Document:

Exhibit 10.1

 Exhibit 10.1 

 
 IRIDIUM COMMUNICATIONS INC. 

2012 EXECUTIVE CASH PERFORMANCE BONUS PLAN 
 1. Purpose. As part of its executive compensation program, Iridium Communications Inc. (the “Company”) has designed this 2012 Executive Cash Performance Bonus
Plan (the “Bonus Plan”) for the 2012 calendar year. The Bonus Plan operates under, and is part of, the 2009 Iridium Communications Inc. Stock Incentive Plan (the “2009 Plan”), which has been approved
by the Board and the Company’s stockholders. The Bonus Plan provides Participants with cash incentive awards based on the achievement of objectively determinable performance goals. The Bonus Plan is intended to permit the payment of bonuses
that may qualify as Performance-Based Compensation. 
 2. Definitions. Defined terms not explicitly defined in the Bonus Plan but
defined in the 2009 Plan shall have the same definitions as in the 2009 Plan. 
 (a) “Base
Salary” means the base salary earned by the Participant during the Performance Period. Such Base Salary shall be before both (i) deductions for taxes or benefits, and (ii) deferrals of compensation pursuant to
Company-sponsored plans. 
 (b) “Bonus Award” means, with respect to each Participant, the award
determined pursuant to Section 5(f) below, which is subject to the Committee’s authority under Section 5(f) to eliminate or reduce the Bonus Award otherwise payable. 

(c) “Committee” means the Compensation Committee of the Board (or a subcommittee thereof), or such other
committee of the Board (including, without limitation, the full Board) to which the Board has delegated power to act under or pursuant to the provisions of the 2009 Plan; provided, however, that with respect to payments under the Bonus Plan
intended to qualify as Performance-Based Compensation, the Committee shall consist, to the extent required by Section 162(m), solely of two or more members of the Board who qualify as “outside directors” within the meaning of
Section 162(m). 
 (d) “Maximum Bonus Award” means, as to any Participant for the
Performance Period, the maximum award that may be granted to the Participant under the Bonus Plan. In no event may the Maximum Bonus Award paid in respect of a calendar year exceed $2 million. 

(e) “Participant” means an eligible officer selected by the Committee, in its sole discretion, to
participate in the Bonus Plan. 
 (f) “Payout Determination Date” means the date upon which the
Committee determines the amounts payable pursuant to the Target Bonus Award with respect to the completed Performance Period, in accordance with Section 5(f). 
 (g) “Performance-Based Compensation” means compensation that is intended to qualify as “performance-based compensation” within the meaning of Section 162(m).

 (h) “Performance Goals” means the goal(s) (or combined goal(s)) determined by the
Committee, in its sole discretion, to be applicable to a Participant with respect to a Bonus Award as set forth in Section 8(b) of the 2009 Plan. For the purpose of convenience, the Performance Goals set forth in the 2009 Plan are as follows:

 (i) consolidated earnings before or after taxes (including earnings before interest, taxes, depreciation and
amortization); 

	 	(ii)	net income; 

  

	 	(iii)	operating income; 

  

	 	(iv)	earnings per Share; 

  

	 	(v)	book value per Share; 

  

	 	(vi)	return on stockholders’ equity; 

  

	 	(vii)	expense management; 

  

	 	(viii)	return on investment; 

  

	 	(ix)	improvements in capital structure; 

  

	 	(x)	profitability of an identifiable business unit or product; 

  

	 	(xi)	maintenance or improvement of profit margins; 

  

	 	(xii)	stock price; 

  

	 	(xiii)	market share; 

  

	 	(xiv)	revenues or sales; 

  

	 	(xv)	costs; 

  

	 	(xvi)	cash flow; 

  

	 	(xvii)	working capital; 

  

	 	(xviii)	return on assets; 

  

	 	(xix)	total stockholder return; and 

  

	 	(xx)	capital expenditures.

 The foregoing criteria may
relate to the Company, one or more of its Affiliates or one or more of its or their divisions or units, or any combination of the foregoing, and may be applied on an absolute basis and/or be relative to one or more peer group companies or indices,
or any combination thereof, all as the Committee shall determine. In addition, to the degree consistent with Section 162(m), the Performance Goals may be calculated in respect of Performance-Based Compensation without regard to extraordinary
items. 

  
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 (i) “Performance Period” means the 2012 calendar year.

 (j) “Section 162(m)” means Section 162(m) of the Code, or any successor to
Section 162(m), as such Section may be interpreted from time to time by the Internal Revenue Service, whether by regulation, notice or otherwise. 
 (k) “Target Bonus Award” means the target award payable under the Bonus Plan to a Participant for the Performance Period, as determined by the Committee in accordance with
Section 5(c). 
 (l) “Target Determination Cutoff Date” means the latest possible date that
will not jeopardize a Target Bonus Award’s qualification as Performance-Based Compensation. 
 (m)
“Target Determination Date” means the date or dates upon which the Committee sets the Performance Goals and each Participant’s Target Bonus Award with respect to the Performance Period, in accordance with
Sections 5(b) and 5(c). 
 (n) “Threshold Goal” means the 162(m)-compliant Performance Goal
that must be achieved in order to earn any bonus under the Plan as further described in Section 5(e) below. 
  

	3.	Plan Administration. 

(a) The Committee shall be responsible for the general administration and interpretation of the Bonus Plan and for carrying out its
provisions. Subject to the requirements for qualifying compensation as Performance-Based Compensation, the Committee may delegate specific administrative tasks to Company employees or others as appropriate for proper administration of the Bonus
Plan. Subject to the limitations on Committee discretion imposed under Section 162(m), the Committee shall have such powers as may be necessary to discharge its duties hereunder, including, but not by way of limitation, the following powers and
duties, but subject to the terms of the Bonus Plan: 
 (i) authority to adopt Performance Goals and Target Bonus Awards
under the Bonus Plan for the Performance Period on or prior to the Target Determination Cutoff Date; 
 (ii) authority to
determine eligibility and the amount, manner and time of payment of any Bonus Awards hereunder, including authority to exercise negative discretion in reducing any Maximum Bonus Award; 

(iii) authority to construe and interpret the terms of the Bonus Plan; 

(iv) authority to prescribe forms and procedures for purposes of Bonus Plan participation and distribution of Bonus Awards; and

 (v) authority to adopt rules, regulations and bylaws and to take such actions as it deems necessary or desirable for
the proper administration of the Bonus Plan. 

  
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 (b) Any rule or decision by the Committee that is not inconsistent with the
provisions of the Bonus Plan or the 2009 Plan shall be conclusive and binding on all persons, and shall be given the maximum deference permitted by law. 
 4. Eligibility. Participation in the Bonus Plan is at the discretion of the Committee. Officers of the Company who are regularly employed (full or part time) during the Performance
Period at the level of Executive Vice President or above and who are subject to Section 16 of the Securities Exchange Act of 1934, are eligible to participate in the Bonus Plan. If an officer is hired after the beginning of the Performance
Period the Committee shall have the discretion to determine whether such officer should be eligible to participate in the Bonus Plan. If the Participant’s Bonus Plan target percent changes during the Performance Period, the officer’s
Target Bonus Award will be pro-rated based on those adjusted figures as follows: the Target Bonus Award will be based on the number of days in the Performance Period with the former Bonus Plan annual bonus target percent and the number of days in
the Performance Period with the new Bonus Plan annual target percent. A Participant must be employed through the payment date to earn any award under this Plan; if the Participant’s employment terminates before the payment date of any Bonus
Award, the Participant will not be eligible to receive a Bonus Award, or any portion of a Bonus Award, except as provided in an applicable severance plan or in an individual employment or retention agreement with such Participant. If a Participant
is on a leave of absence for a portion of the Performance Period, the Participant will be eligible for a Bonus Award under the Bonus Plan based on actual salary earned during the Performance Period (exclusive of any salary replacement benefits paid
during the leave via insurance). 
  

	5.	How the Bonus Plan Works. 

(a) Bonus Plan Components. The Bonus Plan components are: (i) the Performance Goals; (ii) the Target Bonus Award;
(iii) the Maximum Bonus Award; (iv) the Threshold Goal; and (v) the Bonus Award. 
 (b) Performance
Goal Determination. On the Target Determination Date, the Committee, in its sole discretion, shall establish the Threshold Goal for each Participant for the Performance Period. Such Threshold Goal shall be set forth in writing on or prior to the
Target Determination Cutoff Date, and the achievement of such Threshold Goal shall be substantially uncertain at such time. 

(c) Target Bonus Award. On the Target Determination Date, the Committee, in its sole discretion, shall designate a Target
Bonus Award for each Participant. Each Participant’s Target Bonus Award shall be set forth in writing on or prior to the Target Determination Cutoff Date. The Participant’s Bonus Award is calculated, in part (as further described below),
by reference to his or her Target Bonus Award. The Target Bonus Award equals the product of the annual bonus target percent and the Base Salary. For example, an Executive Vice President whose annual bonus target percent is 50% and whose Base Salary
is $200,000 would have his or her Bonus Award calculated by reference to a Target Bonus Award of $100,000 ($200,000 x 50%). 

(d) Maximum Bonus Award. Subject to Section 2(d) above, the Maximum Bonus Award that may be earned by a Participant is
200% of his or her Target Bonus Award. 

  
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 (e) Funding the Bonus Plan. If the Threshold Goal is attained, the Bonus Plan
will be funded at 200% of the Target Bonus Award for all Participants, and each Participant will be credited with a Maximum Bonus Award that will be adjusted downward to the actual Bonus Award pursuant to Section 5(f). The Company is under no
obligation to pay out the entire funding of the Bonus Plan. If the Company does not achieve the Threshold Goal, the Bonus Plan will not be funded and the Participants will not earn Bonus Awards under the Bonus Plan. On the Payout Determination Date,
the Committee shall certify in writing (which may be by approval of the minutes in which the certification was made) the extent to which each Participant achieved or exceeded the Threshold Goal applicable to each Participant for the Performance
Period. 
 (f) Determination of the Bonus Award. On the Payout Determination Date, the Committee, in its sole
discretion, will determine the actual Bonus Award earned by each Participant by reducing the Maximum Bonus Award based on such factors as it deems appropriate. All Bonus Awards are calculated based on actual salary earned during the Performance
Period. 
  

	6.	Bonus Award Payment. 

(a) Right to Receive Payment. Each Bonus Award under the Bonus Plan shall be paid solely from the general assets of the
Company. Nothing in the Bonus Plan shall be construed to create a trust or to establish or evidence any Participant’s claim of any right to payment of a Bonus Award other than as an unsecured general creditor with respect to any payment to
which he or she may be entitled. 
 (b) Form of Distributions. The Company shall distribute all Bonus
Awards to the Participants in cash. All payments under this Bonus Plan will be subject to applicable tax withholdings. 

(c) Timing of Distributions. Subject to Section 6(d) below, the Company shall distribute amounts payable to
Participants as soon as is practicable following the Payout Determination Date for the Performance Period, but in no event later than the 15th day of the third calendar month after the end of the calendar year in which the Participant vested in his
or her Bonus Award. Payments under this Plan shall be made in a manner that complies with Treasury Regulation Section 1.409A-1(b)(4) and this Plan shall be construed in accordance with such provision. 

(d) Deferral. The Committee may defer payment of Bonus Awards, or any portion thereof, to Participants as the
Committee, in its sole discretion, determines to be necessary or desirable to preserve the deductibility of such amounts under Section 162(m). In addition, the Committee, in its sole discretion, may permit a Participant to defer receipt of the
payment of cash that would otherwise be delivered to a Participant under the Bonus Plan. Any such deferral elections shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion. 

7. Amendment and Termination of the Bonus Plan. The Committee may amend, modify, suspend or terminate the Bonus Plan, in whole or in
part, at any time, including adopting amendments deemed necessary or desirable to correct any defect or to supply omitted data or to 

  
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reconcile any inconsistency in the Bonus Plan or in any Bonus Award granted hereunder; provided, however, that no amendment, alteration, suspension or discontinuation shall be made that
would (i) increase the amount of compensation payable pursuant to such Bonus Award, or (ii) cause compensation that is, or may become, payable hereunder to fail to qualify as Performance-Based Compensation. To the extent necessary or
advisable under applicable law, including Section 162(m), Bonus Plan amendments shall be subject to stockholder approval. At no time before the actual distribution of funds to Participants under the Bonus Plan shall any Participant accrue any
vested interest or right whatsoever under the Bonus Plan except as otherwise stated in the Bonus Plan. 
 8. Bifurcation of the Bonus
Plan. It is the intent of the Company that the Bonus Plan, and all payments made hereunder, satisfy and be interpreted in a manner that, in the case of Participants whose compensation is subject to the limitations on deductibility of
compensation provided under Section 162(m), qualify as Performance-Based Compensation. Any provision, application or interpretation of the Bonus Plan inconsistent with this intent to satisfy the requirements of Section 162(m) shall be
disregarded. However, notwithstanding anything to the contrary in the Bonus Plan, the provisions of the Bonus Plan may at any time be bifurcated by the Board or the Committee in any manner so that certain provisions of the Bonus Plan or any payment
intended (or required) to satisfy the applicable requirements of Section 162(m) is applicable only to persons whose compensation is subject to the limitations on deductibility of compensation provided under Section 162(m). 

9. No Guarantee of Employment. The Bonus Plan is intended to provide a financial incentive to Participants and is not intended to confer
any rights to continued employment upon Participants whose employment will remain at-will and subject to termination by either the Company or Participant at any time, with or without cause or notice. 

10. Recovery. Any amounts paid under this Bonus Plan will be subject to recoupment in accordance with any clawback policy that the Company
is required to adopt pursuant to the listing standards of any national securities exchange or association on which the Company’s securities are listed or as is otherwise required by the Dodd-Frank Wall Street Reform and Consumer Protection Act
or other applicable law. No recovery of compensation under such a clawback policy will be an event giving rise to a right to resign for “good reason” or “constructive termination” (or similar term) under any plan of or agreement
with the Company. 

  
 6Second Supplemental Indenture

 Exhibit 4.2 
 Execution Version 
 DCP MIDSTREAM OPERATING, LP

 AS ISSUER, 
 DCP MIDSTREAM PARTNERS, LP 
 AS GUARANTOR 

AND 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 
 AS TRUSTEE 
  

 
 Second
Supplemental Indenture 
 Dated as of March 13, 2012 

to 
 Indenture

 Dated as of September 30, 2010 
  

 
 4.95% Senior
Notes due 2022 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1 ESTABLISHMENT OF SERIES	  	 	2	  
	    Section 1.01	 	Establishment	  	 	2	  
		
	ARTICLE 2 4.95% SENIOR NOTES DUE 2022	  	 	2	  
	    Section 2.01	 	Authentication and Delivery	  	 	2	  
	    Section 2.02	 	Definitions	  	 	2	  
	    Section 2.03	 	Payment of Principal and Interest	  	 	4	  
	    Section 2.04	 	Denominations	  	 	5	  
	    Section 2.05	 	Redemption at the Option of the Company	  	 	5	  
	    Section 2.06	 	Global Securities	  	 	6	  
	    Section 2.07	 	Place of Payment and Paying Agent	  	 	6	  
	    Section 2.08	 	Amount Not Limited	  	 	6	  
	    Section 2.09	 	Parent Guarantee	  	 	7	  
	    Section 2.10	 	Global Security Legend	  	 	7	  
		
	ARTICLE 3 COVENANT SUPPLEMENTS	  	 	7	  
	    Section 3.01	 	Limitation on Liens	  	 	8	  
	    Section 3.02	 	Restriction of Sale-Leaseback Transaction	  	 	10	  
	    Section 3.03	 	Covenant Defeasance and Waiver	  	 	11	  
	    Section 3.04	 	Future Subsidiary Guarantors	  	 	11	  
		
	ARTICLE 4 MISCELLANEOUS PROVISIONS	  	 	11	  
	    Section 4.01	 	Recitals by Company and the Guarantor	  	 	11	  
	    Section 4.02	 	Ratification and Incorporation of Original Indenture	  	 	11	  
	    Section 4.03	 	Executed in Counterparts	  	 	11	  
	    Section 4.04	 	Governing Law; Waiver of Jury Trial	  	 	11	  
	    Section 4.05	 	Effect of Headings	  	 	12	  

  
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 THIS SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”)
is made as of March 13, 2012, by and between DCP MIDSTREAM OPERATING, LP, a Delaware limited partnership, having its principal office at 370 17th Street, Suite 2500, Denver, Colorado 80202 (the “Company”), DCP MIDSTREAM
PARTNERS, LP, a Delaware limited partnership (the “Guarantor”), and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association, as trustee (herein called the “Trustee”). 

W I T N E S S E T H: 
 WHEREAS, the Company has heretofore entered into an Indenture, dated as of September 30, 2010 (the “Original Indenture”), with The Bank of New York Mellon Trust Company, N.A., as
Trustee, to provide for the issuance from time to time of its unsecured senior debt securities (the “Securities”); 
 WHEREAS, under the Original Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Original Indenture and the form and terms of the Securities of
such series may be established by a supplemental indenture executed by the Company, the Guarantor and the Trustee; 
 WHEREAS,
the Company has heretofore entered into a First Supplemental Indenture dated as of September 30, 2010, pursuant to which the Company created a series of Securities under the Original Indenture issued in an initial aggregate principal amount of
$250,000,000, designated as the 3.25% Senior Notes due 2015, such series having been guaranteed by the Guarantor; 
 WHEREAS,
the Company proposes to create under the Original Indenture a new series of Securities, to be issued in an initial aggregate principal amount of $350,000,000, designated as the 4.95% Senior Notes due 2022, such series to be guaranteed by the
Guarantor; 
 WHEREAS, the Original Indenture is incorporated herein by this reference, and the Original Indenture, as amended
and supplemented to the date hereof, including by this Second Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, additional Securities of other series hereafter established, except as may be limited in the Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the
Indenture as at the time supplemented and modified; and 
 WHEREAS, all conditions necessary to authorize the execution and
delivery of this Second Supplemental Indenture and to make it the valid and binding obligations of the Company and the Guarantor have been done or performed. 

 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE 1 
 ESTABLISHMENT OF
SERIES 
 Section 1.01 Establishment. There is hereby established a new series of Securities to be
issued under the Indenture, designated as the Company’s 4.95% Senior Notes due 2022 (the “2022 Notes”). The 2022 Notes shall have the form and terms specified in Article 2 hereof. 

ARTICLE 2 
 4.95% SENIOR NOTES DUE 2022 

Section 2.01 Authentication and Delivery. There are to be authenticated and delivered $350,000,000 principal amount of
2022 Notes on the Original Issue Date (as defined below), and additional 2022 Notes may be authenticated and delivered from time to time as provided by Sections 301, 304, 305, 306, 906 or 1007 of the Original Indenture or as provided in
Section 2.08 of this Second Supplemental Indenture. The 2022 Notes shall be fully registered and without coupons and shall be initially issued in the form of one or more Global Securities substantially in the form set out in
Annex A hereto, which is hereby incorporated into this Second Supplemental Indenture by reference. The 2022 Notes shall be senior debt securities. 
 Each 2022 Note shall be dated the date of authentication thereof and shall bear interest from the Original Issue Date or from the most recent Interest Payment Date (as defined below) to which
interest has been paid or duly provided for. 
 Section 2.02 Definitions. The following defined terms used herein with
respect to the 2022 Notes shall, unless the context otherwise requires, have the meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture.

 “Consolidated Net Tangible Assets” means at any date of determination, the total amount of consolidated
assets of the Guarantor and its Subsidiaries after deducting therefrom (1) all current liabilities (excluding (A) any current liabilities that by their terms are extendable or renewable at the option of the obligor thereon to a time more
than 12 months after the time as of which the amount thereof is being computed, and (B) current maturities of long term debt), and (2) the value (net of any applicable reserves) of all goodwill, trade names, trademarks, patents and other
like intangible assets, all as set forth on the consolidated balance sheet of the Guarantor and its Subsidiaries for the most recently completed fiscal quarter, prepared in accordance with GAAP. 

“Debt” of any Person means, without duplication, (i) all indebtedness of such Person for borrowed money (whether or
not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof), (ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of
such Person in respect of letters of credit or other similar instruments (or reimbursement obligations with respect thereto), other than standby letters of credit, performance bonds and other obligations issued by or for the account of such Person
in the ordinary course of business, to the extent not drawn or, to the 

  
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extent drawn, if such drawing is reimbursed not later than the third Business Day following demand for reimbursement, (iv) all obligations of such Person to pay the deferred and unpaid
purchase price of property or services, except trade payables and accrued expenses incurred in the ordinary course of business, (v) all capitalized lease obligations of such Person, (vi) all Debt of others secured by a Lien on any asset of
such Person, whether or not such Debt is assumed by such Person (provided that if the obligations so secured have not been assumed in full by such Person or are not otherwise such Person’s legal liability in full, then such obligations shall be
deemed to be in an amount equal to the greater of (a) the lesser of (1) the full amount of such obligations and (2) the fair market value of such assets, as determined in good faith by the Board of Directors of such Person, which
determination shall be evidenced by a Board Resolution, and (b) the amount of obligations as have been assumed by such Person or which are otherwise such Person’s legal liability), and (vii) all Debt of others (other than endorsements
in the ordinary course of business) guaranteed by such Person to the extent of such guarantee. 
 “Funded Debt”
means all Debt maturing one year or more from the date of the creation thereof, all Debt directly or indirectly renewable or extendible, at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a
date one year or more from the date of the creation thereof, and all Debt under a revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of one year or more. 

“Interest Payment Dates” means April 1 and October 1, commencing on October 1, 2012. 

“Lien” means, with respect to any asset, any mortgage, lien, security interest, pledge, charge, adverse claim or other
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law. 

“Original Issue Date” means March 13, 2012. 

“Person” means any individual, corporation, company, limited liability company, partnership, limited partnership, joint
venture, association, joint-stock company, trust, other entity, unincorporated organization or government or any agency or political subdivision thereof. 
 “Principal Property” means, whether owned or leased on the date hereof or hereafter acquired, any pipeline, gathering system, terminal, storage facility, processing plant or other plant
or facility owned or leased by the Guarantor or its Subsidiaries and used in the transportation, distribution, terminalling, gathering, treating, processing, marketing or storage of natural gas, natural gas liquids and propane except (1) any
property or asset consisting of inventories, furniture, office fixtures and equipment (including data processing equipment), vehicles and equipment used on, or useful with, vehicles (but excluding vehicles that generate transportation revenues) and
(2) any such property or asset, plant or terminal which, in the good faith opinion of the Board of Directors of the Guarantor as evidenced by resolutions of the Board of Directors of the Guarantor, is not material in relation to the activities
of the Guarantor and its Subsidiaries, taken as a whole. 
 “Principal Subsidiary” means the Company and any
Subsidiary of the Company or the Guarantor that owns or leases, directly or indirectly, a Principal Property. 

  
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 “Regular Record Date” means, with respect to each Interest Payment Date,
the close of business on March 15 or September 15, respectively, prior to such Interest Payment Date (whether or not a Business Day). 
 “Sale-Leaseback Transaction” means the sale or transfer by the Guarantor or any Principal Subsidiary of any Principal Property to a Person (other than the Guarantor or a Principal
Subsidiary) and the taking back by the Guarantor or any Principal Subsidiary, as the case may be, of a lease of such Principal Property. 
 “Stated Maturity” means April 1, 2022. 
 Section 2.03
Payment of Principal and Interest. The principal of the 2022 Notes shall be due at Stated Maturity, unless earlier redeemed. The principal amount of the 2022 Notes shall bear interest at the rate of 4.95% per annum until paid or duly
provided for, such interest to accrue from the Original Issue Date or from the most recent Interest Payment Date on which interest has been paid or duly provided for. Subject to Section 307 of the Original Indenture, Interest shall be paid
semi-annually in arrears on each Interest Payment Date to the Person or Persons in whose name the 2022 Notes are registered on the Regular Record Date for such Interest Payment Date; provided that interest payable at the Stated Maturity of
principal or on a Redemption Date as provided herein shall be paid to the Person to whom principal is payable. The Company shall pay interest on overdue principal and premium, if any, from time to time on demand at the same rate; and it shall pay
interest on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. 
 Payments of interest on the 2022 Notes shall include interest accrued to but excluding the respective Interest Payment Dates. Interest payments for the 2022 Notes shall be computed and paid on the basis
of a 360-day year of twelve 30-day months. If any date on which interest is payable on the 2022 Notes is not a Business Day, then payment of the interest payable on such date shall be made on the next succeeding day that is a Business Day (and
without any interest or payment in respect of any such delay) with the same force and effect as if made on the date the payment was originally payable. 
 Payment of principal of, premium, if any, and interest on the 2022 Notes shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts. Payments of principal of, premium, if any, and interest on the 2022 Notes represented by a Global Security shall be made by wire transfer of immediately available funds to the Depositary therefor; provided that, in
the case of payments of principal and premium, if any, at maturity or upon redemption, such Global Security is first surrendered to a Paying Agent. If any of the 2022 Notes are no longer represented by Global Securities, (i) payments of
principal, premium, if any, and interest due at the Stated Maturity or earlier redemption of such 2022 Notes shall be made at the office of any Paying Agent upon surrender of such 2022 Notes to such Paying Agent and (ii) payments of interest
shall be made, at the option of the Company, subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) wire transfer at such
place and to such account at a banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date for payment by the Person entitled thereto. 

  
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 Section 2.04 Denominations. The 2022 Notes shall be issued in denominations of $2,000
and integral multiples of $1,000 in excess of $2,000. 
 Section 2.05 Redemption at the Option of the Company. At any
time prior to the date that is 90 days prior to the Stated Maturity, the 2022 Notes shall be redeemable, in whole or in part at any time, at the option of the Company on any date prior to the Stated Maturity, at a Redemption Price equal to the
greater of (i) 100% of the principal amount of the 2022 Notes to be redeemed and (ii) the sum of the present values of the principal amount of the 2022 Notes to be redeemed and the remaining scheduled payments of interest thereon
(exclusive of interest accrued to the Redemption Date) from the Redemption Date to the respective scheduled payment dates discounted from their respective scheduled payment dates to the Redemption Date on a semiannual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Treasury Rate (as hereinafter defined) plus 45 basis points, plus, in either case, accrued and unpaid interest, if any, on the principal amount being redeemed to, but not including, such Redemption Date.
From and after the date that is 90 days prior to Stated Maturity, the 2022 Notes shall be redeemable, in whole or in part at any time, at the option of the Company, at a Redemption Price equal to 100% of the principal amount of the 2022 Notes to be
redeemed, plus accrued and unpaid interest, if any, on the principal amount being redeemed to, but not including, such Redemption Date. 
 For purposes of determining the Redemption Price, the following definitions shall apply: 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the term between the Redemption Date and the
Stated Maturity (the “Remaining Life”) that would be utilized, at the time of selection, and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity with the
Remaining Life. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average
of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of all of the Reference Treasury Dealer Quotations or (2) if the Quotation Agent obtains fewer than four such Reference Treasury
Dealer Quotations, the average of all such quotations. 
 “Quotation Agent” means the Reference Treasury Dealer
appointed by the Company. 
 “Reference Treasury Dealer” means (i) each of Morgan Stanley & Co.
LLC and one U.S. government securities dealer in The City of New York (a “Primary Treasury Dealer”) selected by Wells Fargo Securities, LLC, and their respective successors; provided, however, that if any of the foregoing
ceases to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury Dealer and (ii) two other Primary Treasury Dealers selected by the Company. 

“Reference Treasury Dealer Quotation” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Quotation Agent, of the bid 

  
 5 

 
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at
5:00 p.m., The City of New York time, on the third Business Day preceding such Redemption Date. 
 “Treasury
Rate” means, with respect to any Redemption Date, the rate per year equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for the Redemption Date. The Treasury Rate will be calculated on the third Business Day preceding the Redemption Date. 

The Redemption Price for any redemption pursuant to the first sentence of this Section 2.05 shall be certified in writing to the
Trustee by the Company in an Officer’s Certificate no later than one Business Day after the calculation thereof. The Trustee shall not be responsible for calculating said Redemption Price. 

The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the 2022 Notes and shall have no
obligation to repurchase any Notes at the option of the Holders. 
 Section 2.06 Global Securities. The 2022 Notes shall
initially be issued in the form of one or more permanent Global Securities registered in the name of the Depositary (which initially shall be The Depository Trust Company) or its nominee. Except under the limited circumstances described below, the
2022 Notes represented by such Global Security or Global Securities shall not be exchangeable for, and shall not otherwise be issuable as, 2022 Notes in definitive form. The Global Securities described above may not be transferred, except by the
Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.

 A Global Security shall be exchangeable for 2022 Notes registered in the names of Persons other than the Depositary or its
nominee only if the conditions described in Section 305 of the Indenture relating to any such exchange have been met. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for 2022 Notes registered in
such names as the Depositary shall direct. Except to the extent inconsistent with this Section 2.06, Section 305 of the Indenture shall apply to the Global Securities evidencing the 2022 Notes. 

Section 2.07 Place of Payment and Paying Agent. The Place of Payment with respect to the 2022 Notes shall be the offices of the
Paying Agent with respect to the 2022 Notes in the Borough of Manhattan, The City of New York. 
 The Company initially appoints
the Trustee to act as Paying Agent and Security Registrar with respect to the 2022 Notes. 
 Section 2.08 Amount Not
Limited. The aggregate principal amount of 2022 Notes that may be authenticated and delivered under this Second Supplemental Indenture shall not be limited, and additional 2022 Notes (the “Additional Notes”) may be issued from
time to time 

  
 6 

 
without any consent of Holders or of the Trustee. The Company may, upon the execution and delivery of this Second Supplemental Indenture or from time to time thereafter, execute and deliver the
Additional Notes to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Additional Notes upon a Company Order and delivery of such other documentation as shall be required by the Original Indenture. Upon the
issuance of Additional Notes, references herein to the “2022 Notes” shall include the Additional Notes and all 2022 Notes to be issued on the Original Issue Date and any Additional Notes subsequently issued shall be treated as a single
series for all purposes under the Indenture. 
 Section 2.09 Parent Guarantee. DCP Midstream Partners, LP shall be a
Guarantor of the 2022 Notes in accordance with Article Sixteen of the Original Indenture. For the purposes of this Second Supplemental Indenture and the 2022 Notes (including without limitation the provisions of the Original Indenture to the
extent applicable thereto), the term “Guarantor” (and such derivative terms as are herein or therein used) shall mean DCP Midstream Partners, LP, and accordingly, the Guarantee of DCP Midstream Partners, LP shall be a Guarantee with
respect to the Indenture and the 2022 Notes; provided, however, that such Guarantee shall not apply to any obligations under any series of Securities other than the 2022 Notes. 

To evidence its Guarantee set forth in Article Sixteen of the Original Indenture (as amended and supplemented by this Second
Supplemental Indenture), the Guarantor hereby agrees that a notation of such Guarantee substantially in the form attached as Annex B hereto will be endorsed by an Officer of the Guarantor on each 2022 Note authenticated and
delivered by the Trustee and that this Second Supplemental Indenture will be executed on behalf of the Guarantor by one of its Officers. 
 The Guarantor hereby agrees that its Guarantee set forth in Article Sixteen of the Original Indenture (as amended and supplemented by this Second Supplemental Indenture) will remain in full force and
effect notwithstanding any failure to endorse on each 2022 Note a notation of such Guarantee. 
 If an Officer whose
signature is on this Second Supplemental Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the 2022 Note on which a Guarantee is endorsed, the Guarantee will be valid nevertheless. 

The delivery of any 2022 Note by the Trustee, after the authentication thereof hereunder, will constitute due delivery of the
Guarantee set forth in the Indenture on behalf of the Guarantor. 
 Section 2.10 Global Security Legend. Each security
certificate evidencing the Global Securities shall bear a legend substantially in the form set forth in Section 203 of the Original Indenture. 
 ARTICLE 3 
 COVENANT SUPPLEMENTS

 The covenants contained in this Article 3 shall apply to the 2022 Notes only and not to any other series of
Securities issued under the Original Indenture, and any covenants provided in 

  
 7 

 
this Article 3 are expressly being included solely for the benefit of the 2022 Notes and not for the benefit of any other series of Securities issued under the Original Indenture. The
covenants contained in this Article 3 shall be effective only for so long as any 2022 Notes remain Outstanding. 
 Section
3.01 Limitation on Liens. While any of the 2022 Notes remain Outstanding, the Guarantor will not, nor will it permit any Principal Subsidiary to, create, or permit to be created or to exist, any Lien of any kind upon any Principal Property of
the Guarantor or any Principal Subsidiary, or upon any shares of stock of any Principal Subsidiary, whether such Principal Property is, or shares of stock are, now owned or hereafter acquired, to secure any Debt of the Guarantor or any other Person,
unless it shall make effective provision whereby the 2022 Notes then Outstanding shall be secured by such Lien equally and ratably with any and all such Debt thereby secured so long as such Debt shall be so secured; provided, however, that
nothing in this Section shall be construed to prevent the Guarantor or any Principal Subsidiary from creating, or from permitting to be created or to exist, any Liens with respect to: 

(a) purchase money mortgages, or other purchase money Liens of any kind upon property hereafter acquired by the Guarantor
or any Principal Subsidiary, or Liens of any kind existing on any property or any shares of stock at the time of the acquisition thereof (including Liens that exist on any property or any shares of stock of a Person that is consolidated with or
merged with or into the Guarantor or any Principal Subsidiary or that transfers or leases all or substantially all of its properties to the Guarantor or any Principal Subsidiary), or conditional sales agreements or other title retention agreements
and leases in the nature of title retention agreements with respect to any property hereafter acquired; provided, however, that no such Lien shall extend to or cover any other property of the Guarantor or such Principal Subsidiary;

 (b) Liens upon any property of the Guarantor or any Principal Subsidiary or any shares of stock of any
Principal Subsidiary existing as of the date of the initial issuance of the Securities or upon the property or any shares of stock of any Corporation, which Liens existed at the time such Corporation became a Subsidiary of the Guarantor; Liens for
taxes or assessments or other governmental charges or levies relating to amounts that are not yet delinquent or are being contested in good faith; pledges to secure other governmental charges or levies; pledges or deposits to secure obligations
under worker’s compensation laws, unemployment insurance and other social security legislation; pledges or deposits to secure performance in connection with bids, tenders, contracts (other than contracts for the payment of money) or leases to
which the Guarantor or any Principal Subsidiary is a party; pledges or deposits to secure public or statutory obligations of the Guarantor or any Principal Subsidiary; builders’, materialmen’s, mechanics’, carriers’,
warehousemen’s, workers’, repairmen’s, operators’, landlords’ or other similar Liens, in the ordinary course of business; pledges or deposits to secure surety, stay, appeal, indemnity, customs, performance or return-of-money
bonds or pledges or deposits in lieu thereof; Liens created by or resulting from any litigation or proceeding that at the time is being contested in good faith by appropriate proceedings, including Liens relating to judgments thereunder as to which
the Guarantor or any Principal Subsidiary has not exhausted its appellate rights; Liens on deposits required by any Person with whom the Guarantor or any Principal Subsidiary enters into forward

  
 8 

 
contracts, futures contracts, swap agreements or other commodities contracts in the ordinary course of business and in accordance with established risk management policies; Liens in connection
with leases (other than capital leases) made, or existing on property acquired, in the ordinary course of business; 
 (c) easements (including, without limitation, reciprocal easement agreements and utility agreements), zoning restrictions, rights-of-way, covenants, consents, reservations, encroachments, variations and
other restrictions on the use of property or minor irregularities in title thereto, charges or encumbrances (whether or not recorded) affecting the use of real property and which are incidental to, and do not materially impair the use of such
property in the operation of the business of the Guarantor and its Subsidiaries, taken as a whole, or the value of such property for the purpose of such business; 

(d) Liens in favor of the United States of America, any State, any foreign country or any department, agency or
instrumentality or political subdivision of any such jurisdiction, to secure partial, progress, advance or other payments pursuant to any contract or statute or to secure any Debt incurred for the purpose of financing all or any part of the purchase
price or the cost of constructing or improving the property subject to such Liens, including, without limitation, Liens to secure Debt of the pollution control or industrial revenue bond type; 

(e) Liens of any kind upon any property acquired, constructed, developed or improved by the Guarantor or any Principal
Subsidiary (whether alone or in association with others) after the date of this Second Supplemental Indenture that are created prior to, at the time of, or within 12 months after such acquisition (or in the case of property constructed, developed or
improved, after the completion of such construction, development or improvement and commencement of full commercial operation of such property, whichever is later) to secure or provide for the payment of any part of the purchase price or cost
thereof; provided that in the case of such construction, development or improvement the Liens shall not apply to any property theretofore owned by the Guarantor or any Principal Subsidiary other than theretofore unimproved real property;

 (f) Liens in favor of the Guarantor, one or more Principal Subsidiaries, one or more wholly-owned Subsidiaries
of the Guarantor or any of the foregoing in combination; 
 (g) the replacement, extension or renewal (or
successive replacements, extensions or renewals), as a whole or in part, of any Lien, or of any agreement, referred to above in clauses (a) through (f) inclusive, or the replacement, extension or renewal of the Debt secured thereby (not
exceeding the principal amount of Debt secured thereby, other than to provide for the payment of any underwriting or other fees related to any such replacement, extension or renewal, as well as any premiums owed on and accrued and unpaid interest
payable in connection with any such replacement, extension or renewal); provided that such replacement, extension or renewal is limited to all or a part of the same property that secured the Lien replaced, extended or renewed (plus
improvements thereon or additions or accessions thereto); or 

  
 9 

 (h) any Lien not excepted by the foregoing clauses (a) through (g);
provided that immediately after the creation or assumption of such Lien the aggregate principal amount of Debt of the Guarantor or any Principal Subsidiary secured by all Liens created or assumed under the provisions of this clause (h),
together with all net sale proceeds from any Sale-Leaseback Transactions (excluding net sale proceeds applied pursuant to clause (c)(1) of Section 3.02) shall not exceed an amount equal to 10% of the Consolidated Net Tangible Assets for
the fiscal quarter that was most recently completed prior to the creation or assumption of such Lien. Notwithstanding the foregoing, for purposes of making the calculation set forth in this Section 3.01(h), with respect to any such secured
indebtedness of a non-wholly-owned Principal Subsidiary of the Company or the Guarantor with no recourse to the Company, the Guarantor or any wholly-owned Principal Subsidiary thereof, only that portion of the aggregate principal amount of
indebtedness for borrowed money reflecting the Company’s or the Guarantor’s pro rata ownership interest in such non-wholly-owned Principal Subsidiary shall be included in calculating compliance herewith. 

As used in this Section 3.01, the term “shares of stock” means any and all shares of Capital Stock. 

Section 3.02 Restriction of Sale-Leaseback Transaction. The Guarantor will not, nor will it permit any Principal Subsidiary to,
engage in a Sale-Leaseback Transaction, unless: 
 (a) the Sale-Leaseback Transaction occurs within one year from
the date of acquisition of the Principal Property subject thereto or the date of the completion of construction or commencement of full operations on such Principal Property, whichever is later, and the Guarantor shall have elected to designate, as
a credit against (but not exceeding) the purchase price or cost of construction of such Principal Property, an amount equal to all or a portion of the net sale proceeds from such Sale-Leaseback Transaction (with any such amount not being so
designated to be applied as set forth in clause (c) below); 
 (b) the Guarantor or such Principal
Subsidiary would be entitled under Section 3.01 to incur Debt secured by a Lien on the Principal Property subject to the Sale-Leaseback Transaction in a principal amount equal to or exceeding the net sale proceeds from such Sale-Leaseback
Transaction without equally and ratably securing the 2022 Notes; or 
 (c) the Guarantor or such Principal
Subsidiary, within a six-month period after such Sale-Leaseback Transaction, applies or causes to be applied an amount not less than the net sale proceeds from such Sale-Leaseback Transaction to (1) the prepayment, repayment, redemption or
retirement of any unsubordinated Debt of the Guarantor or any Subsidiary of the Guarantor (A) for borrowed money or (B) evidenced by bonds, debentures, notes or other similar instruments, or (2) investment in another Principal
Property. 

  
 10 

 Section 3.03 Covenant Defeasance and Waiver. Upon the Company’s exercise
of the option described in Section 402(3) of the Indenture with respect to the 2022 Notes, in addition to the other obligations permitted to be released by Section 402(3), the Company shall be released from its obligations to comply with
any term, provision or condition under Sections 3.01 and 3.02 of this Second Supplemental Indenture with respect to the 2022 Notes. The provisions of Sections 3.01 and 3.02 of this Second Supplemental Indenture may be waived in accordance
with Section 1005 of the Indenture. 
 Section 3.04 Future Subsidiary Guarantors. The Company shall cause each
Subsidiary of the Company that guarantees or becomes a co-obligor in respect of any Funded Debt of the Company or the Guarantor to promptly execute and deliver a supplemental indenture, substantially in the form of Annex C hereto,
providing for the guarantee of the payment of the Notes pursuant hereto. 
 ARTICLE 4 

MISCELLANEOUS PROVISIONS 
 Section 4.01 Recitals by Company and the Guarantor. The recitals in this Second Supplemental Indenture are made by the Company and the Guarantor only and not by the Trustee, and the Trustee makes
no representations as to the validity or sufficiency of this Second Supplemental Indenture. All of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be
applicable in respect of the 2022 Notes and this Second Supplemental Indenture as fully and with like effect as if set forth herein in full. 
 Section 4.02 Ratification and Incorporation of Original Indenture. As amended and supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture
and this Second Supplemental Indenture shall be read, taken and construed as one and the same instrument. If and to the extent that the provisions of the Original Indenture are duplicative of, or in contradiction with, the provisions of this Second
Supplemental Indenture, the provisions of this Second Supplemental Indenture will govern. 
 Section 4.03 Executed in
Counterparts. This Second Supplemental Indenture may be executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. Portable Document Format
(PDF) or facsimile signatures shall be deemed originals. 
 Section 4.04 Governing Law; Waiver of Jury Trial. THIS SECOND
SUPPLEMENTAL INDENTURE AND THE 2022 NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN SAID STATE. EACH OF THE
COMPANY, THE GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE, THE
2022 NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

  
 11 

 Section 4.05 Effect of Headings. The Section headings herein are for
convenience only and shall not affect the construction thereof. 

  
 12 

 IN WITNESS WHEREOF, each party hereto has caused this instrument to be signed in its name
and behalf by its duly authorized signatory, all as of the day and year first above written. 
  

							
	DCP MIDSTREAM OPERATING, LP
		
	By:	 	DCP Midstream Operating, LLC, its general partner
			
		 	By:	 	 /s/ Angela A. Minas

		 	Name:	 	Angela A. Minas
		 	Title:	 	Vice President and Chief Financial Officer
	
	DCP MIDSTREAM PARTNERS, LP
		
	By:	 	DCP Midstream GP, LP, its general partner
			
		 	By:	 	DCP Midstream GP, LLC, its general partner
				
		 		 	By:	 	 /s/ Angela A. Minas

		 		 	Name:	 	Angela A. Minas
		 		 	Title:	 	Vice President and Chief Financial Officer
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Matt Thorne

	Name:	 	Matt Thorne
	Title:	 	Senior Associate

 Signature Page to Second Supplemental Indenture 

 Annex A 
 FORM OF 2022 NOTE 
 [FORM OF FACE OF NOTE] 

[If a Global Security, insert—THIS DEBT SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS DEBT SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY DEBT SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS DEBT SECURITY SHALL BE A GLOBAL
SECURITY SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES. 
 THE DEPOSITORY TRUST COMPANY SHALL ACT AS THE DEPOSITARY
UNTIL A SUCCESSOR SHALL BE APPOINTED BY THE COMPANY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO.
OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.] 
 DCP MIDSTREAM OPERATING, LP 

4.95% Senior Note due 2022 
  

					
	No.            	  		  	U.S. $350,000,000
	CUSIP: 23311V AB3	  		  	
	ISIN: US23311VAB36	  		  	

 DCP Midstream Operating, LP, a Delaware limited partnership (herein called the “Company,” which
term includes any successor or resulting Person under the Indenture (as defined on the reverse hereof), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of
                     United States Dollars on April 1, 2022 and to pay interest thereon from March 13, 2012, or from the most recent
Interest Payment Date to which interest has been paid or duly provided for, semi-annually on April 1 and October 1 (each, an “Interest Payment Date”) in each year, commencing on October 1, 2012, at the rate of 4.95% per
annum, until the principal hereof is paid or made available for payment and at the same rate per annum on any overdue principal and premium and on any overdue installment of interest (to the extent that the payment of such interest shall be legally
enforceable). Interest on this Security shall be computed on the basis of a 360-day year comprised of twelve 30-day months. The amount of interest payable for any partial period shall be computed on the basis of a 360-day year comprised of twelve
30-day months and the days elapsed in any partial month. If any date on which interest is payable on this Security is not a Business Day, then the payment of the interest payable on such 

 
date will be made on the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) with the same force and effect as if made on the date
the payment was originally payable. A Business Day shall mean, when used with respect to any Place of Payment, each day that is not a Saturday or Sunday or other day on which banking institutions in that Place of Payment are authorized or required
by law, regulation or executive order to close. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall be the March 15 or September 15 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed or traded, and upon such notice as may be required by
such exchange, all as more fully provided in such Indenture. 
 [If a Global Security, insert—Payment of the principal of
(and premium, if any) and interest on this Security will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of principal of, premium, if any,
and interest on this Security will be made by wire transfer of immediately available funds to the Depositary for this Global Security; provided that in the case of payments of principal and premium, if any, at maturity or upon redemption,
this Security is first surrendered to the Paying Agent.] 
 [If a Definitive Security, insert—Payment of the principal of
(and premium, if any) and interest on this Security will be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. Payments of (i) principal, premium, if
any, and interest due at the Stated Maturity or earlier redemption of this Security shall be made at the office of any Paying Agent upon surrender of this Security to such Paying Agent and (ii) interest shall be made, at the option of the
Company, subject to such surrender where applicable, by (A) check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register or (B) wire transfer at such place and to such account at a
banking institution in the United States as may be designated in writing to the Trustee at least 16 days prior to the date for payment by the Person entitled thereto.] 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place.

 Unless the certificate of authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual
signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 
 Dated:                 ,      

 

					
	DCP Midstream Operating, LP
		
	By:	 	DCP Midstream Operating, LLC, its general partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

  
 2 

 [Form of Trustee’s Certificate of Authentication] 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

THE BANK OF NEW YORK 
 MELLON TRUST COMPANY, NA,

 as Trustee 
  

			
	By:	 	  

		 	Authorized Signatory

  
 3 

 [REVERSE OF NOTE] 

DCP MIDSTREAM OPERATING, LP 
 4.95% Senior Note due 2022 
 This Security is one of a duly authorized
issue of senior securities of the Company (the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of September 30, 2010 as amended and supplemented by the Second Supplemental Indenture
thereto dated as of March 13, 2012 (such Indenture, as so amended and supplemented being referred to herein as the “Indenture”), by and among the Company, DCP Midstream Partners, LP (the “Guarantor”)) and The
Bank of New York Mellon Trust Company, N.A., a national banking association organized and existing under the laws of the United States of America, as Trustee (the “Trustee,” which term includes any successor trustee under the
Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, obligations, duties and immunities thereunder of the Company, the Guarantor, the Trustee
and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. Capitalized terms used but not defined herein have the meanings set forth in the Indenture. This Security is one of the
series designated on the face hereof, initially limited in aggregate principal amount to $350,000,000. To the extent any provision of this Security conflicts with the express provisions of the Indenture, the Indenture will govern and be controlling.
The Company may issue an unlimited aggregate principal amount of additional Securities of this series under the Indenture. Any such additional Securities shall be treated as issued and outstanding Securities of the same series as this Security (with
identical terms other than with respect to the issue date, the date of first payment of interest, if applicable, and the payment of interest accruing prior to the issue date) for all purposes of the Indenture, including waivers, amendments, and
redemptions. 
 This Security is the general, unsecured, senior obligation of the Company and is guaranteed pursuant to a
guarantee (the “Parent Guarantee”) by the Guarantor. The Parent Guarantee is the general, unsecured, senior obligation of the Guarantor. 
 At any time prior to the date that is 90 days prior to Stated Maturity, this Security is redeemable, in whole or in part, at the Company’s option at any time prior to the Stated Maturity at a
Redemption Price equal to the greater of (a) 100% of the principal amount of this Security to be redeemed, and (b) the sum of the present values of the principal amount of this Security to be redeemed and the remaining scheduled payments
of interest hereon (exclusive of interest accrued to the Redemption Date) from the Redemption Date to the respective scheduled payment dates discounted from their respective scheduled payment dates to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 45 basis points, plus, in either case, accrued and unpaid interest, if any, on the principal amount being redeemed to, but not including, such Redemption
Date. From and after the date that is 90 days prior to Stated Maturity, this Security shall be redeemable, in whole or in part at any time, at the option of the Company, at a Redemption Price equal to 100% of the principal amount of this Security to
be redeemed, plus accrued and unpaid interest, if any, on the principal amount being redeemed to, but not including, such Redemption Date. 
 For purposes of determining any Redemption Price, the following definitions shall apply: 
 “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the term between the Redemption Date and the
Stated Maturity (the “Remaining Life”) that would be utilized, at the time of selection, and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity with the
Remaining Life. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average
of four Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations or (b) if the Quotation Agent obtains fewer than four such Reference Treasury Dealer Quotations,
the average of all such quotations. 
 “Quotation Agent” means the Reference Treasury Dealer appointed by the
Company. 
 “Reference Treasury Dealer” means (i) each of Morgan Stanley & Co. LLC, and one U.S.
government securities dealer in The City of New York (a “Primary Treasury Dealer”) selected by Wells Fargo Securities, LLC, 

  
 R-1

 
and their respective successors; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company shall substitute therefor another Primary Treasury
Dealer and (ii) two other Primary Treasury Dealers selected by the Company. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Quotation Agent, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Quotation Agent by such Reference Treasury Dealer at 5:00 p.m., The City of New York time, on the third Business Day preceding such Redemption Date. 

“Treasury Rate” means, with respect to any Redemption Date, the rate per year equal to the semiannual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Redemption Date. The Treasury Rate will be
calculated on the third Business Day preceding the Redemption Date. 
 Unless the Company defaults in payment of the Redemption
Price, on and after the Redemption Date, interest will cease to accrue on this Security or the portions hereof called for redemption. 
 In the event of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof
upon the cancellation hereof. 
 The Company is not required to make mandatory redemption or sinking fund payments with respect
to this Security. 
 The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of this
Security or (b) certain restrictive covenants and Events of Default with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture. 

If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of the Securities of this
series may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Indenture permits,
with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Company, the Guarantor and any Subsidiary Guarantor, and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company, the Guarantor or any Subsidiary Guarantor and the Trustee with the consent of the Holders of a majority in principal amount of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive
compliance by the Company, the Guarantor or any Subsidiary Guarantor with certain provisions of the Indenture and certain existing and past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this
Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, regardless of whether notation of
such consent or waiver is made upon this Security. 
 No Holder of this Security shall have any right to institute any
proceeding, judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless (a) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of this series, (b) as set forth in the Indenture, the Holders of a particular percentage of the principal amount of the Outstanding Securities of this series (either not less than 25%, or
not less than a majority, in aggregate principal amount of the Outstanding Securities, depending on the nature of the relevant Event of Default) shall have made written request to the Trustee to institute proceedings in respect of certain Events of
Default set forth in the Indenture in its own name as Trustee hereunder, (c) such Holder or Holders have offered to the Trustee indemnity satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with
such request, 

  
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(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding and (e) no direction inconsistent with such
written request has been given to the Trustee during such 60-day period by the Holders of not less than a majority in aggregate principal amount of the Outstanding Securities of this series; it being understood and intended that no one or more of
such Holders shall have any right in any manner whatsoever by virtue of, or by availing of, any provision of the Indenture or this Security to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain
priority or preference over any other of such Holders or to enforce any right under the Indenture, except in the manner herein provided or provided in the Indenture and for the equal and ratable benefit of all such Holders. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of and any premium and interest on this Security at the times, place(s) and rate, and in the coin or currency, herein prescribed. 

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for Definitive Securities of this series
except in the limited circumstances provided in the Indenture. The holders of beneficial interests in this Global Security will not be entitled to receive physical delivery of Definitive Securities except as described in the Indenture and will not
be considered the Holders thereof for any purpose under the Indenture.] 
 [If a Definitive Security, insert—The Holder of
this Security may exchange such Security for a beneficial interest in a Global Security or transfer this Security to a Person who takes delivery hereof in the form of a beneficial interest in a Global Security at any time. Upon receipt of a request
for such an exchange or transfer, the Trustee shall cancel this Security and increase or cause to be increased the aggregate principal amount of the applicable Global Security. 

At the option of the Holder, this Security may be exchanged for other Definitive Securities of the same series, of any authorized
denominations and of like tenor and aggregate principal amount, upon surrender of this Security at an Office or Agency. Whenever this Security is so surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and deliver,
the Definitive Securities which the Holder making the exchange is entitled to receive. 
 Upon request by the Holder of this
Security and such Holder’s compliance with the provisions of this paragraph, the Registrar shall register the transfer or exchange of this Security. Prior to such registration of transfer or exchange, the Holder shall present or surrender to
the Registrar this Security duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Company and the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. A Holder of this Security
may transfer this Security to a Person who takes delivery thereof in the form of this Security. Upon receipt of a request to register such a transfer, the Registrar shall register such Security pursuant to the instructions from the Holder thereof.]

 The Securities of this series are issuable only in registered form without coupons in denominations of U.S. $2,000 and any
integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of this series and of
like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 
 No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge and any other expenses (including fees and expenses of the Trustee) payable in
connection therewith, other than exchanges pursuant to Sections 304, 306, 906 and 1107 of the Indenture. 
 Except as
provided in the Indenture, prior to due presentment of this Security for registration of transfer, the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security is overdue, and none of the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to the contrary. 

  
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 No recourse under or upon any obligation, covenant or agreement of or contained in the
Indenture or of or contained in this Security, or the Parent Guarantee endorsed thereon, or for any claim based thereon or otherwise in respect thereof, or in any Security or in the Parent Guarantee, or because of the creation of any indebtedness
represented thereby, shall be had against any incorporator, shareholder, partner, member, officer, manager or director, as such, past, present or future, of the Company or the Guarantor or of any successor Person, either directly or through the
Company or the Guarantor or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment, penalty or otherwise; it being expressly understood that all such liability is hereby expressly
waived and released by the acceptance hereof and as a condition of, and as part of the consideration for, the execution of the Indenture and the issuance of the Securities. 
 This Security shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or instruments entered into and, in each case, performed in said State.

  
 R-4

 ANNEX B 
 NOTATION OF GUARANTEE 
 Each Guarantor (which term includes any successor
Person under the Indenture) named below, has fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, and premium, if
any, and interest on the 4.95% Senior Notes due 2022 (the “Securities”) and all other amounts due and payable under the Indenture and the Securities by the Company. 
 The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article Sixteen of the Indenture (as amended
and supplemented by the Second Supplemental Indenture) and reference is hereby made to the Indenture for the precise terms of the Guarantee. 
  

							
	DCP MIDSTREAM PARTNERS, LP
		
	By:	  	DCP Midstream GP, LP, its general partner
			
		  	By:	  	DCP Midstream GP, LLC, its general partner
				
		  		  	By:	  	  

		  		  	Name:	  	Angela A. Minas
		  		  	Title:	  	Vice President and Chief Financial Officer

 ANNEX C 
 FORM OF SUPPLEMENTAL INDENTURE 
 This SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of             ,         , among DCP MIDSTREAM OPERATING, LP, a Delaware limited
partnership (the “Company”), DCP MIDSTREAM PARTNERS, LP, a Delaware limited partnership (the “Guarantor”), and
                     (the “Subsidiary Guarantor”), a direct or indirect subsidiary of the Company, and THE BANK OF NEW YORK MELLON
TRUST COMPANY, N.A., a national banking association, as trustee (herein called the “Trustee”) 
 W I T N E S
S E T H: 
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the “Original
Indenture”), dated as of September 30, 2010, as supplemented by the Second Supplemental Indenture (the “Second Supplemental Indenture” and, together with the Original Indenture, the “Indenture”) dated
as of March 13, 2012, among the Company, the Guarantor and the Trustee, providing for the issuance of the Company’s 4.95% Notes due 2022 (the “Notes”); 

WHEREAS, Section 3.04 of the Second Supplemental Indenture provides that under certain circumstances the Company is required to
cause the Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all of the Company’s obligations under the Notes pursuant to a guarantee on
the terms and conditions set forth herein; and 
 WHEREAS, pursuant to Section 901 of the Original Indenture, the Company,
the Guarantor, the Subsidiary Guarantor and the Trustee are authorized to execute and deliver this Supplemental Indenture; 

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby
acknowledged, the Company, the Guarantor, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 

Section 1. Definitions. 
 (a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture or the Second Supplemental Indenture, as applicable. 

(b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context
otherwise requires: (i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and
other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

  
 C-1

 Section 2. Agreement to Guarantee. 

(a) The Subsidiary Guarantor hereby agrees, jointly and severally with any other Guarantors under the Indenture with
respect to the Notes, to guarantee the Company’s obligations under the Notes and all other amounts due and payable under the Indenture on the terms and subject to the conditions set forth in Article Sixteen of the Original Indenture and
Section 2.09 of the Second Supplemental Indenture (as if such Section 2.09 related to the Guarantee hereunder) and to be bound by all other applicable provisions of the Indenture. To further evidence the Guarantee set forth in
Article Sixteen of the Original Indenture (as amended and supplemented by the Second Supplemental Indenture and this Supplemental Indenture), the Subsidiary Guarantor is executing a notation relating to such Guarantee, substantially in the form
attached to the Second Supplemental Indenture as Annex B. Except as expressly amended hereby, the Indenture and the Second Supplemental Indenture are in all respects ratified and confirmed and all the terms, conditions and provisions thereof
shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

Section 3. Governing Law; Waiver of Jury Trial. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN SAID STATE. EACH OF THE COMPANY, THE GUARANTOR , THE SUBSIDIARY GUARANTOR AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 4. Recitals by Company, the Subsidiary Guarantor and the Guarantor. The recitals in this Supplemental Indenture are
made by the Company, the Subsidiary Guarantor and the Guarantor only and not by the Trustee, and the Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. All of the provisions contained in the Indenture
in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of this Supplemental Indenture as fully and with like effect as if set forth herein in full. 

Section 5. Executed in Counterparts. This Supplemental Indenture may be executed in several counterparts, each of which shall
be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. Portable Document Format (PDF) or facsimile signatures shall be deemed originals. 

Section 6. Effect of Headings. The Section headings herein are for convenience only and shall not affect the
construction thereof. 

  
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 Section 7. Ratification and Incorporation of Original Indenture. As amended and
supplemented hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this Supplemental Indenture shall be read, taken and construed as one and the same instrument. If and to the extent that the provisions of the
Indenture are duplicative of, or in contradiction with, the provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture will govern. 
 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written. 

 

							
	DCP MIDSTREAM OPERATING, LP
		
	By:	 	DCP Midstream Operating, LLC, its general partner
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	
	
	DCP MIDSTREAM PARTNERS, LP
		
	By:	 	DCP Midstream GP, LP, its general partner
			
		 	By:	 	DCP Midstream GP, LLC, its general partner
				
		 		 	By:	 	  

		 		 	Name:	 	
		 		 	Title:	 	
	
	[SUBSIDIARY GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	

  
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