Document:

Omnibus Equity Incentive Plan

 Exhibit 10.1 
 Maxwell Technologies, Inc. 
 2005 Omnibus Equity Incentive Plan 
  

	 	1.	Purpose, History and Effective Date.  

 a. Purpose. The Maxwell Technologies, Inc. 2005 Omnibus Equity Incentive Plan has two complementary purposes: (i) to attract and retain outstanding individuals to serve as officers, employees, directors or consultants and
(ii) to increase stockholder value. The Plan will provide Participants incentives to increase stockholder value by offering the opportunity to acquire shares of the Company’s common stock or receive monetary payments based on the value of
such common stock on the potentially favorable terms that this Plan provides. 
 b. History. Prior to the
effective date of this Plan, the Company had in effect the 1995 Plan. Upon stockholder approval of this Plan, no new awards will be granted under the 1995 Plan. 
 c. Effective Date. This Plan will become effective, and Awards may be granted under this Plan, on and after the Effective
Date. This Plan will terminate as provided in Section 14. 
  

	 	2.	Definitions. Capitalized terms used in this Plan have the following meanings: 

 a. “1995 Plan” means the Amended and Restated Maxwell Technologies, Inc. 1995 Stock Option Plan. 
 b. “Affiliate” has the meaning ascribed to such term in Rule 12b-2 promulgated under the Exchange Act or any successor rule
or regulation thereto. 
 c. “Award” means a grant of Options, Stock Appreciation Rights, Performance Shares,
Performance Units, Restricted Stock, Restricted Stock Units or Dividend Equivalent Units. 
 d. “Award
Agreement” means a written agreement, contract, or other instrument or document evidencing the grant of an Award in such form as the Committee determines. 
 e. “Board” means the Board of Directors of the Company. 
 f. “Change of Control” means, subject to the provisions of this Section 2(f) the occurrence of any one of the
following events: 
 (i) the consummation of a merger or consolidation of the Company with or into another entity or any
other corporate reorganization, if more than fifty percent (50%) of the combined voting power of the continuing or surviving entity’s securities outstanding immediately after such merger, consolidation or other reorganization is owned by
Persons who were not stockholders of the Company immediately prior to such merger, consolidation or other reorganization; 
 (ii) the sale, transfer or other disposition of all or substantially all of the Company’s assets; 
 (iii) a change in the composition of the Board, as a result of which fewer than fifty percent (50%) of the incumbent directors are directors who either (A) had been directors of the Company on the date twenty-four
(24) months prior to the date of the event that may constitute a Change of Control (the “original directors”) or (B) were elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the
aggregate of the original directors who were still in office at the time of the election or nomination and the directors whose election or nomination was previously so approved; or 
 (iv) any transaction as a result of which any Person is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing at least fifty percent (50%) of the total voting power represented by the Company’s then outstanding voting securities. For purposes of this paragraph (iv), the term
“Person” shall exclude (A) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a Subsidiary and (B) a corporation owned directly or indirectly by the stockholders of the Company in
substantially the same proportions as their ownership of the common stock of the Company. 

 Notwithstanding anything to the contrary contained herein, the occurrence of any event listed in this
Section 2(f) shall not constitute a Change of Control unless and until the Committee makes an affirmative determination in writing that such occurrence constitutes a Change of Control for purposes of this Plan. In addition, a transaction shall
not constitute a Change of Control if its sole purpose is to change the state of the Company’s incorporation or to create a holding company that will be owned in substantially the same proportions by the persons who held the Company’s
securities immediately before such transaction. 
 g. “Code” means the Internal Revenue Code of 1986, as
amended. Any reference to a specific provision of the Code includes any successor provision and the regulations promulgated under such provision. 
 h. “Committee” means the Compensation Committee of the Board (or a successor committee with the same or similar authority). 
 i. “Company” means Maxwell Technologies, Inc., a Delaware corporation, or any successor thereto. 
 j. “Director” means a member of the Board, and “Non-Employee Director” means a Director who is not also an
employee of the Company or its Subsidiaries. 
 k. “Disability” has the meaning ascribed to the term in Code
Section 22(e)(3), as determined by the Committee. 
 l. “Disinterested Persons” means the non-employee
directors of the Company within the meaning of Rule 16b-3 as promulgated under the Exchange Act. 
 m. “Dividend
Equivalent Unit” means the right to receive a payment equal to the cash dividends paid with respect to a Share. 
 n. “Effective Date” means the date the Company’s stockholders approve this Plan. 
 o. “Exchange Act” means the Securities Exchange Act of 1934, as amended. Any reference to a specific provision of the Exchange Act includes any successor provision and the regulations and rules promulgated under such
provision. 
 p. “Fair Market Value” means, per Share on a particular date, (i) if the Stock is listed for
trading on The Nasdaq National Market, the last reported sales price on the date in question, or if no sales of Stock occur on the date in question, on the last preceding date on which there was a sale on The Nasdaq National Market; or (ii) if
the Stock is not listed or admitted to trading on The Nasdaq National Market, the last reported sales price on the date in question on the principal national securities exchange on which the Stock is listed or admitted to trading, or if no sales of
Stock occur on the date in question, on the last preceding date on which there was a sale on such exchange; or (iii) if the Stock is not listed or admitted to trading on any national securities exchange, the last reported sales price on the
date in question in the over-the-counter market, as reported by the National Association of Securities Dealers, Inc. Automated Quotations System or such other system then in use, or if no sales of Stock occur on the date in question, on the last
preceding date on which there was a sale; or (v) if on any such date the Stock is not quoted by any such organization, the last sales price on the date in question as furnished by a professional market making a market in the Stock selected by
the Board for the date in question, or if no sales of Stock occur on the date in question, on the last preceding date on which there was a sale; or (v) if on any such date no market maker is making a market in the Stock, the price as determined
in good faith by the Committee. 
 q. “Incentive Stock Option” means an Option that meets the requirements of
Code Section 422. 

 r. “Option” means the right to purchase Shares at a specified price during
a specified period of time. 
 s. “Participant” means an individual selected by the Committee to receive an
Award, and includes any individual who holds an Award after the death of the original recipient. 
 t. “Performance
Goals” means any goals the Committee establishes that relate to one or more of the following for such period as the Committee specifies: 
 (i) Revenue; 
 (ii) Earnings before interest, taxes, depreciation and amortization,
as adjusted (EBITDA as adjusted); 
 (iii) Income before income taxes and minority interests; 
 (iv) Operating income; 
 (v) Pre- or after-tax income; 
 (vi) Average accounts receivable; 
 (vii) Cash flow; 
 (viii) Cash flow per share; 
 (ix) Net earnings; 
 (x) Basic or diluted earnings per share; 
 (xi) Return on equity; 
 (xii) Return on assets; 
 (xiii) Return on capital; 
 (xiv) Growth in assets; 
 (xv) Economic value added; 
 (xvi) Share price performance; 
 (xvii) Total stockholder return; 
 (xviii) Improvement or attainment of expense levels; 
 (xix) Market share or market
penetration; 
 (xx) Business expansion, and/or acquisitions or divestitures; or 
 (xxi) With respect to Awards that the Committee determines will not be considered “performance-based compensation” under
Code Section 162(m), any other performance goals as determined by the Committee, provided that any such goal(s) are established in writing by the Committee no later than 90 days after the commencement of the period of service to which the goal
relates and while the achievement of such goal(s) is substantially uncertain. 
 The Committee may specify at the time an Award is made that the Performance
Goals are to be measured for an individual, the Company, for the Company on a consolidated basis, for any one or more Affiliates or divisions of the Company and/or for any other business unit or units of the Company, and/or that the Performance
Goals are to be measured either in absolute terms or relative to the performance of one or more comparable companies or an index covering multiple companies. 

 u. “Performance Shares” means the right to receive Shares to the extent
Performance Goals are achieved. 
 v. “Performance Units” means the right to receive a payment, based on a
number of units with a specified value, to the extent Performance Goals are achieved. 
 w. “Person” has the
meaning given in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 14(d) and 15(d) thereof. 
 x. “Plan” means this Maxwell Technologies, Inc. 2005 Omnibus Equity Incentive Plan, as may be amended from time to time. 
 y. “Restricted Stock” means Shares that are subject to a risk of forfeiture and/or restrictions on transfer, which may lapse upon the achievement or partial achievement of Performance Goals and/or upon
the completion of a period of service. 
 z. “Restricted Stock Unit” means the right to receive a payment which
right may vest upon the achievement or partial achievement of Performance Goals and/or upon the completion of a period of service, with each unit having a value equal to the Fair Market Value of one or more Shares, or the average of the Fair Market
Value of one or more Shares over such period as the Committee specifies. 
 aa. “Retirement” means, unless the
Committee determines otherwise in an Award Agreement, termination of employment from the Company and its Affiliates on or after age 65 with five (5) years of continuous service with the Company and its Affiliates. 
 bb. “Rule 16b-3” means Rule 16b-3 as promulgated by the United States Securities and Exchange Commission under the Exchange
Act. 
 cc. “Section 16 Participants” means Participants who are subject to the provisions of Section 16
of the Exchange Act. 
 dd. “Share” means a share of Stock. 
 ee. “Stock” means the common stock of the Company. 
 ff. “Stock Appreciation Right” or “SAR” means the right to receive a payment equal to the appreciation of the
Fair Market Value of a Share during a specified period of time. 
 gg. “Subsidiary” means any corporation
(other than the Company) in an unbroken chain of corporations beginning with the Company if each such corporation owns stock possessing fifty percent (50%) or more of the total combined voting power in one of the other corporations in the
chain. 
  

	 	3.	Administration. 

 a. Committee Administration. In addition to the authority specifically granted to the Committee in this Plan, the Committee has full discretionary authority to administer this Plan, including but not limited to the authority to
(i) interpret the provisions of this Plan, (ii) prescribe, amend and rescind rules and regulations relating to this Plan, (iii) correct any defect, supply any omission, or reconcile any inconsistency in the Plan, any Award or Award
Agreement in the manner and to the extent it deems desirable to carry this Plan, such Award or such Award Agreement into effect and (iv) make all other determinations necessary or advisable for the administration of this Plan. All decisions,
interpretations and other actions of the Committee shall be final and binding on all Participants and any other individual with a right under the Plan or under any Award. 
 b. Delegation to Other Committees or CEO. To the extent applicable law permits, the Board may delegate to another committee of the
Board, or the Committee may delegate to the Chief Executive Officer of the Company, any or all of the authority and responsibility of the Committee. 

 However, no such delegation is permitted with respect to Awards made to Section 16 Participants at
the time any such delegated authority or responsibility is exercised. The Board also may delegate to another committee of the Board consisting entirely of Non-Employee Directors any or all of the authority and responsibility of the Committee with
respect to individuals who are Section 16 Participants. If the Board or Committee has made such a delegation, then all references to the Committee in this Plan include such other committee or the Chief Executive Officer to the extent of such
delegation. 
 c. Indemnification. In addition to such other rights of indemnification as they may have as members
of the Board or the Committee, the members of the Board and the Committee shall be indemnified by the Company against all costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to which they or any of them
may be party by reason of any action taken or failure to act under or in connection with the Plan or any Award, and against all amounts paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by
the Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except a judgment based upon a finding of bad faith; provided that upon the institution of any such action, suit or proceeding a Committee or Board
member shall, in writing, give the Company notice thereof and an opportunity, at its own expense, to handle and defend the same before such Committee or Board member undertakes to handle and defend it on such member’s own behalf. 
 4. Eligibility. The Committee may designate any of the following as a Participant from time to time: any officer or other employee of the
Company or any of its Affiliates, an individual that the Company or an Affiliate has engaged to become an officer or other employee, a Director, or a consultant or advisor who provides bona fide services to the Company or an Affiliate as an
independent contractor. The Committee’s designation of a Participant in any year will not require the Committee to designate such person to receive an Award in any other year. 
 5. Types of Awards. Subject to the terms of this Plan, the Committee may grant any type of Award to any Participant it selects, but only
employees of the Company or a Subsidiary may receive grants of Incentive Stock Options. Awards may be granted alone or in addition to, in tandem with, or in substitution for any other Award (or any other award granted under another plan of the
Company or any Affiliate). Awards granted under the Plan shall be evidenced by an Award Agreement except to the extent the Committee provides otherwise. 
  

	 	6.	Shares Reserved under this Plan. 

 a. Plan Reserve. Subject to adjustment as provided in Section 16, an aggregate of one million seven hundred fifty thousand (1,750,000) Shares, plus the number of Shares described in Section 6(c), are reserved for
issuance under this Plan. The number of Shares reserved for issuance under this Plan shall be reduced only by the number of Shares delivered in payment or settlement of Awards. Notwithstanding the foregoing, the Company may issue only one million
seven hundred fifty thousand (1,750,000) Shares upon the exercise of Incentive Stock Options. 
 b. Replenishment
of Shares Under this Plan. If an Award lapses, expires, terminates or is cancelled without the issuance of Shares under the Award, or if Shares are forfeited under an Award, then the Shares subject to such Award may again be used for new Awards
under this Plan under Section 6(a), including issuance as Incentive Stock Options. If Shares are issued under any Award and the Company subsequently reacquires them pursuant to rights reserved upon the issuance of the Shares, or if previously
owned Shares are delivered to the Company in payment of the exercise price of an Award or the withholding taxes due as a result of the issuance or receipt of a payment or Shares under an Award, then such Shares may again be used for new Awards under
this Plan under Section 6(a), but such Shares may not be issued pursuant to Incentive Stock Options. 
 c. Addition of
Shares from Predecessor Plan. After the Effective Date, if any Shares subject to awards granted under the 1995 Plan would again become available for new grants under the terms of such plan, then those Shares will be available for the 

  

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purpose of granting Awards under this Plan, thereby increasing the number of Shares available for issuance under this Plan as determined under the first
sentence of Section 6(a). Any such Shares will not be available for future awards under the terms of the 1995 Plan after the Effective Date. 
 d. Participant Limitations. Subject to adjustment as provided in Section 16, with respect to Awards that are intended to qualify as “performance-based compensation” under Code
Section 162(m), no Participant may be granted Awards that could result in such Participant: 
 (i) receiving in any
calendar year Options for, and/or Stock Appreciation Rights with respect to, more than two hundred fifty thousand (250,000) Shares (reduced, in the initial calendar year in which this Plan is effective, by the number of options granted to a
Participant under the 1995 Plan in such year, if any), except that Options and/or Stock Appreciation Rights granted to a new employee in the calendar year in which his or her employment commences may not relate to more than five hundred thousand
(500,000) Shares; 
 (ii) receiving in any calendar year Awards of Restricted Stock and/or Restricted Stock Units
relating to more than two hundred fifty thousand (250,000) Shares; 
 (iii) receiving in any calendar year Awards of
Performance Shares, and/or Awards of Performance Units (the value of which is based on the Fair Market Value of a Share), for more than two hundred fifty thousand (250,000) Shares; or 
 (iv) receiving in any calendar year Awards of Performance Units (the value of which is not based on the Fair Market Value of a Share) that could result in a payment
of more than Two Hundred Fifty Thousand Dollars ($250,000). 
 With respect to Awards that are not intended to meet the requirements of performance-based
compensation under Code Section 162(m), the Committee may grant Awards in excess of the limits described in this subsection (d), but only if such discretion would not cause Awards that are intended to be performance-based compensation under
Code Section 162(m) from being treated as such. 
  

	 	7.	Options. 

 a. Discretionary
Grants. Except as provided in subsection (b) and subject to the terms of this Plan, the Committee will determine all terms and conditions of each Option, including but not limited to: 
 (i) Whether the Option is an Incentive Stock Option, or a “nonqualified stock option” which does not meet the requirements
of Code Section 422; provided that in the case of an Incentive Stock Option, if the aggregate Fair Market Value (determined at the time of grant) of the Shares with respect to which all Incentive Stock Options are first exercisable by the
Participant during any calendar year (under this Plan and under all other incentive stock option plans of the Company or any Affiliate that is required to be included under Code Section 422) exceeds $100,000, such Option automatically shall be
treated as a nonqualified stock option to the extent this limit is exceeded. 
 (ii) The number of Shares subject to the
Option. 
 (iii) The exercise price per Share, which may not be less than the Fair Market Value of a Share as determined
on the date of grant; provided that (i) no Incentive Stock Option shall be granted to any employee who, at the time the Option is granted, owns (directly or indirectly, within the meaning of Code Section 424(d)) more than ten percent of
the total combined voting power of all classes of stock of the Company or of any Subsidiary unless the exercise price is at least 110 percent of the Fair Market Value of a Share on the date of grant; and (ii) the exercise price may vary during
the term of the Option if the Committee determines that there should be adjustments to the exercise price relating to achievement of Performance Goals and/or to changes in an index or indices that the Committee determines is appropriate (but in no
event may the exercise price per Share be less than the Fair Market Value of a Share as determined on the date of grant). 
  

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 (iv) The terms and conditions of exercise, which may include a requirement that
exercise of the Option is conditioned upon achievement of one or more Performance Goals or may provide for an acceleration of the exercisability upon the Participant’s death, Disability or Retirement. 
 (v) The termination date, except that each Option must terminate no later than
the tenth (10th) anniversary of the date of grant, and each Incentive Stock Option granted to any employee who, at the time the Option is granted, owns (directly or indirectly, within the meaning of Code Section 424(d)) more than ten
percent (10%) of the total combined voting power of all classes of stock of the Company or of any Subsidiary must terminate no later than the fifth (5th) anniversary of the date of grant. Notwithstanding the foregoing, the Committee may extend the term of an Option for up to six (6) months beyond the tenth (10th) anniversary of the date of grant in the event a Participant dies prior to the Option’s termination date.

 (vi) The exercise period following a Participant’s termination of employment or service. 
 In all other respects, the terms of any Incentive Stock Option should comply with the provisions of Code Section 422 except to the extent the Committee determines
otherwise. 
 8. Stock Appreciation Rights. Subject to the terms of this Plan, the Committee will determine all terms and
conditions of each SAR, including but not limited to: 
 a. Whether the SAR is granted independently of an Option or
relates to an Option; provided that if an SAR is granted in relation to an Option, then unless otherwise determined by the Committee, the SAR shall be exercisable or shall mature at the same time or times, on the same conditions and to the extent
and in the proportion, that the related Option is exercisable and may be exercised or mature for all or part of the Shares subject to the related Option. Upon exercise of any number of SARs, the number of Shares subject to the related Option shall
be reduced accordingly and such Option may not be exercised with respect to that number of Shares. The exercise of any number of Options that relate to an SAR shall likewise result in an equivalent reduction in the number of Shares covered by the
related SAR. 
 b. The number of Shares to which the SAR relates. 
 c. The grant price, provided that the grant price shall not be less than the Fair Market Value of the Shares subject to the SAR as
determined on the date of grant. 
 d. The terms and conditions of exercise or maturity, which may include a provision
that accelerates the exercisability of the SAR upon the Participant’s death, Disability or Retirement. Notwithstanding the foregoing, unless the Committee determines otherwise in the Award Agreement, if on the date when the SAR expires or
otherwise terminates, the grant price for the SAR is less than the Fair Market Value of a Share, then the unexercised portion of the SAR that was exercisable immediately prior to such date shall automatically be deemed exercised. 
 e. The term, provided that an SAR must terminate no later than 10 years after
the date of grant. Notwithstanding the foregoing, the Committee may extend the term of an SAR for up to six (6) months beyond the tenth (10th) anniversary of the date of grant in the event a Participant dies prior to the SAR’s termination date. 
 f. Whether the SAR will be settled in cash, Shares or a combination thereof. 
 9. Performance Awards. Subject to the terms of this Plan, the Committee will determine all terms and conditions of each award of Performance
Shares or Performance Units, including but not limited to: 
 a. The number of Shares and/or units to which such Award
relates, and with respect to Performance Units, whether the value of each unit will be based on the Fair Market Value of one or more Shares, the average of the Fair Market Value of one or more Shares over such period as the Committee specifies, or
such other value as the Committee specifies in the Award Agreement. 
  

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 b. One or more Performance Goals that must be achieved during such period as the
Committee specifies in order for the Participant to realize the benefit of such Award. 
 c. Whether all or a portion of
the Performance Goals subject to an Award are deemed achieved upon a Participant’s death, Disability or Retirement. 
 d. With respect to Performance Units, whether to settle such Award in cash, Shares, or a combination of cash and Shares. 
 10. Restricted Stock and Restricted Stock Unit Awards. Subject to the terms of this Plan, the Committee will determine all terms and conditions of each award of Restricted Stock or Restricted Stock Units, including but not
limited to: 
 a. The number of Shares and/or units to which such Award relates. 
 b. The period of time over which the restrictions imposed on Restricted Stock will lapse and the vesting of Restricted Stock Units
will occur, and whether, as a condition for the Participant to realize all or a portion of the benefit provided under the Award, one or more Performance Goals must be achieved during such period as the Committee specifies; provided that, subject to
the provisions of Section 10(c), an Award that is subject to the achievement of Performance Goals must have a restriction or vesting period of at least one year, and an Award that is not subject to Performance Goals must have a restriction or
vesting period of at least three years. Notwithstanding the foregoing, if the Committee determines in its sole discretion that an Award of Restricted Stock or Restricted Stock Units is granted to a Participant in lieu of cash compensation (including
without limitation bonus cash compensation), the Committee may impose such restriction or vesting period on such Award as it determines. 
 c. Whether all or any portion of the restrictions or vesting schedule imposed on the Award will lapse or be accelerated upon a Participant’s death, Disability or Retirement. 
 d. With respect to Restricted Stock Units, whether to settle such Awards in cash, Shares, or a combination of cash and Shares.

 e. With respect to Restricted Stock, the manner of registration of certificates for such Shares, and whether to hold
such Shares in escrow pending lapse of the restrictions or to issue such Shares with an appropriate legend referring to such restrictions. 
 f. Whether dividends paid with respect to an Award of Restricted Stock will be immediately paid or held in escrow or otherwise deferred and whether such dividends shall be subject to the same terms and conditions
as the Award to which they relate. 
 11. Dividend Equivalent Units. Subject to the terms and conditions of this Plan, the
Committee will determine all terms and conditions of each award of Dividend Equivalent Units, including but not limited to whether such Award will be granted in tandem with another Award, and the form, timing and conditions of payment. 

12. Payment of Directors’ Fees in Options. Subject to such restrictions as may be imposed by the Board, a Director may elect to
receive all or any portion of his or her annual cash retainer payment from the Company in the form of Options. The number of Options granted as a result of such election shall be determined by multiplying the amount of foregone cash compensation by
four (4), and dividing such product by the Fair Market Value of a Share on the date the cash compensation would have otherwise been paid to the Director. Such Options shall be issued under and subject to the terms of this Plan. An election under
this Section 12 shall be filed with the Company on such form and in such manner as the Board determines. 
  

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 13. Transferability. Awards are not transferable other than by will or the laws of descent
and distribution, unless and to the extent the Committee allows a Participant to: (a) designate in writing a beneficiary to exercise the Award after the Participant’s death; or (b) transfer an Award. 
 14. Termination and Amendment of Plan; Amendment, Modification or Cancellation of Awards. 
 a. Term of Plan. This Plan will terminate on the tenth anniversary of the Effective Date unless the Board or Committee earlier
terminates this Plan pursuant to Section 14(b). 
 b. Termination and Amendment. The Board or the Committee
may amend, suspend or terminate this Plan at any time, subject to the following limitations: 
 (i) the Board must approve any
amendment, suspension or termination of this Plan to the extent the Company determines such approval is required by: (A) action of the Board, (B) applicable corporate law, (C) the listing requirements of any principal securities
exchange or market on which the Shares are then traded, or (D) any other applicable law; 
 (ii) stockholders must
approve any amendment of this Plan to the extent the Company determines such approval is required by: (A) Section 16 of the Exchange Act, (B) the Code, (C) the listing requirements of any principal securities exchange or market
on which the Shares are then traded, or (D) any other applicable law; and 
 (iii) stockholders must approve any of the
following Plan amendments: (A) an amendment to materially increase any number of Shares specified in Section 6(a) or 6(d) (except as permitted by Section 16); or (B) an amendment to the provisions of Section 14(e).

 c. Amendment, Modification or Cancellation of Awards. Except as provided in Section 14(e) and subject to
the requirements of this Plan, the Committee may modify or amend any Award or waive any restrictions or conditions applicable to any Award or the exercise of the Award, and the terms and conditions applicable to any Awards may at any time be
amended, modified or canceled by mutual agreement between the Committee and the Participant, so long as any amendment or modification does not increase the number of Shares issuable under this Plan (except as permitted by Section 16), but the
Committee need not obtain Participant (or other interested party) consent for the cancellation of an Award pursuant to the provisions of Section 16(a) or the modification of an Award to the extent deemed necessary to comply with any applicable
law or the listing requirements of any principal securities exchange or market on which the Shares are then traded, or to preserve favorable accounting treatment of any Award for the Company. 
 d. Survival of Authority and Awards. Notwithstanding the foregoing, the authority of the Board and the Committee under this
Section 14 will extend beyond the date of this Plan’s termination. In addition, termination of this Plan will not affect the rights of Participants with respect to Awards previously granted to them, and all unexpired Awards will continue
in force and effect after termination of this Plan except as they may lapse or be terminated by their own terms and conditions. 
 e. Repricing Prohibited. Notwithstanding anything in this Plan to the contrary, and except for the adjustments provided in Section 16, neither the Committee nor any other person may decrease the exercise price for any
outstanding Option after the date of grant nor cancel or allow a Participant to surrender an outstanding Option to the Company as consideration for the grant of a new Option with a lower exercise price or the grant of another type of Award the
effect of which is to reduce the exercise price of any outstanding Option. 
 f. Foreign Participation. To assure the
viability of Awards granted to Participants employed in foreign countries, the Committee may provide for such special terms as it may consider necessary or appropriate to accommodate differences in local law, tax policy or custom. Moreover, the
Committee may approve such supplements to, or amendments, restatements or 

 
alternative versions of, this Plan as it determines is necessary or appropriate for such purposes. Any such amendment, restatement or alternative versions
that the Committee approves for purposes of using this Plan in a foreign country will not affect the terms of this Plan for any other country. In addition, all such supplements, amendments, restatements or alternative versions must comply with the
provisions of Section 14(b)(ii). 
  

	 	15	Taxes.  

 a. Withholding Right. The Company is entitled to withhold the amount of any tax attributable to any amount payable or Shares deliverable under this Plan after giving the person entitled to receive such amount or Shares notice as
far in advance as practicable, and the Company may defer making payment or delivery if any such tax may be pending unless and until indemnified to its satisfaction. 
 b. Use of Shares to Satisfy Tax Withholding. The Committee may permit a Participant to satisfy all or a portion of the
federal, state and local withholding tax obligations arising in connection with an Award by electing to (i) have the Company withhold Shares otherwise issuable under the Award, (ii) tender back Shares received in connection with such Award
or (iii) deliver other previously owned Shares, in each case having a Fair Market Value equal to the amount to be withheld. However, the amount to be withheld may not exceed the total minimum federal, state and local tax withholding obligations
associated with the transaction to the extent required to avoid an expense on the Company’s financial statements. The election must be made on or before the date as of which the amount of tax to be withheld is determined and otherwise as the
Committee requires. 
  

	 	16.	Adjustment Provisions; Change of Control. 

 a. Adjustment of Shares. If the Committee determines that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares or other securities of the Company, issuance of warrants or other rights to purchase Shares or other securities of the Company, or other
similar corporate transaction or event affects the Shares such that the Committee determines an adjustment to be appropriate to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under this Plan,
then, subject to Participants’ rights under Section 16(c), the Committee may, in such manner as it may deem equitable, adjust any or all of (i) the number and type of Shares subject to this Plan (including the number and type of
Shares described in Sections 6(a) and 6(d)), and which may after the event be made the subject of Awards under this Plan, (ii) the number and type of Shares subject to outstanding Awards, and (iii) the grant, purchase, or exercise price
with respect to any Award. In any such case, the Committee may also (or in lieu of the foregoing) make provision for a cash payment to the holder of an outstanding Award in exchange for the cancellation of all or a portion of the Award (without the
consent of the holder of an Award) in an amount determined by the Committee effective at such time as the Committee specifies (which may be the time such transaction or event is effective), but if such transaction or event constitutes a Change of
Control, then (A) such payment shall be at least as favorable to the holder as the amount the holder could have received in respect of such Award under Section 16(c) and (B) from and after the Change of Control, the Committee may make
such a provision only if the Committee determines that doing so is necessary to substitute, for each Share then subject to an Award, the number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or
will be entitled in respect of each Share pursuant to the transaction or event in accordance with the last sentence of this subsection (a). However, in each case, with respect to Awards of Incentive Stock Options, no such adjustment may be
authorized to the extent that such authority would cause this Plan to violate Code Section 422(b). Further, the number of Shares subject to any Award payable or denominated in Shares must always be a whole number. Without limitation, subject to
Participants’ rights under Section 16(c), in the event of any reorganization, merger, consolidation, combination or other similar corporate transaction or event, whether or not constituting a Change of Control (other than any such
transaction in which the Company is the continuing corporation and in which the outstanding Stock is not being converted into or exchanged for different securities, cash or other property, or any combination thereof), the Committee may substitute,
on an equitable basis as the Committee determines, for 

 
each Share then subject to an Award, the number and kind of shares of stock, other securities, cash or other property to which holders of Stock are or will
be entitled in respect of each Share pursuant to the transaction. 
 b. Issuance or Assumption. Notwithstanding
any other provision of this Plan, and without affecting the number of Shares otherwise reserved or available under this Plan, in connection with any merger, consolidation, acquisition of property or stock, or reorganization, the Committee may
authorize the issuance or assumption of awards under this Plan upon such terms and conditions as it may deem appropriate. 
 c. Change of Control. 
 (i) The Committee may specify, either in an Award Agreement or at the time
of a Change of Control, whether an outstanding Award shall become vested and/or payable, in whole or part, as a result of the Change of Control. 
 (ii) If, in connection with the Change of Control, the Options and SARs issued under the Plan are not assumed, or if substitute Options and SARs are not issued, or if the assumed or substituted awards fail to
contain similar terms and conditions as the Award prior to the Change of Control or fail to preserve, to the extent applicable, the benefit to be provided to the Participant as of the date of the Change of Control, including but not limited to the
right of the Participant to receive shares upon exercise of the Option or SAR that are registered for sale to the public pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission, then each holder of an
Option or SAR that is outstanding as of the date of the Change of Control shall have the right, exercisable by written notice to the Company (or its successor in the Change of Control transaction) within 30 days after the Change of Control (but not
beyond the Option’s or SAR’s expiration date), to receive, in exchange for the surrender of the Option or SAR, an amount of cash equal to the excess of the greater of the Fair Market Value of the Shares determined on the Change of Control
date or the Fair Market Value of the Shares on the date of surrender covered by the Option or SAR (to the extent vested and not yet exercised) that is so surrendered over the purchase or grant price of such Shares under the Award. If the Committee
so determines prior to the Change of Control, any such Option or SAR that is not exercised or surrendered prior to the end of such 30-day period will be cancelled. 
 (iii) If, in connection with the Change of Control, the Shares issued to a Participant as a result of the accelerated vesting or
payment of a Restricted Stock Award, Performance Share Award, Restricted Stock Unit Award, Performance Unit Award or Dividend Equivalent Award under this subsection (c) are not registered for sale to the public pursuant to an effective
registration statement filed with the U.S. Securities and Exchange Commission, then each holder of such Shares shall have the right, exercisable by written notice to the Company (or its successor in the Change of Control transaction) within 30 days
after the Change of Control, to receive, in exchange for the surrender of such Shares an amount of cash equal to the greater of the Fair Market Value of a Share on the Change of Control date or the Fair Market Value of such Share on the date of
surrender. 
 d. Parachute Payment Limitation. 
 (i) Scope of Limitation. This Section 16(d) shall apply to an Award only if: 
 (A) the independent auditors most recently selected by the Board (the “Auditors”) determine that the after-tax value of such
Award to the Participant, taking into account the effect of all federal, state and local income taxes, employment taxes and excise taxes applicable to the Participant (including the excise tax under Code Section 4999), will be greater after the
application of this Section 16(d) than it was before the application of this Section 16(d); or 

 (B) the Committee, at the time of making an Award under the Plan or at any time
thereafter, specifies in writing that such Award shall be subject to this Section 16(d) (regardless of the after-tax value of such Award to the Participant). 
 If this Section 16(d) applies to an Award, it shall supersede any contrary provision of the Plan or of any Award granted under the Plan. 
 (ii) Basic Rule. Except as may be set forth in a written agreement by and between the Company and the holder of an Award, in
the event that the Auditors determine that any payment or transfer by the Company under the Plan to or for the benefit of a Participant (a “Payment”) would be nondeductible by the Company for federal income tax purposes because of the
provisions concerning “excess parachute payments” in Code Section 280G, then the aggregate present value of all Payments shall be reduced (but not below zero) to the Reduced Amount. For purposes of this Section 16(d), the
“Reduced Amount” shall be the amount, expressed as a present value, which maximizes the aggregate present value of the Payments without causing any Payment to be nondeductible by the Company because of Code Section 280G. 

(iii) Reduction of Payments. If the Auditors determine that any Payment would be nondeductible by the Company because of
Code Section 280G, then the Company shall promptly give the Participant notice to that effect and a copy of the detailed calculation thereof and of the Reduced Amount, and the Participant may then elect, in his or her sole discretion, which and
how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate present value of the Payments equals the Reduced Amount) and shall advise the Company in writing of his or her election within ten (10) days
of receipt of notice. If no such election is made by the Participant within such ten (10) day period, then the Company may elect which and how much of the Payments shall be eliminated or reduced (as long as after such election the aggregate
present value of the Payments equals the Reduced Amount) and shall notify the Participant promptly of such election. For purposes of this Section 16(d), present value shall be determined in accordance with Code Section 280G(d)(4). All
determinations made by the Auditors under this Section 16(d) shall be binding upon the Company and the Participant and shall be made within sixty (60) days of the date when a Payment becomes payable or transferable. As promptly as
practicable following such determination and the elections hereunder, the Company shall pay or transfer to or for the benefit of the Participant such amounts as are then due to him or her under the Plan and shall promptly pay or transfer to or for
the benefit of the Participant in the future such amounts as become due to him or her under the Plan. 
 (iv) Overpayments and Underpayments. As a result of uncertainty in the application of Code Section 280G at the time of an initial determination by the Auditors hereunder, it is possible that Payments will have been made by
the Company that should not have been made (an “Overpayment”) or that additional Payments that will not have been made by the Company could have been made (an “Underpayment”), consistent in each case with the calculation of the
Reduced Amount hereunder. In the event that the Auditors, based upon the assertion of a deficiency by the Internal Revenue Service against the Company or the Participant that the Auditors believe has a high probability of success, determine that an
Overpayment has been made, such Overpayment shall be treated for all purposes as a loan to the Participant which he or she shall repay to the Company, together with interest at the applicable federal rate provided in Code Section 7872(f)(2);
provided, however, that no amount shall be payable by the Participant to the Company if and to the extent that such payment would not reduce the amount subject to taxation under Code Section 4999. In the event that the Auditors determine that
an Underpayment has occurred, such Underpayment shall promptly be paid or transferred by the Company to or for the benefit of the Participant, together with interest at the applicable federal rate provided in Code Section 7872(f)(2).

 (v) Related Corporations. For purposes of this Section 16(d), the term
“Company” shall include affiliated corporations to the extent determined by the Auditors in accordance with Code Section 280G(d)(5). 
  

	 	17.	Miscellaneous. 

 a. Other
Terms and Conditions. The grant of any Award may also be subject to other provisions (whether or not applicable to the Award granted to any other Participant) as the Committee determines appropriate, including, without limitation, provisions
for: 
 (i) one or more means to enable Participants to defer the delivery of Shares or recognition of taxable income
relating to Awards or cash payments derived from the Awards on such terms and conditions as the Committee determines, including, by way of example, the form and manner of the deferral election, the treatment of dividends paid on the Shares during
the deferral period or a means for providing a return to a Participant on amounts deferred, and the permitted distribution dates or events (provided that if Shares would have otherwise been issued under an Award but for the deferral described in
this paragraph, then such Shares shall be treated as if they were issued for purposes of Sections 6(a)); 
 (ii) the
payment of the purchase price of Options by delivery of cash or other Shares or other securities of the Company (including by attestation) having a then Fair Market Value equal to the purchase price of such Shares, or by delivery (including by fax)
to the Company or its designated agent of an executed irrevocable option exercise form together with irrevocable instructions to a broker-dealer to sell or margin a sufficient portion of the Shares and deliver the sale or margin loan proceeds
directly to the Company to pay for the exercise price; 
 (iii) conditioning the grant or benefit of an Award on the
Participant’s agreement to comply with covenants not to compete, not to solicit employees and customers and not to disclose confidential information that may be effective during or after the Participant’s employment or service, and/or
provisions requiring the Participant to disgorge any profit, gain or other benefit received in connection with an Award as a result of the breach of such covenant; 
 (iv) the automatic grant of a new Option (the “replenishment Option”) to a Participant who pays the exercise price of an
existing Option in Shares; provided that the replenishment Option shall cover only that number of Shares that is used to pay the exercise price and shall expire at the same time as the original Option to which it relates; 
 (v) restrictions on resale or other disposition of Shares, including imposition of a retention period; and 
 (vi) compliance with federal or state securities laws and stock exchange requirements. 
 b. Employment or Service. The issuance of an Award shall not confer upon a Participant any right with respect to continued
employment or service with the Company or any Affiliate, or the right to continue as a Director. Unless determined otherwise by the Committee, for purposes of the Plan and all Awards, the following rules shall apply: 
 (i) a Participant who transfers employment between the Company and any Affiliate of the Company, or between the Company’s
Affiliates, will not be considered to have terminated employment; 
 (ii) a Participant who ceases to be a Non-Employee
Director because he or she becomes an employee of the Company or an Affiliate shall not be considered to have ceased service as a Director with respect to any Award until such Participant’s termination of employment with the Company and its
Affiliates; 

 (iii) a Participant who ceases to be employed by the Company or an Affiliate of the
Company and immediately thereafter becomes a Non-Employee Director, a non-employee director of any Affiliate, or a consultant to the Company or any Affiliate shall not be considered to have terminated employment until such Participant’s service
as a director of, or consultant to, the Company and its Affiliates has ceased; and 
 (iv) a Participant employed by an
Affiliate of the Company will be considered to have terminated employment when such entity ceases to be an Affiliate of the Company. 
 c. No Fractional Shares. No fractional Shares or other securities may be issued or delivered pursuant to this Plan, and the Committee may determine whether cash, other securities or other property will be paid or transferred in
lieu of any fractional Shares or other securities, or whether such fractional Shares or other securities or any rights to fractional Shares or other securities will be canceled, terminated or otherwise eliminated. 
 d. Unfunded Plan. This Plan is unfunded and does not create, and should not be construed to create, a trust or separate fund
with respect to this Plan’s benefits. This Plan does not establish any fiduciary relationship between the Company and any Participant or other person. To the extent any person holds any rights by virtue of an Award granted under this Plan, such
rights are no greater than the rights of the Company’s general unsecured creditors. 
 e. Requirements of Law and
Securities Exchange. The granting of Awards and the issuance of Shares in connection with an Award are subject to all applicable laws, rules and regulations and to such approvals by any governmental agencies or national securities exchanges as
may be required. Notwithstanding any other provision of this Plan or any Award Agreement, the Company has no liability to deliver any Shares under this Plan or make any payment unless such delivery or payment would comply with all applicable laws
and the applicable requirements of any securities exchange or similar entity, and unless and until the Participant has taken all actions required by the Company in connection therewith. The Company may impose such restrictions on any Shares issued
under the Plan as the Company determines necessary or desirable to comply with all applicable laws, rules and regulations or the requirements of any national securities exchanges. 
 f. Governing Law. This Plan, and all agreements under this Plan, will be construed in accordance with and governed by the laws
of the State of Delaware, without reference to any conflict of law principles. The parties agree that the exclusive venue for any legal action or proceeding with respect to this Plan, any Award or any Award Agreement, or for recognition and
enforcement of any judgment in respect of this Plan, any Award or any Award Agreement, shall be a court sitting in the County of Los Angeles, or the Federal District Court for the Central District of California sitting in the County of Los Angeles,
in the State of California, and further agree that any such action may be heard only in a “bench” trial, and any party to such action or proceeding shall agree to waive its right to assert a jury trial. 
 g. Limitations on Actions. Any legal action or proceeding with respect to this Plan, any Award or any Award Agreement, must be
brought within one year (365 days) after the day the complaining party first knew or should have known of the events giving rise to the complaint. 
 h. Construction. Whenever any words are used herein in the masculine, they shall be construed as though they were used in the feminine in all cases where they would so apply; and wherever any words are
used in the singular or plural, they shall be construed as though they were used in the plural or singular, as the case may be, in all cases where they would so apply. Title of sections are for general information only, and this Plan is not to be
construed with reference to such titles. 
 i. Severability. If any provision of this Plan or any Award Agreement or
any Award (i) is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or as to any person or Award, or (ii) would disqualify this Plan, any Award Agreement or any Award under any law the Committee deems
applicable, then such provision should be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the 

  

 14 

 
Committee, materially altering the intent of this Plan, Award Agreement or Award, then such provision should be stricken as to such jurisdiction, person or
Award, and the remainder of this Plan, such Award Agreement and such Award will remain in full force and effect.Unitholder Rights and Restrictions Agreement

 Exhibit 10.45 
 Execution Copy 
 UNITHOLDER RIGHTS AND RESTRICTIONS AGREEMENT 
 by and among 
 ENERGY TRANSFER
EQUITY, L.P., 
 and 
 ENTERPRISE GP HOLDINGS, L.P., 
 RAY C. DAVIS 
 and 
 NATURAL GAS PARTNERS VI, L.P. 

 UNITHOLDER RIGHTS AND RESTRICTIONS AGREEMENT 
 THIS UNITHOLDER RIGHTS AND RESTRICTIONS AGREEMENT (this “Agreement”) is made and entered into as of May 7, 2007, by and among
ENERGY TRANSFER EQUITY, L.P., a Delaware limited partnership (“ETE”), ENTERPRISE GP HOLDINGS, L.P. (“Investor”), RAY C. DAVIS (“Davis”) and NATURAL GAS PARTNERS VI, L.P. (“NGP”).

 This Agreement is made in connection with the sale of 38,976,090 common units of ETE (the “Purchased Units”) to the
Investor pursuant to the Securities Purchase Agreement, dated as of May 7, 2007, by and among Davis, Avatar Holdings LLC, Avatar Investments LP, Natural Gas Partners VI, L.P., Lon Kile, MHT Properties, Ltd., P. Brian Smith Holdings LP, LE GP,
LLC and the Investor (the “Purchase Agreement”). ETE has agreed to enter into this Agreement pursuant to Section 5.5 of the Purchase Agreement. 
 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 parties hereby
agree (in the case of the Investors, severally and not jointly) as follows: 
 ARTICLE I. 
 DEFINITIONS 
 Section 1.01
Definitions. The terms set forth below are used herein as so defined: 
 “Agreement” has the meaning specified
therefor in the introductory paragraph. 
 “Affiliate” means any Person that directly, or indirectly through one or more
intermediaries, controls, or is controlled by, or is under common control with, the Person specified. The term “control” (including the terms “controlling,” “controlled by,” and “under common control with”)
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 the ownership of voting securities, by contract or otherwise. 
 “Antitrust Investigation” means any investigation, inquiry, review, proceeding, action or threatened action taken by a Governmental
Authority in enforcing the Antitrust Laws solely in connection with: (i) the acquisition by Investor of the Purchased Units and membership interests in the general partner of ETE pursuant to the Purchase Agreement, (ii) the resulting
ownership by Investor of the Purchased Units or membership units in the general partner of ETE as of the date of this Agreement or (iii) the possession of rights and powers of Investor provided by this Agreement or otherwise related to the
ownership of the membership units in the general partner of ETE or the Purchased Units; provided, in the case of clauses (ii) and (iii), solely with respect to the assets, business and operations of ETE, the Investor and their Affiliates
as of the date of this Agreement and not with respect to any subsequent acquisitions by, or changes to the assets, business or operations of, ETE, Investor or their respective Affiliates. 
 “Antitrust Laws” shall include the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act,
as amended, and all other federal, 

  

 1 

 
state and foreign statutes, rules, regulations, orders, decrees, administrative and judicial doctrines and other laws that are designed or intended to
prohibit, restrict or regulate actions having the purpose or effect of monopolization or restraint of trade or lessening of competition. 
 “Commercially Sensitive Information” has the meaning specified therefor in the Statement of Policies Relating to Relationship with Enterprise Holdings GP, L.P., a copy of which is attached to this Agreement as Exhibit
A and incorporated herein for all purposes, as such Statement may be amended from time to time. 
 “Commission” means
the Securities and Exchange Commission. 
 “Common Units” means the common units of ETE. 
 “Confidential Information” has the meaning specified therefor in Section 4.03 of this Agreement. 
 “Demand Registration” has the meaning specified therefor in Section 2.01(a) of this Agreement. 
 “Demand Registration Statement” has the meaning specified therefor in Section 2.01(a) of this Agreement. 
 “Disposition” has the meaning specified therefor in Section 3.01 of this Agreement. 
 “Divestiture Losses” has the meaning specified therefor in Section 6.01(d) of this Agreement 
 “Effectiveness Period” has the meaning specified therefor in Section 2.01(a) of this Agreement. 
 “ETE” has the meaning specified therefor in the introductory paragraph. 
 “ETP” means Energy Transfer Partners, L.P., a Delaware limited partnership. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Final Restricted Period” means the twelve-month period beginning on the date immediately after the end of the Initial Restricted
Period. 
 “GAAP” has the meaning specified therefor in Section 4.01(a) of this Agreement. 
 “Governmental Authority” means any federal, national, supranational, state, provincial, local or other government, governmental,
regulatory or administrative authority, agency or commission or any court, tribunal or judicial or arbitral body, including but not limited to all U.S., state and foreign governmental agencies responsible for enforcing the Antitrust Laws.

 “Holder” means the record holder of any Registrable Securities. 
  

 2 

 “Included Registrable Securities” has the meaning specified therefor in Section 2.02(a)
of this Agreement. 
 “Initial Restricted Period” means the period from the date of this Agreement through the date six
months after the date of this Agreement. 
 “Investor” has the meaning specified therefor in the introductory paragraph.

 “Losses” has the meaning specified therefor in Section 2.07(a) of this Agreement. 
 “Managing Underwriter” means, with respect to any Underwritten Offering, a book-running lead manager of such Underwritten Offering.

 “Notice” has the meaning specified therefor in Section 3.04 of this Agreement. 
 “NYSE” has the meaning specified therefor in Section 3.02 of this Agreement. 
 “Person” means an individual, corporation, association, trust, limited liability company, limited partnership, limited liability
partnership, partnership, incorporated organization, or other entity or group (as defined in Section 13(d)(3) of the Exchange Act). 
 “Piggyback Registration” has the meaning specified therefor in Section 2.02(a) of this Agreement. 
 “Purchase Agreement” has the meaning specified therefor in the Recital of this Agreement. 
 “Purchased
Units” has the meaning specified therefor in the Recital of this Agreement. 
 “Registrable Securities” means
(i) the Purchased Units and (ii) any Common Units issued as (or issuable upon the conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in
replacement of, the Purchased Units, in each case until such time as such securities described in clause (i) or (ii) above cease to be Registrable Securities pursuant to Section 1.02 hereof. 
 “Registration Expenses” has the meaning specified therefor in Section 2.06(a) of this Agreement. 
 “Restricted Periods” means the Initial Restricted Period and the Final Restricted Period. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Selling Expenses” has the meaning specified therefor in Section 2.07(a) of this Agreement. 
 “Selling Holder” means a Holder who is selling Registrable Securities pursuant to a registration statement. 
  

 3 

 “Standstill Period” means the period from the date of this Agreement through the date
three years from the date of this Agreement. 
 “Underwritten Offering” means an offering (including an offering pursuant to
a Demand Registration Statement) in which Common Units are sold to an underwriter 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 when (a) 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) such Registrable Security has been disposed of
pursuant to any section of Rule 144 (or any similar provision then in force under the Securities Act); (c) such Registrable Security is held by ETE or one of its Subsidiaries; or (d) (i) such Registrable Security is eligible for
resale under Rule 144(k) under the Securities Act and (ii) the Holder of such Registrable Security is able to utilize Rule 144(k) under the Securities Act. 
 ARTICLE II. 
 REGISTRATION RIGHTS 
 Section 2.01 Demand Registration. 
 (a) Demand Registration. At any time following the last day of the Initial Restricted Period (“Initial Restriction Expiration Date”), any Holder or Holders holding an aggregate of not less than
50% of the then outstanding Registrable Securities (“Initial Holders”) may request, by written notice (a “Demand”) to ETE, specifying the number of Registrable Securities desired to be sold (which shall not be less
than 10% of the Registrable Securities, and which may not exceed the limits set forth in Section 3.01 during the Final Restricted Period), that ETE prepare and file a registration statement under the Securities Act (“Demand Registration
Statement”) to permit the public resale of Registrable Securities either (a) in an Underwritten Offering or (b) from time to time as permitted by Rule 415 under the Securities Act (either, a “Demand
Registration”). Promptly upon receipt of a Demand, ETE shall give written notice thereof to all other Holders. All such Holders who notify ETE in writing within fifteen (15) days after the date of such notice that they desire to
include Registrable Securities in the Demand Registration Statement shall be permitted to do so. ETE shall use its commercially reasonable efforts to cause a Demand Registration Statement to become effective no later than 180 days after the date of
the Demand. A Demand Registration Statement filed pursuant to this Section 2.01(a) shall be on such appropriate registration form of the Commission as shall be selected by ETE; provided, however, that if a prospectus or a prospectus
supplement will be used in connection with the marketing of an Underwritten Offering from the Demand Registration Statement and the Managing Underwriter selected by the Selling Holders at any time shall notify ETE in writing that, in the sole
judgment of such Managing Underwriter, inclusion of detailed information to be used in such prospectus or prospectus supplement is of material importance to the success of the Underwritten Offering of such Registrable Securities, ETE shall use its
commercially 

  

 4 

 
reasonable efforts to include such information in such a prospectus or prospectus supplement. In the case of a shelf registration, ETE will cause a Demand
Registration Statement filed pursuant to this Section 2.01(a) to be continuously effective under the Securities Act until all Registrable Securities covered by the Demand Registration Statement have been distributed in the manner set forth and as
contemplated in the Demand Registration Statement or there are no longer any Registrable Securities outstanding covered by such Demand Registration Statement (the “Effectiveness Period”). The Demand Registration Statement when
declared effective (including the documents incorporated therein by reference) will comply as to form with all applicable requirements of the Securities Act and will 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. As soon as practicable following the date a Demand Registration Statement becomes effective, but in any event within two Business Days after such date, ETE
shall provide the Selling Holders with written notice thereof. ETE is obligated to effect only three (3) Demand Registrations pursuant to this Section 2.01. 
 (b) Delay Rights. Notwithstanding anything to the contrary contained herein, ETE may, upon written notice to any Selling Holder
whose Registrable Securities are included in a Demand Registration Statement, suspend such Selling Holder’s use of any prospectus which is a part of the Demand Registration Statement (in which event the Selling Holder shall discontinue sales of
the Registrable Securities pursuant to the Demand Registration Statement other than the closing of sales already committed for prior to receipt of such notice to suspend) if ETE (i) is pursuing a financing, acquisition, merger, reorganization,
disposition or other similar transaction and determines in good faith that its ability to pursue or consummate such a transaction would be materially adversely affected by any required disclosure of such transaction in the Demand Registration
Statement or (ii) has experienced some other material non-public event the disclosure of which at such time, in the good faith judgment of ETE, would materially adversely affect ETE; provided, however, that in no event shall the
Selling Holders be suspended for a period exceeding an aggregate of 90 days (exclusive of days covered by any lock-up agreement executed by a Holder in connection with any Underwritten Offering by ETE or the Holders) in any 365-day period. Upon
disclosure of such information or the termination of the condition described above, ETE shall provide prompt notice to the Selling Holders whose Registrable Securities are included in the Demand Registration Statement, and shall promptly terminate
any suspension of sales it has put into effect and shall take such other actions to permit registered sales of Registrable Securities as contemplated in this Agreement. 
 Section 2.02 Piggyback Registration. 
 (a) Participation. If ETE at any time
proposes to file a registration statement or a prospectus supplement to an effective registration statement with respect to an Underwritten Offering of Common Units for its own account or to register any Common Units for its own account for sale to
the public in an Underwritten Offering other than (x) a registration relating solely to employee benefit plans, (y) a registration relating solely to a Rule 145 transaction, or (z) a registration on any registration form which does
not permit secondary sales or does not include substantially the same information as 

  

 5 

 
would be required to be included in a registration statement covering the sale of Registrable Securities, then, as soon as practicable following the
engagement of counsel to ETE to prepare the documents to be used in connection with an Underwritten Offering, ETE shall give notice of such proposed Underwritten Offering to the Holders and such notice shall offer the Holders the opportunity to
include in such Underwritten Offering such number of Registrable Securities as each such Holder may request in writing (a “Piggyback Registration”); provided, however, that ETE shall not be required to offer such
opportunity to Holders if ETE has been advised by a Managing Underwriter that the inclusion of Registrable Securities for sale for the benefit of the Holders will have a material adverse effect on the price, timing or distribution of the Common
Units. Subject to the preceding sentence and subject to Section 2.02(b), ETE shall include in such Underwritten Offering all such Registrable Securities (“Included Registrable Securities”) with respect to which ETE has received
requests within ten days after ETE’s notice has been delivered in accordance with Section 7.01. If no request for inclusion from a Holder is received within the specified time, such Holder shall have no further right to participate in such
Piggyback Registration. If, at any time after giving written notice of its intention to undertake an Underwritten Offering and prior to the closing of such Underwritten Offering, ETE shall determine for any reason not to undertake or to delay such
Underwritten Offering, ETE may, at its election, give written notice of such determination to the Selling Holders and, (x) in the case of a determination not to undertake such Underwritten Offering, shall be relieved of its obligation to sell
any Included Registrable Securities in connection with such terminated Underwritten Offering, and (y) in the case of a determination to delay such Underwritten Offering, shall be permitted to delay offering any Included Registrable Securities
for the same period as the delay in the Underwritten Offering. Any Selling Holder shall have the right to withdraw such Selling Holder’s request for inclusion of such Selling Holder’s Registrable Securities in such offering by giving
written notice to ETE of such withdrawal up to and including the time of pricing of such offering. Notwithstanding the foregoing, any Holder may deliver written notice to ETE requesting that such Holder not receive notice from ETE of any proposed
Underwritten Offering; provided, that such Holder may later revoke any such notice. 
 (b) Priority of Piggyback
Registration. If the Managing Underwriter or Underwriters of any proposed Underwritten Offering of Common Units included in a Piggyback Registration advises ETE that the total amount of Common Units which the Selling Holders and any other
Persons intend to include in such offering exceeds the number which can be sold in such offering without being likely to have a material adverse effect on the price, timing or distribution of the Common Units offered or the market for the Common
Units, then the Common Units to be included in such Underwritten Offering shall include the number of Registrable Securities that such Managing Underwriter or Underwriters advises ETE can be sold without having such material adverse effect, with
such number to be allocated pro rata among the Selling Holders who have requested participation in the Piggyback Registration (based, for each such Selling Holder, on the percentage derived by dividing (A) the number of Registrable Securities
proposed to be sold by such Selling Holder in such offering; by (B) the aggregate number of Common Units proposed to be sold by the Selling Holders and any other Persons with registration rights that are pari passu with the rights of the
Holders 

  

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participating in the Piggyback Registration to be included in such offering). If there are to be any Included Registrable Securities in the proposed
Underwritten Offering of Common Units, then the Selling Holders representing a majority of the Registrable Securities to be sold in the Underwritten Offering shall be entitled to approve one Managing Underwriter with respect to the Registrable
Securities to be sold in that Underwritten Offering. 
 (c) Termination of Piggyback Registration Rights. The
Piggyback Registration rights granted pursuant to this Section 2.02 shall terminate two years following the Restriction Expiration Date. 
 Section 2.03 Underwritten Offering. In the event that a Selling Holder elects to dispose of Registrable Securities under a Demand Registration Statement pursuant to an Underwritten Offering, ETE shall enter into an underwriting
agreement in customary form with the Managing Underwriter, which shall include, among other provisions, indemnities to the effect and to the extent provided in Section 2.07, and shall take all such other reasonable actions as are requested by a
Managing Underwriter in order to expedite or facilitate the registration and disposition of the Registrable Securities. In connection with any Underwritten Offering under this Agreement, a majority of the Selling Holders shall be entitled to select
the Managing Underwriter with respect to the Registrable Securities to be sold in that Underwritten Offering. In connection with an Underwritten Offering under Section 2.01 or 2.02 hereof, each Selling Holder and ETE shall be obligated to enter into
an underwriting agreement which 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, lock-up agreements 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, ETE 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 its
obligations. No Selling Holder shall be required to make any representations or warranties to or agreements with ETE or the underwriters other than representations, warranties or agreements regarding such Selling Holder and its ownership of the
securities being registered on its behalf and 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 therefrom by
notice to ETE and a Managing Underwriter; provided, however, that such withdrawal must be made at or prior to the time of pricing of such offering to be effective. No such withdrawal or abandonment shall affect ETE’s obligation to
pay Registration Expenses. 
 Section 2.04 Registration Procedures. In connection with its obligations contained in Sections 2.01 and
2.02, ETE will, as expeditiously as possible: 
 (a) prepare and file with the Commission such amendments and supplements to
the Demand Registration Statement and the prospectus used in connection therewith as may be necessary to keep a Demand Registration Statement that is a shelf registration 

  

 7 

 
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
securities covered by the Demand Registration Statement; 
 (b) furnish to each Selling Holder (i) as far in advance as
reasonably practicable before filing any registration statement contemplated by this Agreement or any supplement or amendment thereto, upon request, copies of reasonably complete drafts of all such documents proposed to be filed (including
furnishing or making available 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 such 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 Persons may reasonably request in order to facilitate the
public sale or other disposition of the Registrable Securities covered by such registration statement; 
 (c) if applicable,
use its commercially reasonable efforts to register or qualify the Registrable Securities covered by any registration statement contemplated by this Agreement 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 that ETE 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 which would subject it to general service of process or taxation in any such jurisdiction where it is not then so subject; 
 (d) promptly notify each Selling Holder and each underwriter, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of (i) the filing of any registration statement
contemplated by this Agreement 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 contemplated by this Agreement, 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 any registration statement contemplated by
this Agreement or any prospectus or prospectus supplement thereto; 
 (e) immediately notify each Selling Holder and each
underwriter, at any time when a prospectus relating thereto 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 any registration
statement contemplated by this Agreement, 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 light of
the circumstances then existing; (ii) the issuance or threat of issuance by the Commission of any stop order suspending the effectiveness of any 

  

 8 

 
registration statement contemplated by this Agreement, or the initiation of any proceedings for that purpose; or (iii) the receipt by ETE 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, ETE 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 action as is necessary to remove a stop order, suspension, threat thereof or proceedings
related thereto; 
 (f) 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; 
 (g) furnish within 30 days of a written request, which may be made from time to time, whether in the case of an Underwritten Offering or
otherwise in connection with the sale or resale of the Registrable Securities, (i) an opinion of counsel for ETE, dated the effective date of the applicable registration statement or the date of any amendment or supplement thereto, and a letter
of like kind dated the date of the closing under the underwriting agreement, if any, and (ii) a “comfort letter,” dated the effective date of the applicable registration statement or the date of any amendment or supplement thereto and
a letter of like kind dated the date of the closing under the underwriting agreement, if any, in each case, signed by the independent public accountants who have certified ETE’s financial statements included or incorporated by reference into
the applicable registration statement, and each of the opinion and the “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) and as are customarily covered in opinions of issuer’s counsel and in accountants’ letters delivered to the underwriters in Underwritten Offerings of securities, and such other matters as such
underwriters may reasonably request; 
 (h) 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 covering the period of at least 12 months, but not more than 18 months, beginning with the first full
calendar month after the effective date of such registration statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act and Rule 158 promulgated thereunder; 
 (i) make available to the appropriate representatives of the Managing Underwriter and Selling Holders access to such information and ETE
personnel as is reasonable and customary to enable such parties to establish a due diligence defense under the Securities Act; provided that ETE need not disclose any information to any 

  

 9 

 
such representative unless and until such representative has entered into a confidentiality agreement with ETE; 
 (j) 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 ETE are then listed; 
 (k) 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 ETE to enable the Selling Holders to consummate the
disposition of such Registrable Securities; 
 (l) provide a transfer agent and registrar for all Registrable Securities
covered by such registration statement not later than the effective date of such registration statement; 
 (m) 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; and 
 (n) notify the Selling Holders in advance of ETE’s or any affiliate’s intent to conduct any repurchase of Common Units, whether
in the open market, through privately negotiated transactions, by tender offer or otherwise. 
 Each Selling Holder, upon receipt of notice from ETE of the
happening of any event of the kind described in subsection (e) 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 (e) of this Section 2.04 or until it is advised in writing by ETE 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 ETE, such Selling Holder will, or will request the managing underwriter or underwriters, if any, to deliver to ETE (at ETE’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. ETE shall have no obligation to include in any Demand Registration units of a Holder or in a Piggyback Registration units of a Selling Holder who has failed to timely
furnish all such information which, in the opinion of counsel to ETE, is reasonably required in order for the registration statement or any prospectus or prospectus supplement thereto, as applicable, to comply with the Securities Act. 
 Section 2.06 Expenses. 
 (a) Certain Definitions. “Registration Expenses” means all expenses incident to ETE’s performance under or compliance with this Agreement to effect the registration of Registrable Securities in a Demand
Registration or a Piggyback Registration, and the disposition of such securities, including, without limitation, all registration, filing, securities exchange listing and NYSE fees, all registration, filing, qualification and other 

  

 10 

 
fees and expenses of complying with securities or blue sky laws, fees of the National Association of Securities Dealers, Inc., transfer taxes and fees of
transfer agents and registrars, all word processing, duplicating and printing expenses, the fees and disbursements of counsel and independent public accountants for ETE, including the expenses of any special audits or “comfort letters”
required by or incident to such performance and compliance. Except as otherwise provided in Section 2.07 hereof, ETE shall not be responsible for legal fees incurred by Holders in connection with the exercise of such Holders’ rights hereunder.
In addition, ETE shall not be responsible for any “Selling Expenses,” which means all underwriting fees, discounts and selling commissions allocable to the sale of the Registrable Securities. 
 (b) Expenses. ETE will pay all Registration Expenses in connection with any Demand Registration Statement filed pursuant to
Section 2.01(a) of this Agreement and ETE will pay all Registration Expenses in connection with a Piggyback Registration, whether or not the Demand Registration Statement becomes effective or any sale is made pursuant to a Demand Registration or
Piggyback Registration. Each Selling Holder shall pay all Selling Expenses in connection with any sale of its Registrable Securities hereunder. 
 Section 2.07 Indemnification. 
 (a) By ETE. In the event of a registration of any Registrable
Securities under the Securities Act pursuant to this Agreement, ETE will indemnify and hold harmless each Selling Holder thereunder, its directors and officers 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 or underwriter within the meaning of the Securities Act and the Exchange Act, 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, 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 contained in any
registration statement contemplated by this Agreement, any preliminary prospectus or final prospectus 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 and officers, 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; provided,
however, that ETE 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, such underwriter or such controlling Person in writing specifically for use in any registration statement contemplated by this Agreement or any prospectus contained therein or any amendment or supplement
thereof, 

  

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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
director, officer, underwriter or controlling Person, and shall survive the transfer of such securities by such Selling Holder. 
 (b) By Each Selling Holder. Each Selling Holder agrees severally and not jointly to indemnify and hold harmless ETE, its directors and officers, and each Person, if any, who controls ETE within the meaning of the Securities Act or of
the Exchange Act to the same extent as the foregoing indemnity from ETE 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
any registration statement contemplated by this Agreement or any prospectus contained therein or any amendment or supplement thereof relating to the Registrable Securities; 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 which
it may have to any indemnified party other than under this Section 2.07. 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 and employ counsel 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 indemnifying party shall settle any action brought against an indemnified party with respect to which such indemnified party is entitled to indemnification
hereunder without the consent of the indemnified party, unless the settlement thereof imposes no liability or obligation on, and includes a complete and unconditional release from all liability of, the indemnified 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 ETE or any Selling Holder 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 Losses as between ETE on the one hand and such Selling Holder on the other, in such proportion as is appropriate to reflect the relative fault of ETE on the one hand and of such Selling
Holder on the other in connection with the statements or omissions which 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 ETE on the one
hand and each Selling Holder 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 which does not take account of the equitable considerations referred to in the first sentence of this paragraph.
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 which 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 which 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, ETE agrees to use its commercially reasonable efforts to: 
 (a) Make and keep public information regarding ETE available, as those terms are understood and defined in Rule 144 of 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 ETE under the Securities Act and 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 

  

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ETE, 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. 
 Section 2.09 Transfer or Assignment of Registration Rights.
The rights to cause ETE to register Registrable Securities granted to the Investor by ETE under this Article II may be transferred or assigned by the Investor to one or more transferee(s) or assignee(s) of such Registrable Securities that is an
Affiliate of Investor, provided that (a) ETE 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, (b) each such transferee agrees to be bound by the terms of this Agreement, and (c) such transferee would own Registrable Securities at the time of such transfer that have a market value of not
less than $25 million. 
 Section 2.10 Information by Holder. Any Holder or Holders of Registrable Securities included in any
registration shall promptly furnish to ETE all such information regarding such Holder or Holders and the distribution proposed by such Holder or Holders as ETE may reasonably request and as shall be required in connection with any registration,
qualification or compliance referred to herein. 
 Section 2.11 Limitation on Subsequent Registration Rights. From and after the date
hereof until the termination of the Investor’s piggyback registration rights pursuant to Section 2.02(c) hereof, ETE shall not, without the prior written consent of the Holders of a majority of the then outstanding Registrable Securities, enter
into any agreement with any current or future holder of any securities of ETE that would allow such current or future holder to require ETE to include securities in any registration statement filed by ETE on a basis that would give such holder
priority in any way over the piggyback rights granted to the Investor under Section 2.02 hereof. 
 ARTICLE III. 
 TRANSFER RESTRICTIONS 
 Section 3.01
Restricted Period. Except as permitted under Section 3.04, Investor, Davis and NGP each agrees that (i) during the Initial Restricted Period, with respect to 100 percent of the Common Units owned by such party or its Affiliates set
forth on Schedule 3.01 hereto, and (ii) during the Final Restricted Period, with respect to 50 percent of the Common Units owned by such party or its Affiliates set forth on Schedule 3.01 hereto, it will not (a) loan, offer, pledge, sell,
contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, such Common Units or any security
convertible into or exchangeable for such Common Units, or (b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of such Common Units, whether any such
transaction described in clause (a) or (b) above is settled by delivery of such Common Units or other securities, in cash or otherwise (any disposition or arrangement described in clause (a) or (b) above being referred to herein
as a “Disposition”), or publicly disclose any intent to make any Disposition, without, in each case, the prior written consent of ETE. 
  

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 Section 3.02 Orderly Market. Investor acknowledges that the maintenance of an orderly market in
the Common Units is in the best interests of ETE, Investor and other holders of Common Units. Investor agrees, unless (a) it shall have the prior written consent of ETE or (b) such offer(s) and sale(s) are pursuant to an Underwritten
Offering, Investor shall not sell, or offer to sell, after the Initial Restriction Expiration Date, Common Units on the New York Stock Exchange (“NYSE”) or any other public market upon which the Common Units are then traded, on any
trading day in an amount in excess of 10% of the average daily trading volume of the Common Units on the NYSE, or such other market, for the previous ten trading days, or such other amount as may be mutually agreed upon in writing by ETE and
Investor. 
 Section 3.03 “Lock-up” Agreement. Investor agrees that so long as Investor and its Affiliates own 5% or more of
the outstanding Common Units, Investor and any Affiliate of Investor owning Common Units will, upon request of a Managing Underwriter in connection with an Underwritten Offering, enter into a lock-up agreement with such Managing Underwriter, the
terms of which shall provide that Investor and such Affiliates will not, for a period of no more than 90 days following the closing of such Underwritten Offering: (a) loan, offer, pledge, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of, directly or indirectly, any Common Units or any securities convertible into or exchangeable for Common Units, or
(b) enter into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of Common Units, whether any such transaction described in clause (a) or (b) above is settled
by delivery of Common Units or other securities, in cash or otherwise. The foregoing provision of this Section 3.03 shall only be applicable to Investor and its Affiliates if (i) all other holders of more than 5% of the outstanding Common
Units that are Affiliates of ETE and (ii) all executive officers and directors of ETE also agree to a similar lock-up agreement. 
 Section 3.04 Permitted Dispositions. Notwithstanding the provisions of Section 3.01, during the Restricted Periods, Investor, Davis and NGP may (a) sell, transfer or otherwise dispose of such Common Units in a private
transaction, without the prior written consent of ETE, to its respective Affiliate that agrees in writing with ETE to be bound by the terms of this Agreement, (b) pledge the Purchased Units as security for bona fide loans, letters of credit,
interest rate or other hedging transactions and related fees, costs, indemnities and other obligations from one or more third parties who are not Affiliates of such party, (c) sell all or a portion of such Common Units, as a result of any
divestiture ordered by, or agreed to with, a Governmental Authority. In addition, Article III shall also not restrict or affect the manner of sale or other disposition of any Common Units in connection with any foreclosure or other disposition after
default of a lender or other counterparty in connection with the pledge of such securities for bona fide loans, letters of credit, interest rate or other hedging transactions and related fees, costs, indemnities and other obligations from one or
more third parties who are not Affiliates of such party and shall not apply to any permitted transferee who does not assume the rights and obligations of Investor, Davis or NGP in accordance with Section 7.12 of this Agreement. 
 Section 3.05 Legends. Investor, Davis and NGP acknowledge that the certificates representing the Common Units subject to Section 3.01 of this
Agreement may bear, in addition to a customary legend relating to restrictions under the Securities Act, the restrictive legend set 

  

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forth below evidencing the terms of this Agreement and that stop transfer instructions may be imposed with respect to the certificates representing the
applicable Common Units during the Restricted Periods. EPE shall remove the following restrictive legend after the end of the applicable Restricted Periods upon exchange of the existing certificates. 
 The Common Units evidenced by this certificate are subject to restrictions on transfer set forth in Section 3.01 of the
Unitholder Rights and Restrictions Agreement dated as of May 7, 2007. A copy of this agreement will be furnished by the Partnership upon request. 
 ARTICLE IV. 
 INFORMATION RIGHTS AND CONFIDENTIALITY 
 Section 4.01 Information Rights. Investor shall be entitled to obtain, upon request, any of the following information from ETE, for the sole
purpose of monitoring Investor’s investment in the Purchased Units: 
 (a) as soon as practicable, but in any event
within 120 days after the end of each fiscal year of ETE, a consolidated audited financial statement of ETE consisting of a balance sheet, a statement of operations, a statement of partners’ capital and a statement of cash flows, together with
appropriate notes to such financial statements, prepared in accordance with general accepted accounting principals (“GAAP”); 
 (b) as soon as practicable, but in any event within 60 days after the end of each fiscal quarter of ETE, an unaudited consolidated financial statement of ETE, consisting of a balance sheet, statement of operations,
statement of partners’ capital and a statement of cash flows, together with appropriate notes to such financial statements, prepared in accordance with GAAP; and 
 (c) such other information relating to the financial condition, business or corporate affairs of ETE as Investor may reasonably request;
provided, however, ETE shall not be obligated to provide any information pursuant to this clause (c) that (i) ETE reasonably determines in good faith to be Commercially Sensitive Information or (ii) would adversely
affect the attorney-client privilege between ETE and its counsel. 
 Section 4.02 Reporting Company Exception. The rights granted to
Investor to obtain information described in clauses (a) and (b) of Section 4.01 shall not be applicable so long as ETE is subject to the reporting requirements of Section 15(d) of the Exchange Act or the Common Units are
registered under Section 12 of the Exchange Act. 
 Section 4.03 Confidentiality. Investor agrees that it will keep confidential
and will not disclose, divulge or use for any purpose, other than to monitor its investment in ETE, any Confidential Information (as defined below) obtained from ETE pursuant to the terms of this Agreement; provided, however, Investor
may disclose Confidential Information: (i) to its attorneys, accountants and other professional advisors who have a need to know such information in connection with monitoring of Investor’s investment in ETE (subject to each such
authorized recipient of such confidential information agreeing to keep such information confidential and provided that Investors shall be liable for any breach of confidentiality by any 

  

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such recipient); (ii) in its periodic reports required under the Exchange Act or any registration statement or prospectus under the Securities Act to
the extent, and only to the extent: (A) Investor is advised by legal counsel that such disclosure is required to comply with the Securities Act or the Exchange Act and the rules and regulations of the Commission promulgated thereunder,
(B) Investor takes reasonable steps to minimize the extent of any such required disclosure, and (C) Investor advises ETE of any such proposed disclosure prior to its filing and consults with ETE as to the nature and extent of such
disclosure; or (iii) as may otherwise be required by law, provided that Investor takes reasonable steps to minimize the extent of any such required disclosure. “Confidential Information” shall mean any confidential
information regarding ETE excluding information that (a) is known or becomes known to the public in general (other than as a result of a breach of this Section 4.02 by Investor), (b) is or has been independently developed or
conceived by the Investor without the use of ETE’s confidential information, or (c) is or has been made known or disclosed to the Investor by a third party without a breach of any obligation of confidentiality such third party may have to
ETE. 
 Section 4.04 Trading. Investor acknowledges that the receipt of material non-public information pursuant to this Agreement may
restrict the ability of Investor to trade in securities of ETE, ETP or their respective Affiliates. 
 Section 4.05 Investor’s SEC
Reporting. Nothing in this Agreement shall obligate ETE, ETP or any of their respective subsidiaries to (a) make any representations or warranties, or otherwise provide any indemnification, in connection with any report filed by Investor or
any of its Affiliates (other than ETE) pursuant to the Exchange Act or any registration statement or prospectus of Investor or any of its Affiliates (other than of ETE) under the Securities Act, (b) deliver any “comfort letter” to any
underwriter, placement agent or purchaser in connection with any offering by Investor or any of its Affiliates (other than ETE) of securities issued by them, or (c) otherwise subject ETE, ETP or any of their subsidiaries to liability for any
report filed by Investor or any of its Affiliates (other than ETE) pursuant to the Exchange Act or any registration statement or prospectus of the Investor or any of its Affiliates (other than ETE) under the Securities Act. 
 ARTICLE V. 
 STANDSTILL

 Investor agrees that during the Standstill Period, it shall not, and agrees to cause its Affiliates not to, directly or indirectly
without the prior written consent of the Board of Directors of LE GP, LLC: (a) in any manner acquire, agree to acquire or make a proposal to acquire any Common Units or other securities or other property of ETE, ETP or any of their respective
Affiliates if such acquisition would cause Investor and its Affiliates to collectively own Common Units in excess of 49.9% of the then outstanding Common Units, or (b) form or join or in any way participate in a “group” (within the
meaning of Section 13(d)(3) of the Exchange Act) with respect to any voting securities of ETE, ETP or any of their respective Affiliates, other than a “group” consisting of one or more of the members of the general partner of ETE or
ETP or Investor and its Affiliates. 
  

 17 

 ARTICLE VI. 
 GOVERNMENTAL APPROVAL 
 Section 6.01 Consents and Approvals. 
 (a) Investor and ETE shall each use all commercially reasonable efforts to obtain all necessary consents, waivers, authorizations and
approvals of all Governmental Authorities and of all other Persons required in connection with the execution and delivery by such party of this Agreement and the Purchase Agreement and the consummation of the transactions contemplated by this
Agreement and the Purchase Agreement, and the Investor and ETE will cooperate fully with each other in promptly seeking to obtain all such authorizations, consents, orders and approvals, to give such notices and to make such filings. 
 (b) Investor and ETE shall, in connection with their efforts to obtain all requisite material approvals and authorizations for the
transactions contemplated by this Agreement and the Purchase Agreement, use commercially reasonable best efforts to (i) supply promptly any information and documentary materials requested by, and cooperate with, any Antitrust Investigation,
(ii) promptly inform the other party of any communication received from, or given to, any Governmental Authority and of any material communication received or given in connection with any Antitrust Investigation, and (iii) permit the other
party to review any communication given by it to, and consult with other parties in advance of, any meeting or conference with, any Governmental Authority and give the other parties the opportunity to attend and participate in such meetings and
conferences. 
 (c) Notwithstanding anything to the contrary in Section 6.01(a) or elsewhere in this Agreement, nothing
in this Agreement shall obligate ETE, ETP or any of their respective subsidiaries to divest, accept any condition, take any action or agree to any limitation with respect to any of its business, operations or assets, each, a “Divestiture
Action”, in order to resolve any Antitrust Investigation or otherwise. 
 (d) In the event any Governmental
Authority requires ETE, ETP, or any of their respective subsidiaries to take any Divestiture Action and ETE, ETP or any of their respective subsidiaries takes any such actions to resolve any Antitrust Investigation, Investor hereby agrees to
indemnify and hold harmless ETE, ETP and their respective subsidiaries against any and all fines, penalties, expenses, damages and losses incurred by ETE, ETP or any of their respective subsidiaries (including all consequential damages, but
excluding any punitive or exemplary damages) in connection with such Divestiture Action (“Divestiture Losses”). Projected cash flows obtained in connection with the acquisition of alternative assets directly or indirectly with the
proceeds of any such Divestiture Action compared to the projected cash flows of the assets divested may be considered in connection with the determination of the amount of damages and losses. In addition, the strategic value of any asset subject to
a Divestiture Action by ETE, ETP or any of their respective subsidiaries, including any consequential diminution in value of any other assets of ETE, ETP or any of their respective subsidiaries, may be considered in determining the amount of damages
or loss incurred by ETE, ETP and their respective 

  

 18 

 
subsidiaries in connection with any such Divestiture Action. ETE shall not be entitled to multiple recovery for any Divestiture Losses, including any
indirect Losses to ETE for which EPE has compensated ETP or its subsidiaries directly. 
 ARTICLE VII. 
 MISCELLANEOUS 
 Section 7.01
Communications. All notices and other communications provided for or permitted hereunder shall be made in writing by facsimile, courier service or personal delivery: 
 (a) if to the Investor, 1100 Louisiana, 10th Floor, Houston, Texas 77002, Attn: President; 
 (b) if to ETE, at 2828 Woodside Street, Dallas, Texas 75204, or 
 (c) such other address as a party hereto may specify in writing, notice of which is given in accordance with the provisions of this
Section 3.01. 
 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 any other means. 
 Section 7.02 Successor and Assignees. This Agreement shall inure to the benefit of and be binding upon the successors and permitted assignees of each of the parties, including subsequent Holders of Registrable Securities to the
extent permitted herein. 
 Section 7.03 Recapitalization, Exchanges, etc. Affecting the Common Units. The provisions of this
Agreement shall apply to the full extent set forth herein with respect to any and all units of ETE or any successor or assignee of ETE (whether by merger, consolidation, sale of assets or otherwise) which 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 and the like occurring after the date of this Agreement. 
 Section 7.04 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 party, 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 party from pursuing any other rights and remedies at law or in equity which such party may have. 
 Section 7.05 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. 
  

 19 

 Section 7.06 Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof. 
 Section 7.07 Governing Law. The laws of the State of New York shall govern
this Agreement without regard to principles of conflict of laws. 
 Section 7.08 Severability of Provisions. Any provision of this
Agreement which 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 7.09 Entire Agreement. 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. There are no
restrictions, promises, warranties or undertakings, other than those set forth or referred to herein with respect to the rights granted by ETE set forth herein. This Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter. 
 Section 7.10 Amendment. This Agreement may be amended only by means of a written amendment
signed by ETE and the Holders of a majority of the then outstanding Registrable Securities. 
 Section 7.11 No Presumption. In
the event 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 7.12 Successors and Assigns; Third-Party Beneficiaries. This Agreement shall inure to
the benefit of, and be binding upon, the parties hereto and their respective successors and permitted assigns. Except as expressly permitted herein, no party shall be entitled to assign its rights or benefits hereunder to any other person without
the consent of each of the other parties hereto. Nothing in this Agreement shall confer upon any person not a party to this Agreement, or its legal representatives, any rights or remedies of any nature or kind whatsoever under or by reason of this
Agreement. The rights and remedies expressly provided to ETE for Losses that may be incurred by ETE and the subsidiaries of ETE and ETP pursuant to Section 6.01 hereof, ETE shall be enforceable solely by ETE any not by any other party.

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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. 
  

			
	ETE:
	
	ENERGY TRANSFER EQUITY, L.P.
	By: LE GP, LLC, its general partner
		
	By:	 	/s/ John W. McReynolds
		 	John W. McReynolds
		 	President

  

					
	INVESTOR:
	
	ENTERPRISE GP HOLDINGS, L.P.
		
	By:	 	 EPE Holdings, LLC, its general partner

		
	By:	 	 /s/ Michael A. Creel

		 	Name:	 	Michael A. Creel
		 	Title:	 	Chief Executive Officer

  

					
	DAVIS:
	
	/s/ Ray C. Davis
	Ray C. Davis
	
	NCP:
	
	NATURAL GAS PARTNERS VI, L.P.
		
	By:	 	 G.F.W. Energy VI, L.P.,
 its general
partner

		
	By:	 	 GFW VI, L.L.C.,

		 	 its general partner

		
	By:	 	/s/ Kenneth A. Hersh
		 	 An Authorized Officer

  

 Schedule 3.01 
 (Common Units beneficially owned, excluding Common Units owned directly by the Company) 
  

			
	 Investor:
	    	38,976,090 Common Units
	 Davis:
	    	18,184,531 Common Units
	 NGP:
	    	15,631,777 Common Units

 EXHIBIT A 
 STATEMENT OF POLICIES RELATING TO RELATIONSHIP 
 WITH ENTERPRISE HOLDINGS GP, L.P. 
 This Statement of Policies Related to Relationship with Enterprise GP Holdings, L.P. (the “Statement”) specifies the policies and
procedures that have been adopted by Energy Transfer Equity, L.P. (“ETE”) and Energy Transfer Partners, L.P. (“ETP”), as authorized and approved by their respective general partners, to address potential conflicts
among, and protect the confidential information of, ETE, ETP and their subsidiaries (collectively, the “Energy Transfer Entities”), on the one hand, and Enterprise GP Holdings L.P. and its affiliates (collectively, the
“Enterprise Entities”), on the other hand. 
 Corporate Governance 
 Independent Directors. Each of LE GP, LLC, in its capacity as the general partner of ETE (“ETE GP”) or Energy Transfer
Partners, L.L.C., in its capacity as the general partner of Energy Transfer Partners GP, L.P., the general partner of ETP (“ETP GP”), will have at least three Independent Directors on its board of directors. 
 No Overlapping Directors. No director or employee of ETE GP or ETP GP will serve on the board of directors of EPE Holdings, LLC, the
general partner of Enterprise GP Holdings L.P., or any successor thereto (“EPE GP”), and no director or employee of any of the Enterprise Entities will serve on the board of directors of ETE GP or ETP GP. 
 Separate Employees 
 None of the Energy
Transfer Entities will employ any person who is, or was within the prior six months, an employee of any of the Enterprise Entities. 
 Transactions
Between Enterprise Entities and Energy Transfer Entities 
 Any material transaction between any of the Enterprise Entities, on the
one hand, and the Energy Transfer Entities, on the other hand, will require the prior approval of the Conflicts Committee of the boards of directors of each of ETE GP and ETP GP. 
 Screening of Commercially Sensitive Information 
 The Energy Transfer Entities will take
reasonable precautions to ensure that the Energy Transfer Entities do not provide information to any of the Enterprise Entities that the Screening Officers of the Energy Transfer Entities reasonably determine in good faith to be Commercially
Sensitive Information. 
  

 Definitions 
 For purposes of this statement, capitalized terms used but not defined above shall have the following meanings: 
 “Commercial Information” shall mean information about Commercial Development Activities or other competitively sensitive information of any Energy Transfer Entities related to the business, operations or strategies of any
of the Energy Transfer Entities or any of their competitors. Commercial Information includes information regarding prices, costs, margins, volumes and contractual terms for any particular customer, any method, tool or computer program used to
determine prices for any asset or service; all plans or strategies used or adopted to negotiate, target or identify a particular customer or group of customers for any asset or service or expand existing service offerings or offer a new service; all
information regarding plans and prospective budgets to expand or build a new facility; all information regarding a proposal to buy an existing facility, and information related to the capacity and capacity utilization of any facility. 
 “Commercial Development Activities” shall mean Confidential Information with respect to (i) proposed changes to any Potentially
Overlapping Assets, (ii) the plans and strategies dealing with the business of the Potentially Overlapping Assets and (iii) commercial development activities related to opportunities to construct or acquire, directly or indirectly
(including, without limitation, by means of joint venture or by means of acquisition of assets, equity interest in an entity, contractual rights to capacity or use, or otherwise), any interstate or intrastate natural gas pipeline, interstate or
intrastate natural gas liquids pipeline, natural gas gathering system, natural gas treating, processing or fractionating facilities, other midstream natural gas assets or facilities and any wholesale or retail propane facility or business.

 “Commercially Sensitive Information” means Confidential Information with respect to (i) Commercial Information
related to Potentially Overlapping Assets and (ii) Commercial Development Activities. 
 “Confidential Information”
shall mean any confidential information regarding the Energy Transfer Entities excluding information that (a) is known or becomes known to the public in general (other than as a result of a breach by any person of its confidentiality agreements
with the Energy Transfer Entities), (b) is or has been independently developed or conceived by any person without the use of the Energy Transfer Entities’ confidential information, or (c) is or has been made known or disclosed to any
person by a third party without a breach of any obligation of confidentiality such third party may have to the Energy Transfer Entities. 
 “Independent Director” shall mean an individual director who meets the independence, qualification and experience requirements established by the Securities Exchange Act of 1934, as amended, and the rules and regulations of
the Securities and Exchange Commission thereunder, and by The New York Stock Exchange applied to 

 
such director as if he or she were a director of any of the Enterprise Entities and either ETE GP (if such director is a director of ETE GP) or ETP GP (if
such director is a director of ETP GP). 
 “Potential Overlapping Assets” shall mean such assets of the Energy Transfer
Entities as determined by ETE or ETP, from time to time, to be significantly competitive with assets or operations of the Enterprise Entities. 
 “Screening Officer” shall mean any of the Chief Executive Officer, President, Chief Financial Officer, General Counsel or Chief Compliance Officer of either ETE or ETP, or their respective designees.

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