Document:

Exhibit 10.5

TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC

2000 LONG TERM INCENTIVE PLAN

AWARD AGREEMENT

THIS AWARD AGREEMENT (this “Agreement”)
is made between Texas Eastern Products Pipeline Company, LLC, a Delaware
limited liability company (“TEPPCO”),and (INSERT
GRANTEE’S NAME) (the “Grantee”) effective as of             ,
         (the “Effective
Date”). TEPPCO considers that its interests will be served by
granting the Grantee long term incentive units under the Texas Eastern Products
Pipeline Company, LLC 2000 Long Term Incentive Plan (the “Plan”).
The award of long term incentive units granted hereby (the “Award”) is subject to the terms of the Plan, a copy of which
is attached hereto and incorporated by reference herein. Terms that are not
specifically defined in this Agreement shall have the meanings ascribed to them
in the Plan.

IT IS AGREED:.

1.             General Terms. Subject to the terms of
the Plan and this Agreement, effective as of the Effective Date, TEPPCO hereby
grants to the Grantee           
Long Term Incentive Units.

2.             Vested Interest. The Grantee’s Vested
Interest applicable to the Award is the result of (A) minus (B) multiplied
by (C), where (A) is Economic Value Added for the Performance Period, (B) is
the Benchmark, and (C) is .00000405%. The Benchmark is $73,028,000 (which
represents the Economic Value Added for the three-year period that commences on
January 1, 2002 and ends on December 31, 2004). Subject to Section 3
of this Agreement, the Performance Period applicable to the Award is the
three-year period that commences on January 1, 2005 and ends on December 31,
2007.

3.             Change in Control Described in any of Paragraphs (i), (iv) or
(vii) of Section 2.8 of the Plan. Notwithstanding any
other provision of the Plan or this Agreement, if a Change in Control described
in any of paragraphs (i),(iv), or (vii) of Section 2.8 of the Plan
occurs during the three-year period that begins on January 1, 2005 and
ends on December 31, 2007, and the Grantee incurs a
Separation From Service in connection with such Change in Control, in lieu of
any other benefit payable under the Plan with respect to this Award, within ten
days after the later of the date of the Grantee’s Separation From Service or
the date of the Change in Control TEPPCO (or its successor) will pay the
Grantee an amount equal to product of (A) and (B) where (A) is
the number of the Grantee’s long term incentive units granted under this Award and (B) is the average of the
closing prices of a Unit as reported on the New York Stock Exchange, Inc.
Composite Transactions Reporting System over the ten consecutive trading days
immediately preceding the date of the Change in Control. For purposes of
this Agreement, a Grantee will be deemed to have incurred a Separation From
Service “in connection with a Change in Control”
if  (A) a Change in Control occurs during
the Performance Period, (B) the Grantee incurs a Separation From Service during
the Performance Period and (C) (1) the Grantee’s employment with
TEPPCO or its successor is terminated by TEPPCO or its successor during the
Performance Period and following the Change in Control, (2) the Grantee
resigns from the employ of TEPPCO or its successor for “Good Reason” before or
after the Change in Control, or (3)  the Grantee’s Separation From Service
occurs on or prior to the date of the 

 

Change
in Control  and the Separation From
Service is at the request or direction of a person who has entered into an
agreement the consummation of which would constitute a Change in Control. For
purposes of this Agreement, “Good Reason”
for a Grantee’s resignation means the occurrence of any of the following during
the Performance Period: (1) TEPPCO or its successor assigns to the Grantee
any duties inconsistent with the Grantee’s position (including offices, titles and
reporting requirements), authority, duties or responsibilities with TEPPCO
immediately prior to the execution of an agreement the consummation of which
would constitute a Change in Control, (2) TEPPCO or its successor takes
any other action that results in a material diminution in the Grantee’s
position, authorities, duties or responsibilities, (3) TEPPCO or its
successor reduces the Grantee’s annual base salary as in effect immediately
prior to the execution of an agreement the consummation of which would
constitute a Change in Control, or (4) TEPPCO or its successor relocates
the Grantee’s principal place of employment to a place that outside of the 30-mile
radius of the Grantee’s principal place of employment immediately prior to the
Change in Control.

4.             Change in Control Described in Paragraph (ii),
(iii), (v), or (vi) of Section 2.8  of the Plan. Notwithstanding
any other provision of the Plan or this Agreement, if a Change in Control
described in any of paragraphs (ii),(iii),(v) or (vi) of Section 2.8
of the Plan occurs during the three-year period that begins on January 1,
2005 and ends on December 31, 2007, in lieu of any other benefit payable
under the Plan with respect to this Award, within ten days after the date of
the Change in Control TEPPCO (or its successor) will pay the Grantee an amount
equal to product of (A) and (B) where (A) is the number of the
Grantee’s long term incentive units granted under this Award and (B) is
the average of the closing prices of a Unit as reported on the New York Stock
Exchange, Inc. Composite Transactions Reporting System over the ten
consecutive trading days immediately preceding the date of the Change in
Control.

5.             Negotiation and Mediation. TEPPCO and the
Grantee (the “parties”) will attempt in good faith to resolve any controversy
or dispute arising out of or relating to this Agreement promptly by
negotiations between or among the parties. The negotiation process may be
started by notice by either party to the other party, and the parties agree to
negotiate in good faith, and select an independent mediator to facilitate the
negotiations and conduct up to eight consecutive hours of mediated negotiations
in Houston, Texas within thirty days after the notice is first sent. If, within
ten days after the initial notice the parties are not able to agree upon a
mediator, the party originally giving the notice shall promptly notify American
Arbitration Association (“AAA”), 140 West 51st Street, New York, New York 10020-1203,
AAA will designate a mediator who is independent and impartial, and AAA’s
decision about the identity of the mediator will be final and binding. It shall
not be necessary to comply with the foregoing negotiation or mediation
provisions in order to seek injunctive relief pursuant to the exception at the
end of Section 6.

6.             No Litigation. No arbitration may be
commenced by any party unless and until a negotiation complying with Section 5
has been completed, and no litigation or other proceeding may ever be
instituted at any time in any court for the purpose of adjudicating,
interpreting or enforcing any of the rights or obligations of the parties
hereto or any rights or obligations relating to the subject matter hereof,
whether or not covered by the express terms of this Agreement, or for the
purpose of adjudicating a breach or determination of the validity of this
Agreement, or for the purpose of appealing any decision of an arbitrator,
except a proceeding instituted for the sole

 

purpose
of having the award or judgment of an arbitrator entered and enforced or to
seek an injunction or restraining order (but not damages in connection
therewith) in circumstances where such relief is available.

7.             Binding Arbitration. If a controversy or
dispute is not resolved after completion of the negotiation process described
in Section 5, then, upon notice by either party to the other party (an “Arbitration
Notice”) and to AAA, the controversy or dispute shall be submitted to a sole
arbitrator who is independent and impartial, for binding arbitration in
Houston, Texas, in accordance with AAA’s Commercial Arbitration Rules (the
“Rules”). The parties agree that they will faithfully observe this Agreement
and the Rules and that they will abide by and perform any award rendered
by the arbitrator. The arbitration shall be governed by the Federal Arbitration
Act, 9 U.S.C. Section 1-16 (or by the same principles enunciated by
such Act in the event it may not be technically applicable). The award or
judgment of the arbitrator shall be final and binding on all parties and judgment
upon the award or judgment of the arbitrator may be entered and enforced by any
court having jurisdiction. If any party becomes the subject of a bankruptcy,
receivership or other similar proceeding under the laws of the United States of
America, any state or commonwealth or any other nation or political subdivision
thereof, then, to the extent permitted or not prohibited by applicable law, any
factual or substantive legal issues arising in or during the pendency of any
such proceeding shall be subject to all of the foregoing mandatory mediation
and arbitration provisions and shall be resolved in accordance therewith. The
agreements contained in Sections 5, 6 and 7 have been given for valuable
consideration, are coupled with an interest and are not intended to be
executory contracts. The fees and expenses of the arbitrator will be shared by
all parties engaged in the dispute or controversy on a basis determined to be
fair and equitable by the arbitrator, taking into account the relative fault of
each party, the relative credibility and merit of all claims and defenses made
by each party and the cooperation, speed and efficiency of each party in
conducting the arbitration proceedings and complying with the Rules and
with orders and requests of the arbitrator.

8.             Selection of Arbitrator. Promptly after
the Arbitration Notice is given, AAA will select three possible arbitrators, to
whom AAA will give the identities of the parties and the general nature of the
controversy. If any of those arbitrators disqualifies himself or declines to
serve, AAA shall continue to designate potential arbitrators until the parties
have three to select from. After the panel of three potential arbitrators has
been completed, a two-page summary of the background of each of the
potential arbitrators will be given to both of the parties, and the parties
will have a period of ten days after receiving the summaries in which to
attempt to agree upon the arbitrator to conduct the arbitration. If the parties
are unable to agree upon an arbitrator, then one of the parties shall notify
AAA, and AAA shall select the arbitrator from one of the three, or less, if one
or more has been found to be disqualified or removes himself from consideration
(if all three are disqualified or remove themselves, then AAA shall start the
arbitration-selection process over again). The decision of AAA with
respect to the selection of the arbitrator will be final and binding in such
case.

9.             Arbitration Hearing. Within ten days
after the selection of the arbitrator, the parties and their counsel will
appear before the arbitrator at a place and time designated by the arbitrator
for the purpose of each party making a one hour or less presentation and
summary of the case. Thereafter, the arbitrator will set dates and times for
additional hearings until the proceeding is concluded. The desire and goal of
the parties is, and the arbitrator will be advised 

 

that
his goal should be, to conduct and conclude the arbitration proceeding as
expeditiously as possible. If any party or his counsel fails to appear at any
hearing, the arbitrator shall be entitled to reach a decision based on the
evidence which has been presented to him by the parties who did appear.

10.           Waiver  of Jury
Trial. While it is the intention that all disputes be resolved
pursuant to arbitration, nonetheless, in the event any matter related to this
Agreement ever becomes the subject of judicial proceedings, by entering into
this Agreement the Grantee agrees to and waives his right to a jury trial of
any claim or cause of action based upon or arising out of this Agreement. This
waiver is irrevocable, meaning that it may not be modified either orally or in
writing, and this waiver shall apply to any subsequent amendments, renewals,
supplements or modifications to this Agreement. In the event of litigation,
this Agreement may be filed as a written consent to a trial by the court.

11.           Confidentiality of Settlement Proceedings. All
aspects of any settlement proceedings, including, without limitation,
discovery, testimony and other evidence, negotiations and communications
pursuant to Sections 5 and 6, briefs and the award shall be held confidential
by each party and the arbitrators, and shall be treated as compromise and
settlement negotiations for the purposes of the Federal and State Rules of
Evidence.

12.           Notices. Notices required or permitted to
be given by either party pursuant to this Agreement shall be in writing and
shall be deemed to have been given when delivered personally to the other party
or when deposited with the United States Postal Service as certified or
registered mail with postage prepaid and addressed.

13.           Withholding Taxes. TEPPCO may withhold from
all payments to be paid to the Grantee pursuant to this Agreement all taxes
that, by applicable federal, state, local or other law of any applicable
jurisdiction, TEPPCO is required to so withhold.

14.           Amendment and Waiver. No provision of this
Agreement may be amended, modified or waived (whether by act or course of
conduct or omission or otherwise) unless that amendment, modification or waiver
is by written instrument signed by the parties hereto. No waiver by either
party of any breach of this Agreement shall be deemed a waiver of any other or
subsequent breach.

15.           Executive Acknowledgment. The Executive
acknowledges that he has read and understands this Agreement, is fully aware of
its legal effect, has not acted in reliance upon any representations or
promises made by TEPPCO other than those contained in writing herein, and has
entered into this Agreement freely based on his own judgment.

16.           Assignment by TEPPCO. TEPPCO may assign
this Agreement to any successor (whether by merger, consolidation, conversion,
or other business combination, purchase of TEPPCO’s stock, sale, exchange or
other transfer of all or a majority of TEPPCO’s assets, or otherwise) to all or
a controlling interest in TEPPCO’s business, in which case this Agreement shall
be binding upon and inure to the benefit of such successors and assigns.

17.           Negotiated Transaction. The parties hereto (i) agree
that the provisions of this Agreement were negotiated by the parties hereto,
that each of the parties hereto has had the

 

opportunity
to be represented by counsel during the negotiation and execution of this
Agreement, and that this Agreement shall be deemed to have been drafted by all
of the parties hereto and, therefore, (ii) waive the application of any
law, regulation, holding or rule of construction providing that
ambiguities in an agreement or other document will be construed against the
party drafting such agreement or document.

18.           Governing Law. The validity,
interpretation, construction and enforceability of this Agreement shall be
governed by the laws of the State of Texas 
without giving effect to a choice or conflict of law provision or rule of
such state.

19.           Counterparts. This Agreement may be
executed in counterparts, each of which shall be deemed an original but all of
which together will constitute the same instrument.

20.           Headings; Gender and Number. The section
headings have been inserted for purposes of convenience only and shall not be
used for interpretive purposes. If the context requires it, words of one gender
when used in this Agreement shall include the other genders, and words used in
the singular or plural shall include the other.

21.           Entire Agreement. This Agreement
constitutes the entire agreement of the parties with regard to the subject
matter hereof, and supersedes all previous written or oral representations,
agreements, commitments and understandings between the parties, whether
expressed or implied. The terms of this Agreement do not amend or affect in any
way any other agreements or understandings between TEPPCO and the Grantee.

22.           Severability. If a court of competent
jurisdiction determines that any provision of this Agreement is invalid or
unenforceable, then the validity or unenforceability of this provision shall
not affect the validity or enforceability of any other provision of this
Agreement, and all other provisions shall remain in full force and effect.

23.           Spousal Acknowledgement and Consent. The
Spouse of the Grantee is fully aware of, understands and fully consents and
agrees to the provisions of this Agreement and its binding effect upon any
community property or other interest such Spouse may now or hereafter own. The
Spouse of the Grantee agrees that the termination of such Spouse’s marital
relationship with the Executive for any reason shall not have the effect of
removing any such interest from the coverage of this Agreement and that such Spouse’s
awareness, understanding, consent and agreement to all of the provisions hereof
is evidenced by such Spouse’s execution and delivery of this Agreement.

IN WITNESS WHEREOF, TEPPCO, the Grantee and the Spouse
of the Grantee have executed this Agreement effective as of the Effective Date.

	
   

  	
   

  	
  TEXAS EASTERN PRODUCTS PIPELINE

  COMPANY, LLC

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
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  GRANTEE:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
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  Name:Exhibit 10.6

TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC

2005 PHANTOM UNIT PLAN

AWARD AGREEMENT

THIS AWARD AGREEMENT (this “Agreement”) is
made between Texas Eastern Products Pipeline Company, LLC, a Delaware limited
liability company (“TEPPCO”), and                             
(the “Grantee”) effective as of       ,
         (the “Effective
Date”). TEPPCO considers that its interests will be served by
granting the Grantee phantom units under the Texas Eastern Products Pipeline
Company, LLC 2005 Phantom Unit Plan (the “Plan”) as an
inducement for the Grantee to                              .
The award of phantom units granted hereby (the “Award”)
is subject to the terms of the Plan, a copy of which is attached hereto and
incorporated by reference herein. Terms that are not specifically defined in
this Agreement shall have the meanings ascribed to them in the Plan.

IT IS AGREED:.

1.             General Terms. Subject
to the terms of the Plan and this Agreement, effective as of the Effective
Date, TEPPCO hereby grants to the Grantee         
Phantom Units with respect to the performance period that begins on January 1,
2005, and ends on December 31, 2007 (the “Performance
Period”).

2.             Performance Goal.  The 
Performance Goal applicable to this Award shall be the achievement of a
cumulative EBITDA for the Performance Period of an amount equal to the sum of
the EBITDA targets for Target Awards established by the Committee for each of
the calendar years during the Performance Period for purposes of the Texas
Eastern Products Pipeline Company, LLC Management Incentive Compensation
Plan  and the Texas Eastern Products
Pipeline, LLC Employee Incentive Compensation Plan (the “Target Level of Performance”).

3.             Vested Percentage. The
Committee shall determine a Grantee’s Vested  Percentage
after the Committee determines the extent to which the Performance Goal
applicable to this Award has been achieved. A Grantee’s Vested Percentage
applicable to this Award will be equal to the percentage of the Target Level of
Performance (not less than 50 percent and not greater than 150 percent) that is
achieved during the Performance Period. For example, if the Committee
determines that precisely 100 percent of Target Level of Performance was
achieved during the Performance Period, the Grantee’s Vested Percentage
applicable to this Award will be 100 percent. If the Committeee determines that
precisely 150 percent of the Target Level of Performance was achieved during
the Performance Period the Grantee’s Vested Percentage applicable to this Award
will be 150 percent. If the Committee determines that precisely 50 percent of
the Target Level of Performance was achieved during the Performance Period (the
“Base Level of Performance”) the Grantee’s
Vested Percentage applicable to this Award will be 50 percent. If the Committee
determines that the Base Level of Performance was not achieved during the
Performance Period the Grantee’s Vested Percentage applicable to this Award
will be zero percent. Notwithstanding any other provision of this Section 3,
the Committee has the discretion to reduce the Grantee’s Vested Percentage as
it deems appropriate if the Committee determines, in its sole discretion, that
the Grantee’s Vested Percentage should be reduced due to reductions in
distributions paid to Unit holders or due to any other factor(s) the
Committee deems relevant.

 

 

4.             Change in Control Described in any of Paragraphs (i),(iv),
or (vii) of Section 2.7 of the Plan. Notwithstanding
any other provision of the Plan or this Agreement, if a Change in Control described
in any of paragraphs (i),(iv), or (vii) of Section 2.7 of the Plan occurs
during the three-year period that begins on January 1, 2005 and ends on December 31,
2007, and the Grantee incurs a Separation From Service in connection with such
Change in Control, in lieu of any other benefit payable under the Plan with
respect to this Award, within ten days after the later of the date of the
Grantee’s Separation From Service or the date of the Change in Control TEPPCO
(or its successor) will pay the Grantee an amount equal to product of (A) and
(B) where (A) is the number of the Grantee’s Phantom Units granted
under this Award and (B) is the average of the closing prices of a Unit as
reported on the New York Stock Exchange, Inc. Composite Transactions
Reporting System over the ten consecutive trading days immediately preceding
the date of the Change in Control. For purposes of this Agreement, a Grantee
will be deemed to have incurred a Separation From Service “in connection with a
Change in Control” if  (A) a Change
in Control occurs during the Performance Period, (B) the Grantee incurs a
Separation From Service during the Performance Period and (C) (1) the
Grantee’s employment with TEPPCO or its successor is terminated by TEPPCO or
its successor during the Performance Period and following the Change in Control,
(2) the Grantee resigns from the employ of TEPPCO or its successor for “Good
Reason” before or after the Change in Control, or (3)  the Grantee’s
Separation From Service occurs on or prior to the date of the Change in Control
 and the Separation From Service is at
the request or direction of a person who has entered into an agreement the
consummation of which would constitute a Change in Control. For purposes of
this Agreement, “Good Reason” for a Grantee’s resignation means the occurrence
of any of the following during the Performance Period: (1) TEPPCO or its
successor assigns to the Grantee any duties inconsistent with the Grantee’s position
(including offices, titles and reporting requirements), authority, duties or
responsibilities with TEPPCO immediately prior to the execution of an agreement
the consummation of which would constitute a Change in Control, (2) TEPPCO
or its successor takes any other action that results in a material diminution
in the Grantee’s position, authorities, duties or responsibilities, (3) TEPPCO
or its successor reduces the Grantee’s annual base salary as in effect
immediately prior to the execution of an agreement the consummation of which
would constitute a Change in Control, or (4) TEPPCO or its successor
relocates the Grantee’s principal place of employment to a place that outside
of the 30-mile radius of the Grantee’s principal place of employment
immediately prior to the Change in Control.

5.             Change in Control Described in Paragraph (ii), (iii), (v),
or (vi) of Section 2.7 of the Plan. Notwithstanding
any other provision of the Plan or this Agreement, if a Change in Control
described in any of paragraphs (ii),(iii),(v) or (vi) of Section 2.7
of the Plan occurs during the three-year period that begins on January 1,
2005 and ends on December 31, 2007, in lieu of any other benefit payable
under the Plan with respect to this Award, within ten days after the date of
the Change in Control TEPPCO (or its successor) will pay the Grantee an amount
equal to product of (A) and (B) where (A) is the number of the
Grantee’s Phantom Units granted under this Award and (B) is the average of
the closing prices of a Unit as reported on the New York Stock Exchange, Inc.
Composite Transactions Reporting System over the ten consecutive trading days
immediately preceding the date of the Change in Control.

6.             Negotiation and Mediation. TEPPCO and the
Grantee (the “parties”) will attempt in good faith to resolve any controversy
or dispute arising out of or relating to this

 

Agreement promptly by
negotiations between or among the parties. The negotiation process may be
started by notice by either party to the other party, and the parties agree to
negotiate in good faith, and select an independent mediator to facilitate the
negotiations and conduct up to eight consecutive hours of mediated negotiations
in Houston, Texas within thirty days after the notice is first sent. If, within
ten days after the initial notice the parties are not able to agree upon a mediator,
the party originally giving the notice shall promptly notify American
Arbitration Association (“AAA”), 140 West 51st Street, New York, New York 10020-1203,
AAA will designate a mediator who is independent and impartial, and AAA’s
decision about the identity of the mediator will be final and binding. It shall
not be necessary to comply with the foregoing negotiation or mediation
provisions in order to seek injunctive relief pursuant to the exception at the
end of Section 7.

7.             No Litigation. No arbitration may be
commenced by any party unless and until a negotiation complying with Section 6
has been completed, and no litigation or other proceeding may ever be
instituted at any time in any court for the purpose of adjudicating,
interpreting or enforcing any of the rights or obligations of the parties
hereto or any rights or obligations relating to the subject matter hereof,
whether or not covered by the express terms of this Agreement, or for the
purpose of adjudicating a breach or determination of the validity of this
Agreement, or for the purpose of appealing any decision of an arbitrator,
except a proceeding instituted for the sole purpose of having the award or
judgment of an arbitrator entered and enforced or to seek an injunction or
restraining order (but not damages in connection therewith) in circumstances
where such relief is available.

8.             Binding Arbitration. If a controversy or
dispute is not resolved after completion of the negotiation process described
in Section 6, then, upon notice by either party to the other party (an “Arbitration
Notice”) and to AAA, the controversy or dispute shall be submitted to a sole
arbitrator who is independent and impartial, for binding arbitration in
Houston, Texas, in accordance with AAA’s Commercial Arbitration Rules (the
“Rules”). The parties agree that they will faithfully observe this Agreement
and the Rules and that they will abide by and perform any award rendered
by the arbitrator. The arbitration shall be governed by the Federal Arbitration
Act, 9 U.S.C. Section 1-16 (or by the same principles enunciated by
such Act in the event it may not be technically applicable). The award or
judgment of the arbitrator shall be final and binding on all parties and
judgment upon the award or judgment of the arbitrator may be entered and
enforced by any court having jurisdiction. If any party becomes the subject of
a bankruptcy, receivership or other similar proceeding under the laws of the
United States of America, any state or commonwealth or any other nation or
political subdivision thereof, then, to the extent permitted or not prohibited
by applicable law, any factual or substantive legal issues arising in or during
the pendency of any such proceeding shall be subject to all of the foregoing
mandatory mediation and arbitration provisions and shall be resolved in
accordance therewith. The agreements contained in Sections 6, 7 and 8 have been
given for valuable consideration, are coupled with an interest and are not
intended to be executory contracts. The fees and expenses of the arbitrator
will be shared by all parties engaged in the dispute or controversy on a basis
determined to be fair and equitable by the arbitrator, taking into account the
relative fault of each party, the relative credibility and merit of all claims
and defenses made by each party and the cooperation, speed and efficiency of
each party in conducting the arbitration proceedings and complying with the Rules and
with orders and requests of the arbitrator.

 

 

9.             Selection of Arbitrator. Promptly after the
Arbitration Notice is given, AAA will select three possible arbitrators, to
whom AAA will give the identities of the parties and the general nature of the
controversy. If any of those arbitrators disqualifies himself or declines to
serve, AAA shall continue to designate potential arbitrators until the parties
have three to select from. After the panel of three potential arbitrators has
been completed, a two-page summary of the background of each of the
potential arbitrators will be given to both of the parties, and the parties
will have a period of ten days after receiving the summaries in which to
attempt to agree upon the arbitrator to conduct the arbitration. If the parties
are unable to agree upon an arbitrator, then one of the parties shall notify
AAA, and AAA shall select the arbitrator from one of the three, or less, if one
or more has been found to be disqualified or removes himself from consideration
(if all three are disqualified or remove themselves, then AAA shall start the
arbitration-selection process over again). The decision of AAA with
respect to the selection of the arbitrator will be final and binding in such
case.

10.           Arbitration
Hearing. Within ten days after the selection of the arbitrator,
the parties and their counsel will appear before the arbitrator at a place and
time designated by the arbitrator for the purpose of each party making a one
hour or less presentation and summary of the case. Thereafter, the arbitrator
will set dates and times for additional hearings until the proceeding is
concluded. The desire and goal of the parties is, and the arbitrator will be
advised that his goal should be, to conduct and conclude the arbitration
proceeding as expeditiously as possible. If any party or his counsel fails to
appear at any hearing, the arbitrator shall be entitled to reach a decision
based on the evidence which has been presented to him by the parties who did
appear.

11.           Waiver
of Jury Trial. While it is the intention that all disputes be
resolved pursuant to arbitration, nonetheless, in the event any matter related
to this Agreement ever becomes the subject of judicial proceedings, by entering
into this Agreement the Grantee agrees to and waives his right to a jury trial
of any claim or cause of action based upon or arising out of this Agreement. This
waiver is irrevocable, meaning that it may not be modified either orally or in
writing, and this waiver shall apply to any subsequent amendments, renewals,
supplements or modifications to this Agreement. In the event of litigation,
this Agreement may be filed as a written consent to a trial by the court.

12.           Confidentiality
of Settlement Proceedings. All aspects of any settlement
proceedings, including, without limitation, discovery, testimony and other
evidence, negotiations and communications pursuant to Sections 6 and 7, briefs
and the award shall be held confidential by each party and the arbitrators, and
shall be treated as compromise and settlement negotiations for the purposes of
the Federal and State Rules of Evidence.

13.           Notices.
Notices required or permitted to be given by either party
pursuant to this Agreement shall be in writing and shall be deemed to have been
given when delivered personally to the other party or when deposited with the
United States Postal Service as certified or registered mail with postage
prepaid and addressed.

14.           Withholding
Taxes. TEPPCO may withhold from all payments to be paid to the  Grantee pursuant to this
Agreement all taxes that, by applicable federal, state, local or other law of
any applicable jurisdiction, TEPPCO is required to so withhold.

 

 

15.           Amendment
and Waiver. No provision of this Agreement may be amended,
modified or waived (whether by act or course of conduct or omission or
otherwise) unless that amendment, modification or waiver is by written
instrument signed by the parties hereto. No waiver by either party of any
breach of this Agreement shall be deemed a waiver of any other or subsequent
breach.

16.           Grantee
Acknowledgment. The Grantee acknowledges that he has read and
understands this Agreement, is fully aware of its legal effect, has not acted
in reliance upon any representations or promises made by TEPPCO other than
those contained in writing herein, and has entered into this Agreement freely
based on his own judgment.

17.           Assignment
by TEPPCO. TEPPCO may assign this Agreement to any successor
(whether by merger, consolidation, conversion, or other business combination,
purchase of TEPPCO’s stock, sale, exchange or other transfer of all or a
majority of TEPPCO’s assets, or otherwise) to all or a controlling interest in
TEPPCO’s business, in which case this Agreement shall be binding upon and inure
to the benefit of such successors and assigns.

18.           Negotiated
Transaction. The parties hereto (i) agree that the
provisions of this Agreement were negotiated by the parties hereto, that each
of the parties hereto has had the opportunity to be represented by counsel
during the negotiation and execution of this Agreement, and that this Agreement
shall be deemed to have been drafted by all of the parties hereto and,
therefore, (ii) waive the application of any law, regulation, holding or rule of
construction providing that ambiguities in an agreement or other document will
be construed against the party drafting such agreement or document.

19.           Governing
Law. The validity, interpretation, construction and
enforceability of this Agreement shall be governed by the laws of the State of
Texas  without giving effect to a choice
or conflict of law provision or rule of such state.

20.           Counterparts.
This Agreement may be executed in counterparts, each of which
shall be deemed an original but all of which together will constitute the same
instrument.

21.           Headings;
Gender and Number. The section headings have been inserted for
purposes of convenience only and shall not be used for interpretive purposes. If
the context requires it, words of one gender when used in this Agreement shall
include the other genders, and words used in the singular or plural shall
include the other.

22.           Entire
Agreement. This Agreement constitutes the entire agreement of
the parties with regard to the subject matter hereof, and supersedes all
previous written or oral representations, agreements, commitments and
understandings between the parties, whether expressed or implied. The terms of
this Agreement do not amend or affect in any way any other agreements or
understandings between TEPPCO and the Grantee.

23.           Severability.
If a court of competent jurisdiction determines that any
provision of this Agreement is invalid or unenforceable, then the validity or
unenforceability of this provision shall not affect the validity or
enforceability of any other provision of this Agreement, and all other
provisions shall remain in full force and effect.

 

 

24.           Spousal
Acknowledgement and Consent. The Spouse of the Grantee is fully
aware of, understands and fully consents and agrees to the provisions of this
Agreement and its binding effect upon any community property or other interest
such Spouse may now or hereafter own. The Spouse of the Grantee agrees that the
termination of such Spouse’s marital relationship with the Grantee for any
reason shall not have the effect of removing any such interest from the
coverage of this Agreement and that such Spouse’s awareness, understanding,
consent and agreement to all of the provisions hereof is evidenced by such
Spouse’s execution and delivery of this Agreement.

IN WITNESS WHEREOF, TEPPCO, the Grantee and the Spouse
of the Grantee have executed this Agreement effective as of the Effective Date.

	
   

  	
  TEXAS EASTERN PRODUCTS PIPELINE COMPANY, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
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Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]