalk shall be true and correct in all material respects when
made and as of the Closing Date, in each case as though made at and as of the
Closing Date (except that representations made as of a specific date shall be
required to be true and correct as of such date only);

     

    (c) The NYSE
shall have authorized, upon official notice of issuance, the listing of the
Units.

     

    (d) No notice
of delisting from the NYSE shall have been received by Boardwalk with respect to
the Common Units; and

     

    (e) Boardwalk
shall have delivered, or caused to be delivered, to the Purchaser at the
Closing, Boardwalk’s closing deliveries described in Section
2.6.

     

    Section
2.5 
Boardwalk’s
Conditions

     

    .  The
obligation of Boardwalk to consummate the sale of the Units to the Purchaser
shall be subject to the satisfaction on or prior to the Closing Date of each of
the following conditions with respect to the Purchaser (any or all of which may
be waived by Boardwalk in writing, in whole or in part, to the extent permitted
by applicable Law):

     

    (a) the
representations and warranties of the Purchaser contained in this Agreement that
are qualified by materiality shall be true and correct when made and as of the
Closing Date and all other representations and warranties of the Purchaser shall
be true and correct in all material respects as of the Closing Date (except that
representations of the Purchaser made as of a specific date shall be required to
be true and correct as of such date only);

     

    (b) the
Purchaser shall have delivered, or caused to be delivered, to Boardwalk at the
Closing the Purchaser’s closing deliveries described in Section 2.7;
and

     

    (c) Boardwalk
and the General Partner shall have received an opinion from Vinson & Elkins
L.L.P., legal counsel to Boardwalk, dated as of the Closing, in form and
substance reasonably acceptable to Boardwalk and the General
Partner.

     

    Section
2.6 
Boardwalk
Deliveries.  At
the Closing, subject to the terms and conditions hereof, Boardwalk will deliver,
or cause to be delivered, to the Purchaser:

     

    
      
        
        

      

      
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    (a) A
certificate or certificates representing the Units (bearing the legend set forth
in Section 4.9) and
meeting the requirements of the Partnership Agreement, free and clear of any
Liens, other than transfer restrictions under the Partnership Agreement and
applicable federal and state securities laws;

     

    (b) A
certificate of the Secretary of State of the State of Delaware, dated a recent
date, to the effect that Boardwalk is in good standing;

     

    (c) A
cross-receipt executed by Boardwalk and delivered to the Purchaser certifying
that it has received the Purchase Price from the Purchaser as of the Closing
Date;

     

    (d) An
opinion addressed to the Purchaser from Vinson & Elkins L.L.P., legal
counsel to Boardwalk, dated as of the Closing, in form and substance reasonably
acceptable to the Purchaser;

     

    (e) The
Registration Rights Agreement, which shall have been duly executed by
Boardwalk;

     

    (f) A
certificate, dated the Closing Date and signed by the Chief Executive Officer
and the Chief Financial Officer of BGL, in their capacities as such, stating
that:

     

    (i) Boardwalk
has performed and complied with the covenants and agreements contained in this
Agreement that are required to be performed and complied with by Boardwalk on or
prior to the Closing Date; and

     

    (ii) The
representations and warranties of Boardwalk contained in this Agreement that are
qualified by materiality or Material Adverse Effect are true and correct as of
the Closing Date and all other representations and warranties of Boardwalk are
true and correct in all material respects as of the Closing Date (except that
representations made as of a specific date shall be required to be true and
correct as of such date only); and

     

    (g) A
certificate of the Secretary or Assistant Secretary of BGL, on behalf of
Boardwalk, certifying as to (1) the Partnership Agreement, as amended, (2) board
resolutions authorizing the execution and delivery of the Operative Documents
and the consummation of the transactions contemplated thereby, including the
issuance of the Units and (3) its incumbent officers authorized to execute the
Operative Documents, setting forth the name and title and bearing the signatures
of such officers.

     

    Section
2.7 
Purchaser
Deliveries.  At
the Closing, subject to the terms and conditions hereof, the Purchaser will
deliver, or cause to be delivered, to Boardwalk:

     

    (a) Payment
to Boardwalk of the Purchase Price by wire transfer of immediately available
funds to an account designated by Boardwalk in writing at least two Business
Days prior to the Closing Date;

     

    (b) The
Registration Rights Agreement, which shall have been duly executed by the
Purchaser;

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (c) A
cross-receipt executed by the Purchaser and delivered to Boardwalk certifying
that it has received the Units as of the Closing Date;

     

    (d) Such
documents and instruments that may be required by the General Partner pursuant
to Section 10.4 of the Partnership Agreement (including a properly completed
Taxation Certification), which shall have been duly executed by the Purchaser;
and

     

    (e) A
certificate from the Purchaser, dated the Closing Date and signed by an
appropriate officer of the Purchaser, in his or her capacity as such, stating
that:

     

    (i) The
Purchaser has performed and complied with the covenants and agreements contained
in this Agreement that are required to be performed and complied with by it on
or prior to the Closing Date; and

     

    (ii) The
representations and warranties of the Purchaser contained in this Agreement that
are qualified by materiality are true and correct as of the Closing Date and all
other representations and warranties of the Purchaser are true and correct in
all material respects as of the Closing Date (except that representations made
as of a specific date shall be required to be true and correct as of such date
only).

     

    (f) A copy of
the Waiver and Consent Agreement executed by the Purchaser.

     

    ARTICLE
III

     

    

     

    REPRESENTATIONS
AND WARRANTIES OF BOARDWALK

     

    Boardwalk
represents and warrants to the Purchaser as follows:

     

    Section
3.1     Existence.  Each
of the General Partner, BGL and the Boardwalk Entities has been duly formed and
is validly existing and in good standing as a limited partnership under the
Delaware Revised Uniform Limited Partnership Act (the “Delaware LP Act”) or
a limited liability company under the Delaware Limited Liability Company Act
(the “Delaware LLC
Act”), as applicable, has the full partnership or limited liability
company power and authority necessary to own or hold its properties and assets
and to conduct the businesses in which it is engaged, and is duly registered or
qualified to do business and in good standing as a foreign limited partnership
or limited liability company in each jurisdiction in which its ownership or
lease of property or the conduct of its business requires such qualification,
except where the failure to so register or qualify could not reasonably be
expected to (i) have a material adverse effect on the condition (financial
or other), results of operations, securityholders’ equity, properties or
business of the Boardwalk Entities taken as a whole (a “Material Adverse
Effect”) or (ii) subject the limited partners of Boardwalk to any
material liability or disability.

     

    Section
3.2 
No
Conflict.  Assuming
the Waiver and Consent Agreement is duly executed and delivered by the
Purchaser, none of the offering, issuance and sale by Boardwalk of the Units and
the application of the proceeds therefrom, the execution, delivery and
performance of the Operative Documents by Boardwalk, or the consummation of the
transactions contemplated hereby or thereby (i) conflicts or will conflict
with, or constitutes or will constitute a violation of, the certificate or
agreement of limited partnership, certificate of formation, limited liability
company agreement or other organizational documents of the Boardwalk Entities,
(ii) conflicts or will conflict with, or constitutes or will constitute a
breach or violation of or a default under (or an event that, with notice or
lapse of time or both, would constitute such a breach or violation of or default
under), any indenture, mortgage, deed of trust, loan agreement, lease or other
agreement or instrument to which any of the Boardwalk Entities is a party, by
which any of them is bound or to which any of their respective properties or
assets is subject, (iii) violates or will violate any statute, law,
ordinance, regulation, order, judgment, decree or injunction of any court or
governmental agency or body to which any of the Boardwalk Entities or any of
their respective properties or assets may be subject or (iv) will result in
the creation or imposition of any Lien upon any property or assets of any
Boardwalk Entity which conflicts, breaches, violations, defaults or Liens, in
the case of clauses (ii), (iii) or (iv), would, individually or in the
aggregate, have a Material Adverse Effect.

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    Section
3.3 
No
Default.  None
of the Boardwalk Entities (i) is in violation of its certificate or
agreement of limited partnership, certificate of formation or limited liability
company agreement, or other organizational documents, (ii) is in breach of
or default under any term, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement, lease or other agreement or instrument
to which it is a party, by which it is bound or to which any of its properties
or assets is subject (and no event has occurred that, with notice or lapse of
time or both, would constitute such a breach or default), (iii) is in
violation of any statute, law, ordinance, rule, regulation, order, judgment,
decree or injunction of any court or governmental agency or body to which it or
its property or assets may be subject or (iv) has failed to obtain any
license, permit, certificate, franchise or other governmental authorization or
permit necessary to the ownership of its property or to the conduct of its
business, except, in the case of clauses (ii) or (iv), as could not reasonably
be expected to have a Material Adverse Effect.

     

    Section
3.4 
Authority.  On
the Closing Date, Boardwalk will have 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 and the Partnership
Agreement.  On the Closing Date, all corporate, partnership or limited
liability company action, as the case may be, required to be taken by the
General Partner, BGL and Boardwalk for the authorization, issuance, sale and
delivery of the Units, the execution and delivery of the Operative Documents and
the consummation of the transactions contemplated hereby and thereby shall have
been validly taken.

     

    Section
3.5 
Due
Authorization.  Each
of the Operative Documents has been duly and validly authorized and has been or,
with respect to the Operative Documents to be delivered at the Closing Date,
will be, validly executed and delivered by Boardwalk and constitutes, or will
constitute, the legal, valid and binding obligations of Boardwalk, enforceable
in accordance with its terms, except as such enforceability may be limited by
bankruptcy, insolvency, fraudulent transfer and similar laws affecting
creditors’ rights generally or by general principles of equity, including
principles of commercial reasonableness, fair dealing and good
faith.

     

    Section
3.6 
Valid
Issuance.  The
Units to be issued and sold by Boardwalk to the Purchaser hereunder have been
duly authorized in accordance with the Partnership Agreement and, when issued
and delivered against payment therefor pursuant to this Agreement, will be
validly issued in accordance with the Partnership Agreement, fully paid (to the
extent required under the Partnership Agreement) and non-assessable (except as
such nonassessability may be affected by matters described in Sections
17-303, 17-607 and 17-804 of the Delaware LP Act).

     

    
      
        
        

      

      
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    Section
3.7 
No Preemptive or
Registration Rights.  Except
as set forth in the Partnership Agreement, there are no preemptive rights or
other rights to subscribe for or to purchase, nor any restriction upon the
voting or transfer of, any capital stock or partnership or membership interests
of any of the Boardwalk Entities, in each case pursuant to any other agreement
or instrument to which any of such entities is a party or by which any one of
them may be bound.  Except as contemplated by this Agreement and the
Registration Rights Agreement or provided for in the Partnership Agreement, (i)
neither the execution of this Agreement, nor the issuance of the Units as
contemplated by this Agreement gives rise to any rights for or relating to the
registration of any Partnership Securities, and (ii) there are no contracts,
agreements or understandings between any Boardwalk Entity and any person
granting such person the right to require Boardwalk to file a registration
statement under the Securities Act with respect to any securities of Boardwalk
owned or to be owned by such person, or to require Boardwalk to include such
securities in any securities registered or to be registered pursuant to any
registration statement filed by or required to be filed by Boardwalk under the
Securities Act.

     

    Section
3.8 
Periodic
Reports.  Boardwalk
has filed all forms, reports, schedules and statements required to be filed by
it under the Exchange Act subsequent to December 31, 2008 and when they were
filed with the Commission, each such form, report, schedule and statement
conformed in all material respects to the requirements of the Exchange Act and
did not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading.

     

    Section
3.9 
Litigation.  Except
as described in Boardwalk’s Annual Report on Form 10-K for the year ended
December 31, 2008 or any other forms, reports, schedules and statements required
to be filed by it under the Exchange Act subsequent to December 31, 2008, there
are no legal or governmental proceedings pending to which any Boardwalk Entity
is a party or to which any property or asset of any Boardwalk Entity is subject
that could reasonably be expected to have, individually or in the aggregate, a
Material Adverse Effect or a material adverse effect on the performance of this
Agreement or the consummation of the transactions contemplated hereby, and to
the knowledge of Boardwalk, no such proceedings are threatened by Governmental
Authorities or others.

     

    Section
3.10    Certain
Fees.  No
fees or commissions are or will be payable by Boardwalk to brokers, finders, or
investment bankers with respect to the sale of any of the Units or the
consummation of the transaction contemplated by this
Agreement.  Boardwalk agrees that it will indemnify and hold harmless
the Purchaser from and against any and all claims, demands, or liabilities for
broker’s, finder’s, placement, or other similar fees or commissions incurred by
Boardwalk or alleged to have been incurred by Boardwalk in connection with the
sale of the Units or the consummation of the transactions contemplated by this
Agreement.

     

    Section
3.11    No Side
Agreements.  There
are no agreements by, among or between Boardwalk or any of its Affiliates, on
the one hand, and the Purchaser or any of its Affiliates, on the other hand,
with respect to the transactions contemplated hereby other than the Operative
Documents or the Waiver and Consent Agreement nor promises or inducements for
future transactions between or among any of such parties.

     

    
      
        
        

      

      
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    Section
3.12    No
Registration.  Assuming
the accuracy of the representations and warranties of the Purchaser contained in
Section 4.6 and Section 4.7, the
issuance and sale of the Units pursuant to this Agreement is exempt from
registration requirements of the Securities Act of 1933, as
amended.

     

    Section
3.13    No
Integration.  Neither
Boardwalk nor any of its Subsidiaries have, directly or indirectly through any
agent, sold, offered for sale, solicited offers to buy or otherwise negotiated
in respect of, any “security” (as defined in the Securities Act of 1933, as
amended) that is or will be integrated with the sale of the Units in a manner
that would require registration under the Securities Act of 1933, as
amended.

     

    ARTICLE
IV

     

    

     

    REPRESENTATIONS
AND WARRANTIES OF THE PURCHASER

     

    The
Purchaser hereby represents and warrants to Boardwalk that:

     

    Section
4.1 
Existence.  The
Purchaser is duly organized and validly existing and in good standing as a
corporation under the laws of the State of Delaware, with all corporate power
and authority to own properties and to conduct its business as currently
conducted.

     

    Section
4.2 
Authorization,
Enforceability.  The
Purchaser has all necessary corporate power and authority to execute, deliver
and perform its obligations under this Agreement, the Registration Rights
Agreement and the Waiver and Consent Agreement and to consummate the
transactions contemplated thereby, and the execution, delivery and performance
by the Purchaser of this Agreement, the Registration Rights Agreement and the
Waiver and Consent Agreement has been duly authorized by all necessary action on
the part of the Purchaser; and this Agreement, the Registration Rights Agreement
and the Waiver and Consent Agreement constitute the legal, valid and binding
obligations of the Purchaser, enforceable in accordance with their terms, except
as such enforceability may be limited by bankruptcy, insolvency, fraudulent
transfer and similar laws affecting creditors’ rights generally or by general
principles of equity, including principles of commercial reasonableness, fair
dealing and good faith.

     

    Section
4.3 
No Breach.  The
execution, delivery and performance of this Agreement, the Registration Rights
Agreement and the Waiver and Consent Agreement by the Purchaser and the
consummation by the Purchaser of the transactions contemplated hereby and
thereby will not (a) conflict with or result in a breach or violation of any of
the terms or provisions of, or constitute a default under, any material
agreement to which the Purchaser is a party or by which the Purchaser is bound
or to which any of the property or assets of the Purchaser is subject,
(b) conflict with or result in any violation of the provisions of the
organizational documents of the Purchaser, or (c) violate any statute, order,
rule or regulation of any court or governmental agency or body having
jurisdiction over the Purchaser or the property or assets of the Purchaser,
except in the cases of clauses (a) and (c), for such conflicts, breaches,
violations or defaults as would not prevent the consummation of the transactions
contemplated by this Agreement, the Registration Rights Agreement and the Waiver
and Consent Agreement.

     

    
      
        
        

      

      
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    Section
4.4 
Certain
Fees.  No
fees or commissions are or will be payable by the Purchaser to brokers, finders,
or investment bankers with respect to the purchase of any of the Units or the
consummation of the transaction contemplated by this Agreement.  The
Purchaser agrees that it will indemnify and hold harmless Boardwalk from and
against any and all claims, demands, or liabilities for broker’s, finder’s,
placement, or other similar fees or commissions incurred by the Purchaser or
alleged to have been incurred by the Purchaser in connection with the purchase
of the Units or the consummation of the transactions contemplated by this
Agreement.

     

    Section
4.5 
No Side
Agreements.  There
are no other agreements by, among or between the Purchaser and any of its
Affiliates, on the one hand, and Boardwalk or any of its Affiliates, on the
other hand, with respect to the transactions contemplated hereby other than the
Operative Documents or the Waiver and Consent Agreement nor promises or
inducements for future transactions between or among any of such
parties.

     

    Section
4.6 
Investment.  The
Units are being acquired for the Purchaser’s own account and with no intention
of distributing the Units or any part thereof, and the Purchaser has no present
intention of selling or granting any participation in or otherwise distributing
the same in any transaction in violation of the securities laws of the United
States or any state, without prejudice, however, to the Purchaser’s right at all
times to sell or otherwise dispose of all or any part of the Units under a
registration statement under the Securities Act and applicable state securities
laws or under an exemption from such registration available thereunder
(including, without limitation, if available, Rule 144 promulgated
thereunder).  If the Purchaser should in the future decide to dispose
of any of the Units, the Purchaser understands and agrees (a) that it may
do so only in compliance with the Securities Act and applicable state securities
law, as then in effect, which may include a sale contemplated by any
registration statement pursuant to which such securities are being offered, and
(b) that stop-transfer instructions to that effect will be in effect with
respect to such securities.

     

    Section
4.7 
Nature of
Purchaser.  The
Purchaser represents and warrants to, and covenants and agrees with, Boardwalk
that, (a) it is an “accredited investor” within the meaning of Rule 501 of
Regulation D promulgated by the Commission pursuant to the Securities Act and
(b) by reason of its business and financial experience it has such knowledge,
sophistication and experience in making similar investments and in business and
financial matters generally so as to be capable of evaluating the merits and
risks of the prospective investment in the Units, is able to bear the economic
risk of such investment and, at the present time, would be able to afford a
complete loss of such investment.

     

    Section
4.8 
Restricted
Securities.  The
Purchaser understands that the Units are characterized as “restricted
securities” under the federal securities Laws inasmuch as they are being
acquired from Boardwalk in a transaction not involving a public offering and
that under such Laws and applicable regulations such securities may be resold
without registration under the Securities Act only in certain limited
circumstances.  In this connection, the Purchaser represents that it
is knowledgeable with respect to Rule 144 of the Commission promulgated under
the Securities Act.

     

    
      
        
        

      

      
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    Section
4.9 
Legend.  It
is understood that the certificates evidencing the Units will bear the legend
required by the Partnership Agreement as well as the following
legend:  “These securities have not been registered under the
Securities Act of 1933, as amended.  They may not be sold or offered
for sale in the absence of a registration statement in effect with respect to
the securities under such Act or an opinion of counsel satisfactory to the
Company that such registration is not required or unless sold pursuant to
Rule 144 of such Act.  These securities may be pledged in
connection with a bona fide margin account or other loan secured by such
securities.”

     

    ARTICLE
V

     

    

     

    COVENANTS

     

    Section
5.1 
Taking of Necessary
Action.  Each
of the Parties hereto shall use its commercially reasonable efforts promptly to
take or cause to be taken all action and promptly to do or cause to be done all
things necessary, proper or advisable under applicable Law and regulations to
consummate and make effective the transactions contemplated by this
Agreement.  Such actions may include, but shall not be limited to,
promptly executing and delivering any further agreements, documents and
instruments, and taking or forbearing to take any such further action as the
other party may reasonably request in order to more effectively carry out the
provisions of the Agreement.

     

    Section
5.2 
Payment of
Expenses.  Boardwalk
hereby agrees to reimburse the Purchaser, upon demand, for its reasonable
out-of-pocket expenses incurred in connection with (i) the preparation of the
Operative Documents, (ii) the issue, sale and delivery of the Units and (iii)
any listing of the Units on any securities exchange or qualification of the
Units for quotation on the NYSE.

     

    ARTICLE
VI

     

    

     

    MISCELLANEOUS

     

    Section
6.1 
Interpretation and Survival
of Provisions.  Article,
Section and Exhibit references are to this Agreement, unless otherwise
specified. All references to instruments, documents, contracts, and agreements
are references to such instruments, documents, contracts, and agreements as the
same may be amended, supplemented, and otherwise modified from time to time,
unless otherwise specified. The word “including” shall mean “including but not
limited to.” Whenever any party has an obligation under the Operative Documents,
the expense of complying with that obligation shall be an expense of such party
unless otherwise specified. Whenever any determination, consent, or approval is
to be made or given by the Purchaser, such action shall be in the Purchaser’s
sole discretion unless otherwise specified in this Agreement.  If any
provision in the Operative Documents is held to be illegal, invalid, not
binding, or unenforceable, such provision shall be fully severable and the
Operative Documents shall be construed and enforced as if such illegal, invalid,
not binding, or unenforceable provision had never comprised a part of the
Operative Documents, and the remaining provisions shall remain in full force and
effect.   The Operative Documents have been reviewed and
negotiated by sophisticated parties with access to legal counsel and shall not
be construed against the drafter.

     

    
      
        
        

      

      
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    Section
6.2 
Survival of
Provisions.  The
representations and warranties set forth in Sections 3.1, 3.4, 3.6, 3.7, 3.10, 3.11, 3.12, 4.4, 4.5, 4.7, 4.8 and 4.9 hereunder
shall survive the execution and delivery of this Agreement indefinitely, and the
other representations and warranties set forth herein shall survive for a period
of twelve (12) months following the Closing Date regardless of any investigation
made by or on behalf of Boardwalk or the Purchaser.  The covenants
made in this Agreement or any other Operative Document shall survive the Closing
of the transactions described herein and remain operative and in full force and
effect regardless of acceptance of any of the Units and payment therefor and
repayment, conversion, exercise or repurchase thereof.

     

    Section
6.3 
No Waiver; Modifications in
Writing.

     

    (a) Delay.  No
failure or delay on the part of any party in exercising any right, power, or
remedy hereunder shall operate as a waiver thereof, nor shall any single or
partial exercise of any such right, power, or remedy preclude any other or
further exercise thereof or the exercise of any other right, power, or remedy.
The remedies provided for herein are cumulative and are not exclusive of any
remedies that may be available to a party at law or in equity or
otherwise.

     

    (b) Specific
Waiver.  Except as otherwise provided herein, no amendment,
waiver, consent, modification, or termination of any provision of this Agreement
or any other Operative Document shall be effective unless signed by each of the
parties hereto or thereto affected by such amendment, waiver, consent,
modification, or termination.  Any amendment, supplement or
modification of or to any provision of this Agreement or any other Operative
Document, any waiver of any provision of this Agreement or any other Operative
Document, and any consent to any departure by Boardwalk from the terms of any
provision of this Agreement or any other Operative Document shall be effective
only in the specific instance and for the specific purpose for which made or
given. Except where notice is specifically required by this Agreement, no notice
to or demand on Boardwalk in any case shall entitle Boardwalk to any other or
further notice or demand in similar or other circumstances.

     

    Section
6.4 
Binding Effect;
Assignment.

     

    (a) Binding
Effect.  This Agreement shall be binding upon Boardwalk, the
Purchaser, and their respective successors and permitted assigns. Except as
expressly provided in this Agreement, this Agreement shall not be construed so
as to confer any right or benefit upon any Person other than the parties to this
Agreement and their respective successors and permitted assigns.

     

    (b) Assignment of
Rights.  All or any portion of the rights and obligations of
the Purchaser under this Agreement may be transferred by the Purchaser to any
Affiliate of the Purchaser without the consent of Boardwalk.  No
portion of the rights and obligations of the Purchaser under this Agreement may
be transferred by the Purchaser to a non-Affiliate without the written consent
of Boardwalk (which consent shall not be unreasonably withheld by
Boardwalk).

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Section
6.5 
Communications.  All
notices and demands provided for hereunder shall be in writing and shall be
given by registered or certified mail, return receipt requested, telecopy, air
courier guaranteeing overnight delivery or personal delivery to the following
addresses:

     

    (a) If to the
Purchaser:

     

    Boardwalk
Pipelines Holding Corp.

    9
Greenway Plaza, Suite 2800

    Houston,
TX 77046

    Attention:  Corporate
Secretary

    Facsimile:
(866) 459-7336

    

    with a
copy to:

    Loews
Corporation

    667
Madison Avenue

    New York,
NY 10065

    Attention:  Corporate
Secretary

    Facsimile:
(212) 521-2997

    

    (b) If to
Boardwalk:

     

    Boardwalk
Pipeline Partners, LP

    9
Greenway Plaza, Suite 2800

    Houston,
TX 77046

    Attention:  Corporate
Secretary

    Facsimile:
(866) 459-7336

    

    or to
such other address as Boardwalk or the Purchaser may designate in writing. All
notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; at the time of transmittal, if sent
via electronic mail; upon actual receipt if sent by certified mail, return
receipt requested, or regular mail, if mailed; when receipt acknowledged, if
sent via facsimile; and upon actual receipt when delivered to an air courier
guaranteeing overnight delivery.

     

    Section
6.6 
Removal of
Legend.  The
Purchaser may request Boardwalk to remove the legend described in Section 4.9 from
the certificates evidencing the Units by submitting to Boardwalk such
certificates, together with an opinion of counsel to the effect that such legend
is no longer required under the Securities Act or applicable state laws, as the
case may be. Boardwalk shall cooperate with the Purchaser to effect the removal
of such legend.

     

    Section
6.7 
Entire
Agreement.  This
Agreement, the other Operative Documents and the other agreements and documents
referred to herein are intended by the parties as a final expression of their
agreement and intended to be a complete and exclusive statement of the agreement
and understanding of the parties hereto in respect of the subject matter
contained herein and therein. There are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein or the other
Operative Documents with respect to the rights granted by Boardwalk or any of
its Affiliates or the Purchaser or any of its Affiliates set forth herein or
therein.  This Agreement, the other Operative Documents and the other
agreements and documents referred to herein or therein supersede all prior
agreements and understandings between the parties with respect to such subject
matter.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

    Section
6.8 
Governing
Law.  THIS AGREEMENT WILL BE CONSTRUED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK.

     

    Section
6.9 
Execution in
Counterparts.  This
Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which counterparts, when so executed
and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

     

    Section
6.10 
Termination.

     

    (a) Notwithstanding
anything herein to the contrary, this Agreement may be terminated at any time at
or prior to the Closing by either party, upon a breach in any material respect
by the other party of any covenant or agreement set forth in this
Agreement.

     

    (b) Notwithstanding
anything herein to the contrary, this Agreement shall automatically terminate at
any time at or prior to the Closing if a statute, rule, order, decree or
regulation shall have been enacted or promulgated, or if any action shall have
been taken by any Governmental Authority of competent jurisdiction that
permanently restrains, permanently precludes, permanently enjoins or otherwise
permanently prohibits the consummation of the transactions contemplated by this
Agreement or makes the transactions contemplated by this Agreement
illegal.

     

    (c) In the
event of the termination of this Agreement as provided in this Section 6.10,
this Agreement shall forthwith become null and void.  In the event of
such termination, there shall be no liability on the part of any party hereto;
provided that nothing
herein shall relieve any party from any liability or obligation with respect to
any willful breach of this Agreement.

     

    Section
6.11 
Recapitalization, Exchanges,
Etc. Affecting the Units.  The
provisions of this Agreement shall apply to the full extent set forth herein
with respect to any and all units of Boardwalk or any successor or assign of
Boardwalk (whether by merger, consolidation, sale of assets or otherwise) which
may be issued in respect of, in exchange for or in substitution of, the Units,
and shall be appropriately adjusted for combinations, recapitalizations and the
like occurring after the date of this Agreement and prior to the
Closing.

     

    

    

    [Signature
page follows.]

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    IN
WITNESS WHEREOF, the parties hereto execute this Agreement, effective as of the
date first above written.

     

    
      	
               
      

            	
              BOARDWALK
      PIPELINE PARTNERS, LP

            

    

    

    
      	
               
      

            	
              By:

            	
              BOARDWALK
      GP, LP

            

    

    
      	
               
      

            	
              (its
      General Partner)

            

    

    

    
      	
               
      

            	
              By:

            	
              BOARDWALK
      GP, LLC

            

    

    
      	
               
      

            	
              (its
      General Partner)

            

    

    

    

    
      	
               
      

            	
              By:

            	
                  /s/ Jamie L.
      Buskill

            

    

    
      	
               
      

            	
              Name:  Jamie
      L. Buskill

            

    

    
      	
               
      

            	
              Title:    Chief
      Financial Officer

            

    

    

    

    
      	
               
      

            	
              BOARDWALK
      PIPELINES HOLDING CORP.

            

    

    

    

    
      	
               
      

            	
              By:

            	
                  /s/ Jamie L.
      Buskill

            

    

    
      	
               
      

            	
              Name:  Jamie
      L. Buskill

            

    

    
      	
               
      

            	
              Title:    Chief
      Financial Officer

            

    

     

     

     

     

    
Signature
Page to Unit Purchase Agreement

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Exhibit
A – Form of Second Amended and Restated Registration Rights
Agreement

     

    [See
Attached]

     

     

     

     

    

    
      
        Exhibit
A to Purchase Agreement

         

      

      
         

        
          

        

      

      
         

      

    

    SECOND
AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

     

    THIS
SECOND AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made
and entered into as of June 26, 2009 by and between Boardwalk Pipeline
Partners, LP, a Delaware limited partnership (the “Partnership”), and
Boardwalk Pipelines Holding Corp., a Delaware corporation (the “Purchaser”).

     

    WHEREAS,
the Partnership and the Purchaser previously entered into a Registration Rights
Agreement (the “Original Agreement”)
dated as of June 17, 2008 in connection with the closing of the issuance and
sale of Class B Units pursuant to the Class B Unit Purchase Agreement, dated as
of April 24, 2008, by and between the Partnership and the Purchaser (the “Class B Purchase
Agreement”);

     

    WHEREAS,
the Partnership and the Purchaser previously entered into an Amended and
Restated Registration Rights Agreement (the “Amended and Restated
Agreement”) dated as of November 4, 2008 in connection with the
closing of the issuance and sale of Common Units pursuant to the Unit Purchase
Agreement, dated as of October 30, 2008, by and between the Partnership and
the Purchaser (the “October 2008 Purchase
Agreement”);

     

    WHEREAS,
this Agreement is made to amend and restate the Amended and Restated Agreement
in connection with the closing of the issuance and sale of Common Units pursuant
to the Unit Purchase Agreement, dated as of June 23, 2009, by and
between the Partnership and the Purchaser (the “June 2009 Purchase
Agreement”);

     

    WHEREAS,
the Partnership has agreed to provide the registration and other rights set
forth in this Agreement for the benefit of the Purchaser pursuant to the
June 2009 Purchase Agreement; and

     

    WHEREAS,
it is a condition to the obligations of the Purchaser and the Partnership under
the June 2009 Purchase Agreement that this Agreement be executed and
delivered.

     

    NOW
THEREFORE, in consideration of the mutual covenants and agreements set forth
herein and for good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged by each party hereto, the Amended and Restated
Agreement is hereby amended and restated as follows:

     

    ARTICLE
I

     

    DEFINITIONS

     

    Section
1.01    Definitions.  Capitalized
terms used herein without definition shall have the meanings given to them in
the June 2009 Purchase Agreement.  The terms set forth below are
used herein as so defined:

     

    “Agreement” has the
meaning given to such term in the introductory paragraph.

     

    “Class B Units” has
the meaning given to such term in the Partnership Agreement.

     

     

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    “Effectiveness Period”
has the meaning given to such term in Section 2.01 of this
Agreement.

     

    “Holder” means the
record holder of (i) any Registrable Securities and (ii) Class B Units prior to
their conversion into Common Units.

     

    “June 2009 Purchase
Agreement” has the meaning given to such term in the Recitals of this
Agreement.

     

    “Losses” has the
meaning given to such term in Section 2.07(a) of this
Agreement.

     

    “Managing Underwriter”
means, with respect to any Underwritten Offering, the book-running lead manager
of such Underwritten Offering.

     

    “Purchaser” has the
meaning given to such term in the introductory paragraph of this
Agreement.

     

    “Registrable
Securities” means an amount of Common Units equal to the aggregate number
of Common Units issued pursuant to the June 2009 Purchase Agreement, the
October 2008 Purchase Agreement and the aggregate number of Common Units
into which the Class B Units issued pursuant to the Class B Purchase Agreement
are convertible, which Registrable Securities are subject to the rights provided
herein until such rights terminate pursuant to the provisions
hereof.

     

    “Registration
Expenses” has the meaning given to such term in Section 2.06(b) of this
Agreement.

     

    “Selling Expenses” has
the meaning given to such term in Section 2.06(b) of this
Agreement.

     

    “Selling Holder” means
a Holder who is selling Registrable Securities pursuant to a registration
statement.

     

    “Registration
Statement” has the meaning given to such term in Section 2.01 of this
Agreement.

     

    “Underwritten
Offering” means an offering (including an offering pursuant to a
Registration Statement) in which Common Units are sold to one or more
underwriters on a firm commitment basis for reoffering to the public or an
offering that is a “bought deal” with one or more investment banks.

     

    Section
1.02    Registrable
Securities.  Any Registrable Security will cease to be a
Registrable Security (a) at the time a registration statement covering such
Registrable Security has been declared effective by the Commission and such
Registrable Security has been sold or disposed of pursuant to such effective
registration statement; (b) at the time such Registrable Security (or Class B
Unit) has been disposed of pursuant to Rule 144 (or any similar provision then
in effect under the Securities Act); (c) 10 years after the Purchaser ceases to
be an Affiliate of the general partner of the Partnership (including where the
General Partner ceases to be the general partner of the Partnership); (d) if
such Registrable Security (or Class B Unit) is held by the Partnership or one of
its subsidiaries; (e) at the time such Registrable Security (or Class B Unit)
has been sold in a private transaction in which the transferor’s rights under
this Agreement are not assigned to the transferee of such securities; or (f) if
such Registrable Security (or Class B Unit) has been sold in a private
transaction in which the transferor’s rights under this Agreement are assigned
to the transferee and such transferee is not an Affiliate of the general partner
of the Partnership, at the time that is two years following (x) in the event
that Class B Units are sold, the later of (i) the conversion of such Class B
Units into Common Units and (ii) the transfer of such Registrable Security to
such transferee or (y) in the case of any other transfer of Registrable
Securities, the transfer of such Registrable Security to such
transferee.

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    ARTICLE
II

     

    REGISTRATION
RIGHTS

     

    Section
2.01    Demand Registration. Upon
the written request (a “Notice”) of the
Holders of at least 2,000,000 units of the then-outstanding Registrable
Securities, subject to adjustment pursuant to Section 3.04, the Partnership
shall file with the Commission, as soon as reasonably practicable following the
receipt of the Notice, a registration statement (each, a “Registration
Statement”) under the Securities Act providing for the resale of the
Registrable Securities (which may, at the option of the Holders giving such
Notice, be a registration statement under the Securities Act that provides for
the resale of the Registrable Securities pursuant to Rule 415 from time to time
by the Holders).  The Partnership shall use its commercially
reasonable efforts to cause such Registration Statement to be declared effective
by the Commission as soon as reasonably practicable after the initial filing of
the Registration Statement.  Any Registration Statement shall provide
for the resale pursuant to any method or combination of methods legally
available to, and requested by, the Holders of any and all Registrable
Securities covered by such Registration Statement.  The Partnership
shall use its commercially reasonable efforts to cause each Registration
Statement filed pursuant to this Section 2.01 to be
continuously effective, supplemented and amended to the extent necessary to
ensure that it is available for the resale of all Registrable Securities by the
Holders until all Registrable Securities covered by such Registration Statement
have ceased to be Registrable Securities (the “Effectiveness
Period”).  Each Registration Statement when effective (and the
documents incorporated therein by reference) shall comply in all material
respects as to form with all applicable requirements of the Securities Act and
shall not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary to make the statements
therein not misleading.  There shall be no limit on the number of
Registration Statements that may be required by the Holders
hereunder.

     

    Section
2.02    Underwritten
Offerings.

     

    (a)           Request for Underwritten
Offering.  In the event that one or more Holders collectively
holding more than 2,000,000 units of the then-outstanding Registrable
Securities, subject to adjustment pursuant to Section 3.04, elects to
dispose of Registrable Securities under a Registration Statement pursuant to an
Underwritten Offering, the Partnership shall, upon request by such Holders,
retain underwriters in order to permit such Holders to effect such sale through
an Underwritten Offering.  The obligation of the Partnership to retain
underwriters shall include entering into an underwriting agreement in customary
form with the Managing Underwriter or other underwriters, which shall include,
among other provisions, indemnities to the effect and to the extent provided in
Section 2.07 and
taking all reasonable actions as are requested by the Managing Underwriter or
other underwriters to expedite or facilitate the disposition of such Registrable
Securities.  The Partnership shall, upon request of the Holders, cause
its management to participate in a roadshow or similar marketing effort on
behalf of the Holders.

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (b)           Limitation on Underwritten
Offerings.  In no event shall the Partnership be required
hereunder to participate in more than two Underwritten Offerings in any 12-month
period.

     

     

    (c)           General
Procedures.  In connection with any Underwritten Offering under this
Agreement, Selling Holders holding a majority of the Registrable Securities in
such Underwritten Offering shall be entitled to select the Managing Underwriter
or other underwriters, subject to the approval of the Partnership, which
approval shall not be unreasonably withheld.  In connection with an
Underwritten Offering contemplated by this Agreement, each Selling Holder and
the Partnership shall be obligated to enter into an underwriting agreement that
contains such representations, covenants, indemnities and other rights and
obligations as are customary in underwriting agreements for firm commitment
offerings of securities.  No Selling Holder may participate in such
Underwritten Offering unless such Selling Holder agrees to sell its Registrable
Securities on the basis provided in such underwriting agreement and completes
and executes all questionnaires, powers of attorney, indemnities and other
documents reasonably required under the terms of such  underwriting
agreement.  Each Selling Holder may, at its option, require that any or all
of the representations and warranties by, and the other agreements on the part
of, the Partnership to and for the benefit of such underwriters also be made to
and for such Selling Holder’s benefit and that any or all of the conditions
precedent to the obligations of such underwriters under such underwriting
agreement also be conditions precedent to such Selling Holder’s
obligations.  No Selling Holder shall be required to make any
representations or warranties to or agreements with the Partnership or the
underwriters other than representations, warranties or agreements regarding such
Selling Holder and its ownership of the securities being registered on its
behalf, its intended method of distribution and any other representation
required by Law.  If any Selling Holder disapproves of the terms of an
underwriting, such Selling Holder may elect to withdraw from the Underwritten
Offering by notice to the Partnership and the Managing Underwriter; provided, however, that such withdrawal
must be made at a time prior to the time of pricing of such Underwritten
Offering.  No such withdrawal shall affect the Partnership’s obligation to
pay Registration Expenses.

    

    Section
2.03    Delay
Rights.  If the General Partner determines that the
Partnership’s compliance with its obligations under this Article II would be
materially detrimental to the Partnership and its Partners (as defined in the
Partnership Agreement) because such registration would (a) materially interfere
with a significant acquisition, reorganization or other similar transaction
involving the Partnership, (b) require premature disclosure of material
information that the Partnership has a bona fide business purpose for preserving
as confidential or (c) render the Partnership unable to comply with applicable
securities laws, then the Partnership shall have the right to postpone
compliance with its obligations under Section 2.01 and Section 2.02 for a period
of not more than six months, provided, that such right pursuant to this Section
2.03 may not be utilized more than once in any 12-month period.

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    Section
2.04    Sale
Procedures.  In connection with its obligations under this
Article II, the
Partnership will, as expeditiously as possible:

     

    (a)           prepare
and file with the Commission such amendments and supplements to
each Registration Statement and the prospectus used in connection therewith
as may be necessary to keep each Registration Statement effective for the
Effectiveness Period and as may be necessary to comply with the provisions of
the Securities Act with respect to the disposition of all Registrable Securities
covered by such Registration Statement;

     

    (b)           if
a prospectus supplement will be used in connection with the marketing of an
Underwritten Offering from a Registration Statement and the Managing
Underwriter at any time shall notify the Partnership in writing that, in the
sole judgment of such Managing Underwriter, inclusion of detailed information to
be used in such prospectus supplement is of material importance to the success
of the Underwritten Offering, the Partnership shall use its commercially
reasonable efforts to include such information in such prospectus
supplement;

     

    (c)           furnish
to each Selling Holder (i) as far in advance as reasonably practicable before
filing a Registration Statement or any supplement or amendment thereto,
upon request, copies of reasonably complete drafts of all such documents
proposed to be filed (including exhibits and each document incorporated by
reference therein to the extent then required by the rules and regulations of
the Commission), and provide each such Selling Holder the opportunity to object
to any information pertaining to such Selling Holder and its plan of
distribution that is contained therein and make the corrections reasonably
requested by such Selling Holder with respect to such information prior to
filing a Registration Statement or supplement or amendment thereto, and
(ii) such number of copies of such Registration Statement and the
prospectus included therein and any supplements and amendments thereto as such
Selling Holder may reasonably request in order to facilitate the public sale or
other disposition of the Registrable Securities covered by such Registration
Statement;

     

    (d)           if
applicable, use its commercially reasonable efforts to register or qualify the
Registrable Securities covered by a Registration Statement under the
securities or blue sky laws of such jurisdictions as the Selling Holders or, in
the case of an Underwritten Offering, the Managing Underwriter, shall reasonably
request; provided,
however, that the Partnership will not be required to qualify generally
to transact business in any jurisdiction where it is not then required to so
qualify or to take any action that would subject it to general service of
process in any such jurisdiction where it is not then so subject;

     

    (e)           promptly
notify each Selling Holder and each underwriter, at any time when a prospectus
relating to the offering of Registrable Securities  is required to be
delivered under the Securities Act, of (i) the filing of a Registration
Statement or any prospectus or prospectus supplement to be used in connection
therewith, or any amendment or supplement thereto, and, with respect to such
Registration Statement or any post-effective amendment thereto, when the same
has become effective; and (ii) any written comments from the Commission with
respect to any filing referred to in clause (i) and any written request by the
Commission for amendments or supplements to a Registration Statement or any
prospectus or prospectus supplement thereto;

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    (f)           immediately
notify each Selling Holder and each underwriter, at any time when a prospectus
relating to the offering of Registrable Securities is required to be delivered
under the Securities Act, of (i) the happening of any event as a result of which
the prospectus or prospectus supplement contained in a Registration
Statement, as then in effect, includes an untrue statement of a material fact or
omits to state any material fact required to be stated therein or necessary to
make the statements therein not misleading (in the case of the prospectus
contained therein, in the light of the circumstances under which a statement is
made); (ii) the issuance or threat of issuance by the Commission of any stop
order suspending the effectiveness of a Registration Statement, or the
initiation of any proceedings for that purpose; or (iii) the receipt by the
Partnership of any notification with respect to the suspension of the
qualification of any Registrable Securities for sale under the applicable
securities or blue sky laws of any jurisdiction.  Following the
provision of such notice, the Partnership agrees to, as promptly as practicable,
amend or supplement the prospectus or prospectus supplement or take other
appropriate action so that the prospectus or prospectus supplement does not
include an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading in the light of the circumstances then existing and to take such
other reasonable action as is necessary to remove a stop order, suspension,
threat thereof or proceedings related thereto;

     

    (g)           upon
request and subject to appropriate confidentiality obligations, furnish to each
Selling Holder copies of any and all transmittal letters or other correspondence
with the Commission or any other governmental agency or self-regulatory body or
other body having jurisdiction (including any domestic or foreign securities
exchange) relating to such offering of Registrable Securities;

     

    (h)           in
the case of an Underwritten Offering, furnish upon request, (i) an opinion of
counsel for the Partnership dated the date of the closing under the underwriting
agreement, and (ii) a “cold comfort” letter, dated the pricing date of such
Underwritten Offering (to the extent available) and a letter of like kind
dated the date of the closing under the underwriting agreement, in each case,
signed by the independent public accountants who have certified the
Partnership’s financial statements included or incorporated by reference into
the applicable registration statement, and each of the opinion and the “cold
comfort” letter shall be in customary form and covering substantially the same
matters with respect to such registration statement (and the prospectus and any
prospectus supplement included therein) as have been customarily covered in
opinions of issuer’s counsel and in accountants’ letters delivered to the
underwriters in Underwritten Offerings of securities by the Partnership and such
other matters as such underwriters and Selling Holders may reasonably
request;

     

    (i)           otherwise
use its commercially reasonable efforts to comply with all applicable rules and
regulations of the Commission, and make available to its security holders, as
soon as reasonably practicable, an earnings statement, which earnings statement
shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158
promulgated thereunder;

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    (j)           make
available to the appropriate representatives of the Managing Underwriter and
Selling Holders access to such information and Partnership personnel as is
reasonable and customary to enable such parties to establish a due diligence
defense under the Securities Act;

     

    (k)           cause
all such Registrable Securities registered pursuant to this Agreement to be
listed on each securities exchange or nationally recognized quotation system on
which similar securities issued by the Partnership are then listed;

     

    (l)           use
its commercially reasonable efforts to cause the Registrable Securities to be
registered with or approved by such other governmental agencies or authorities
as may be necessary by virtue of the business and operations of the Partnership
to enable the Selling Holders to consummate the disposition of such Registrable
Securities;

     

    (m)           provide
a transfer agent and registrar for all Registrable Securities covered by a
Registration Statement not later than the effective date of such Registration
Statement; and

     

    (n)           enter
into customary agreements and take such other actions as are reasonably
requested by the Selling Holders or the underwriters, if any, in order to
expedite or facilitate the disposition of such Registrable
Securities.

     

    Each
Selling Holder, upon receipt of notice from the Partnership of the happening of
any event of the kind described in subsection (f) of this Section 2.04, shall forthwith
discontinue disposition of the Registrable Securities until such Selling
Holder’s receipt of the copies of the supplemented or amended prospectus
contemplated by subsection (f) of this Section 2.04 or until it is
advised in writing by the Partnership that the use of the prospectus may be
resumed, and has received copies of any additional or supplemental filings
incorporated by reference in the prospectus, and, if so directed by the
Partnership, such Selling Holder will, or will request the managing underwriter
or underwriters, if any, to deliver to the Partnership (at the Partnership’s
expense) all copies in their possession or control, other than permanent file
copies then in such Selling Holder’s possession, of the prospectus covering such
Registrable Securities current at the time of receipt of such
notice.

     

    Section
2.05    Cooperation by
Holders.  The Partnership shall have no obligation to include
in a Registration Statement, or in an Underwritten Offering pursuant to Section 2.02(a), Registrable
Securities of a Selling Holder who has failed to timely furnish such information
that, in the opinion of counsel to the Partnership, is reasonably required in
order for the registration statement or prospectus supplement, as applicable, to
comply with the Securities Act.

     

    Section
2.06    Expenses.

     

    (a)            Expenses.  The
Partnership (i) will pay all reasonable Registration Expenses including in
the case of an Underwritten Offering, regardless of whether any sale is made
pursuant to such Underwritten Offering and (ii) with respect to the first
27,869,466 units of Registrable Securities sold in one or more Underwritten
Offerings pursuant hereto, will reimburse each Selling Holder for the amount of
Selling Expenses incurred in connection with such Underwritten Offerings in an
amount not to exceed $0.914 per Registrable Security then being offered.
 Each Selling Holder shall pay all other Selling Expenses in connection
with any sale of its Registrable Securities hereunder. In addition, except as
otherwise provided in Section 2.07, the Partnership
shall not be responsible for legal fees incurred by Holders in connection with
the exercise of such Holders’ rights hereunder.   For the
avoidance of doubt, all reimbursed Selling Expenses shall be treated for U.S.
federal income tax purposes as payments to a Selling Holder other than in its
capacity as a Partner of the Partnership.

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (b)           Certain
Definitions.  “Registration
Expenses” means all expenses incident to the Partnership’s performance
under or compliance with this Agreement to effect the registration of
Registrable Securities on a Registration Statement pursuant to Section 2.01 and/or
in connection with an Underwritten Offering pursuant to Section 2.02(a), and
the disposition of such Registrable Securities, including, without limitation,
all registration, filing, securities exchange listing and New York Stock
Exchange fees, all registration, filing, qualification and other fees and
expenses of complying with securities or blue sky laws, fees of the Financial
Industry Regulatory Authority, fees of transfer agents and registrars, all word
processing, duplicating and printing expenses, any transfer taxes and the fees
and disbursements of counsel and independent public accountants for the
Partnership, including the expenses of any special audits or “cold comfort”
letters required by or incident to such performance and
compliance.  “Selling Expenses”
means underwriting fees, discounts and selling commissions allocable to the sale
of the Registrable Securities.

     

    Section
2.07    Indemnification.

     

    (a)           By the
Partnership.  In the event of a registration of any Registrable
Securities under the Securities Act pursuant to this Agreement, the Partnership
will indemnify and hold harmless each Selling Holder, its directors, officers,
employees and agents, and each underwriter, pursuant to the applicable
underwriting agreement with such underwriter, of Registrable Securities
thereunder and each Person, if any, who controls such Selling Holder within the
meaning of the Securities Act and the Exchange Act, and its directors, officers,
employees or agents, against any losses, claims, damages, expenses or
liabilities (including reasonable attorneys’ fees and expenses) (collectively,
“Losses”),
joint or several, to which such Selling Holder, director, officer, employee,
agent or underwriter or controlling Person may become subject under the
Securities Act, the Exchange Act or otherwise, insofar as such Losses (or
actions or proceedings, whether commenced or threatened, in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement
of any material fact (in the case of any prospectus, in light of the
circumstances under which such statement is made) contained in a Registration
Statement, any preliminary prospectus or prospectus supplement, free writing
prospectus or final prospectus or prospectus supplement contained therein, or
any amendment or supplement thereof, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein (in the case of a
prospectus, in light of the circumstances under which they were made) not
misleading, and will reimburse each such Selling Holder, its directors,
officers, employee and agents, each such underwriter and each such controlling
Person for any legal or other expenses reasonably incurred by them in connection
with investigating or defending any such Loss or actions or proceedings as such
expenses are incurred; provided, however, that the
Partnership will not be liable in any such case if and to the extent that any
such Loss arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission so made in conformity with information
furnished by such Selling Holder, its directors, officers, employees and agents
or any underwriter or such controlling Person in writing specifically for use in
a Registration Statement, or prospectus or any amendment or supplement
thereto, as applicable. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Selling Holder or
any such directors, officers, employees agents or any underwriter or controlling
Person, and shall survive the transfer of such securities by such Selling
Holder.

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    (b)           By Each Selling
Holder.  Each Selling Holder agrees severally and not jointly
to indemnify and hold harmless the Partnership, the General Partner, its
directors, officers, employees and agents and each Person, if any, who controls
the Partnership within the meaning of the Securities Act or of the Exchange Act,
and its directors, officers, employees and agents, to the same extent as the
foregoing indemnity from the Partnership to the Selling Holders, but only with
respect to information regarding such Selling Holder furnished in writing by or
on behalf of such Selling Holder expressly for inclusion in a Registration
Statement or prospectus supplement relating to the Registrable Securities, or
any amendment or supplement thereto; provided, however, that the
liability of each Selling Holder shall not be greater in amount than the dollar
amount of the proceeds (net of any Selling Expenses) received by such Selling
Holder from the sale of the Registrable Securities giving rise to such
indemnification.

     

    (c)           Notice.  Promptly
after receipt by an indemnified party hereunder of notice of the commencement of
any action, such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party hereunder, notify the indemnifying party in
writing thereof, but the omission so to notify the indemnifying party shall not
relieve it from any liability that it may have to any indemnified party under
this Section
2.07 to
the extent such failure has not prejudiced the indemnifying party.  In
any action brought against any indemnified party, it shall notify the
indemnifying party of the commencement thereof.  The indemnifying
party shall be entitled to participate in and, to the extent it shall wish, to
assume and undertake the defense thereof with counsel reasonably satisfactory to
such indemnified party and, after notice from the indemnifying party to such
indemnified party of its election so to assume and undertake the defense
thereof, the indemnifying party shall not be liable to such indemnified party
under this Section
2.07 for
any legal expenses subsequently incurred by such indemnified party in connection
with the defense thereof other than reasonable costs of investigation and of
liaison with counsel so selected; provided, however, that, (i)
if the indemnifying party has failed to assume the defense or employ counsel
reasonably acceptable to the indemnified party or (ii) if the defendants in any
such action include both the indemnified party and the indemnifying party and
counsel to the indemnified party shall have concluded that there may be
reasonable defenses available to the indemnified party that are different from
or additional to those available to the indemnifying party, or if the interests
of the indemnified party reasonably may be deemed to conflict with the interests
of the indemnifying party, then the indemnified party shall have the right to
select a separate counsel and to assume such legal defense and otherwise to
participate in the defense of such action, with the reasonable expenses and fees
of such separate counsel and other reasonable expenses related to such
participation to be reimbursed by the indemnifying party as
incurred.  Notwithstanding any other provision of this Agreement, no
indemnified party shall settle any action brought against it with respect to
which it is entitled to indemnification hereunder without the consent of the
indemnifying party, unless the settlement thereof imposes no liability or
obligation on, and includes a complete and unconditional release from all
liability of, the indemnifying party.

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    (d)           Contribution.  If
the indemnification provided for in this Section 2.07 is held by a court
or government agency of competent jurisdiction to be unavailable to any
indemnified party or is insufficient to hold them harmless in respect of any
Losses, then each such indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such
indemnified party as a result of such Loss in such proportion as is appropriate
to reflect the relative fault of the indemnifying party on the one hand and of
such indemnified party on the other in connection with the statements or
omissions that resulted in such Losses, as well as any other relevant equitable
considerations; provided,
however, that in no event shall such Selling Holder be required to
contribute an aggregate amount in excess of the dollar amount of proceeds (net
of Selling Expenses) received by such Selling Holder from the sale of
Registrable Securities giving rise to such indemnification.  The
relative fault of the indemnifying party on the one hand and the indemnified
party on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact has been made by, or
relates to, information supplied by such party, and the parties’ relative
intent, knowledge, access to information and opportunity to correct or prevent
such statement or omission.  The parties hereto agree that it would
not be just and equitable if contributions pursuant to this paragraph were to be
determined by pro rata allocation or by any other method of allocation that does
not take account of the equitable considerations referred to
herein.  The amount paid by an indemnified party as a result of the
Losses referred to in the first sentence of this paragraph shall be deemed to
include any legal and other expenses reasonably incurred by such indemnified
party in connection with investigating or defending any Loss that is the subject
of this paragraph. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any Person who is not guilty of such fraudulent
misrepresentation.

     

    (e)           Other
Indemnification.  The provisions of this Section 2.07 shall be in
addition to any other rights to indemnification or contribution that an
indemnified party may have pursuant to law, equity, contract or
otherwise.

     

    Section
2.08    Rule 144
Reporting.  With a view to making available the benefits of
certain rules and regulations of the Commission that may permit the sale of the
Registrable Securities to the public without registration, the Partnership
agrees to use its commercially reasonable efforts to:

     

    (a)           make
and keep public information regarding the Partnership available, as those terms
are understood and defined in Rule 144 under the Securities Act, at all times
from and after the date hereof;

     

    (b)           file
with the Commission in a timely manner all reports and other documents required
of the Partnership under the Exchange Act at all times from and after the date
hereof; and

     

    (c)           so
long as a Holder owns any Registrable Securities, furnish to such Holder
forthwith upon request a copy of the most recent annual or quarterly report of
the Partnership, and such other reports and documents so filed as such Holder
may reasonably request in availing itself of any rule or regulation of the
Commission allowing such Holder to sell any such securities without
registration.

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    Section
2.09     Transfer or Assignment of
Registration Rights.  The rights to cause the Partnership to
register Registrable Securities granted to the Purchaser by the Partnership
under this Article
II may be transferred or assigned by the Purchaser to one or more
transferee(s) or assignee(s) of such Registrable Securities (or Class B Units
prior to conversion); provided, however, that (a)
unless such transferee or assignee is an Affiliate of the Purchaser, each such
transferee or assignee holds Registrable Securities (or Class B Units prior to
conversion) representing at least 2,000,000 units of the then-outstanding
Registrable Securities or Class B Units, subject to adjustment pursuant to Section 3.04, (b) the
Partnership is given written notice prior to any said transfer or assignment,
stating the name and address of each such transferee and identifying the
securities with respect to which such registration rights are being transferred
or assigned, and (c) each such transferee assumes in writing responsibility for
its portion of the obligations of the Purchaser under this
Agreement.

     

    Section
2.10    Restrictions on Public Sale
by Holders of Registrable Securities.  Each Holder who, along
with its Affiliates, holds at least 2,000,000 units of the then-outstanding
Registrable Securities, subject to adjustment pursuant to Section 3.04, agrees
not to effect any public sale or distribution of the Registrable Securities
during the 30 calendar day period beginning on the date of a prospectus or
prospectus supplement filed with the Commission with respect to the pricing of
an Underwritten Offering, provided that (i) the duration of the foregoing
restrictions shall be no longer than the duration of the shortest restriction
generally imposed by the underwriters on the Partnership or the officers,
directors or any other unitholder of the Partnership on whom a restriction is
imposed and (ii) the restrictions set forth in this Section 2.10 shall
not apply to any Registrable Securities that are included in such Underwritten
Offering by such Holder.

     

    ARTICLE
III

     

    MISCELLANEOUS

     

    Section
3.01    Communications.  All
notices and other communications provided for or permitted hereunder shall be
made in writing by facsimile, electronic mail, courier service or personal
delivery:

     

    (a)           if
to the Purchaser:

     

    Boardwalk
Pipelines Holding Corp.

    9
Greenway Plaza, Suite 2800

    Houston,
TX 77046

    Attention:  Corporate
Secretary

    Facsimile:
(866) 459-7336

    

    with a
copy to:

    

    Loews
Corporation

    667
Madison Avenue

    New York,
NY 10065

    Attention:  Corporate
Secretary

    Facsimile:
(212) 521-2997

    

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        11

        
          

        

      

      
        
        

      

    

    (b)           if
to a transferee of the Purchaser, to such Holder at the address provided
pursuant to Section
2.09;
and

     

    (c)           if
to the Partnership:

     

    Boardwalk
Pipeline Partners, LP

    9
Greenway Plaza, Suite 2800

    Houston,
TX 77046

    Attention:  Corporate
Secretary

     

    Facsimile:
(866) 459-7336

     

    All such
notices and communications shall be deemed to have been received at the time
delivered by hand, if personally delivered; when receipt acknowledged, if sent
via facsimile or sent via Internet electronic mail; and when actually received,
if sent by courier service or any other means.

     

    Section
3.02    Successor and
Assigns.  This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties, including
subsequent Holders of Registrable Securities to the extent permitted
herein.

     

    Section
3.03    Assignment of
Rights.  All or any portion of the rights and obligations of
any Purchaser under this Agreement may be transferred or assigned by such
Purchaser in accordance with Section 2.09
hereof.

     

    Section
3.04    Recapitalization, Exchanges,
Etc. Affecting the Registrable
Securities.  The provisions of this Agreement shall apply to
the full extent set forth herein with respect to any and all units of the
Partnership or any successor or assign of the Partnership (whether by merger,
consolidation, sale of assets or otherwise) that may be issued in respect of, in
exchange for or in substitution of, the Registrable Securities, and shall be
appropriately adjusted for combinations, unit splits, recapitalizations, pro
rata distributions of units and the like occurring after the date of this
Agreement.

     

    Section
3.05    Specific
Performance.  Damages in the event of breach of this Agreement
by a party hereto may be difficult, if not impossible, to ascertain, and it is
therefore agreed that each such Person, in addition to and without limiting any
other remedy or right it may have, will have the right to an injunction or other
equitable relief in any court of competent jurisdiction, enjoining any such
breach, and enforcing specifically the terms and provisions hereof, and each of
the parties hereto hereby waives any and all defenses it may have on the ground
of lack of jurisdiction or competence of the court to grant such an injunction
or other equitable relief.  The existence of this right will not
preclude any such Person from pursuing any other rights and remedies at law or
in equity that such Person may have.

     

    Section
3.06     Counterparts.  This
Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which counterparts, when so executed
and delivered, shall be deemed to be an original and all of which counterparts,
taken together, shall constitute but one and the same Agreement.

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        12

        
          

        

      

      
        
        

      

    

    Section
3.07    Headings.  The
headings in this Agreement are for convenience of reference only and shall not
limit or otherwise affect the meaning hereof.

     

    Section
3.08    Governing Law. THIS AGREEMENT WILL BE CONSTRUED IN
ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW YORK.

     

    Section
3.09   Severability of
Provisions.  Any provision of this Agreement that is prohibited
or unenforceable in any jurisdiction shall, as to such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof or affecting or impairing the
validity or enforceability of such provision in any other
jurisdiction.

     

    Section
3.10   Scope of
Agreement.  The rights granted pursuant to this Agreement are
intended to supplement and not to reduce or replace any rights any Holders may
have under the Partnership Agreement with respect to the Registrable
Securities.  This Agreement is intended by the parties as a final
expression of their agreement and intended to be a complete and exclusive
statement of the agreement and understanding of the parties hereto in respect of
the subject matter contained herein. Except as provided in the Partnership
Agreement, there are no restrictions, promises, warranties or undertakings,
other than those set forth or referred to herein with respect to the rights
granted by the Partnership set forth herein.  Except as provided in
the Partnership Agreement, this Agreement and the June 2009 Purchase Agreement
supersede all prior agreements and understandings between the parties with
respect to such subject matter.

     

    Section
3.11   Amendment.  This
Agreement may be amended only by means of a written amendment signed by the
Partnership and the Holders of a majority of the then outstanding Registrable
Securities; provided,
however, that no such amendment shall materially and adversely affect the
rights of any Holder hereunder without the consent of such Holder.

     

    Section
3.12   No
Presumption.  If any claim is made by a party relating to any
conflict, omission, or ambiguity in this Agreement, no presumption or burden of
proof or persuasion shall be implied by virtue of the fact that this Agreement
was prepared by or at the request of a particular party or its
counsel.

     

    Section
3.13   Aggregation of Registrable
Securities.  All Registrable Securities held or acquired by
Persons who are Affiliates of one another shall be aggregated together for the
purpose of determining the availability of any rights under this
Agreement.

     

    Section 3.14   Obligations Limited to
Parties to Agreement.  Each of the Parties hereto covenants,
agrees and acknowledges that no Person other than the Partnership and the
Holders shall have any obligation hereunder and that, notwithstanding that one
or more of the Holders may be a corporation, partnership or limited liability
company, no recourse under this Agreement or under any documents or instruments
delivered in connection herewith or therewith shall be had against any former,
current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the Holders or any
former, current or future director, officer, employee, agent, general or limited
partner, manager, member, stockholder or Affiliate of any of the foregoing,
whether by the enforcement of any assessment or by any legal or equitable
proceeding, or by virtue of any applicable Law, it being expressly agreed and
acknowledged that no personal liability whatsoever shall attach to, be imposed
on or otherwise by incurred by any former, current or future director, officer,
employee, agent, general or limited partner, manager, member, stockholder or
Affiliate of any of the Holders or any former, current or future director,
officer, employee, agent, general or limited partner, manager, member,
stockholder or Affiliate of any of the foregoing, as such, for any obligations
of the Holders under this Agreement or any documents or instruments delivered in
connection herewith or therewith or for any claim based on, in respect of or by
reason of such obligation or its creation, except in each case for any assignee
of a Holder hereunder.

     

    
      
        Exhibit
A to Purchase Agreement

        
        

      

      
        13

        
          

        

      

      
        
        

      

    

    Section 3.15   Interpretation.  Article
and Section references are to Articles and Sections of this Agreement, unless
otherwise specified.  All references to instruments, documents,
contracts and agreements are references to such instruments, documents,
contracts and agreements as the same may be amended, supplemented and otherwise
modified from time to time, unless otherwise specified. The word “including”
shall mean “including but not limited to.” Whenever any determination, consent
or approval is to be made or given by a Holder under this Agreement, such action
shall be in such Holder’s sole discretion unless otherwise
specified.

     

    
      
        Exhibit
A to Purchase Agreement

         

      

      
        14

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