Document:

exv10w9

 

Exhibit 10.9

Restricted Unit Grant

under the

EPCO, Inc. 2006 TPP Long-Term Incentive Plan

	 	 	 
	Date of Grant:

	 	                                        
	 
	 	 
	Name of Grantee:

	 	                                        
	 
	 	 
	Number of Units Granted:

	 	                    
	 
	 	 
	Restricted Unit Grant Number:

	 	R06-                    

     EPCO, Inc. (the “Company”) is pleased to inform you that you have been granted the number of
Restricted Units set forth above under the EPCO, Inc. 2006 TPP Long-Term Incentive Plan (the
“Plan”). A Restricted Unit is a Unit of TEPPCO Partners, L.P. (the “Partnership”) that is subject
to the forfeiture and non-transferability provisions set forth below in this Agreement (the
“Restrictions”). The terms of the grant are as follows:

     1. The Restricted Units shall become fully vested, i.e., not restricted, on the earlier of (i)
the fourth anniversary of the Date of Grant set forth above (the “Vesting Date”) or (ii) a
Qualifying Termination (as defined below). In the event your employment with the Company and its
Affiliates is terminated prior to the Vesting Date for any reason other than as provided in Section
4 below, the Restricted Units shall automatically and immediately be forfeited and cancelled
without payment on the date of such termination of employment.

     2. The Restricted Units will be evidenced, at the sole option and in the sole discretion of
the Committee, either (i) in book-entry form in your name in the Unit register of the Partnership
maintained by the Partnership’s transfer agent or (ii) a unit certificate issued in your name.
You shall have voting rights and shall be entitled to receive all distributions made by the
Partnership on such Restricted Units free and clear of any Restrictions. If the Restricted Units
are evidenced by a certificate, the certificate shall bear the following legend:

     The Units evidenced by this certificate have been issued pursuant to an
agreement made as of                     , 200   , a copy of which is attached hereto and
incorporated herein, between the Company and the registered holder of the Units, and
are subject to forfeiture to the Company under certain circumstances described in
such agreement. The sale, assignment, pledge or other transfer of the shares of
Units evidenced by this certificate is prohibited under the terms and conditions of
such agreement, and such Units may not be sold, assigned, pledged or otherwise
transferred except as provided in such agreement.

     The Company may cause the certificate to be delivered upon issuance to the Secretary of the
Company as a depository for safekeeping until the forfeiture occurs or the Restrictions lapse
pursuant to the terms of this Agreement. Upon request of the Company, you shall deliver to the
Company a unit power, endorsed in blank, relating to the Restricted Units then subject to the
Restrictions. Upon the lapse of the Restrictions without forfeiture, the Company shall, upon your
request, cause a certificate or certificates to be issued without legend in your name evidencing
the Restricted Units.

     3. None of the Restricted Units are transferable (by operation of law or otherwise) by you,
other than by will or the laws of descent and distribution. If, in the event of your divorce,
legal separation or other dissolution of your marriage, your former spouse is awarded ownership of,
or an interest in, all or part of the Restricted Units granted hereby to you (the “Awarded Units”),
the Awarded Units shall automatically and immediately be forfeited and cancelled without payment on
such date.

     4. If your employment with the Company and its Affiliates is terminated (a “Qualifying
Termination”) due to your (i) death, (ii) being disabled and entitled to receive long-term
disability benefits under the Company’s long-term disability plan or (iii) retirement with the
approval of the Committee on or after reaching age 60, the Restricted Units shall automatically
vest in full upon such termination.

 

 

     5. In the event your employment with the Company and its Affiliates terminates for any reason
other than as provided in Section 4 above, your Restricted Units automatically shall be forfeited
without payment on such termination.

     6. Nothing in this Agreement or in the Plan shall confer any right on you to continue
employment with the Company or its Affiliates or restrict the Company or its Affiliates from
terminating your employment at any time. Employment with an Affiliate shall be deemed to be
employment with the Company for purposes of the Plan. Unless you have a separate written
employment agreement with the Company or an Affiliate, you are, and shall continue to be, an “at
will” employee.

     7. To the extent that the grant or vesting of a Restricted Unit results in the receipt of
compensation by you with respect to which the Company or an Affiliate has a tax withholding
obligation pursuant to applicable law, unless you make other arrangements that are acceptable to
the Company or such Affiliate, you must deliver to the Company or the Affiliate such amount of
money as the Company or the Affiliate may require to meet its tax withholding obligations under
such applicable law. No issuance of an unrestricted Unit shall be made pursuant to this Agreement
until you have paid or made arrangements approved by the Company or the Affiliate to satisfy in
full the applicable tax withholding requirements of the Company or Affiliate.

     8. Notwithstanding any other provision of this Agreement, the Company shall not be obligated
to deliver to you any unrestricted Units if counsel to the Company determines such delivery would
violate any law or regulation of any governmental authority or agreement between the Company or the
Partnership and any national securities exchange upon which the Units are listed or any policy of
the Company or any Affiliate of the Company.

     9. These Restricted Units are subject to the terms of the Plan, which is hereby incorporated
by reference as if set forth in its entirety herein, including, without limitation, the ability of
the Company, in its discretion, to amend your Restricted Unit award without your approval. In the
event of a conflict between the terms of this Agreement and the Plan, the Plan shall be the
controlling document. Capitalized terms that are used, but are not defined, in this Option grant
award have the respective meanings provided for in the Plan. The Plan, as in effect on the Date of
Grant, is attached hereto as Exhibit A.

	 	 	 	 	 
	 	EPCO, INC.

 	 
	 	By:  	 	 
	 	 	[Name, Title] 	 
	 	 	 	 
	 

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Exhibit A

EPCO, INC.

2006 TPP LONG-TERM INCENTIVE PLAN

     SECTION 1. Purpose of the Plan. The EPCO, Inc. 2006 TPP Long-Term Incentive Plan, as
established hereby (the “Plan”), is intended to promote the interests of EPCO, Inc., a Texas
corporation (the “Company”), TEPPCO Partners, L.P., a Delaware limited partnership (the
“Partnership”) and Texas Eastern Products Pipeline Company LLC, the general partner of the
Partnership (“General Partner”), by encouraging directors and employees of the Company and its
Affiliates who perform services for the Partnership, General Partner or their Affiliates to acquire
or increase their equity interests in the Partnership and to provide a means whereby they may
develop a sense of proprietorship and personal involvement in the development and financial success
of the Partnership, and to encourage them to remain with the Company and its Affiliates and to
devote their best efforts to the Company, the General Partner and the Partnership.

     SECTION 2. Definitions.

     As used in the Plan, the following terms shall have the meanings set forth below:

     “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.

     “Award” means an Option, Unit Appreciation Right, a Restricted Unit, a Phantom Unit or DER
granted under the Plan.

     “Board” means the Board of Directors of the Company.

     “Committee” means the Audit and Conflicts Committee of the Board of Directors of the General
Partner.

     “DER” means a contingent right to receive an amount of cash equal to all or a designated
portion (whether by formula or otherwise) of the cash distributions made by the Partnership with
respect to a Unit during a specified period.

     “Director” means a “non-employee director,” as defined in Rule 16b-3, of the General Partner.

     “Employee” means any employee of the Company or an Affiliate.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Fair Market Value” means the closing sales price of a Unit on the applicable date (or if
there is no trading in the Units on such date, on the next preceding date on which there was
trading) as reported in The Wall Street Journal (or other reporting service approved by the
Committee). In the event Units are not publicly traded at the time a determination of Fair Market
Value is required to be made hereunder, the determination of Fair Market Value shall be made in
good faith by the Committee.

     “Option” means an option to purchase Units granted under the Plan.

     “Participant” means any Employee or Director granted an Award under the Plan.

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

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     “Phantom Unit” means a notional or phantom unit granted under the Plan which upon vesting
entitles the holder to receive one Unit upon vesting.

     “Restricted Unit” means a Unit granted under the Plan that is subject to forfeiture provisions
and restrictions on its transferability.

     “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor
rule or regulation thereto as in effect from time to time.

     “SEC” means the Securities and Exchange Commission, or any successor thereto.

     “Unit” means Unit of the Partnership.

     “Unit Appreciation Right” or “UAR” means an Award that, upon exercise or vesting, as provided
in the Award agreement, entitles the holder to receive the excess, or such designated portion of
the excess not to exceed 100%, of the Fair Market Value of a Unit on the exercise or vesting date,
as the case may be, over the exercise or grant price established for such Unit Appreciation Right.
Such excess may be paid in cash and/or in Units as determined by the Committee in its discretion.

     SECTION 3. Administration. The Plan shall be administered by the Committee. A
majority of the Committee shall constitute a quorum, and the acts of the members of the Committee
who are present at any meeting thereof at which a quorum is present, or acts unanimously approved
by the members of the Committee in writing, shall be the acts of the Committee. Subject to the
terms of the Plan and applicable law, and in addition to other express powers and authorizations
conferred on the Committee by the Plan, the Committee shall have full power and authority to: (i)
designate Participants; (ii) determine the type or types of Awards to be granted to a Participant;
(iii) determine the number of Units to be covered by Awards; (iv) determine the terms and
conditions of any Award; (v) determine whether, to what extent, and under what circumstances Awards
may be settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any
instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend,
or waive such rules and regulations and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; and (viii) make any other determination and take any other
action that the Committee deems necessary or desirable for the administration of the Plan. Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and
other decisions under or with respect to the Plan or any Award shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive, and binding upon all
Persons, including the Company, the Partnership, any Affiliate, any Participant, and any
beneficiary thereof.

     SECTION 4. Units Available for Awards.

          (a) Units Available. Subject to adjustment as provided in Section 4(c), the number of
Units with respect to which Awards may be granted under the Plan is 5,000,000. To the extent an
Award is forfeited or otherwise terminates or is canceled without the delivery of Units, then the
Units covered by such Award, to the extent of such forfeiture, termination or cancellation, shall
again be Units with respect to which Awards may be granted. If any Award is exercised and less than
all of the Units covered by such Award are delivered in connection with such exercise, then the
Units covered by such Award which were not delivered upon such exercise shall again be Units with
respect to which Awards may be granted. Units withheld to satisfy tax withholding obligations of
the Company or an Affiliate shall not be considered to have been delivered under the Plan for this
purpose.

          (b) Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an
Award shall consist, in whole or in part, of Units acquired in the open market, from any Affiliate
(including, without limitation, the Partnership) or other Person, or any combination of the
foregoing, as determined by the Committee in its discretion. If, at the time of exercise by a
Participant of all or a portion of such Participant’s Award, the Company determines to acquire
Units in the open market and the Company is prohibited, under applicable law, or the rules and/or
regulations promulgated by the Securities and Exchange Committee or the New York Stock Exchange or
the policies of the Company or an Affiliate, from acquiring Units in the open market, delivery of
any Units to the

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Participant in connection with such Participant’s exercise of an Award may be delayed until
such reasonable time as the Company is entitled to acquire, and does acquire, Units in the open
market.

          (c) Adjustments. In the event the Committee determines that any distribution (whether
in the form of cash, Units, other securities, or other property), recapitalization, split, reverse
split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or
exchange of Units or other securities of the Partnership, issuance of warrants or other rights to
purchase Units or other securities of the Partnership, or other similar transaction or event
affects the Units such that an adjustment is determined by the Committee to be appropriate in order
to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust
any or all of (i) the number and type of Units (or other securities or property) with respect to
which Awards may be granted, (ii) the number and type of Units (or other securities or property)
subject to outstanding Awards, and (iii) the grant or exercise price with respect to any Award;
provided, that the number of Units subject to any Award shall always be a whole number.

     SECTION 5. Eligibility. Any Employee or Director who performs services for the
Partnership or the General Partner shall be eligible to be designated a Participant.

     SECTION 6. Awards.

          (a) Options. The Committee shall have the authority to determine the Employees and
Directors to whom Options shall be granted, the number of Units to be covered by each Option, the
exercise price therefor and the conditions and limitations applicable to the exercise of the
Option, including the following terms and conditions and such additional terms and conditions, as
the Committee shall determine, that are not inconsistent with the provisions or intent of the Plan.

     (i) Exercise Price. The purchase price per Unit purchasable under an
Option shall be determined by the Committee at the time the Option is granted, but
may not be less than 100% of the Fair Market Value per Unit as of the date of grant.

     (ii) Time and Method of Exercise. The Committee shall determine the
time or times at which an Option may be exercised in whole or in part, and the
method or methods by which any payment of the exercise price with respect thereto
may be made or deemed to have been made, which may include, without limitation,
cash, check acceptable to the Company, a “cashless-broker” exercise (through
procedures approved by the Company), other property or any combination thereof,
having a value on the exercise date equal to the relevant exercise price.

     (iii) Term. Each Option shall expire as provided in the grant
agreement for such Option.

          (b) Restricted Units. The Committee shall have the authority to determine the
Employees and Directors to whom Restricted Units shall be granted, the number of Restricted Units
to be granted to each such Participant, the period and the conditions under which the Restricted
Units may become vested or forfeited, which may include, without limitation, the accelerated
vesting upon the achievement of specified performance goals or other criteria, and such other terms
and conditions as the Committee may establish with respect to such Award, including whether any
distributions made by the Partnership with respect to the Restricted Units shall be subject to the
same forfeiture and other restrictions as the Restricted Unit. If distributions are so restricted,
such distributions shall be held by the Company, without interest, until the Restricted Unit vests
or is forfeited with the retained distributions then being paid or forfeited at the same time, as
the case may be. Absent such a restriction on distributions in the grant agreement, Partnership
distributions shall be paid currently to the holder of the Restricted Unit without restriction.

          (c) Phantom Units. The Committee shall have the authority to determine the Employees
and Directors to whom Phantom Units shall be granted, the number of Phantom Units to be granted to
each such Participant, the period during which the Award remains subject to forfeiture, the
conditions under which the

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Phantom Units may become vested or forfeited, and such other terms and conditions as the
Committee may establish with respect to such Award.

          (d) DERs. The Committee shall have the authority to determine the Employees and
Directors to whom DERs shall be granted, the number of DERs to be granted to each such Participant,
the period during which the Award remains subject to forfeiture, the limits, if any, or portion of
a DER that is payable, the conditions under which the DERs may become vested or forfeited, and such
other terms and conditions as the Committee may establish with respect to such Award.

          (e) UARs. The Committee shall have the authority to determine the Employees and
Directors to whom UARs shall be granted, the number of Units to be covered by each grant, the
exercise price therefor and the conditions and limitations applicable to the exercise of the UAR,
and such additional terms and conditions as the Committee may establish with respect to such Award.

          (f) General.

     (i) Awards May Be Granted Separately or Together. Awards may, in the
discretion of the Committee, be granted either alone or in addition to, in tandem
with, or in substitution for any other Award granted under the Plan or any award
granted under any other plan of the Company or any Affiliate. Awards granted in
addition to or in tandem with other Awards or awards granted under any other plan of
the Company or any Affiliate may be granted either at the same time as or at a
different time from the grant of such other Awards or awards.

     (ii) Limits on Transfer of Awards.

     (A) Each Option shall be exercisable only by the Participant during the
Participant’s lifetime, or by the person to whom the Participant’s rights
shall pass by will or the laws of descent and distribution.

     (B) No Award and no right under any such Award may be assigned,
alienated, pledged, attached, sold or otherwise transferred or encumbered by
a Participant otherwise than by will or by the laws of descent and
distribution and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable
against the Company or any Affiliate.

     (iii) Unit Certificates. All certificates for Units or other
securities of the Partnership delivered under the Plan pursuant to any Award or the
exercise thereof shall be subject to such stop transfer orders and other
restrictions as the Committee may deem advisable under the Plan or the rules,
regulations, and other requirements of the SEC, any stock exchange upon which such
Units or other securities are then listed, and any applicable federal or state laws,
and the Committee may cause a legend or legends to be put on any such certificates
to make appropriate reference to such restrictions.

     (iv) Consideration for Grants. Awards may be granted for no cash
consideration payable by a Participant or for such consideration payable by a
Participant as the Committee determines including, without limitation, services or
such minimal cash consideration as may be required by applicable law.

     (v) Delivery of Units or other Securities and Payment by Participant of
Consideration. No Units or other securities shall be delivered pursuant to any
Award until payment in full of any amount required to be paid pursuant to the Plan
or the applicable Award grant agreement (including, without limitation, any exercise
price or required tax withholding) is received by the Company. Such payment may be
made by such method or methods and in such form or forms as the Committee shall
determine, including, without limitation, cash, withholding of Units,
“cashless-broker” exercises with simultaneous sale, or any combination thereof;
provided

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that the combined value, as determined by the Committee, of all cash and cash
equivalents and the fair market value of any such property so tendered to, or
withheld by, the Company, as of the date of such tender, is at least equal to the
full amount required to be paid to the Company pursuant to the Plan or the
applicable Award agreement.

     SECTION 7. Amendment and Termination. Except to the extent prohibited by applicable
law and unless otherwise expressly provided in an Award agreement or in the Plan:

     (i) Amendments to the Plan. Except as required by applicable law or
the rules of the principal securities exchange on which the Units are traded and
subject to Section 7(ii) below, the Board or the Committee may amend, alter,
suspend, discontinue, or terminate the Plan without the consent of any partner,
Participant, other holder or beneficiary of an Award, or other Person.

     (ii) Amendments to Awards. The Committee may waive any conditions or
rights under, amend any terms of, or alter any Award theretofore granted, provided
no change, other than pursuant to Section 7(iii), in any Award shall materially
reduce the benefit to Participant without the consent of such Participant.

     (iii) Adjustment or Termination of Awards Upon the Occurrence of Certain
Events. The Committee is hereby authorized to make adjustments in the terms and
conditions of, and the criteria (if any) included in, Awards in recognition of
unusual or significant events (including, without limitation, the events described
in Section 4(c) of the Plan) affecting the Partnership or the financial statements
of the Partnership, of changes in applicable laws, regulations, or accounting
principles, or a change in control of the Company (as determined by its Board) or
the Partnership (as determined by the Committee), whenever the Committee determines
that such adjustments are appropriate in order to prevent dilution or enlargement of
the benefits or potential benefits intended to be made available under the Plan.
Such adjustments may include, without limitation, accelerating the exercisability of
an Award, accelerating the date on which the Award will terminate and/or canceling
Awards by the issuance or transfer of Units having a value equal to the Option’s
positive “spread.”

     SECTION 8. General Provisions.

          (a) No Rights to Awards. No Person shall have any claim to be granted any Award, and
there is no obligation for uniformity of treatment of Participants. The terms and conditions of
Awards need not be the same with respect to each recipient.

          (b) Termination of Employment. For purposes of the Plan, unless the Award agreement
provides to the contrary, a Participant shall not be deemed to have terminated employment with the
Company and its Affiliates or membership from the Board until such date as the Participant is no
longer either an Employee of the Company or an Affiliate or a Director, i.e., a change in status
from Employee to Director or Director to Employee shall not be a termination.

          (c) No Right to Employment. The grant of an Award shall not be construed as giving a
Participant the right to be retained in the employ of the Company or any Affiliate or to remain a
Director, as applicable. Further, the Company or an Affiliate may at any time dismiss a Participant
from employment, free from any liability or any claim under the Plan, unless otherwise expressly
provided in the Plan or in any Award agreement. Nothing in the Plan or any Award agreement shall
operate or be construed as constituting an employment agreement with any Participant and each
Participant shall be an “at will” employee, unless such Participant has entered into a separate
written employment agreement with the Company or an Affiliate.

          (d) Governing Law. The validity, construction, and effect of the Plan and any rules
and regulations relating to the Plan shall be determined in accordance with the laws of the State
of Delaware and applicable federal law, without giving effect to principles of conflicts of law.

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          (e) Severability. If any provision of the Plan or any Award is or becomes or is
deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award,
or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee, materially altering
the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction,
Person or Award and the remainder of the Plan and any such Award shall remain in full force and
effect.

          (f) Other Laws. The Committee may refuse to issue or transfer any Units or other
consideration under an Award if, in its sole discretion, it determines that the issuance or
transfer or such Units or such other consideration might violate any applicable law or regulation,
the rules of any securities exchange, or entitle the Partnership or an Affiliate to recover the
same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by a
Participant, other holder or beneficiary in connection with the exercise of such Award shall be
promptly refunded to the relevant Participant, holder or beneficiary.

          (g) No Trust Fund Created; Unsecured Creditors. Neither the Plan nor any Award shall
create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company or any Affiliate and a Participant or any other Person. To the extent that any
Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award,
such right shall be no greater than the right of any general unsecured creditor of the Company or
the Affiliate.

          (h) No Fractional Units. No fractional Units shall be issued or delivered pursuant to
the Plan or any Award, and any such fractional Units or any rights thereto shall be canceled,
terminated, or otherwise eliminated, without the payment of any consideration therefor.

          (i) Headings. Headings are given to the Sections and subsections of the Plan solely
as a convenience to facilitate reference. Such headings shall not be deemed in any way material or
relevant to the construction or interpretation of the Plan or any provision thereof.

          (j) Tax Withholding. The Company or any Affiliate is authorized to withhold from any
Award, from any payment due or transfer made under any Award or from any compensation or other
amount owing to a Participant the amount (in cash, Units or other property) of any applicable taxes
payable in respect of the grant of an Award, its exercise, the lapse of restrictions thereon, or
any payment or transfer under an Award or under the Plan and to take such other action as may be
necessary in the opinion of the Company or the Affiliate to satisfy its withholding obligations for
the payment of such taxes.

          (k) Facility Payment. Any amounts payable hereunder to any person under legal
disability or who, in the judgment of the Committee, is unable to properly manage his financial
affairs, may be paid to the legal representative of such person, or may be applied for the benefit
of such person in any manner which the Committee may select, and the Company and its Affiliates
shall be relieved of any further liability for payment of such amounts.

          (l) Participation by Affiliates. In making Awards to Employees employed by an
Affiliate of the Company, the Committee shall be acting on behalf of the Affiliate, and to the
extent the Partnership has an obligation to reimburse the Affiliate for compensation paid to
Employees for services rendered for the benefit of the Partnership, such payments or reimbursement
payments may be made by the Partnership directly to the Affiliate, and, if made to the Company,
shall be received by the Company as agent for the Affiliate.

     SECTION 9. Term of the Plan; Unitholder Approval. The Plan, as hereby amended and
restated, shall be effective on the date of its approval by the Unitholders of the Partnership and
shall continue until the earliest of (i) all available Units under the Plan have been paid to
Participants, (ii) the termination of the Plan by action of the Board or the Committee or (iii) the
10th anniversary of the date of the approval by the Unitholders of this Plan. However, unless
otherwise expressly provided in the Plan or in an applicable Award agreement, any Award granted
prior to such termination, and the authority of the Board or the Committee to amend, alter, adjust,
suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such
Award, shall extend beyond such termination date.

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     SECTION 10. Section 409A. Notwithstanding anything in this Plan to the contrary, if
any Plan provision or Award under the Plan would result in the imposition of an additional tax
under Code Section 409A and related regulations and United States Department of the Treasury
pronouncements (“Section 409A”), that Plan provision or Award will be reformed to the extent
practicable to avoid imposition of the applicable tax and no action taken to comply with Section
409A shall be deemed to adversely affect the Participant’s rights to an Award or require the
consent of the Participant.

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Exhibit 10.10

Phantom Unit Grant

For Directors of Texas Eastern Products Pipeline Company LLC

under the

EPCO, Inc. 2006 TPP Long-Term Incentive Plan

	 	 	 
	Date of Grant:

	 	                                        
	 
	 	 
	Name of Grantee:

	 	                                        
	 
	 	 
	Number of Units Granted:

	 	                                        
	 
	 	 
	Phantom Unit Grant Number:

	 	[P06-]___

     Texas Eastern Products Pipeline Company LLC (the “General Partner”) is pleased to inform you
that you have been granted the number of Phantom Units set forth above under the EPCO, Inc. 2006
TPP Long-Term Incentive Plan (the “Plan”). A Phantom Unit is a contractual right to receive a Unit
of TEPPCO Partners, L.P. (the “Partnership”) that is subject to the forfeiture and
non-transferability provisions set forth below in this Agreement. Upon the payment date specified
herein, the holder of the Phantom Unit is entitled to receive one Unit of the Partnership. The
terms of the grant are as follows:

     1. The Phantom Units shall become payable on the earlier of (i) the fourth anniversary of the
Date of Grant set forth above or (ii) the date on which you are no longer a director of the General
Partner or any Affiliate of the General Partner (the earlier of (i) or (ii) above is hereinafter
referred to as the “Payment Date”). For this purpose, transferring as Director from the General
Partner to an Affiliate, or vice versa, will not result in payment of the Phantom Units under (ii),
above.

     2. Until the Payment Date, you will not have any voting or any other rights with respect to
the underlying Units of the Partnership as a result of the grant of the Phantom Units, except for
the rights to receive DERs, as described in Section 3 below. Upon the Payment Date, a Unit will be
delivered to you with respect to each Phantom Unit, and the Unit will be evidenced, at the sole
option and in the sole discretion of the Committee, either (i) in book-entry form in your name in
the Unit register of the Partnership maintained by the Partnership’s transfer agent or (ii) a unit
certificate issued in your name.

     3. For the period beginning on the Date of Grant and ending upon the Payment Date, on each
date during such period that the Partnership makes a cash distribution with respect to the Units,
an unfunded bookkeeping account maintained by the General Partner will be credited with an amount
of cash equal to the product of (i) the cash distributions paid with respect to a Unit times (ii)
the number of Phantom Units subject to this grant (such payments are hereinafter referred to as the
“DERs”). Upon the Payment Date, amounts credited to you under the bookkeeping account for DERs
will be paid (without interest) to you in cash.

     4. None of the Phantom Units or DERs are transferable (by operation of law or otherwise) by
you, other than by will or the laws of descent and distribution. If, in the event of your divorce,
legal separation or other dissolution of your marriage, your former spouse is awarded ownership of,
or an interest in, all or part of the Phantom Units or DERs granted hereby to you (the “Awarded
Units”), the Awarded Units shall automatically and immediately be forfeited and cancelled without
payment on such date.

     5. Nothing in this Agreement or in the Plan shall confer any right on you to continue as a
director of the General Partner or its Affiliates or restrict the members of the General Partner
from not re-electing you as a director of the General Partner or its Affiliates at any time.

     6. To the extent that the grant or vesting of a Phantom Unit results in the receipt of
compensation by you with respect to which the General Partner or an Affiliate has a tax withholding
obligation pursuant to applicable law, unless you make other arrangements that are acceptable to
the General Partner or such Affiliate, you must deliver to the General Partner or the Affiliate
such amount of money as the General Partner or the Affiliate may

 

 

require to meet its tax withholding obligations under such applicable law. No issuance of a
Unit shall be made pursuant to this Agreement until you have paid or made arrangements approved by
the General Partner or the Affiliate to satisfy in full the applicable tax withholding requirements
of the General Partner or Affiliate.

     7. Notwithstanding any other provision of this Agreement, the General Partner shall not be
obligated to deliver to you any Units if counsel to the General Partner determines such delivery
would violate any law or regulation of any governmental authority or agreement between the General
Partner or the Partnership and any national securities exchange upon which the Units are listed or
any policy of the General Partner or any Affiliate of the Company.

     8. These Phantom Units and DERs are subject to the terms of the Plan, which is hereby
incorporated by reference as if set forth in its entirety herein, including, without limitation,
the ability of the Committee, in its discretion, to amend your Phantom Unit award without your
approval. In the event of a conflict between the terms of this Agreement and the Plan, the Plan
shall be the controlling document. Capitalized terms that are used, but are not defined, in this
Award have the respective meanings provided for in the Plan. The Plan, as in effect on the Date of
Grant, is attached hereto as Exhibit A.

	 	 	 	 	 
	 	TEXAS EASTERN PRODUCTS PIPELINE COMPANY LLC

 	 
	 	By:  	 	 
	 	 	[Name, Title] 	 
	 	 	 	 

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Exhibit A

EPCO, INC.

2006 TPP LONG-TERM INCENTIVE PLAN

1 Purpose of the Plan. The EPCO, Inc. 2006 TPP Long-Term Incentive Plan, as
established hereby (the “Plan”), is intended to promote the interests of EPCO, Inc., a Texas
corporation (the “Company”), TEPPCO Partners, L.P., a Delaware limited partnership (the
“Partnership”) and Texas Eastern Products Pipeline Company LLC, the general partner of the
Partnership (“General Partner”), by encouraging directors and employees of the Company and its
Affiliates who perform services for the Partnership, General Partner or their Affiliates to acquire
or increase their equity interests in the Partnership and to provide a means whereby they may
develop a sense of proprietorship and personal involvement in the development and financial success
of the Partnership, and to encourage them to remain with the Company and its Affiliates and to
devote their best efforts to the Company, the General Partner and the Partnership.

2 Definitions.

     As used in the Plan, the following terms shall have the meanings set forth below:

     “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.

     “Award” means an Option, Unit Appreciation Right, a Restricted Unit, a Phantom Unit or DER
granted under the Plan.

     “Board” means the Board of Directors of the Company.

     “Committee” means the Audit and Conflicts Committee of the Board of Directors of the General
Partner.

     “DER” means a contingent right to receive an amount of cash equal to all or a designated
portion (whether by formula or otherwise) of the cash distributions made by the Partnership with
respect to a Unit during a specified period.

     “Director” means a “non-employee director,” as defined in Rule 16b-3, of the General Partner.

     “Employee” means any employee of the Company or an Affiliate.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended.

     “Fair Market Value” means the closing sales price of a Unit on the applicable date (or if
there is no trading in the Units on such date, on the next preceding date on which there was
trading) as reported in The Wall Street Journal (or other reporting service approved by the
Committee). In the event Units are not publicly traded at the time a determination of Fair Market
Value is required to be made hereunder, the determination of Fair Market Value shall be made in
good faith by the Committee.

     “Option” means an option to purchase Units granted under the Plan.

     “Participant” means any Employee or Director granted an Award under the Plan.

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

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     “Phantom Unit” means a notional or phantom unit granted under the Plan which upon vesting
entitles the holder to receive one Unit upon vesting.

     “Restricted Unit” means a Unit granted under the Plan that is subject to forfeiture provisions
and restrictions on its transferability.

     “Rule 16b-3” means Rule 16b-3 promulgated by the SEC under the Exchange Act, or any successor
rule or regulation thereto as in effect from time to time.

     “SEC” means the Securities and Exchange Commission, or any successor thereto.

     “Unit” means a Unit of the Partnership.

     “Unit Appreciation Right” or “UAR” means an Award that, upon exercise or vesting, as provided
in the Award agreement, entitles the holder to receive the excess, or such designated portion of
the excess not to exceed 100%, of the Fair Market Value of a Unit on the exercise or vesting date,
as the case may be, over the exercise or grant price established for such Unit Appreciation Right.
Such excess may be paid in cash and/or in Units as determined by the Committee in its discretion.

3 Administration. The Plan shall be administered by the Committee. A majority of the
Committee shall constitute a quorum, and the acts of the members of the Committee who are present
at any meeting thereof at which a quorum is present, or acts unanimously approved by the members of
the Committee in writing, shall be the acts of the Committee. Subject to the terms of the Plan and
applicable law, and in addition to other express powers and authorizations conferred on the
Committee by the Plan, the Committee shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to a Participant; (iii)
determine the number of Units to be covered by Awards; (iv) determine the terms and conditions of
any Award; (v) determine whether, to what extent, and under what circumstances Awards may be
settled, exercised, canceled, or forfeited; (vi) interpret and administer the Plan and any
instrument or agreement relating to an Award made under the Plan; (vii) establish, amend, suspend,
or waive such rules and regulations and appoint such agents as it shall deem appropriate for the
proper administration of the Plan; and (viii) make any other determination and take any other
action that the Committee deems necessary or desirable for the administration of the Plan. Unless
otherwise expressly provided in the Plan, all designations, determinations, interpretations, and
other decisions under or with respect to the Plan or any Award shall be within the sole discretion
of the Committee, may be made at any time and shall be final, conclusive, and binding upon all
Persons, including the Company, the Partnership, any Affiliate, any Participant, and any
beneficiary thereof.

4 Units Available for Awards.

     4.1 Units Available. Subject to adjustment as provided in Section 4(c), the number of
Units with respect to which Awards may be granted under the Plan is 5,000,000. To the extent an
Award is forfeited or otherwise terminates or is canceled without the delivery of Units, then the
Units covered by such Award, to the extent of such forfeiture, termination or cancellation, shall
again be Units with respect to which Awards may be granted. If any Award is exercised and less than
all of the Units covered by such Award are delivered in connection with such exercise, then the
Units covered by such Award which were not delivered upon such exercise shall again be Units with
respect to which Awards may be granted. Units withheld to satisfy tax withholding obligations of
the Company or an Affiliate shall not be considered to have been delivered under the Plan for this
purpose.

     4.2 Sources of Units Deliverable Under Awards. Any Units delivered pursuant to an
Award shall consist, in whole or in part, of Units acquired in the open market, from any Affiliate
(including, without limitation, the Partnership) or other Person, or any combination of the
foregoing, as determined by the Committee in its discretion. If, at the time of exercise by a
Participant of all or a portion of such Participant’s Award, the Company determines to acquire
Units in the open market and the Company is prohibited, under applicable law, or the rules and/or
regulations promulgated by the Securities and Exchange Committee or the New York Stock Exchange or
the policies of the Company or an Affiliate, from acquiring Units in the open market, delivery of
any Units to the

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Participant in connection with such Participant’s exercise of an Award may be delayed until
such reasonable time as the Company is entitled to acquire, and does acquire, Units in the open
market.

     4.3 Adjustments. In the event the Committee determines that any distribution (whether
in the form of cash, Units, other securities, or other property), recapitalization, split, reverse
split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or
exchange of Units or other securities of the Partnership, issuance of warrants or other rights to
purchase Units or other securities of the Partnership, or other similar transaction or event
affects the Units such that an adjustment is determined by the Committee to be appropriate in order
to prevent dilution or enlargement of the benefits or potential benefits intended to be made
available under the Plan, then the Committee shall, in such manner as it may deem equitable, adjust
any or all of (i) the number and type of Units (or other securities or property) with respect to
which Awards may be granted, (ii) the number and type of Units (or other securities or property)
subject to outstanding Awards, and (iii) the grant or exercise price with respect to any Award;
provided, that the number of Units subject to any Award shall always be a whole number.

5 Eligibility. Any Employee or Director who performs services for the Partnership or
the General Partner shall be eligible to be designated a Participant.

6 Awards.

     6.1 Options. The Committee shall have the authority to determine the Employees and
Directors to whom Options shall be granted, the number of Units to be covered by each Option, the
exercise price therefor and the conditions and limitations applicable to the exercise of the
Option, including the following terms and conditions and such additional terms and conditions, as
the Committee shall determine, that are not inconsistent with the provisions or intent of the Plan.

          6.1.1 Exercise Price. The purchase price per Unit purchasable under an Option shall
be determined by the Committee at the time the Option is granted, but may not be less than 100% of
the Fair Market Value per Unit as of the date of grant.

          6.1.2 Time and Method of Exercise. The Committee shall determine the time or times at
which an Option may be exercised in whole or in part, and the method or methods by which any
payment of the exercise price with respect thereto may be made or deemed to have been made, which
may include, without limitation, cash, check acceptable to the Company, a “cashless-broker”
exercise (through procedures approved by the Company), other property or any combination thereof,
having a value on the exercise date equal to the relevant exercise price.

          6.1.3 Term. Each Option shall expire as provided in the grant agreement for such
Option.

     6.2 Restricted Units. The Committee shall have the authority to determine the
Employees and Directors to whom Restricted Units shall be granted, the number of Restricted Units
to be granted to each such Participant, the period and the conditions under which the Restricted
Units may become vested or forfeited, which may include, without limitation, the accelerated
vesting upon the achievement of specified performance goals or other criteria, and such other terms
and conditions as the Committee may establish with respect to such Award, including whether any
distributions made by the Partnership with respect to the Restricted Units shall be subject to the
same forfeiture and other restrictions as the Restricted Unit. If distributions are so restricted,
such distributions shall be held by the Company, without interest, until the Restricted Unit vests
or is forfeited with the retained distributions then being paid or forfeited at the same time, as
the case may be. Absent such a restriction on distributions in the grant agreement, Partnership
distributions shall be paid currently to the holder of the Restricted Unit without restriction.

     6.3 Phantom Units. The Committee shall have the authority to determine the Employees
and Directors to whom Phantom Units shall be granted, the number of Phantom Units to be granted to
each such Participant, the period during which the Award remains subject to forfeiture, the
conditions under which the Phantom Units may become vested or forfeited, and such other terms and
conditions as the Committee may establish with respect to such Award.

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     6.4 DERs. The Committee shall have the authority to determine the Employees and
Directors to whom DERs shall be granted, the number of DERs to be granted to each such Participant,
the period during which the Award remains subject to forfeiture, the limits, if any, or portion of
a DER that is payable, the conditions under which the DERs may become vested or forfeited, and such
other terms and conditions as the Committee may establish with respect to such Award.

     6.5 UARs. The Committee shall have the authority to determine the Employees and
Directors to whom UARs shall be granted, the number of Units to be covered by each grant, the
exercise price therefor and the conditions and limitations applicable to the exercise of the UAR,
and such additional terms and conditions as the Committee may establish with respect to such Award.

     6.6 General.

          6.6.1 Awards May Be Granted Separately or Together. Awards may, in the discretion of
the Committee, be granted either alone or in addition to, in tandem with, or in substitution for
any other Award granted under the Plan or any award granted under any other plan of the Company or
any Affiliate. Awards granted in addition to or in tandem with other Awards or awards granted under
any other plan of the Company or any Affiliate may be granted either at the same time as or at a
different time from the grant of such other Awards or awards.

          6.6.2 Limits on Transfer of Awards.

               6.6.2.1 Each Option shall be exercisable only by the Participant during the Participant’s
lifetime, or by the person to whom the Participant’s rights shall pass by will or the laws of
descent and distribution.

               6.6.2.2 No Award and no right under any such Award may be assigned, alienated, pledged,
attached, sold or otherwise transferred or encumbered by a Participant otherwise than by will or by
the laws of descent and distribution and any such purported assignment, alienation, pledge,
attachment, sale, transfer or encumbrance shall be void and unenforceable against the Company or
any Affiliate.

          6.6.3 Unit Certificates. All certificates for Units or other securities of the
Partnership delivered under the Plan pursuant to any Award or the exercise thereof shall be subject
to such stop transfer orders and other restrictions as the Committee may deem advisable under the
Plan or the rules, regulations, and other requirements of the SEC, any stock exchange upon which
such Units or other securities are then listed, and any applicable federal or state laws, and the
Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions.

          6.6.4 Consideration for Grants. Awards may be granted for no cash consideration
payable by a Participant or for such consideration payable by a Participant as the Committee
determines including, without limitation, services or such minimal cash consideration as may be
required by applicable law.

          6.6.5 Delivery of Units or other Securities and Payment by Participant of
Consideration. No Units or other securities shall be delivered pursuant to any Award until
payment in full of any amount required to be paid pursuant to the Plan or the applicable Award
grant agreement (including, without limitation, any exercise price or required tax withholding) is
received by the Company. Such payment may be made by such method or methods and in such form or
forms as the Committee shall determine, including, without limitation, cash, withholding of Units,
“cashless-broker” exercises with simultaneous sale, or any combination thereof; provided that the
combined value, as determined by the Committee, of all cash and cash equivalents and the fair
market value of any such property so tendered to, or withheld by, the Company, as of the date of
such tender, is at least equal to the full amount required to be paid to the Company pursuant to
the Plan or the applicable Award agreement.

7 Amendment and Termination. Except to the extent prohibited by applicable law and
unless otherwise expressly provided in an Award agreement or in the Plan:

          7.1.1 Amendments to the Plan. Except as required by applicable law or the rules of
the principal securities exchange on which the Units are traded and subject to Section 7(ii) below,
the Board or the

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Committee may amend, alter, suspend, discontinue, or terminate the Plan without the consent of
any partner, Participant, other holder or beneficiary of an Award, or other Person.

          7.1.2 Amendments to Awards. The Committee may waive any conditions or rights under,
amend any terms of, or alter any Award theretofore granted, provided no change, other than pursuant
to Section 7(iii), in any Award shall materially reduce the benefit to Participant without the
consent of such Participant.

          7.1.3 Adjustment or Termination of Awards Upon the Occurrence of Certain Events. The
Committee is hereby authorized to make adjustments in the terms and conditions of, and the criteria
(if any) included in, Awards in recognition of unusual or significant events (including, without
limitation, the events described in Section 4(c) of the Plan) affecting the Partnership or the
financial statements of the Partnership, of changes in applicable laws, regulations, or accounting
principles, or a change in control of the Company (as determined by its Board) or the Partnership
(as determined by the Committee), whenever the Committee determines that such adjustments are
appropriate in order to prevent dilution or enlargement of the benefits or potential benefits
intended to be made available under the Plan. Such adjustments may include, without limitation,
accelerating the exercisability of an Award, accelerating the date on which the Award will
terminate and/or canceling Awards by the issuance or transfer of Units having a value equal to the
Option’s positive “spread.”

8 General Provisions.

     8.1 No Rights to Awards. No Person shall have any claim to be granted any Award, and
there is no obligation for uniformity of treatment of Participants. The terms and conditions of
Awards need not be the same with respect to each recipient.

     8.2 Termination of Employment. For purposes of the Plan, unless the Award agreement
provides to the contrary, a Participant shall not be deemed to have terminated employment with the
Company and its Affiliates or membership from the Board until such date as the Participant is no
longer either an Employee of the Company or an Affiliate or a Director, i.e., a change in status
from Employee to Director or Director to Employee shall not be a termination.

     8.3 No Right to Employment. The grant of an Award shall not be construed as giving a
Participant the right to be retained in the employ of the Company or any Affiliate or to remain a
Director, as applicable. Further, the Company or an Affiliate may at any time dismiss a Participant
from employment, free from any liability or any claim under the Plan, unless otherwise expressly
provided in the Plan or in any Award agreement. Nothing in the Plan or any Award agreement shall
operate or be construed as constituting an employment agreement with any Participant and each
Participant shall be an “at will” employee, unless such Participant has entered into a separate
written employment agreement with the Company or an Affiliate.

     8.4 Governing Law. The validity, construction, and effect of the Plan and any rules
and regulations relating to the Plan shall be determined in accordance with the laws of the State
of Delaware and applicable federal law, without giving effect to principles of conflicts of law.

     8.5 Severability. If any provision of the Plan or any Award is or becomes or is
deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any Person or Award,
or would disqualify the Plan or any Award under any law deemed applicable by the Committee, such
provision shall be construed or deemed amended to conform to the applicable laws, or if it cannot
be construed or deemed amended without, in the determination of the Committee, materially altering
the intent of the Plan or the Award, such provision shall be stricken as to such jurisdiction,
Person or Award and the remainder of the Plan and any such Award shall remain in full force and
effect.

     8.6 Other Laws. The Committee may refuse to issue or transfer any Units or other
consideration under an Award if, in its sole discretion, it determines that the issuance or
transfer or such Units or such other consideration might violate any applicable law or regulation,
the rules of any securities exchange, or entitle the Partnership or an Affiliate to recover the
same under Section 16(b) of the Exchange Act, and any payment tendered

-7-

 

to the Company by a Participant, other holder or beneficiary in connection with the exercise
of such Award shall be promptly refunded to the relevant Participant, holder or beneficiary.

     8.7 No Trust Fund Created; Unsecured Creditors. Neither the Plan nor any Award shall
create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company or any Affiliate and a Participant or any other Person. To the extent that any
Person acquires a right to receive payments from the Company or any Affiliate pursuant to an Award,
such right shall be no greater than the right of any general unsecured creditor of the Company or
the Affiliate.

     8.8 No Fractional Units. No fractional Units shall be issued or delivered pursuant to
the Plan or any Award, and any such fractional Units or any rights thereto shall be canceled,
terminated, or otherwise eliminated, without the payment of any consideration therefor.

     8.9 Headings. Headings are given to the Sections and subsections of the Plan solely
as a convenience to facilitate reference. Such headings shall not be deemed in any way material or
relevant to the construction or interpretation of the Plan or any provision thereof.

     8.10 Tax Withholding. The Company or any Affiliate is authorized to withhold from any
Award, from any payment due or transfer made under any Award or from any compensation or other
amount owing to a Participant the amount (in cash, Units or other property) of any applicable taxes
payable in respect of the grant of an Award, its exercise, the lapse of restrictions thereon, or
any payment or transfer under an Award or under the Plan and to take such other action as may be
necessary in the opinion of the Company or the Affiliate to satisfy its withholding obligations for
the payment of such taxes.

     8.11 Facility Payment. Any amounts payable hereunder to any person under legal
disability or who, in the judgment of the Committee, is unable to properly manage his financial
affairs, may be paid to the legal representative of such person, or may be applied for the benefit
of such person in any manner which the Committee may select, and the Company and its Affiliates
shall be relieved of any further liability for payment of such amounts.

     8.12 Participation by Affiliates. In making Awards to Employees employed by an
Affiliate of the Company, the Committee shall be acting on behalf of the Affiliate, and to the
extent the Partnership has an obligation to reimburse the Affiliate for compensation paid to
Employees for services rendered for the benefit of the Partnership, such payments or reimbursement
payments may be made by the Partnership directly to the Affiliate, and, if made to the Company,
shall be received by the Company as agent for the Affiliate.

9 Term of the Plan; Unitholder Approval. The Plan, as hereby amended and restated,
shall be effective on the date of its approval by the Unitholders of the Partnership and shall
continue until the earliest of (i) all available Units under the Plan have been paid to
Participants, (ii) the termination of the Plan by action of the Board or the Committee or (iii) the
10th anniversary of the date of the approval by the Unitholders of this Plan. However, unless
otherwise expressly provided in the Plan or in an applicable Award agreement, any Award granted
prior to such termination, and the authority of the Board or the Committee to amend, alter, adjust,
suspend, discontinue, or terminate any such Award or to waive any conditions or rights under such
Award, shall extend beyond such termination date.

10 Section 409A. Notwithstanding anything in this Plan to the contrary, if any Plan
provision or Award under the Plan would result in the imposition of an additional tax under Code
Section 409A and related regulations and United States Department of the Treasury pronouncements
(“Section 409A”), that Plan provision or Award will be reformed to the extent practicable to avoid
imposition of the applicable tax and no action taken to comply with Section 409A shall be deemed to
adversely affect the Participant’s rights to an Award or require the consent of the Participant.

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