Document:

exhibit10_1.htm

    
      
         

      

      
         

        
          

        

      

      
         

        
          EXHIBIT  10.1

        

      

    

    AMENDMENT
NO.  3

    

    AMENDMENT
NO. 3, dated as of March 6, 2008 (this “Amendment”), by and among
BOARDWALK PIPELINES, LP, a Delaware limited partnership (the “Parent Borrower”), TEXAS GAS
TRANSMISSION, LLC, a Delaware limited liability company (“Texas Gas”), and GULF SOUTH
PIPELINE COMPANY, LP,  a Delaware limited partnership (“Gulf South” and, together
with the Parent Borrower and Texas Gas, the “Borrowers”), severally as
Borrowers, BOARDWALK PIPELINE PARTNERS, LP, a Delaware limited partnership (the
“MLP”), the Lenders
party hereto, WACHOVIA BANK, NATIONAL ASSOCIATION, as administrative agent for
the Lenders and the Issuers (in such capacity, the “Administrative Agent”),
CITIBANK, N.A. and JPMORGAN CHASE BANK, N.A., as co-syndication agents, DNB NOR
BANK ASA, as documentation agent, and WACHOVIA CAPITAL MARKETS LLC, CITIGROUP
GLOBAL MARKETS INC. and J.P. MORGAN SECURITIES INC., as joint lead arrangers and
joint book managers.

     

    W
I T N E S S E T H:

     

    WHEREAS,
the Borrowers, the MLP, the Administrative Agent, the Lenders and the other
parties thereto have entered into that certain Amended and Restated Revolving
Credit Agreement, dated as of June 29, 2006 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”);
and

     

    WHEREAS,
the Borrowers have requested and the Lenders have agreed, subject to the terms
and conditions hereinafter set forth, to amend the Credit Agreement as set forth
below.

     

    NOW,
THEREFORE, in consideration of the foregoing, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereby agree as follows:

     

    1. Defined
Terms.  Capitalized terms used herein and not otherwise defined
herein shall have the meanings ascribed to such terms in the Credit
Agreement.

     

    2. Amendments.  Effective
as of the Effective Date (as defined below) and subject to the terms and
conditions set forth herein, the Credit Agreement is hereby amended as
follows:

     

    (a) Section 7.8 Transactions with
Affiliates of the Credit Agreement is hereby amended by replacing
subsection (a) in its entirety with the following:

     

    “(a) any
transaction that is (i) otherwise permitted under this Agreement, (ii) in the
ordinary course of business of the MLP, the Parent Borrower or such Subsidiary,
and (iii) upon fair and reasonable terms no less favorable to the MLP, the
Parent Borrower or such Subsidiary, as the case may be, than it would obtain in
a comparable arm’s length transaction with a Person that is not an
Affiliate;”

     

    (b) Section 7.8 Transactions with
Affiliates of the Credit Agreement is hereby amended by (i) deleting
“and” at the end of subsection (f); (ii) replacing the period at the end of
subsection (g) with “; and”; and (iii) adding the following new subsection
(h):

     

    “(h) the
issuance by the MLP of Capital Stock to any Affiliate (other than to a Borrower
or to any other Subsidiary of the MLP) or the receipt by the MLP of any equity
or capital contributions from an Affiliate (other than from a Borrower or from
any other Subsidiary of the MLP).”

     

    3. Conditions to Effectiveness
of this Amendment.  This Amendment shall become effective as of
the date (the “Effective
Date”) the Administrative Agent shall have received counterparts of this
Amendment duly executed and delivered by each of the Borrowers, the MLP, the
Administrative Agent and the Required Lenders under the Credit
Agreement.

     

    4. Representations and
Warranties.  Each Loan Party hereby represents and warrants to
the Administrative Agent and the Lenders, on and as of the date hereof,
that:

     

    (a) (i) Such
Loan Party has taken all necessary action to authorize the execution, delivery
and performance of this Amendment, (ii) this Amendment has been duly executed
and delivered by such Loan Party and (iii) this Amendment is the legal, valid
and binding obligation of such Loan Party, enforceable against it in accordance
with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable
principles.

     

    (b) After
giving effect to this Amendment, each of the representations and warranties made
by any Loan Party in or pursuant to the Loan Documents (other than the
representations and warranties set forth in Sections 3.2 and 3.6 of the Credit
Agreement) is true and correct in all material respects on and as of the date
hereof, as if made on and as of such date, except to the extent such
representations and warranties expressly relate to an earlier date, in which
case such representations and warranties are true and correct in all material
respects as of such earlier date.

     

    (c) After
giving effect to this Amendment, no Default or Event of Default has occurred and
is continuing as of the date hereof.

     

    5. Reaffirmation.

     

    (a) Each Loan
Party hereby consents to the execution, delivery and performance of this
Amendment and agrees that each reference to the Credit Agreement in the Loan
Documents shall, on and after the Effective Date, be deemed to be a reference to
the Credit Agreement as amended by this Amendment.

     

    (b) Each Loan
Party hereby acknowledges and agrees that, after giving effect to this
Amendment, all of its respective obligations and liabilities under the Loan
Documents to which it is a party are reaffirmed, and remain in full force and
effect.

     

    6. Continuing
Effect.  Except as expressly set forth in this Amendment, all
of the terms and provisions of the Credit Agreement are and shall remain in full
force and effect and the Borrower shall continue to be bound by all of such
terms and provisions.  The Amendment provided for herein is limited to
the specific provisions of the Credit Agreement specified herein and shall not
constitute an amendment of, or an indication of the Administrative Agent’s or
the Lenders’ willingness to amend or waive, any other provisions of the Credit
Agreement or the same sections for any other date or purpose.

     

    7. Expenses.  The
Borrowers agree to pay and reimburse the Administrative Agent for all its
reasonable out-of-pocket costs and expenses incurred in connection with the
negotiation, preparation, execution and delivery of this Amendment, and other
documents prepared in connection herewith, and the transactions contemplated
hereby, including, without limitation, reasonable fees and disbursements and
other charges of counsel to the Administrative Agent and the charges of SyndTrak
Online relating to the Amendment.

     

    8. Choice of
Law.  This Amendment and the rights and obligations of the
parties hereto shall be governed by, and construed and interpreted in accordance
with the law of the State of New York.

     

    9. Counterparts.  This
Amendment may be executed in any number of counterparts and by different parties
and separate counterparts, each of which when so executed and delivered, shall
be deemed an original, and all of which, when taken together, shall constitute
one and the same instrument.  Delivery of an executed counterpart of a
signature page to this Amendment by facsimile or e-mail shall be effective as
delivery of a manually executed counterpart of this Amendment.

     

    10. Integration.  This
Amendment, together with the other Loan Documents, incorporates all negotiations
of the parties hereto with respect to the subject matter hereof and is the final
expression and agreement of the parties hereto with respect to the subject
matter hereof.

     

    11. Severability.  In
case any provision in this Amendment shall be invalid, illegal or unenforceable,
such provision shall be severable from the remainder of this Amendment and the
validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

     

    12. Loan
Document.  This Amendment is a Loan Document.

     

    13. Waiver of Jury
Trial.  EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES TRIAL BY
JURY IN ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AMENDMENT AND ANY OTHER
LOAN DOCUMENT.

     

    [Signature
Pages Follow]

     

    

     

    
      
         

      

      
         

        
          

        

      

      
         

        EXHIBIT
10.1

      

    

    IN
WITNESS WHEREOF, the parties have entered into this Amendment as of the date
first above written.

     

    BOARDWALK
PIPELINES, LP,

    as
Borrower

    

    By: Boardwalk Operating GP,
LLC,

    its general partner

    

    By: Boardwalk Pipeline Partners,
LP,

    its managing member

    

    By: Boardwalk GP, LP,

    its general partner

    

    By: Boardwalk GP, LLC,

    its general partner

    

    By:  ________________                

     

    Name:

                                       Title:

     

    TEXAS GAS
TRANSMISSION, LLC,

    as
Borrower

    

    By:  ________________                

    Name:

    Title:

    

    GULF
SOUTH PIPELINE COMPANY, LP,

    as
Borrower

    

    By: GS PIPELINE COMPANY,
LLC,

    its general partner

    

    By:  _________________                

    Name:

    Title:

    

    BOARDWALK
PIPELINE PARTNERS, LP

    

    By: Boardwalk GP, LP,

    its general partner

    

    By: Boardwalk GP, LLC,

    its general partner

    

    By:    ________________              

    Name:

    Title:

    

     

    
      
        
          [Signature
Page to Amendment No. 3]

          

        

         

      

      
         

        
          

        

      

      
         

        EXHIBIT
10.1

      

    

    WACHOVIA
BANK, NATIONAL ASSOCIATION,

     

    as
Administrative Agent, Issuer, Swingline Lender
and  Lender

     

    

     

    

     

    By:  __________________                

     

    Name:

                                       Title:

     

    
      
        
          [Signature
Page to Amendment No. 3]

          

        

         

      

      
         

        
          

        

      

      
         

        EXHIBIT
10.1

      

    

    ______________________ ,

    as a
Lender

    

    

    By: ___________________                 

    Name:

    Title:

    
      
         

      

      
         

        
          

        

      

      
         

        EXHIBIT
10.1exhibit10_2.htm

    

      
        
           

        

        
           

          
            

          

        

        
           

          
            EXHIBIT  10.2

          

        

      

      
        	
              

      

      CONFIDENTIAL SEPARATION
AGREEMENT AND
GENERAL RELEASE

      

      This
Confidential Separation Agreement and General Release (the "Agreement") is by
and between H. Dean Jones II ("Mr. Jones'') and Texas Gas Transmission, LLC
("Texas Gas"), Boardwalk GP, LLC ("Boardwalk"), Boardwalk Pipelines Holding
Corp. ("Holding") and Boardwalk Operating GP, LLC ("Operating") (Texas Gas,
Boardwalk, Holding and Operating are collectively referred to herein as the
"Company" and references herein are deemed to refer to each such entity
individually).

      

      1.            Voluntary
Retirement from Employment.     
Mr. Jones agrees to voluntarily retire from all employment with the
Company, as evidenced by Exhibit A to this Agreement, which will be executed
concurrently with this Agreement. As part of his retirement, Mr. Jones is
resigning as a director and officer of each of Holding, Boardwalk, and Texas Gas
and as Trustee of any Pension or Post-Retirement Plan(s). Mr. Jones's retirement
and separation from employment and the positions he holds with Texas Gas,
Boardwalk, Holding and Operating shall be effective at the time of his signing
of this Agreement. The Company agrees to accept Mr. Jones's voluntary
retirement. Mr. Jones and the Company intend that this termination of employment
shall constitute a separation from service for purposes of Section 409A of the
Internal Revenue Code of 1986, as amended (the "Code") and that Mr. Jones shall
no longer continue a level of bona fide services rendered to the Company at a
level that is at or in excess of 50% of the average level of services that he
provided to the Company during the previous 36 months.

      

      2.            Consulting
Services.     
In consideration of the payment set forth in Section 4(ii) of this
Agreement, from March 1, 2008 until February 28, 2009, Mr. Jones shall serve as
a Consultant to the Company and its subsidiaries or affiliates providing
regulatory, market and customer consulting services on an as requested basis.
Mr. Jones's consulting services for the Company shall terminate on February 28,
2009 without the necessity of any notice or other action by him or the
Company.

      

      As a
Consultant, Mr. Jones shall serve as an independent contractor, and not an
employee, of the Company or any of its subsidiaries or affiliates. Mr. Jones
shall have the right to control the details of the consulting services he shall
provide to the Company. Mr. Jones shall work with the Company to ensure that his
actions as a Consultant are consistent with the goals and objectives of the
Company and the subsidiary or affiliate that has requested his services. As a
Consultant, Mr. Jones shall not be entitled to receive any Company benefits,
such as employee benefits, in connection with his consulting services; provided
however this provision will have no affect on the benefits Mr. Jones receives as
a retiree of the Company. Mr. Jones shall supply all equipment and supplies
necessary for his consulting services. Mr. Jones shall control the hours of his
work. Mr. Jones shall also control the location of his work; however, there may
be occasions when Mr. Jones is expected to meet with Company officials at a
Company facility or other designated location. Mr. Jones shall be free to hire
assistants in providing consulting services and shall be free to provide
consulting services to his other clients (provided Mr. Jones performs no
services that would conflict with Section 10 of the Agreement.) Mr. Jones shall
be responsible for the
payment of all expenses associated with his provision of consulting services to
the Company; provided however, the Company shall reimburse Mr. Jones for the
reasonable cost of any travel or related expenses incurred at the Company's
direction, but in no event shall any such reimbursements be made after the last
day of the calendar year following the calendar year that the expense was
incurred.

      

      Mr. Jones
shall not be treated as an employee for federal or state tax purposes with
respect to the consulting services rendered under this Agreement. The Company
shall, to the extent it is legally required to do so, file all necessary tax
information reports with federal and state taxing authorities, including an
Internal Revenue Service Form 1099, to report the income arising from this
Agreement.

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

          EXHIBIT
10.2

        

      

       

       

      3.            Effective
Date.     
Mr. Jones has up to and including twenty-one (21) days from the receipt
of this Agreement within which to consider the Agreement. This Agreement shall
become final, binding and enforceable on the eighth day after Mr. Jones signs
the Agreement, unless Mr. Jones revokes the Agreement as provided for in Section
14 of this Agreement (the "Effective Date").

      

      4.            Payment.

      

      (i) As
consideration for Mr. Jones's promises within this Agreement, including without
limitation, Sections 8, 9, and 10, and Mr. Jones's execution and acceptance of
this Agreement, the Company shall pay Mr. Jones the gross amount of Two Million
Two Hundred and Fifty Thousand Dollars and 0/100 ($2,250,000), less required
governmental payroll deductions, in the form of a lump-sum payment on March 14,
2008. This payment shall constitute a separate payment that is unrelated to any
other payment set forth in this Section 4 of this Agreement for purposes of
Section 409A of the Internal Revenue Code of 1986, as amended (the
"Code").

      

      (ii)  As consideration for
the consulting services that Mr. Jones shall provide, pursuant to Section 2 of
this Agreement, the Company shall pay Mr. Jones the sum of Two Hundred Fifty
Thousand Dollars and 0/100 ($250,000) in the form of twelve (12) equal monthly
installments, each in the gross amount of Twenty Thousand Eight Hundred
Thirty-Three Dollars and 34/100 ($20,833.34). No deductions shall be made from
these payments. The first installment shall be paid in March of 2008. During
each of the subsequent eleven (11) months, Mr. Jones shall receive another
installment payment, provided however that in no event shall any payment be made
after March 15 of 2009. Each of these payments shall constitute a separate
payment that is unrelated to any other payment set forth in this Section 4 of
the Agreement for purposes of Section 409A of the Code.V

      

      (iii) In consideration of Mr. Jones's
execution and acceptance of this Agreement, the Company shall continue to pay
Mr. Jones an amount equal to his regular bi-weekly salary, less required
governmental payroll deductions, on each regular payday for Texas Gas, until the
Effective Date. The final payment shall be made on the March 14, 2008 payday,
and shall include a lump-sum cash amount equal to the value of any unused PTO
time that existed on the date this Agreement was signed. Each of these payments
shall constitute a separate payment that is unrelated to any other payment set
forth in this Section 4 of the Agreement for purposes of Section 409A of the
Code.

       

       

      
        
          
          

        

        
           

          
            

          

        

        
           

          
            EXHIBIT  10.2

          

        

      

      

       

       5.            Release.     
In consideration of the payments set forth in Section 4(i) and Section 4(iii),
payments to which Mr. Jones is not otherwise entitled, and the sufficiency of
which Mr. Jones acknowledges, Mr. Jones hereby KNOWINGLY AND VOLUNTARILY RELEASES
AND DISCHARGES Texas Gas, Boardwalk, Holding and Operating and/or their
respective past and present successors, assigns, affiliates, parent companies,
subsidiaries, partnerships, limited partnerships, partners, joint ventures,
predecessors and benefit plans, and the respective past and present officers,
directors, trustees, conservators, employees, agents, insurance carriers, plan
administrators, plan trustees and attorneys of each of the foregoing from any
and all rights, claims, debts, liabilities, actions and/or causes of action,
whether in law or in equity, whether known or unknown, that are based upon facts
occurring at any time prior to, or at the time of, Mr. Jones's signing of this
Agreement including, but not limited to, any matter or action related to Mr.
Jones's employment with, termination from, and/or affiliation with Texas Gas,
Boardwalk, Holding and/or Operating, including, but not limited to, the
following:

      

      5.1. Any
statutory claims under the Civil Rights Act of
1866, the Civil
Rights Act of 1964, and the Civil Rights Act of
1991; the Americans with Disabilities Act of 1990; the Age Discrimination in
Employment Act; the Older Workers Benefit Protection Act; the Rehabilitation Act
of 1973; Executive Order 11246; the Family and Medical Leave Act of 1993; the
Employee Retirement Income Security Act; the Equal Pay Act; the Sarbanes-Oxley
Act, Chapter 451 of the Texas Labor Code; the Texas Payday Law; Chapter 21 of
the Texas Labor Code; the Kentucky Civil Rights Act, the Kentucky Equal Pay Act,
the Kentucky Equal Opportunities Act and all other federal, state or local
statutes, laws or regulations;

       

      5.2. Any
tort, contract, other common law claims, matters or actions related to Mr.
Jones's employment, retirement and/or separation from employment with Texas Gas,
Boardwalk, Operating and/or Holding, including, but not limited to, defamation,
slander, libel, invasion of privacy, intentional infliction of emotional
distress, fraud, misrepresentation, wrongful discharge, breach of contract,
breach of any express or implied covenant of good faith and fair dealing and
breach of fiduciary duty; and,

       

      5.3. Any
and all claims for past or future employment benefits, including, but not
limited to, wages, bonuses, incentives, vacation pay, medical insurance coverage
and/or other benefits; provided, however, that this release shall not be
applicable to: (1) any vested benefits provided under a retirement plan
sponsored by Company that is qualified under Section 401(a) of the Code
(including, without limitation, any retirement plan subject to Section 401(k) of
the Code), (2) any medical benefits provided by a medical plan sponsored by
Company, except to the extent provided under the terms of such medical plan or
(3) any vested benefits in the Texas Gas Salary Continuation Plan and the Texas
Gas Supplemental Retirement Plan . Notwithstanding anything in this Section 5.3
to the contrary, with respect to the post-retirement medical benefits referred
to in the prior sentence, the Company reserves the right to modify or eliminate
such benefits pursuant to the terms of any such medical plan providing such
benefits.

      

        
 

        
          
             

          

          
             

            
              

            

          

          
             

            EXHIBIT
10.2

          

        

         

         

         

      6.            Resignation
from All Positions with the Company.     
Mr. Jones agrees that, with the exception of the Consultant role as
provided in Section 2, as of the date he executes this Agreement, he will resign
from any positions of any nature with Texas Gas, Boardwalk, Holding and/or
Operating including, without limitations, any positions as an officer or
director with Texas Gas, Boardwalk, Holding and/or Operating or any parent,
affiliate or subsidiary of Texas Gas, Boardwalk, Holding and/or Operating. Mr.
Jones agrees to execute any documents necessary to accomplish those
resignations.

      

      7.            Waiver of
Rights to Equity Compensation.     
In consideration of the payments set forth in Section 4, payments to which Mr.
Jones is not otherwise entitled, and the sufficiency of which Mr. Jones
acknowledges, Mr. Jones's rights to any and all equity compensation from the
Company, including without limitation, any and all LP units and GP units to
which he may be entitled pursuant to the Boardwalk GP Phantom Unit Plan and the
Boardwalk LP Phantom Unit Plan are hereby terminated and Mr. Jones shall have no
further rights to any such compensation.

      

      8.            Confidentiality
of Agreement.      Mr. Jones agrees he shall not
disclose, or cause to be disclosed, any of the terms of this Agreement, except
to his attorney, spouse and/or tax advisor, or as required by law. Mr. Jones
agrees to direct his attorney, spouse, and/or tax advisor to abide by this
promise of confidentiality. Mr. Jones represents that no unauthorized
disclosures concerning the terms of this Agreement, or the sums provided in
Section 4, were made prior to the signing of this Agreement.

       

      9.            Confidential
and Proprietary Information.      Mr. Jones
acknowledges, agrees and stipulates that during his employment with Texas Gas
and Boardwalk he has had access to confidential and proprietary information
relating to the business and affairs of the Company, its affiliates,
subsidiaries and parent companies, including, without limitation, (i) financial
information, including budgets or projections, business plans, pricing policies
or strategies, tariff information, business methods, or any other financial,
marketing, pricing, or regulatory strategic information;  (ii)
information about existing or potential customers and their representatives,
including customer identities, lists, preferences, customer services and all
other customer information; (iii) information about employees and the terms and
conditions of their employment with the Company; (iv) information about
potential acquisitions or divestitures; and (v) any other non-public information
that cannot be obtained readily by the public and would be useful or helpful to
competitors, customers or industry trade groups if disclosed (collectively,
"Confidential Information"). Mr. Jones agrees that he shall not, at any time,
directly or indirectly, for any reason whatsoever, with or without cause, unless
pursuant to a lawful subpoena, use, disseminate or disclose any of the
Confidential Information to any person or entity. Mr. Jones further acknowledges
that if Mr. Jones were to use or disclose, directly or indirectly, the
Confidential Information, that such use and/or disclosure would cause the
Company irreparable harm and injury for which no adequate remedy at law exists.
Therefore, in the event of the breach or threatened breach of the provisions of
this Agreement by Mr. Jones, the Company shall be entitled to obtain injunctive
relief to enjoin such breach or threatened breach, in addition to all other
remedies and alternatives which may be available at law or in equity. Mr. Jones
acknowledges that the remedies contained in the Agreement for violation of this
Agreement are not the exclusive remedies which the Company may
pursue.

       

      10.            Non-Competition
and Non-Solicitation.      For and in
consideration of the sums paid to Mr. Jones pursuant to Section 4 of this
Agreement, Mr. Jones agrees as follows:

       

      
        
          
          

           

        

        
           

          
            

          

        

        
           

          
            EXHIBIT  10.2

          

        

      

      

       

      10.1
During the period of twelve (12) months from and after the Effective Date,
Mr. Jones
agrees that he will not (whether for compensation or otherwise), alone or as an
officer, director, stockholder (except for investments in securities of publicly
traded companies which are not in excess of one percent (1%) of such entity's
securities), partner, associate, employee, agent, principal, trustee, salesman,
consultant, co-venturer, creditor, guarantor, owner, representative, advisor or
in any other capacity, perform work for or become associated with any customers
of the Company, its affiliates, subsidiaries and parent companies as of the
Effective Date, or any natural gas pipeline trade groups, except as needed to
perform the consulting services on behalf of the Company described in Section 2,
to the extent that Mr. Jones is requested to participate, advise or consult
regarding any business or regulatory matters that involve the Company. In
addition, Mr. Jones shall not during this period solicit, induce, or encourage
any of the current employees or consultants of the Company or any of its
subsidiaries to discontinue their relationship with the Company or establish a
relationship with any other employer.

       

      10.2  Mr.
Jones agrees that the limitations as to time, geographical area and scope of
activity to be restrained are reasonable and are not greater than necessary to
protect the goodwill and/or Confidential Information of the
Company.  Mr. Jones further agrees that the terms of Section 10.1 will
not in any way prevent Mr. Jones from earning a living.

       

      10.3  Mr.
Jones acknowledges that the damages which will be suffered by the Company by a
breach of any term or provision of Section 10.1 would be continuing and
irreparable. To the extent Mr. Jones violates any of the terms of Section 10.1,
Mr. Jones acknowledges and agrees that he shall pay back to the Company one-half
of the payments to he made to him in accordance with Section 4(ii) of this
Agreement. Because monetary damages for any violation of Section 10.1 would be
difficult, if not impossible, to ascertain, Mr. Jones agrees the Company shall
be entitled to equitable relief, including specific performance and injunction,
to ensure and enforce his performance of and adherence to the obligations in
Section 10.1.

       

      11.           Company
Property.     
Mr. Jones agrees to deliver to the Director of Human Resources of Texas
Gas no later than the Effective Date any and all property, including keys,
access cards, files provided for Mr. Jones's use by the Company and all CD's,
computer disks and other electronic or written materials which relate to the
Company, its business activities, or Mr. Jones's position with the
Company.

       

      12.           Non-Disparagement.     
Mr. Jones and Company agree that they shall not make disparaging remarks
or communications of any type concerning the other, or any of Company's parents,
affiliates or subsidiaries or any of the officers or directors of any of those
entities. Mr. Jones and Company agree that they shall engage in no conduct
designed to be, or that would have the effect of being, detrimental to the
interests and goodwill of the Company or Mr. Jones, nor will they engage in any
conduct designed to reflect, or that would have the effect of reflecting,
adversely on the reputation and/or goodwill of the Company or Mr. Jones,
provided, that no section or provision in this Agreement shall be construed as
prohibiting Mr. Jones or the Company from making any truthful statements or
reports to any regulatory agency or other governmental agency or
official.

       

      
        
          
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            EXHIBIT  10.2

          

        

      

      

       

      13.        Twenty-One
(21) Days to Consider.     
The Company advises Mr. Jones that he has twenty-one (21) calendar days
from the date he receives this Agreement within which to consider whether to
sign this Agreement. The Company advises Mr. Jones that he may voluntarily
choose to sign the Agreement earlier, but is not required to do so.

      

      14.        Seven (7)
Davs to Revoke.     
The Company hereby advises Mr. Jones that for a period of seven (7)
calendar days after he signs this Agreement, Mr. Jones may revoke this
Agreement. This Agreement shall not become effective or enforceable until the
revocation period has expired. In order to revoke this Agreement pursuant to
this Section 14, Mr. Jones must submit his revocation in writing to Mark Hires,
Director of Human Resources, Texas Gas Transmission. LLC, 3800 Frederica Street,
Owensboro, Kentucky 42301, before the expiration of the seven (7) day period.
Notwithstanding the foregoing, Mr. Jones acknowledges that his retirement from
employment as of the date of his execution of this Agreement shall remain
effective even if Mr. Jones revokes the Agreement. Mr. Jones acknowledges,
represents and agrees that he understands his rights and obligations under this
Section 14.

      

      15.         Advice of
Attorney.     
The Company hereby advises Mr. Jones to consult with an attorney prior to
executing (signing) this Agreement.

      

      16.         Non-Admission.     
This Agreement is not an admission by either Mr. Jones or the Company of
any wrongdoing or liability.

       

      17.         Prior
Agreements Superseded.     
This Agreement constitutes the sole agreement of the parties hereto
concerning subject matter herein and supersedes any prior understandings or
written or oral agreements between the parties regarding the subject matter
herein.

       

      18.         Exclusive
Law, Severability and Venue.      This Agreement
shall be interpreted in accordance with the laws of the Commonwealth of Kentucky
(except its provisions governing the choice of law). If any provision of this
Agreement becomes or is deemed invalid, illegal or unenforceable in any
applicable jurisdiction by reason of the scope, extent or duration of its
coverage, then such provision shall be deemed amended to the minimum extent
necessary to conform to applicable law so as to be valid and enforceable or, if
such provision cannot be so amended without materially altering the intention of
the parties, then such provision shall be stricken and the remainder of this
Agreement shall continue in force and effect. If any provision of this Agreement
is rendered illegal by any present or future statute, law, ordinance or
regulation (collectively the "Law"), then that provision shall be curtailed or
limited only to the minimum extent necessary to bring the provision into
compliance with the Law. All other terms and provisions of this Agreement shall
continue in full force and effect without impairment or limitation. Mr. Jones
agrees that for all matters directly or indirectly arising out of this
Agreement, venue and jurisdiction for any such matters shall lie with the state
and federal courts located in Daviess County, Kentucky as applicable under this
Agreement.

      

      19.           Section
409A.     
To the extent that the terms of this Agreement would subject Mr. Jones to
gross income inclusion, penalties, interest, or additional tax pursuant to
Section 409A of the Code, those terms are automatically stricken and reformed
either to be exempt from, or to comply with, Section 409A of the Code and the
regulations issued thereunder. Notwithstanding any provision of this Agreement
to the contrary, only to the extent that this Agreement is subject to the
requirements of Section 409A of the Code and is not exempted from such
requirements, if at the time of Mr. Jones's termination of employment with the
Company, he is a "specified employee" as defined in Section 409A of the Code, no
payment or benefit that results from his termination of employment shall be
provided until the date which is six months after the date of his termination of
employment (or, if earlier, his date of death). Payments to which Mr. Jones
would otherwise be entitled during the six-month period described above shall be
accumulated and paid in a lump sum on the first day of the seventh month after
the date of his termination of employment. Notwithstanding anything to the
contrary, to the extent required by Section 409A of the Code: (a) the amount of
expenses eligible for reimbursement or to be provided as an in-­kind benefit
under this Agreement during the calendar year may not affect the expenses
eligible for reimbursement or to be provided as an in-kind benefit in any other
calendar year; and (b) the right to reimbursement or in-kind benefits under this
Agreement shall not be subject to liquidation or exchange for another
benefit.

      
         

         

        
          
             

          

          
             

            
              

            

          

          
             

            EXHIBIT
10.2

          

        

 

      20.           Tax
Advice.      Mr. Jones acknowledges that
neither the Company nor any of its representatives have provided him with any
tax advice or tax-related representations concerning the payments provided for
in this Agreement or any other aspect of this Agreement. Mr. Jones agrees that
he should consult his own tax advisor(s) for any such tax advice or
information.

       

      21.            Acceptance.     
By his signature below, Mr. Jones knowingly and voluntarily agrees to and
accepts this Agreement. Mr. Jones acknowledges that he has carefully read this
Agreement and that he signs this Agreement of his own free will.

       

       

      ACCEPTED
AND AGREED:

       

      

      

      

      BY: /s/ H.
Dean Jones
II                       

                                        H. Dean Jones II

      

      Date:  February 25,
2008

      

      

      For Texas Gas Transmission,
LLC:

      

      BY: /s/  Harry
Nichols

                            Harry
Nichols,

                            Vice
President, Human Resources

      

      Date:  March 5,
2008

      

      

      For Boardwalk GP, LLC:

      

      BY: /s/  Harry
Nichols

                                        Harry Nichols,

                            Vice
President, Human Resources

      

      Date:  March 5,
2008

      

      

                                      For:  Boardwalk
Pipelines Holding Corp.:

      

      BY: /s/  Harry
Nichols

                            Harry
Nichols,

                            Vice
President, Human Resources

      

      Date:  March 5,
2008

      

      

      For Boardwalk Operating GP,
LLC:

      

      BY: /s/  Harry
Nichols

                            Harry
Nichols,

                            Vice
President, Human Resources

      

      Date:  March 5,
2008

      

      

      

      

      

      

      

      

      

      
        
          
            
              	
                    

            

            

          

           

        

        
           

          
            

          

        

        
           

          
            EXHIBIT  10.2

          

        

      

       

      EXHIBIT
A

       

       

      TO
CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE:

       

       

      VOLUNTARY
LETTER OF RETIREMENT AND RESIGNATION

       

      
        
          
            
              	
                       

                    

            

            

          

           

        

        
           

          
            

          

        

        
           

          
            EXHIBIT  10.2

          

        

      

      

       

      
        

      

      Voluntary
Letter of Retirement and Resignation

       

      I, H.
Dean Jones II, hereby voluntarily retire from all employment and, I hereby
voluntarily resign from all positions, including as a director or officer, which
I currently hold with Texas Gas Transmission, LLC, Boardwalk GP, LLC, Boardwalk
Pipelines Holding Corp. and Boardwalk Operating GP, LLC, and any and all of
their parents,
subsidiaries, affiliates of other related entities. My retirement and
resignations are effective today as evidenced by my signature
below.

       

      /s/  H. Dean
Jones,
II                                                      February 25,
2008                                                      

      Dean
Jones                                                                                                  Date

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