Document:

Exhibit 10.1

 

PARETEUM CORP.

2018 LONG-TERM INCENTIVE COMPENSATION
PLAN

 

ARTICLE I

PURPOSE

 

Section 1.1 Purpose. This 2018 Long-Term
Incentive Compensation Plan (the “Plan”) is established by Pareteum Corp., a Delaware corporation (the “Company”),
to create incentives which are designed to motivate Participants to put forth maximum effort toward the success and growth of the
Company and to enable the Company to attract and retain experienced individuals who by their position, ability and diligence are
able to make important contributions to the Company’s success. Toward these objectives, the Plan provides for the grant of
Options, Restricted Stock Awards, Stock Appreciation Rights (“SARs”), Performance Units and Performance Bonuses to
Eligible Employees and the grant of Nonqualified Stock Options, Restricted Stock Awards, SARs and Performance Units to Consultants
and Eligible Directors, subject to the conditions set forth in the Plan.

 

Section 1.2 Establishment. The Plan
is effective as of July 30, 2018 and for a period of ten years thereafter. The Plan shall continue in effect until all matters
relating to the payment of Awards and administration of the Plan have been settled. The Plan is subject to approval by the Company’s
stockholders in accordance with applicable law which approval must occur within the period ending twelve months after the date
the Plan is adopted by the Board. Pending such approval by the stockholders, Awards under the Plan may be granted, but no such
Awards may be exercised prior to receipt of stockholder approval of the Plan. In the event stockholder approval is not obtained
within a twelve-month period, all Awards granted shall be void.

 

Section 1.3 Shares Subject to the Plan.
Subject to the limitations set forth in the Plan, Awards may be made under this Plan for a total of 8,000,000 shares of the Company’s
common stock, par value $.00001 per share (the “Common Stock”), all of which may be issued in respect of Incentive
Stock Options.

 

Section 1.4 Automatic Increases of Shares
Subject to the Plan. Notwithstanding Section 1.3 above, on the first day of each calendar year, commencing January 1, 2019,
or the first business day of the calendar year if the first day of the calendar year falls on a Saturday or Sunday, the Awards
of Common Stock available under the Plan will automatically increase in an amount equal to 15% of the total number of shares of
Common Stock outstanding as of December 31st of the preceding fiscal year.

 

ARTICLE II

DEFINITIONS

 

Section 2.1 “Account”
means the recordkeeping account established by the Company to which will be credited an Award of Performance Units to a Participant.

 

Section 2.2 “Affiliated Entity”
means any corporation, partnership, limited liability company or other form of legal entity in which a majority of the partnership
or other similar interest thereof is owned or controlled, directly or indirectly, by the Company or one or more of its Subsidiaries
or Affiliated Entities or a combination thereof. For purposes hereof, the Company, a Subsidiary or an Affiliated Entity shall be
deemed to have a majority ownership interest in a partnership or limited liability company if the Company, such Subsidiary or Affiliated
Entity shall be allocated a majority of partnership or limited liability company gains or losses or shall be or control a managing
director or a general partner of such partnership or limited liability company.

 

Section 2.3 “Award” means,
individually or collectively, any Option, Restricted Stock Award, SAR, Performance Unit or Performance Bonus granted under the
Plan to an Eligible Employee by the Board or any Nonqualified Stock Option, Performance Unit, SAR or Restricted Stock Award granted
under the Plan to a Consultant or an Eligible Director by the Board pursuant to such terms, conditions, restrictions, and/or limitations,
if any, as the Board may establish by the Award Agreement or otherwise.

 

Section 2.4 “Award Agreement”
means any written instrument that establishes the terms, conditions, restrictions, and/or limitations applicable to an Award
in addition to those established by this Plan and by the Board’s exercise of its administrative powers.

 

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Section 2.5 “Board” means
the Board of Directors of the Company and, if the Board has appointed a Committee as provided in Section 3.1, the term “Board”
shall include such Committee.

 

Section 2.6 “Change of Control
Event” means, except as otherwise provided in an Award Agreement, each of the following:

 

(i) Any transaction in which shares of
voting securities of the Company representing more than 50% of the total combined voting power of all outstanding voting securities
of the Company are issued by the Company, or sold or transferred by the stockholders of the Company as a result of which those
persons and entities who beneficially owned voting securities of the Company representing more than 50% of the total combined voting
power of all outstanding voting securities of the Company immediately prior to such transaction cease to beneficially own voting
securities of the Company representing more than 50% of the total combined voting power of all outstanding voting securities of
the Company immediately after such transaction;

 

(ii) The merger or consolidation of the
Company with or into another entity as a result of which those persons and entities who beneficially owned voting securities of
the Company representing more than 50% of the total combined voting power of all outstanding voting securities of the Company immediately
prior to such merger or consolidation cease to beneficially own voting securities of the Company representing more than 50% of
the total combined voting power of all outstanding voting securities of the surviving corporation or resulting entity immediately
after such merger of consolidation; or

 

(iii) The sale of all or substantially
all of the Company’s assets to an entity of which those persons and entities who beneficially owned voting securities of
the Company representing more than 50% of the total combined voting power of all outstanding voting securities of the Company immediately
prior to such asset sale do not beneficially own voting securities of the purchasing entity representing more than 50% of the total
combined voting power of all outstanding voting securities of the purchasing entity immediately after such asset sale.

 

Section 2.7 “Code” means
the Internal Revenue Code of 1986, as amended. References in the Plan to any section of the Code shall be deemed to include any
amendments or successor provisions to such section and any regulations under such section.

 

Section 2.8 “Committee”
means the Committee appointed by the Board as provided in Section 3.1.

 

Section 2.9 “Common Stock”
means the common stock, par value $.00001 per share, of the Company, and after substitution, such other stock as shall be substituted
therefore as provided in Article X.

 

Section 2.10 “Consultant”
means any person or entity who is engaged by the Company, a Subsidiary or an Affiliated Entity to render consulting or advisory
services.

 

Section 2.11 “Date of Grant”
means the date on which the grant of an Award is authorized by the Board or such later date as may be specified by the Board
in such authorization.

 

Section 2.12 “Disability”
means, except as otherwise provided in an Award Agreement, the Participant is unable to continue employment by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a
continuous period of not less than 12 months. For purposes of this Plan, the determination of Disability shall be made in the sole
and absolute discretion of the Board.

 

Section 2.13 “Eligible Employee”
means any employee of the Company, a Subsidiary, or an Affiliated Entity as approved by the Board.

 

Section 2.14 “Eligible Director”
means any member of the Board who is not an employee of the Company, a Subsidiary or an Affiliated Entity.

 

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Section 2.15 “Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

Section 2.16 “Fair Market Value”
means (A) during such time as the Common Stock is registered under Section 12 of the Exchange Act, the closing price of the
Common Stock as reported by an established stock exchange or automated quotation system on the day for which such value is to be
determined, or, if no sale of the Common Stock shall have been made on any such stock exchange or automated quotation system that
day, on the next preceding day on which there was a sale of such Common Stock, or (B) during any such time as the Common Stock
is not listed upon an established stock exchange or automated quotation system, the mean between dealer “bid” and “ask”
prices of the Common Stock in the over-the-counter market on the day for which such value is to be determined, as reported by the
National Association of Securities Dealers, Inc., or (C) during any such time as the Common Stock cannot be valued pursuant to
(A) or (B) above, the fair market value shall be as determined by the Board considering all relevant information including, by
example and not by limitation, the services of an independent appraiser.

 

Section 2.17 “Incentive Stock
Option” means an Option within the meaning of Section 422 of the Code.

 

Section 2.18 “Nonqualified Stock
Option” means an Option which is not an Incentive Stock Option.

 

Section 2.19 “Option” means
an Award granted under Article V of the Plan and includes both Nonqualified Stock Options and Incentive Stock Options to purchase
shares of Common Stock.

 

Section 2.20 “Participant”
means an Eligible Employee, a Consultant or an Eligible Director to whom an Award has been granted by the Board under the Plan.

 

Section 2.21 “Performance Bonus”
means the cash bonus which may be granted to Eligible Employees under Article IX of the Plan.

 

Section 2.22 “Performance Units”
means those monetary units that may be granted to Eligible Employees, Consultants or Eligible Directors pursuant to Article
VIII hereof.

 

Section 2.23 “Plan” means
this Pareteum Corp. 2018 Long-Term Incentive Compensation Plan.

 

Section 2.24 “Restricted Stock
Award” means an Award granted to an Eligible Employee, Consultant or Eligible Director under Article VI of the Plan.

 

Section 2.25 “Retirement”
means, except as otherwise provided in an Award Agreement, the termination of an Eligible Employee’s employment with
the Company, a Subsidiary or an Affiliated Entity on or after attaining age 65.

 

Section 2.26 “SAR” means
a stock appreciation right granted to an Eligible Employee, Consultant or Eligible Director under Article VII of the Plan.

 

Section 2.27 “Subsidiary”
shall have the same meaning set forth in Section 424 of the Code.

 

Section 2.28 “Compensation Committee”
means the Compensation Committee of the Board.

 

ARTICLE III

ADMINISTRATION

 

Section 3.1 Administration. The
Board shall administer the Plan. The Board may, by resolution, appoint the Compensation Committee to administer the Plan and delegate
its powers described under this Section 3.1 and otherwise under the Plan for purposes of Awards granted to Eligible Employees and
Consultants.

 

Subject to the provisions of the Plan,
the Board shall have exclusive power to:

 

(a) Select Eligible Employees and Consultants
to participate in the Plan.

 

(b) Determine the time or times when Awards
will be made to Eligible Employees or Consultants.

 

(c) Determine the form of an Award, whether
an Incentive Stock Option, Nonqualified Stock Option, Restricted Stock Award, SAR, Performance Unit, or Performance Bonus, the
number of shares of Common Stock or Performance Units subject to the Award, the amount and all the terms, conditions (including
performance requirements), restrictions and/or limitations, if any, of an Award, including the time and conditions of exercise
or vesting, and the terms of any Award Agreement, which may include the waiver or amendment of prior terms and conditions or acceleration
or early vesting or payment of an Award under certain circumstances determined by the Board.

 

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(d) Determine whether Awards will be granted
singly or in combination.

 

(e) Accelerate the vesting, exercise or
payment of an Award or the performance period of an Award.

 

(f) Determine whether and to what extent
a Performance Bonus may be deferred, either automatically or at the election of the Participant or the Board.

 

(g) Reduce the exercise price of any Option
or SAR to the then current Fair Market Value if the Fair Market Value of the Common Stock covered by such Option or SAR shall have
declined since the date such Award was granted.

 

(h) Take any and all other action it deems
necessary or advisable for the proper operation or administration of the Plan.

 

Notwithstanding the foregoing, the Board
may authorize the Company Chief Executive Officer, another executive officer, or a committee of such directors (the “Authorized
Officers”) to grant Options under the Plan, to the extent permitted by applicable law. If so authorized, the Authorized Officers
shall have the same authority as the Board under this Section 3.1 and otherwise under the Plan with respect to the grant of Options,
subject to the limitations set forth in such authorization, if any.

 

Section 3.2 Administration of Grants
to Eligible Directors. The Board shall have the exclusive power to select Eligible Directors to participate in the Plan and
to determine the number of Nonqualified Stock Options, Performance Units, SARs or shares of Restricted Stock awarded to Eligible
Directors selected for participation. If the Board appoints a committee to administer the Plan, it may delegate to the committee
administration of all other aspects of the Awards made to Eligible Directors.

 

Section 3.3 Board to Make Rules and
Interpret Plan. The Board in its sole discretion shall have the authority, subject to the provisions of the Plan, to establish,
adopt, or revise such rules and regulations and to make all such determinations relating to the Plan, as it may deem necessary
or advisable for the administration of the Plan. The Board’s interpretation of the Plan or any Awards and all decisions and
determinations by the Board with respect to the Plan shall be final, binding, and conclusive on all parties.

 

Section 3.4 Section 162(m). The
Company intends for the Plan and the Awards made thereunder to be exempt from the deductibility limitation in Code Section 162(m)
if it is determined by the Board that such qualification is necessary or desirable for an Award. Under the Code Section 162(m),
no deduction is allowed in any taxable year of the Company for compensation in excess of $1 million paid to the Company’s
 “covered employees.” A “covered employee” is the Company’s chief executive officer, chief financial
officer, and the next three most highly compensated officers of the Company other than the chief executive officer and chief financial
officer. Accordingly, the Board shall make determinations as to performance targets and all other applicable provisions of the
Plan as necessary in order for the Plan and Awards made thereunder to satisfy the requirements of Section 162(m) of the Code. Subject
to adjustment as provided in Article X, the maximum number of shares with respect to which Options or SARs may be granted to any
Participant in any one calendar year is 5 million. With respect to other types of Awards intended to be exempt from the deductibility
limitation in Code Section 162(m), no Participant in any one calendar year may be granted Awards with respect to more than 5 million
shares of Common Stock in the aggregate, or if such Awards are payable in cash, the fair market value equivalent thereof. If an
Award is cancelled, the cancelled Award shall continue to be counted towards the applicable limitations. Recent changes to Section
162(m) in connection with the passage of the Tax Cuts and Jobs Act repealed exceptions to the deductibility limit that were previously
available for “qualified performance-based compensation” effective for taxable years after December 31, 2017. As a
result, any compensation paid to certain of our executive officers in excess of $1 million following December 31, 2017 may be non-deductible.

 

ARTICLE IV

GRANT OF AWARDS

 

Section 4.1 Grant of Awards. Awards
granted under this Plan shall be subject to the following conditions:

 

(a) Any shares of Common Stock related
to Awards which terminate by expiration, forfeiture, cancellation or otherwise without the issuance of shares of Common Stock or
are exchanged in the Board’s discretion for Awards not involving Common Stock, shall be available again for grant under the
Plan and shall not be counted against the shares authorized under Section 1.3 or Section 1.4.

 

(b) Common Stock delivered by the Company
in payment of an Award authorized under Articles V and VI of the Plan may be authorized and unissued Common Stock or Common Stock
held in the treasury of the Company.

 

(c) The Board shall, in its sole discretion,
determine the manner in which fractional shares arising under this Plan shall be treated.

 

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(d) Separate certificates or a book-entry
registration representing Common Stock shall be delivered to a Participant upon the exercise of any Option.

 

(e) Eligible Directors may only be granted
Nonqualified Stock Options, Restricted Stock Awards, SARs or Performance Units under this Plan.

 

(f) The maximum term of any Award shall
be ten years.

 

ARTICLE V

STOCK OPTIONS

 

Section 5.1 Grant of Options. The
Board may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant
Options to Eligible Employees. These Options may be Incentive Stock Options or Nonqualified Stock Options, or a combination of
both. The Board may, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant Nonqualified
Stock Options to Eligible Directors and Consultants. Each grant of an Option shall be evidenced by an Award Agreement executed
by the Company and the Participant, and shall contain such terms and conditions and be in such form as the Board may from time
to time approve, subject to the requirements of Section 5.2.

 

Section 5.2 Conditions of Options. Each
Option so granted shall be subject to the following conditions:

 

(a) Exercise Price. Each Option shall state
the exercise price which shall be set by the Board at the Date of Grant; provided, however, no Option shall be granted at an exercise
price which is less than the Fair Market Value of the Common Stock on the Date of Grant.

 

(b) Form of Payment. The exercise price
of an Option may be paid (i) in cash or by check, bank draft or money order payable to the order of the Company; (ii) by delivering
shares of Common Stock having a Fair Market Value on the date of payment equal to the amount of the exercise price, but only to
the extent such exercise of an Option would not result in an adverse accounting charge to the Company for financial accounting
purposes with respect to the shares used to pay the exercise price unless otherwise determined by the Board; or (iii) a combination
of the foregoing. In addition to the foregoing, the Board may permit an Option granted under the Plan to be exercised by a broker-dealer
acting on behalf of a Participant through procedures approved by the Board.

 

(c) Exercise of Options. Options granted
under the Plan shall be exercisable, in whole or in such installments and at such times, and shall expire at such time, as shall
be provided by the Board in the Award Agreement. Exercise of an Option shall be by written notice to the Secretary of the Company
at least two business days in advance of such exercise stating the election to exercise in the form and manner determined by the
Board. Every share of Common Stock acquired through the exercise of an Option shall be deemed to be fully paid at the time of exercise
and payment of the exercise price.

 

(d) Other Terms and Conditions. Among other
conditions that may be imposed by the Board, if deemed appropriate, are those relating to (i) the period or periods and the conditions
of exercisability of any Option; (ii) the minimum periods during which Participants must be employed by the Company, its Subsidiaries,
or an Affiliated Entity, or must hold Options before they may be exercised; (iii) the minimum periods during which shares acquired
upon exercise must be held before sale or transfer shall be permitted; (iv) conditions under which such Options or shares may be
subject to forfeiture; (v) the frequency of exercise or the minimum or maximum number of shares that may be acquired at any one
time; (vi) the achievement by the Company of specified performance criteria; and (vii) non-compete and protection of business matters.

 

(e) Special Restrictions Relating to Incentive
Stock Options. Options issued in the form of Incentive Stock Options shall only be granted to Eligible Employees of the Company
or a Subsidiary, and not to Eligible Employees of an Affiliated Entity unless such entity shall be considered as a “disregarded
entity” under the Code and shall not be distinguished for federal tax purposes from the Company or the applicable Subsidiary.

 

(f) Application of Funds. The proceeds
received by the Company from the sale of Common Stock pursuant to Options will be used for general corporate purposes.

 

(g) Stockholder Rights. No Participant
shall have a right as a stockholder with respect to any share of Common Stock subject to an Option prior to the purchase of such
shares of Common Stock by exercise of the Option.

 

ARTICLE VI

RESTRICTED STOCK AWARDS

 

Section 6.1 Grant of Restricted Stock
Awards. The Board may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may
determine, grant a Restricted Stock Award to Eligible Employees, Consultants or Eligible Directors. Restricted Stock Awards shall
be awarded in such number and at such times during the term of the Plan as the Board shall determine. Each Restricted Stock Award
shall be subject to an Award Agreement setting forth the terms of such Restricted Stock Award and may be evidenced in such manner
as the Board deems appropriate, including, without limitation, a book-entry registration or issuance of a stock certificate or
certificates.

 

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Section 6.2 Conditions of Restricted
Stock Awards. The grant of a Restricted Stock Award shall be subject to the following:

 

(a) Restriction Period. Restricted Stock
Awards granted to an Eligible Employee shall require the holder to remain in the employment of the Company, a Subsidiary, or an
Affiliated Entity for a prescribed period. Restricted Stock Awards granted to Consultants or Eligible Directors shall require the
holder to provide continued services to the Company for a period of time. These employment and service requirements are collectively
referred to as a “Restriction Period”. The Board or the Committee, as the case may be, shall determine the Restriction
Period or Periods which shall apply to the shares of Common Stock covered by each Restricted Stock Award or portion thereof. In
addition to any time vesting conditions determined by the Board or the Committee, as the case may be, Restricted Stock Awards may
be subject to the achievement by the Company of specified performance criteria based upon the Company’s achievement of all
or any of the operational, financial or stock performance criteria set forth on Exhibit A annexed hereto, as may from time to time
be established by the Board or the Committee, as the case may be. At the end of the Restriction Period, assuming the fulfilment
of any other specified vesting conditions, the restrictions imposed by the Board or the Committee, as the case may be shall lapse
with respect to the shares of Common Stock covered by the Restricted Stock Award or portion thereof. In addition to acceleration
of vesting upon the occurrence of a Change of Control Event as provided in Section 11.5, the Board or the Committee, as the case
may be, may, in its discretion, accelerate the vesting of a Restricted Stock Award in the case of the death, Disability or Retirement
of the Participant who is an Eligible Employee or resignation of a Participant who is a Consultant or an Eligible Director.

 

(b) Restrictions. The holder of a Restricted
Stock Award may not sell, transfer, pledge, exchange, hypothecate, or otherwise dispose of the shares of Common Stock represented
by the Restricted Stock Award during the applicable Restriction Period. The Board shall impose such other restrictions and conditions
on any shares of Common Stock covered by a Restricted Stock Award as it may deem advisable including, without limitation, restrictions
under applicable Federal or state securities laws, and may legend the certificates representing Restricted Stock to give appropriate
notice of such restrictions.

 

(c) Rights as Stockholders. During any
Restriction Period, the Board may, in its discretion, grant to the holder of a Restricted Stock Award all or any of the rights
of a stockholder with respect to the shares, including, but not by way of limitation, the right to vote such shares and to receive
dividends. If any dividends or other distributions are paid in shares of Common Stock, all such shares shall be subject to the
same restrictions on transferability as the shares of Restricted Stock with respect to which they were paid.

 

ARTICLE VII

STOCK APPRECIATION RIGHTS

 

Section 7.1 Grant of SARs. The Board
may from time to time, in its sole discretion, subject to the provisions of the Plan and subject to other terms and conditions
as the Board may determine, grant a SAR to any Eligible Employee, Consultant or Eligible Director. SARs may be granted in tandem
with an Option, in which event, the Participant has the right to elect to exercise either the SAR or the Option. Upon the Participant’s
election to exercise one of these Awards, the other tandem Award is automatically terminated. SARs may also be granted as an independent
Award separate from an Option. Each grant of a SAR shall be evidenced by an Award Agreement executed by the Company and the Participant
and shall contain such terms and conditions and be in such form as the Board may from time to time approve, subject to the requirements
of the Plan. The exercise price of the SAR shall not be less than the Fair Market Value of a share of Common Stock on the Date
of Grant of the SAR.

 

Section 7.2 Exercise and Payment. SARs
granted under the Plan shall be exercisable in whole or in installments and at such times as shall be provided by the Board in
the Award Agreement. Exercise of a SAR shall be by written notice to the Secretary of the Company at least two business days in
advance of such exercise. The amount payable with respect to each SAR shall be equal in value to the excess, if any, of the Fair
Market Value of a share of Common Stock on the exercise date over the exercise price of the SAR. Payment of amounts attributable
to a SAR shall be made in shares of Common Stock.

 

Section 7.3 Restrictions. In the
event a SAR is granted in tandem with an Incentive Stock Option, the Board shall subject the SAR to restrictions necessary to ensure
satisfaction of the requirements under Section 422 of the Code. In the case of a SAR granted in tandem with an Incentive Stock
Option to an Eligible Employee who owns more than 10% of the combined voting power of the Company or its Subsidiaries on the date
of such grant, the amount payable with respect to each SAR shall be equal in value to the applicable percentage of the excess,
if any, of the Fair Market Value of a share of Common Stock on the Exercise date over the exercise price of the SAR, which exercise
price shall not be less than 110% of the Fair Market Value of a share of Common Stock on the date the SAR is granted.

 

ARTICLE VIII

PERFORMANCE UNITS

 

Section 8.1 Grant of Awards. The
Board may, from time to time, subject to the provisions of the Plan and such other terms and conditions as it may determine, grant
Performance Units to Eligible Employees, Consultants and Eligible Directors. Each Award of Performance Units shall be evidenced
by an Award Agreement executed by the Company and the Participant, and shall contain such terms and conditions and be in such form
as the Board may from time to time approve, subject to the requirements of Section 8.2.

 

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Section 8.2 Conditions of Awards. Each
Award of Performance Units shall be subject to the following conditions:

 

(a) Establishment of Award Terms. Each
Award shall state the target, maximum and minimum value of each Performance Unit payable upon the achievement of performance goals.

 

(b) Achievement of Performance Goals. The
Board shall establish performance targets for each Award for a period of no less than a year based upon some or all of the operational,
financial or performance criteria listed in Exhibit A attached. The Board shall also establish such other terms and conditions
as it deems appropriate to such Award. The Award may be paid out in cash or Common Stock as determined in the sole discretion of
the Board.

 

ARTICLE IX

PERFORMANCE BONUS

 

Section 9.1 Grant of Performance Bonus.
The Board may from time to time, subject to the provisions of the Plan and such other terms and conditions as the Board may
determine, grant a Performance Bonus to certain Eligible Employees selected for participation. The Board will determine the amount
that may be earned as a Performance Bonus in any period of one year or more upon the achievement of a performance target established
by the Board. The Board shall select the applicable performance target(s) for each period in which a Performance Bonus is awarded.
The performance target shall be based upon all or some of the operational, financial or performance criteria listed in Exhibit
A attached.

 

Section 9.2 Payment of Performance Bonus.
In order for any Participant to be entitled to payment of a Performance Bonus, the applicable performance target(s) established
by the Board must first be obtained or exceeded. Payment of a Performance Bonus shall be made within 60 days of the Board’s
certification that the performance target(s) has been achieved unless the Participant has previously elected to defer payment pursuant
to a nonqualified deferred compensation plan adopted by the Company. Payment of a Performance Bonus may be made in either cash
or Common Stock as determined in the sole discretion of the Board.

 

ARTICLE X

STOCK ADJUSTMENTS

 

In the event that the shares of Common
Stock, as constituted on the effective date of the Plan, shall be changed into or exchanged for a different number or kind of shares
of stock or other securities of the Company or of another corporation (whether by reason of merger, consolidation, recapitalization,
reclassification, stock split, spin-off, combination of shares or otherwise), or if the number of such shares of Common Stock shall
be increased through the payment of a stock dividend, or a dividend on the shares of Common Stock, or if rights or warrants to
purchase securities of the Company shall be issued to holders of all outstanding Common Stock, then there shall be substituted
for or added to each share available under and subject to the Plan, and each share theretofore appropriated under the Plan, the
number and kind of shares of stock or other securities into which each outstanding share of Common Stock shall be so changed or
for which each such share shall be exchanged or to which each such share shall be entitled, as the case may be, on a fair and equivalent
basis in accordance with the applicable provisions of Section 424 of the Code; provided, however, with respect to Options, in no
such event will such adjustment result in a modification of any Option as defined in Section 424(h) of the Code. In the event there
shall be any other change in the number or kind of the outstanding shares of Common Stock, or any stock or other securities into
which the Common Stock shall have been changed or for which it shall have been exchanged, then if the Board shall, in its sole
discretion, determine that such change equitably requires an adjustment in the shares available under and subject to the Plan,
or in any Award, theretofore granted, such adjustments shall be made in accordance with such determination, except that no adjustment
of the number of shares of Common Stock available under the Plan or to which any Award relates that would otherwise be required
shall be made unless and until such adjustment either by itself or with other adjustments not previously made would require an
increase or decrease of at least 1% in the number of shares of Common Stock available under the Plan or to which any Award relates
immediately prior to the making of such adjustment (the “Minimum Adjustment”). Any adjustment representing a change
of less than such minimum amount shall be carried forward and made as soon as such adjustment together with other adjustments required
by this Article X and not previously made would result in a Minimum Adjustment. Notwithstanding the foregoing, any adjustment required
by this Article X which otherwise would not result in a Minimum Adjustment shall be made with respect to shares of Common Stock
relating to any Award immediately prior to exercise, payment or settlement of such Award. No fractional shares of Common Stock
or units of other securities shall be issued pursuant to any such adjustment, and any fractions resulting from any such adjustment
shall be eliminated in each case by rounding downward to the nearest whole share.

 

ARTICLE XI

GENERAL

 

Section 11.1 Amendment or Termination
of Plan. The Board may alter, suspend or terminate the Plan at any time provided, however, that it may not, without stockholder
approval, adopt any amendment which would (i) increase the aggregate number of shares of Common Stock available under the Plan
(except by operation of Article X or Section 1.4), (ii) materially modify the requirements as to eligibility for participation
in the Plan, or (iii) materially increase the benefits to Participants provided by the Plan except as provided in Section 1.4.

 

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Section 11.2 Termination of Employment;
Termination of Service. Except as otherwise provided in an Award Agreement: (i) if an Eligible Employee’s employment
with the Company, a Subsidiary or an Affiliated Entity terminates as a result of death, Disability or Retirement, the Eligible
Employee (or personal representative in the case of death) shall be entitled to purchase all or any part of the shares subject
to any (x) vested Incentive Stock Option for a period of up to three months from such date of termination (one year in the case
of death or Disability), and (y) vested Nonqualified Stock Option during the remaining term of the Option; and (ii) if an Eligible
Employee’s employment terminates for any other reason, the Eligible Employee shall be entitled to purchase all or any part
of the shares subject to any vested Option for a period of up to three months from such date of termination. In no event shall
any Option be exercisable past the term of the Option. The Board may, in its sole discretion, accelerate the vesting of unvested
Options in the event of termination of employment of any Participant.

 

Except as otherwise provided in an Award
Agreement: (i) in the event a Consultant ceases to provide services to the Company or an Eligible Director terminates service as
a director of the Company, the unvested portion of any Award shall be forfeited unless otherwise accelerated pursuant to the terms
of the Eligible Director’s Award Agreement or by the Board; and (ii) the Consultant or Eligible Director shall have a period
of three years following the date he ceases to provide consulting services or ceases to be a director, as applicable, to exercise
any Nonqualified Stock Options which are otherwise exercisable on his date of termination of service.

 

Section 11.3 Limited Transferability
 – Options. The Board may, in its discretion, authorize all or a portion of the Nonqualified Stock Options granted under
this Plan to be on terms which permit transfer by the Participant to (i) the ex-spouse of the Participant pursuant to the terms
of a domestic relations order, (ii) the spouse, children or grandchildren of the Participant (“Immediate Family Members”),
(iii) a trust or trusts for the exclusive benefit of such Immediate Family Members, (iv) a partnership or limited liability company
in which such Immediate Family Members are the only partners or members, or (v) as otherwise determined by the Board in accordance
with applicable law. In addition, there may be no consideration for any such transfer. The Award Agreement pursuant to which such
Nonqualified Stock Options are granted expressly provide for transferability in a manner consistent with this paragraph. Subsequent
transfers of transferred Nonqualified Stock Options shall be prohibited except as set forth below in this Section 11.3. Following
transfer, any such Nonqualified Stock Options shall continue to be subject to the same terms and conditions as were applicable
immediately prior to transfer, provided that for purposes of Section 11.2 hereof the term “Participant” shall be deemed
to refer to the transferee. The events of termination of employment of Section 11.2 hereof shall continue to be applied with respect
to the original Participant, following which the Nonqualified Stock Options shall be exercisable by the transferee only to the
extent, and for the periods specified in Section 11.2 hereof. No transfer pursuant to this Section 11.3 shall be effective to bind
the Company unless the Company shall have been furnished with written notice of such transfer together with such other documents
regarding the transfer as the Board shall request. With the exception of a transfer in compliance with the foregoing provisions
of this Section 11.3, all other types of Awards authorized under this Plan shall be transferable only by will or the laws of descent
and distribution; however, no such transfer shall be effective to bind the Company unless the Board has been furnished with written
notice of such transfer and an authenticated copy of the will and/or such other evidence as the Board may deem necessary to establish
the validity of the transfer and the acceptance by the transferee of the terms and conditions of such Award.

 

Section 11.4 Withholding Taxes. Unless
otherwise paid by the Participant, the Company, its Subsidiaries or any of its Affiliated Entities shall be entitled to deduct
from any payment under the Plan, regardless of the form of such payment, the amount of all applicable income and employment taxes
required by law to be withheld with respect to such payment or may require the Participant to pay to it such tax prior to and as
a condition of the making of such payment. In accordance with any applicable administrative guidelines it establishes, the Board
may allow a Participant to pay the amount of taxes required by law to be withheld from an Award by (i) directing the Company to
withhold from any payment of the Award a number of shares of Common Stock having a Fair Market Value on the date of payment equal
to the amount of the required withholding taxes or (ii) delivering to the Company previously owned shares of Common Stock having
a Fair Market Value on the date of payment equal to the amount of the required withholding taxes. However, any payment made by
the Participant pursuant to either of the foregoing clauses (i) or (ii) shall not be permitted if it would result in an adverse
accounting charge with respect to such shares used to pay such taxes unless otherwise approved by the Board.

 

Section 11.5 Change of Control. Notwithstanding
any other provision in this Plan to the contrary, Awards granted under the Plan to any Eligible Employee, Consultant or Eligible
Director shall be immediately vested, fully earned and exercisable upon the occurrence of a Change of Control Event unless the
terms of the Award state otherwise.

 

Section 11.6 Amendments to Awards. The
Board may at any time unilaterally amend the terms of any Award Agreement, whether or not presently exercisable or vested, to the
extent it deems appropriate. However, amendments which are adverse to the Participant shall require the Participant’s consent.

 

Section 11.7 Registration; Regulatory
Approval. Following approval of the Plan by the stockholders of the Company as provided in Section 1.2 of the Plan, the Board,
in its sole discretion, may determine to file with the Securities and Exchange Commission and keep continuously effective, a Registration
Statement on Form S-8 with respect to shares of Common Stock subject to Awards hereunder. Notwithstanding anything contained in
this Plan to the contrary, the Company shall have no obligation to issue shares of Common Stock under this Plan prior to the obtaining
of any approval from, or satisfaction of any waiting period or other condition imposed by, any governmental agency which the Board
shall, in its sole discretion, determine to be necessary or advisable.

 

    	 	8	 

     

    

 

Section 11.8 Right to Continued Employment.
Participation in the Plan shall not give any Eligible Employee any right to remain in the employ of the Company, any Subsidiary,
or any Affiliated Entity. The Company or, in the case of employment with a Subsidiary or an Affiliated Entity, the Subsidiary or
Affiliated Entity reserves the right to terminate any Eligible Employee at any time. Further, the adoption of this Plan shall not
be deemed to give any Eligible Employee or any other individual any right to be selected as a Participant or to be granted an Award.

 

Section 11.9 Reliance on Reports. Each
member of the Board and each member of the Board shall be fully justified in relying or acting in good faith upon any report made
by the independent public accountants of the Company and its Subsidiaries and upon any other information furnished in connection
with the Plan by any person or persons other than himself or herself. In no event shall any person who is or shall have been a
member of the Board be liable for any determination made or other action taken or any omission to act in reliance upon any such
report or information or for any action taken, including the furnishing of information, or failure to act, if in good faith.

 

Section 11.10 Construction. Masculine
pronouns and other words of masculine gender shall refer to both men and women. The titles and headings of the sections in the
Plan are for the convenience of reference only, and in the event of any conflict, the text of the Plan, rather than such titles
or headings, shall control.

 

Section 11.11 Governing Law. The
Plan shall be governed by and construed in accordance with the laws of the State of Delaware except as superseded by applicable
Federal law.

 

Section 11.12 Other Laws. The Board
may refuse to issue or transfer any shares of Common Stock or other consideration under an Award if, acting in its sole discretion,
it determines that the issuance or transfer of such shares or such other consideration might violate any applicable law or regulation
or entitle the Company to recover the same under Section 16(b) of the Exchange Act, and any payment tendered to the Company by
a Participant, other holder or beneficiary in connection with the exercise of such Award shall be promptly refunded to the relevant
Participant, holder or beneficiary.

 

Section 11.13 No Trust or Fund Created.
Neither the Plan nor an Award shall create or be construed to create a trust or separate fund of any kind or a fiduciary relationship
between the Company and a Participant or any other person. To the extent that a Participant acquires the right to receive payments
from the Company pursuant to an Award, such right shall be no greater than the right of any general unsecured creditor of the Company.

 

Section 11.14 Conformance to Section
409A of the Code To the extent that the Committee determines that any Award granted under the Plan is subject to Section 409A
of the Code, the Award Agreement evidencing such Award shall incorporate the terms and conditions required by Section 409A of the
Code. To the extent applicable, the Plan and Award Agreements shall be interpreted in accordance with Section 409A of the Code
and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such
regulations or other guidance that may be issued after the Effective Date. Notwithstanding any provision of the Plan to the contrary,
in the event that the Committee determines that any Award may be subject to Section 409A of the Code and related Department of
Treasury guidance, the Committee may adopt such amendments to the Plan and the applicable Award Agreement or adopt other policies
and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Committee
determines are necessary or appropriate to (i) exempt the Award from Section 409A of the Code or (ii) comply with the requirements
of Section 409A of the Code and related Department of Treasury guidance.

    	 	9EX-4.3

 Exhibit 4.3 
  

 
  

ENTERPRISE PRODUCTS OPERATING LLC, 

AS ISSUER 
 ENTERPRISE PRODUCTS
PARTNERS L.P., 
 AS PARENT GUARANTOR 

and 
 WELLS FARGO BANK, 

NATIONAL ASSOCIATION, 
 AS TRUSTEE

  
  

THIRTY-SECOND SUPPLEMENTAL INDENTURE 

Dated as of October 11, 2018 

to 
 Indenture dated as of
October 4, 2004 
  
  

3.50% Senior Notes due 2022 
 4.15%
Senior Notes due 2028 
 4.80 % Senior Notes due 2049 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  

	THE NOTES	  

			
	Section 1.1	 	 Form
	  	 	2	 
	Section 1.2	 	 Title, Amount, Stated Maturity and Interest
	  	 	2	 
	Section 1.3	 	 Registrar and Paying Agent
	  	 	3	 
	Section 1.4	 	 Transfer and Exchange
	  	 	3	 
	Section 1.5	 	 Guarantee of the Notes
	  	 	3	 
	Section 1.6	 	 Defeasance and Discharge
	  	 	4	 
	Section 1.7	 	 Amendment to Section 4.12 of the Original Indenture
	  	 	4	 
	Section 1.8	 	 Amendment to Section 4.13 of the Original Indenture
	  	 	4	 
	
	ARTICLE II	  

	REDEMPTION	  

			
	Section 2.1	 	 Redemption
	  	 	4	 
	
	ARTICLE III	  

	MISCELLANEOUS PROVISIONS	  

			
	Section 3.1	 	 Table of Contents, Headings, etc
	  	 	4	 
	Section 3.2	 	 Counterpart Originals
	  	 	4	 
	Section 3.3	 	 Governing Law
	  	 	5	 
	Section 3.4	 	 Certain Trustee Matters
	  	 	5	 

  

			
	Exhibit A	  	Form of the 3.50% Senior Notes due 2022
	Exhibit B	  	Form of the 4.15% Senior Notes due 2028
	Exhibit C	  	Form of the 4.80% Senior Notes due 2049

  
 i 

 THIS THIRTY-SECOND SUPPLEMENTAL INDENTURE dated as of October 11, 2018 (this
“Thirty-Second Supplemental Indenture”), is among Enterprise Products Operating LLC, a Texas limited liability company (the “Issuer”), Enterprise Products Partners L.P., a Delaware limited partnership (the “Parent
Guarantor”), and Wells Fargo Bank, National Association, a national banking association, as trustee (the “Trustee”). Each capitalized term used but not defined in this Thirty-Second Supplemental Indenture shall have the meaning
assigned to such term in the Original Indenture (as defined below). 
 RECITALS: 

WHEREAS, Enterprise Products Operating L.P. (the “Original Issuer”) and the Parent Guarantor have executed and delivered to the
Trustee an Indenture, dated as of October 4, 2004 (the “Original Indenture”), providing for the issuance by the Original Issuer from time to time of its debentures, notes, bonds or other evidences of indebtedness, issued and to be
issued in one or more series unlimited as to principal amount (the “Debt Securities”), and the guarantee by each Guarantor of the Debt Securities (the “Guarantee”); and 

WHEREAS, the Original Issuer, the Issuer and the Parent Guarantor have executed and delivered to the Trustee a Tenth Supplemental Indenture,
dated as of June 30, 2007, providing for the Issuer as the successor issuer; and 
 WHEREAS, the Original Indenture, as amended and
supplemented by the Tenth Supplemental Indenture, shall be referred to herein as the “Base Indenture”; and 
 WHEREAS, the Base
Indenture, as amended and supplemented from time to time, including without limitation pursuant to this Thirty-Second Supplemental Indenture, shall be referred to herein as the “Indenture”; and 

WHEREAS, on or before the date hereof the Issuer has issued several series of Debt Securities pursuant to previous supplements to the Base
Indenture; and 
 WHEREAS, the Issuer has duly authorized and desires to cause to be issued pursuant to the Indenture, three new series of
Debt Securities (collectively, the “Notes”), designated as set forth in this Thirty-Second Supplemental Indenture; and 
 WHEREAS,
all of the Notes will be guaranteed by the Parent Guarantor as provided in Article XIV of the Original Indenture; and 
 WHEREAS, the
Issuer desires to cause the issuance of the Notes pursuant to Sections 2.01 and 2.03 of the Original Indenture, which sections permit the execution of indentures supplemental thereto to establish the form and terms of Debt Securities of any
series; and 
 WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Issuer and the Parent Guarantor have requested that the
Trustee join in the execution of this Thirty-Second Supplemental Indenture to establish the form and terms of the Notes; and 
 WHEREAS, all
things necessary have been done to make the Notes, when executed by the Issuer and authenticated and delivered under the Indenture and duly issued by the Issuer, and the Guarantee of the Parent Guarantor, when the Notes are duly issued by the
Issuer, the valid obligations of the Issuer and the Parent Guarantor, respectively, and to make this Thirty-Second Supplemental Indenture a valid agreement of the Issuer and the Parent Guarantor, enforceable in accordance with the terms hereof; 

NOW, THEREFORE, the Issuer, the Parent Guarantor and the Trustee hereby agree that the following provisions shall supplement the Base
Indenture: 

 ARTICLE I 

THE NOTES 

SECTION 1.1    Form. 

(1)    The 3.50% Senior Notes due 2022 (as defined below) and the related Trustee’s certificate of authentication
shall be substantially in the form of Exhibit A to this Thirty-Second Supplemental Indenture; 

(2)    the 4.15% Senior Notes due 2028 (as defined below) and the related Trustee’s certificate of authentication
shall be substantially in the form of Exhibit B to this Thirty-Second Supplemental Indenture; and 

(3)    the 4.80% Senior Notes due 2049 (as defined below) and the related Trustee’s certificate of authentication
shall be substantially in the form of Exhibit C to this Thirty-Second Supplemental Indenture; 
 in each case, with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as the Issuer
may deem appropriate or as may be required or appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of any securities exchange or automated quotation system on which any of the Notes may be listed or traded,
or to conform to general usage, or as may, consistently with the Indenture, be determined by the officers executing such Notes, as evidenced by their execution thereof. 

Such Exhibits A, B and C are hereby incorporated into this Thirty-Second Supplemental Indenture. The
terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Thirty-Second Supplemental Indenture, and to the extent applicable, the Issuer, the Parent Guarantor and the Trustee, by their execution and
delivery of this Thirty-Second Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 The Notes
shall be issued only as Registered Securities. The Notes shall be issued upon original issuance in whole in the form of one or more Global Securities (the “Book-Entry Notes”). Each Book-Entry Note shall represent such of the Outstanding
Notes as shall be specified therein and shall provide that it shall represent the aggregate amount of Outstanding Notes from time to time endorsed thereon and that the aggregate amount of Outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Book-Entry Note to reflect the amount, or any increase or decrease in the amount, of Outstanding Notes represented thereby shall be made by the
Trustee in accordance with written instructions or such other written form of instructions as is customary for the Depositary, from the Depositary or its nominee on behalf of any Person having a beneficial interest in the Book-Entry Note. The Issuer
initially appoints The Depository Trust Company to act as Depositary with respect to the Book-Entry Notes. 

SECTION 1.2    Title, Amount, Stated Maturity and Interest. 

There are hereby established three new series of Debt Securities to be issued under the Indenture, that are designated respectively as: 

(1)    the “3.50% Senior Notes due 2022”; 

(2)    the “4.15% Senior Notes due 2028”; and 

(3)    the “4.80% Senior Notes due 2049.” 

Each series of Notes is referred to herein as so designated. The Trustee shall initially authenticate and deliver for original issue: 

(a)    3.50% Senior Notes due 2022 in an initial aggregate principal amount of $750,000,000; 

  
 2 

 (b)    4.15% Senior Notes due 2028 in an initial aggregate principal
amount of $1,000,000,000; and 
 (c)    4.80% Senior Notes due 2049 in an initial aggregate principal amount of
$1,250,000,000, 
 in each case, upon delivery to the Trustee of a Company Order for the authentication and delivery of such Notes. 

The 3.50% Senior Notes due 2022 shall initially be limited in aggregate principal amount to $750,000,000. The 4.15% Senior Notes due 2028
shall initially be limited in aggregate principal amount to $1,000,000,000. The 4.80% Senior Notes due 2049 shall initially be limited in aggregate principal amount to $1,250,000,000. With respect to each series of the Notes, the Issuer may, without
the consent of the Holders of the applicable series of Notes, issue additional Notes so that the additional Notes may be consolidated and form a single series with the applicable series of Notes issued on the date hereof and have the same terms
(except for the issue date, the public offering price and, if applicable, the initial Interest Payment Date) as to ranking, maturity, redemption or otherwise, provided that such additional Notes shall be fungible with the previously issued Notes for
U.S. federal income tax purposes. 
 The Stated Maturity of each series of the Notes shall be as follows: 

 

			
	 Series of Notes
	  	 Stated Maturity

	 3.50% Senior Notes due 2022
	  	February 1, 2022
	 4.15% Senior Notes due 2028
	  	October 16, 2028
	 4.80% Senior Notes due 2049
	  	February 1, 2049

 The rate or rates at which the Notes of each series shall bear interest, the date or dates from which such
interest shall accrue, the dates on which any such interest shall be payable and the regular record date for any interest payable on any interest payment date, in each case, shall be as set forth in the form of Note of such series attached as an
exhibit to this Thirty-Second Supplemental Indenture. With respect to Notes of each series, payments of principal of, premium, if any, and interest due on any Notes representing Book-Entry Notes of such series on any interest payment date for Notes
of such series or at maturity of such Notes, will be made available to the Trustee by 11:00 a.m., New York City time, on such date, unless such date falls on a day that is not a Business Day, in which case such payments will be made available
to the Trustee by 11:00 a.m., New York City time, on the next Business Day. As soon as possible thereafter, the Trustee will make such payments to the Depositary. 

SECTION 1.3    Registrar and Paying Agent. 

The Issuer initially appoints the Trustee as Registrar and paying agent with respect to the Notes of each series. The office or agency in the
City and State of New York where Notes of each series may be presented for registration of transfer or exchange and the Place of Payment for the Notes shall initially be the corporate trust office of the Trustee located at Corporate Trust,
Municipal & Escrow Solutions, 150 E. 42nd Street, 40th Floor, New York, New York 10017. 

SECTION 1.4    Transfer and Exchange. 

With respect to each series of the Notes, the transfer and exchange of Book-Entry Notes or beneficial interests therein shall be effected
through the Depositary, in accordance with Section 2.15 of the Original Indenture and the rules and procedures of the Depositary therefor. 

SECTION 1.5    Guarantee of the Notes. 

In accordance with Article XIV of the Original Indenture, the Notes of each series will be fully, unconditionally and absolutely
guaranteed on an unsecured, unsubordinated basis by the Parent Guarantor. 

  
 3 

 SECTION 1.6    Defeasance and Discharge. 

The Notes of each series shall be subject to satisfaction and discharge and to both legal defeasance and covenant defeasance as contemplated
by Article XI of the Original Indenture. 
 SECTION 1.7    Amendment to Section 4.12 of
the Original Indenture. 
 The last paragraph of Section 4.12 of the Original Indenture is hereby amended and restated in relation
solely to the Notes to read as follows: 
 “Notwithstanding the foregoing provisions of this Section, the Parent Guarantor may, and may
permit any Subsidiary to, effect any Sale/Leaseback Transaction that is not excepted by clauses (a) through (d), inclusive, of this Section, provided that the Attributable Indebtedness from such Sale/Leaseback Transaction, together with
the aggregate principal amount of all other such Attributable Indebtedness deemed to be outstanding and all outstanding Indebtedness (other than the Debt Securities) secured by liens, other than Permitted Liens, upon Principal Properties or upon any
capital stock of any Restricted Subsidiary, do not exceed 10% of Consolidated Net Tangible Assets.” 

SECTION 1.8    Amendment to Section 4.13 of the Original Indenture. 

The last sentence of Section 4.13 of the Original Indenture is hereby amended and restated in relation solely to the Notes to read as
follows: 
 “Notwithstanding the foregoing, the Parent Guarantor may, and may permit any Subsidiary to, create, assume, incur or suffer
to exist any lien, other than a Permitted Lien, upon any Principal Property or upon any capital stock of any Restricted Subsidiary to secure Indebtedness of the Parent Guarantor, the Company or any other Person (other than the Debt Securities),
without in any such case making effective provision whereby all the Debt Securities Outstanding under this Indenture are secured equally and ratably with, or prior to, such Indebtedness so long as such Indebtedness is secured; provided that the
aggregate principal amount of all Indebtedness then outstanding secured by such lien and all similar liens, together with the aggregate amount of Attributable Indebtedness deemed to be outstanding in respect of all Sale/Leaseback Transactions
(exclusive of any such Sale/Leaseback Transactions otherwise permitted under clauses (a) through (d) of Section 4.12), does not exceed 10% of Consolidated Net Tangible Assets.” 

ARTICLE II 

REDEMPTION 

SECTION 2.1    Redemption. 

The Issuer, at its option, may redeem the Notes of each series in accordance with the provisions of paragraph 5 of the Notes of such series
and Article III of the Original Indenture. 
 ARTICLE III 

MISCELLANEOUS PROVISIONS 

SECTION 3.1    Table of Contents, Headings, etc. 

The table of contents and headings of the Articles and Sections of this Thirty-Second Supplemental Indenture have been inserted for
convenience of reference only, are not to be considered a part hereof and shall in no way modify or restrict any of the terms or provisions hereof. 

SECTION 3.2    Counterpart Originals. 

The parties may sign any number of copies of this Thirty-Second Supplemental Indenture. Each signed copy shall be an original, but all of them
together represent the same agreement. The exchange of signed copies of this Thirty-Second Supplemental Indenture by facsimile transmission or emailed portable document format (pdf) shall constitute effective execution and delivery of this
Thirty-Second Supplemental Indenture as to the parties hereto and such copies may be used in lieu of the original Thirty-Second Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or portable document
format (pdf) shall be deemed to be their original signatures for all purposes other than authentication of Notes by the Trustee. 

  
 4 

 SECTION 3.3    Governing Law. 

THIS THIRTY-SECOND SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK. 
 SECTION 3.4    Certain Trustee Matters. 

The recitals contained herein shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Thirty-Second Supplemental Indenture or the Notes or the proper authorization or the due execution hereof or thereof by the Issuer. 

* * * 

  
 5 

 IN WITNESS WHEREOF, the parties hereto have caused this Thirty-Second Supplemental Indenture
to be duly executed as of the date first written above. 
  

					
	ENTERPRISE PRODUCTS OPERATING LLC,
		 	as Issuer
	
	By: ENTERPRISE PRODUCTS OLPGP, INC.,
		 	its Sole Manager
		
	By:	 	/s/ Christian M. Nelly
		 	Name:	 	Christian M. Nelly
		 	Title:	 	Vice President and Treasurer
	
	ENTERPRISE PRODUCTS PARTNERS L.P.,
		 	as Parent Guarantor
	
	By: ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	its General Partner
		
	By:	 	/s/ Christian M. Nelly
		 	Name:	 	Christian M. Nelly
		 	Title:	 	Vice President and Treasurer
	
	 WELLS FARGO BANK,

NATIONAL ASSOCIATION,

		 	as Trustee
		
	By:	 	/s/ Patrick T. Giordano
		 	Name:	 	Patrick T. Giordano
		 	Title:	 	Vice President

  
 Thirty-Second
Supplemental Indenture Signature Page 

 Exhibit A 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [THIS GLOBAL SECURITY SHALL IN ALL RESPECTS BE ENTITLED TO THE SAME BENEFITS AS DEFINITIVE DEBT SECURITIES UNDER THE INDENTURE. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO THE ISSUER 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.]* 

[TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]* 

 

			
	No. R-	  	Principal Amount: $                 [which amount may be
	CUSIP: 29379V BS1	  	increased or decreased by the Schedule
		  	of Increases and Decreases in Global Security attached hereto.]*

 ENTERPRISE PRODUCTS OPERATING LLC 

3.50% SENIOR NOTE DUE 2022 

ENTERPRISE PRODUCTS OPERATING LLC, a Texas limited liability company (the “Issuer,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to __________ or its registered assigns, the principal sum of __________ ($_____) U.S. dollars, [or such greater or lesser principal sum as is shown on the attached
Schedule of Increases and Decreases in Global Security]*, on February 1, 2022 in such coin and currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay
interest thereon at an annual rate of 3.50% payable on February 1 and August 1 of each year, commencing on [Insert the first Interest Payment Date occurring after the date of issuance of this Security], to the person in whose name
this Debt Security (this “Security”) is registered at the close of business on the record date for such interest, which shall be the preceding January 15 or July 15, as the case may be (each, a “Regular Record Date”),
respectively, with interest accruing from and including [Insert the date of issuance of this Security, or if Debt Securities of this same series have been previously issued, insert the most recent Interest Payment Date on which interest has been
paid on Debt Securities of such series], or from and including the most recent date to which interest on this Security shall have been paid. 

 

	*	 To be included in a Book-Entry Note. 

Reference is made to the further provisions of this Security set forth on the reverse hereof. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 
 The statements in the legends set forth in this Security are an integral
part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

  
 A-1 

 This Security shall not be valid or become obligatory for any purpose until the
Trustee’s Certificate of Authentication hereon shall have been manually signed by the Trustee under the Indenture. 

  
 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed by its sole
manager. 
 Dated:___________ 
  

					
	ENTERPRISE PRODUCTS OPERATING LLC
		
	By:	 	ENTERPRISE PRODUCTS OLPGP, INC.,
		 	      its sole manager
		
	By:	 	 
		 	      Name:	 	Christian M. Nelly
		 	      Title:	 	Vice President and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

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

 

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	      as Trustee
		
	By:	 	 
		 		 	          Authorized Signatory

  
 A-3 

 [REVERSE OF SECURITY] 

ENTERPRISE PRODUCTS OPERATING LLC 

3.50% SENIOR NOTE DUE 2022 

1.    Interest. 

The Issuer promises to pay interest on the principal amount of this Security at the rate of 3.50% per annum. The Issuer will pay interest
semi-annually on February 1 and August 1 of each year (each an “Interest Payment Date”). Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuer shall pay interest (including post-petition interest in any proceeding under any applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace
period) and on overdue principal and premium, if any, from time to time on demand at the same rate per annum, in each case to the extent lawful. 

2.    Method of Payment. 

The Issuer shall pay interest on the Securities (except Defaulted Interest) to the persons who are the registered Holders at the close of
business on the Regular Record Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted Interest”) may be paid to the persons who are registered Holders at the close of
business on a special record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may then be listed if such manner of payment shall
be deemed practicable by the Trustee, as more fully provided in the Indenture. The Issuer shall pay principal, premium, if any, and interest in such coin or currency of the United States of America as at the time of payment shall be legal tender for
payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depositary. Payments in
respect of Securities in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the Issuer maintained for such purpose within The City of New York, which initially will be the corporate trust
office of Wells Fargo Bank, National Association at Corporate Trust, Municipal & Escrow Solutions, 150 East 42nd Street, 40th Floor, New York, New York 10017, or, at the option of the Issuer, payment of interest may be made by
check mailed to the Holders on the relevant record date at their addresses set forth in the Debt Security Register of Holders or at the option of the Holder, payment of interest on Securities in definitive form will be made by wire transfer of
immediately available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the paying agent. The Holder must surrender this Security to a
paying agent to collect payment of principal. 
 3.    Paying Agent and Registrar. 

Initially, Wells Fargo Bank, National Association will act as paying agent and Registrar. The Issuer may change any paying agent or Registrar
at any time upon notice to the Trustee and the Holders. The Issuer may act as paying agent. 
 4.    Indenture. 

Reference is made hereby to (i) the Indenture dated as of October 4, 2004 (the “Original Indenture”) among Enterprise
Products Operating L.P., as issuer (the “Original Issuer”), Enterprise Products Partners L.P., as parent guarantor (the “Parent Guarantor”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”),
(ii) the Tenth Supplemental Indenture thereto dated as of June 30, 2007 (the “Tenth Supplemental Indenture”), among the Original Issuer, the Issuer, the Parent Guarantor and the Trustee, providing for the Issuer as the successor
issuer and (iii) the Thirty-Second Supplemental Indenture thereto dated as of October 11, 2018 (the “Thirty-Second Supplemental Indenture”), among the Issuer, the Parent Guarantor and the Trustee, providing for the issuance of
Debt Securities of the series whose designation appears on the face hereof. The Original Indenture, as amended and supplemented by the Tenth Supplemental Indenture and the Thirty-Second Supplemental Indenture, and as may be further duly amended and
supplemented in accordance with the terms thereof, is referred to herein as the “Indenture.” Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Indenture. 

  
 A-4 

 This Security is one of a duly authorized issue of Debt Securities of the series designated
by the Issuer as “3.50% Senior Notes due 2022” (such series of Debt Securities being referred to herein as the “Securities”), all of which are issued or to be issued under and pursuant to the Indenture. The terms of the
Securities include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). The Securities are subject to all such terms, and Holders of Securities are
referred to the Indenture and the TIA for a statement of such terms and a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer, the Parent Guarantor and the Holder hereof. If and
to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the TIA,
such required provision shall control. 
 5.    Optional Redemption. 

The Securities are redeemable, at the option of the Issuer, at any time in whole, or from time to time in part, at a redemption price (the
“Make-Whole Price”) equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest (at the rate in
effect on the date of calculation of the Make-Whole Price) on the Securities to be redeemed (exclusive of interest accrued to the date of redemption (the “Redemption Date”)), discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 10 basis points; plus, in either case, accrued and unpaid interest to
the Redemption Date. 
 The actual Make-Whole Price, calculated as provided above, shall be calculated and certified to the Trustee and the
Issuer by the Independent Investment Banker. 
 For purposes of determining the Make-Whole Price, the following definitions are applicable:

 “Treasury Yield” means, with respect to any Redemption Date applicable to the Securities, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means
the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities to be redeemed (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 to the Remaining Life of the Securities to be redeemed; provided, however, that if no maturity is within
three months before or after the maturity date for such Securities, yields for the two published maturities most closely corresponding to such United States Treasury security will be determined and the treasury rate will be interpolated or
extrapolated from those yields on a straight line basis rounding to the nearest month. 
 “Independent Investment Banker” means
any one of Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC and SMBC Nikko Securities America, Inc. and their respective successors appointed by the Issuer or, if no such firm is willing and able to select
the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Trustee and reasonably acceptable to the Issuer. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of the Reference Treasury Dealer
Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all such
quotations. 

  
 A-5 

 “Reference Treasury Dealer” means each of J Citigroup Global Markets Inc., Credit
Suisse Securities (USA) LLC, RBC Capital Markets, LLC and a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) selected by SMBC Nikko Securities America, Inc. or its successor, in each case, so
long as it is a Primary Treasury Dealer at the relevant time and, if it is not then a Primary Treasury Dealer, then a Primary Treasury Dealer selected by it, and in each case their respective successors, plus a Primary Treasury Dealer selected by
the Issuer; provided, however, that if any of the foregoing shall not be a Primary Treasury Dealer at such time and shall fail to select a Primary Treasury Dealer, then the Issuer will substitute therefor another Primary Treasury Dealer.

 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the
Securities, an average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each case as a percentage of its principal amount) quoted in writing to an
Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Except as set forth above, the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any
sinking fund. 
 Securities called for optional redemption become due on the Redemption Date. Notices of optional redemption will be mailed
at least 10 but not more than 60 days before the Redemption Date to each Holder of the Securities to be redeemed at its registered address. The notice of optional redemption for the Securities will state, among other things, the amount of
Securities to be redeemed, the Redemption Date, the Make-Whole Price (or the method of calculating such Make-Whole Price), and the place(s) that payment will be made upon presentation and surrender of Securities to be redeemed. Unless the Issuer
defaults in payment of the Make-Whole Price, interest will cease to accrue on the Redemption Date with respect to any Securities that have been called for optional redemption. If less than all the Securities are redeemed at any time, the Trustee
will select the Securities to be redeemed on a pro rata basis, by lot, or by such other method the Trustee deems fair and appropriate. 

The Securities may be redeemed in part in multiples of $1,000 only. Any such redemption will also comply with Article III of the
Indenture. 
 6.    Denominations; Transfer; Exchange. 

The Securities are to be issued in registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess
thereof. A Holder may register the transfer of, or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture. The Issuer hereby irrevocably undertakes to the Holder hereof to exchange this Security in accordance with the terms of the Indenture without charge. 

7.    Person Deemed Owners. 

The registered Holder of a Security may be treated as the owner of it for all purposes. 

8.    Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any
provision may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Debt Securities of each series affected. Without consent of any Holder of a Security, the parties thereto may amend or supplement the
Indenture to, among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Security. Any such consent or waiver by the Holder of
this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange or substitution herefor,
irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 

  
 A-6 

 9.    Defaults and Remedies. 

Certain events of bankruptcy or insolvency are Events of Default that will result in the principal amount of the Securities, together with
premium, if any, and accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default with respect to the Securities occurs and is continuing, then in every such
case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then Outstanding may declare the principal amount of all the Securities, together with premium, if any, and accrued and unpaid interest thereon, to
be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of acceleration has been made, the Holders of a majority in
principal amount of the Outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment or decree of a court already rendered and if all Events
of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration acceleration, shall have been cured or shall have been waived. No such rescission
shall affect any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity or security satisfactory
to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then Outstanding may direct the Trustee in its exercise of any trust or power with
respect to the Securities. 
 10.    Trustee Dealings with Issuer. 

The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for
the Issuer or its Affiliates or any subsidiary of the Issuer’s Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 

11.    Authentication. 

This Security shall not be valid until the Trustee signs the certificate of authentication on the other side of this Security. 

12.    Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT
(tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 

13.    CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Issuer has caused CUSIP numbers to be
printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such number as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon.

 14.    Absolute Obligation. 

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

15.    No Recourse. 

The general partner of the Parent Guarantor and its directors, officers, employees and members, as such, shall have no liability for any
obligations of any Guarantor or the Issuer under the Securities, the Indenture or any Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting the Securities waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 

  
 A-7 

 16.    Governing Law. 

This Security shall be construed in accordance with and governed by the laws of the State of New York. 

17.    Guarantee. 

The Securities are fully and unconditionally guaranteed on an unsecured, unsubordinated basis by the Parent Guarantor as set forth in
Article XIV of the Indenture, as noted in the Notation of Guarantee to this Security, and under certain circumstances set forth in the Original Indenture one or more Subsidiaries of the Parent Guarantor may be required to join in such
guarantee. 
 18.    Reliance. 

The Holder, by accepting this Security, acknowledges and affirms that (i) it has purchased the Security in reliance upon the separateness
of Parent Guarantor and the general partner of Parent Guarantor from each other and from any other Persons, including Enterprise Products Company (formerly EPCO, Inc.), and (ii) Parent Guarantor and the general partner of Parent Guarantor have
assets and liabilities that are separate from those of other Persons, including Enterprise Products Company. 

  
 A-8 

 NOTATION OF GUARANTEE 

The Parent Guarantor (which term includes any successor Person under the Indenture), 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 Securities and all other amounts due and payable under the Indenture and
the Securities by the Issuer. 
 The obligations of the Parent Guarantor to the Holders of Securities and to the Trustee pursuant to its
Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

					
	ENTERPRISE PRODUCTS PARTNERS L.P.
	
	By: ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	      its General Partner
		
	By:	 	 
		 	      Name:	 	Christian M. Nelly
		 	      Title: Vice President and Treasurer

  
 A-9 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

									
	TEN COM	  	–	  	as tenants in common	  	UNIF GIFT MIN ACT –	  	      

(Cust.)

	TEN ENT	  	–	  	as tenants by entireties	  	Custodian for:	  	      

(Minor)

	JT TEN	  	–	  	 as joint tenants with right of
 survivorship and
not as
 tenants in common
	  	under Uniform Gifts to
Minors Act of	  	      

(State)

 Additional abbreviations may also be used though not in the above list. 

 
  

ASSIGNMENT 
 FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

	
	
	   

  
       

 
 Please print or type name and address including postal
zip code of assignee 
  
       

 
  

      
  

the within Security and all rights thereunder, hereby irrevocably constituting and appointing 

 
       

 
 to transfer said Security on the books of the Issuer,
with full power of substitution in the premises. 
  

							
				
	Dated_________________________	 		 		 	 
		 		 		 	Registered Holder

  
 A-10 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY† 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of Decrease in
Principal
Amount of this
Global Security
	 	 Amount of Increase in
Principal
Amount of this
Global Security
	  	 Principal Amount of this
Global
Security following
such decrease (or
increase)
	  	 Signature of authorized
officer of
Trustee or
Depositary

		 		 		  		  	

  

	†	 To be included in a Book-Entry Note. 

  
 A-11 

 Exhibit B 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [THIS GLOBAL SECURITY SHALL IN ALL RESPECTS BE ENTITLED TO THE SAME BENEFITS AS DEFINITIVE DEBT SECURITIES UNDER THE INDENTURE. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO THE ISSUER 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.]* 

[TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]* 

 

			
	No. R-	  	Principal Amount: $                 [which amount may be
	CUSIP: 29379V BT9	  	increased or decreased by the Schedule
		  	of Increases and Decreases in Global Security attached hereto.]*

 ENTERPRISE PRODUCTS OPERATING LLC 

4.15% SENIOR NOTE DUE 2028 

ENTERPRISE PRODUCTS OPERATING LLC, a Texas limited liability company (the “Issuer,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to __________ or its registered assigns, the principal sum of __________ ($_____) U.S. dollars, [or such greater or lesser principal sum as is shown on the attached
Schedule of Increases and Decreases in Global Security]*, on October 16, 2028 in such coin and currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay
interest thereon at an annual rate of 4.15% payable on April 16 and October 16 of each year, commencing on [Insert the first Interest Payment Date occurring after the date of issuance of this Security], to the person in whose name
this Debt Security (this “Security”) is registered at the close of business on the record date for such interest, which shall be the preceding April 1 or October 1, as the case may be (each, a “Regular Record Date”),
respectively, with interest accruing from and including [Insert the date of issuance of this Security, or if Debt Securities of this same series have been previously issued, insert the most recent Interest Payment Date on which interest has been
paid on Debt Securities of such series], or from and including the most recent date to which interest on this Security shall have been paid. 

Reference is made to the further provisions of this Security set forth on the reverse hereof. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 
 The statements in the legends set forth in this Security are an integral
part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

  
 B-1 

 This Security shall not be valid or become obligatory for any purpose until the
Trustee’s Certificate of Authentication hereon shall have been manually signed by the Trustee under the Indenture. 
  

	*	 To be included in a Book-Entry Note. 

  
 B-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed by its sole
manager. 
 Dated:__________ 
  

					
	ENTERPRISE PRODUCTS OPERATING LLC
	
	By: ENTERPRISE PRODUCTS OLPGP, INC.,
		 	      its sole manager
		
	By:	 	 
		 	      Name: Christian M. Nelly
		 	      Title: Vice President and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

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

 

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	      as Trustee
		
	By:	 	 
		 		 	            Authorized Signatory

  
 B-3 

 [REVERSE OF SECURITY] 

ENTERPRISE PRODUCTS OPERATING LLC 

4.15% SENIOR NOTE DUE 2028 

1.    Interest. 
 The
Issuer promises to pay interest on the principal amount of this Security at the rate of 4.15% per annum. The Issuer will pay interest semi-annually on April 16 and October 16 of each year (each an “Interest Payment Date”).
Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuer shall pay interest (including post-petition interest in any
proceeding under any applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace period) and on overdue principal and premium, if any, from time to time on demand at the same rate per annum, in each case
to the extent lawful. 
 2.    Method of Payment. 

The Issuer shall pay interest on the Securities (except Defaulted Interest) to the persons who are the registered Holders at the close of
business on the Regular Record Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted Interest”) may be paid to the persons who are registered Holders at the close of
business on a special record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may then be listed if such manner of payment shall
be deemed practicable by the Trustee, as more fully provided in the Indenture. The Issuer shall pay principal, premium, if any, and interest in such coin or currency of the United States of America as at the time of payment shall be legal tender for
payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depositary. Payments in
respect of Securities in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the Issuer maintained for such purpose within The City of New York, which initially will be the corporate trust
office of Wells Fargo Bank, National Association at Corporate Trust, Municipal & Escrow Solutions, 150 East 42nd Street, 40th Floor, New York, New York 10017, or, at the option of the Issuer, payment of interest may be made by
check mailed to the Holders on the relevant record date at their addresses set forth in the Debt Security Register of Holders or at the option of the Holder, payment of interest on Securities in definitive form will be made by wire transfer of
immediately available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the paying agent. The Holder must surrender this Security to a
paying agent to collect payment of principal. 
 3.    Paying Agent and Registrar. 

Initially, Wells Fargo Bank, National Association will act as paying agent and Registrar. The Issuer may change any paying agent or Registrar
at any time upon notice to the Trustee and the Holders. The Issuer may act as paying agent. 
 4.    Indenture. 

Reference is made hereby to (i) the Indenture dated as of October 4, 2004 (the “Original Indenture”) among Enterprise
Products Operating L.P., as issuer (the “Original Issuer”), Enterprise Products Partners L.P., as parent guarantor (the “Parent Guarantor”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”),
(ii) the Tenth Supplemental Indenture thereto dated as of June 30, 2007 (the “Tenth Supplemental Indenture”), among the Original Issuer, the Issuer, the Parent Guarantor and the Trustee, providing for the Issuer as the successor
issuer and (iii) the Thirty-Second Supplemental Indenture thereto dated as of October 11, 2018 (the “Thirty-Second Supplemental Indenture”), among the Issuer, the Parent Guarantor and the Trustee, providing for the issuance of
Debt Securities of the series whose designation appears on the face hereof. The Original Indenture, as amended and supplemented by the Tenth Supplemental Indenture and the Thirty-Second Supplemental Indenture, and as may be further duly amended and
supplemented in accordance with the terms thereof, is referred to herein as the “Indenture.” Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Indenture. 

  
 B-4 

 This Security is one of a duly authorized issue of Debt Securities of the series designated
by the Issuer as “4.15% Senior Notes due 2028” (such series of Debt Securities being referred to herein as the “Securities”), all of which are issued or to be issued under and pursuant to the Indenture. The terms of the
Securities include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). The Securities are subject to all such terms, and Holders of Securities are
referred to the Indenture and the TIA for a statement of such terms and a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer, the Parent Guarantor and the Holder hereof. If and
to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the TIA,
such required provision shall control. 
 5.    Optional Redemption. 

At any time prior to July 16, 2028 (the “Par Call Date”), the Securities are redeemable, at the option of the Issuer, at any
time in whole, or from time to time in part, at a redemption price (the “Make-Whole Price”) equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed; or (ii) the sum of the present values of the
remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Make-Whole Price) on the Securities to be redeemed (exclusive of interest accrued to the date of redemption (the “Redemption
Date”)) that would have been due if the Securities had matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 15 basis points; plus, in either case, accrued and unpaid interest to the Redemption Date. 

At any time on or after the Par Call Date, the Securities are redeemable, at the option of the Issuer, at any time in whole, or from time to
time in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to the Redemption Date (“Redemption Price”). 

The actual Make-Whole Price, calculated as provided above, shall be calculated and certified to the Trustee and the Issuer by the Independent
Investment Banker. 
 For purposes of determining the Make-Whole Price, the following definitions are applicable: 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Securities, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means
the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities to be redeemed, calculated as if the maturity date of the Securities were the Par Call Date
(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 to the Remaining Life of the Securities
to be redeemed; provided, however, that if no maturity is within three months before or after the Par Call Date for such Securities, yields for the two published maturities most closely corresponding to such United States Treasury security
will be determined and the treasury rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month. 

“Independent Investment Banker” means any one of Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital
Markets, LLC and SMBC Nikko Securities America, Inc. and their respective successors appointed by the Issuer or, if no such firm is willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of
national standing appointed by the Trustee and reasonably acceptable to the Issuer. 

  
 B-5 

 “Comparable Treasury Price” means, with respect to any Redemption Date,
(a) the average of the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four Reference
Treasury Dealer Quotations, the average of all such quotations. 
 “Reference Treasury Dealer” means each of J Citigroup Global
Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC and a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) selected by SMBC Nikko Securities America, Inc. or its successor,
in each case, so long as it is a Primary Treasury Dealer at the relevant time and, if it is not then a Primary Treasury Dealer, then a Primary Treasury Dealer selected by it, and in each case their respective successors, plus a Primary Treasury
Dealer selected by the Issuer; provided, however, that if any of the foregoing shall not be a Primary Treasury Dealer at such time and shall fail to select a Primary Treasury Dealer, then the Issuer will substitute therefor another
Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date for the Securities, an average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each case as a percentage of its principal amount)
quoted in writing to an Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Except as set forth above, the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any
sinking fund. 
 Securities called for optional redemption become due on the Redemption Date. Notices of optional redemption will be mailed
at least 10 but not more than 60 days before the Redemption Date to each Holder of the Securities to be redeemed at its registered address. The notice of optional redemption for the Securities will state, among other things, the amount of
Securities to be redeemed, the Redemption Date, the Make-Whole Price (or the method of calculating such Make-Whole Price) or the Redemption Price, as the case may be, and the place(s) that payment will be made upon presentation and surrender of
Securities to be redeemed. Unless the Issuer defaults in payment of the Make-Whole Price or Redemption Price, as the case may be, interest will cease to accrue on the Redemption Date with respect to any Securities that have been called for optional
redemption. If less than all the Securities are redeemed at any time, the Trustee will select the Securities to be redeemed on a pro rata basis, by lot, or by such other method the Trustee deems fair and appropriate. 

The Securities may be redeemed in part in multiples of $1,000 only. Any such redemption will also comply with Article III of the
Indenture. 
 6.    Denominations; Transfer; Exchange. 

The Securities are to be issued in registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess
thereof. A Holder may register the transfer of, or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture. The Issuer hereby irrevocably undertakes to the Holder hereof to exchange this Security in accordance with the terms of the Indenture without charge. 

7.    Person Deemed Owners. 

The registered Holder of a Security may be treated as the owner of it for all purposes. 

  
 B-6 

 8.    Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any
provision may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Debt Securities of each series affected. Without consent of any Holder of a Security, the parties thereto may amend or supplement the
Indenture to, among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Security. Any such consent or waiver by the Holder of
this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange or substitution herefor,
irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 
 9.    Defaults and
Remedies. 
 Certain events of bankruptcy or insolvency are Events of Default that will result in the principal amount of the
Securities, together with premium, if any, and accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default with respect to the Securities occurs and is
continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then Outstanding may declare the principal amount of all the Securities, together with premium, if any, and accrued
and unpaid interest thereon, to be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of acceleration has been made, the
Holders of a majority in principal amount of the Outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment or decree of a court already
rendered and if all Events of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration acceleration, shall have been cured or shall have been
waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity
or security satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then Outstanding may direct the Trustee in its exercise of any
trust or power with respect to the Securities. 
 10.    Trustee Dealings with Issuer. 

The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for
the Issuer or its Affiliates or any subsidiary of the Issuer’s Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 

11.    Authentication. 

This Security shall not be valid until the Trustee signs the certificate of authentication on the other side of this Security. 

12.    Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT
(tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 

13.    CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Issuer has caused CUSIP numbers to be
printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such number as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon.

  
 B-7 

 14.    Absolute Obligation. 

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

15.    No Recourse. 

The general partner of the Parent Guarantor and its directors, officers, employees and members, as such, shall have no liability for any
obligations of any Guarantor or the Issuer under the Securities, the Indenture or any Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting the Securities waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
 16.    Governing
Law. 
 This Security shall be construed in accordance with and governed by the laws of the State of New York. 

17.    Guarantee. 

The Securities are fully and unconditionally guaranteed on an unsecured, unsubordinated basis by the Parent Guarantor as set forth in
Article XIV of the Indenture, as noted in the Notation of Guarantee to this Security, and under certain circumstances set forth in the Original Indenture one or more Subsidiaries of the Parent Guarantor may be required to join in such
guarantee. 
 18.    Reliance. 

The Holder, by accepting this Security, acknowledges and affirms that (i) it has purchased the Security in reliance upon the separateness
of Parent Guarantor and the general partner of Parent Guarantor from each other and from any other Persons, including Enterprise Products Company (formerly EPCO, Inc.), and (ii) Parent Guarantor and the general partner of Parent Guarantor have
assets and liabilities that are separate from those of other Persons, including Enterprise Products Company. 

  
 B-8 

 NOTATION OF GUARANTEE 

The Parent Guarantor (which term includes any successor Person under the Indenture), 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 Securities and all other amounts due and payable under the Indenture and
the Securities by the Issuer. 
 The obligations of the Parent Guarantor to the Holders of Securities and to the Trustee pursuant to its
Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

					
	ENTERPRISE PRODUCTS PARTNERS L.P.
	
	By: ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	        its General Partner
		
	By:	 	 
		 	        Name:	 	Christian M. Nelly
		 	        Title:	 	Vice President and Treasurer

  
 B-9 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

									
	TEN COM	  	–	  	as tenants in common	  	UNIF GIFT MIN ACT –	  	      

(Cust.)

	TEN ENT	  	–	  	as tenants by entireties	  	Custodian for:	  	      

(Minor)

	JT TEN	  	–	  	 as joint tenants with right of
 survivorship and
not as
 tenants in common
	  	under Uniform Gifts to
Minors Act of	  	      

(State)

 Additional abbreviations may also be used though not in the above list. 

 
  

ASSIGNMENT 
 FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

	
	
	   

  
       

 
 Please print or type name and address including postal
zip code of assignee 
  
       

 
  

      
  

the within Security and all rights thereunder, hereby irrevocably constituting and appointing 

 
       

 
 to transfer said Security on the books of the Issuer,
with full power of substitution in the premises. 
  

							
				
	Dated_________________________	 		 		 	 
		 		 		 	Registered Holder

  
 B-10 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY† 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of Decrease in
Principal
Amount of this
Global Security
	 	 Amount of Increase in
Principal
Amount of this
Global Security
	  	 Principal Amount of this
Global
Security following
such decrease (or
increase)
	  	 Signature of authorized
officer of
Trustee or
Depositary

		 		 		  		  	

  

	†	 To be included in a Book-Entry Note. 

  
 B-11 

 Exhibit C 

FORM OF NOTE 
 [FACE OF
SECURITY] 
 [THIS GLOBAL SECURITY SHALL IN ALL RESPECTS BE ENTITLED TO THE SAME BENEFITS AS DEFINITIVE DEBT SECURITIES UNDER THE INDENTURE. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO THE ISSUER 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.]* 

[TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO HEREIN.]* 

 

			
	No. R-	  	Principal Amount: $                 [which amount may be
	CUSIP: 29379V BU6	  	increased or decreased by the Schedule
		  	of Increases and Decreases in Global Security attached hereto.]*

 ENTERPRISE PRODUCTS OPERATING LLC 

4.80% SENIOR NOTE DUE 2049 

ENTERPRISE PRODUCTS OPERATING LLC, a Texas limited liability company (the “Issuer,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to __________ or its registered assigns, the principal sum of __________ ($_____) U.S. dollars, [or such greater or lesser principal sum as is shown on the attached
Schedule of Increases and Decreases in Global Security]*, on February 1, 2049 in such coin and currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay
interest thereon at an annual rate of 4.80% payable on February 1 and August 1 of each year, commencing on [Insert the first Interest Payment Date occurring after the date of issuance of this Security], to the person in whose name
this Debt Security (this “Security”) is registered at the close of business on the record date for such interest, which shall be the preceding January 15 or July 15, as the case may be (each, a “Regular Record Date”),
respectively, with interest accruing from and including [Insert the date of issuance of this Security, or if Debt Securities of this same series have been previously issued, insert the most recent Interest Payment Date on which interest has been
paid on Debt Securities of such series], or from and including the most recent date to which interest on this Security shall have been paid. 

Reference is made to the further provisions of this Security set forth on the reverse hereof. Such further provisions shall for all purposes
have the same effect as though fully set forth at this place. 
 The statements in the legends set forth in this Security are an integral
part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and bound by, the terms and provisions set forth in each such legend. 

  
 C-1 

 This Security shall not be valid or become obligatory for any purpose until the
Trustee’s Certificate of Authentication hereon shall have been manually signed by the Trustee under the Indenture. 
  

	*	 To be included in a Book-Entry Note. 

  
 C-2 

 IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed by its sole
manager. 
 Dated:__________ 
  

					
	ENTERPRISE PRODUCTS OPERATING LLC
	
	By: ENTERPRISE PRODUCTS OLPGP, INC.,
		 	    its sole manager
		
	By:	 	 
		 	    Name: Christian M. Nelly
		 	    Title: Vice President and Treasurer

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION: 

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

 

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
		 	    as Trustee
		
	By:	 	 
		 		 	              Authorized Signatory

  
 C-3 

 [REVERSE OF SECURITY] 

ENTERPRISE PRODUCTS OPERATING LLC 

4.80% SENIOR NOTE DUE 2049 

1.    Interest. 
 The
Issuer promises to pay interest on the principal amount of this Security at the rate of 4.80% per annum. The Issuer will pay interest semi-annually on February 1 and August 1 of each year (each an “Interest Payment Date”).
Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months. The Issuer shall pay interest (including post-petition interest in any
proceeding under any applicable bankruptcy laws) on overdue installments of interest (without regard to any applicable grace period) and on overdue principal and premium, if any, from time to time on demand at the same rate per annum, in each case
to the extent lawful. 
 2.    Method of Payment. 

The Issuer shall pay interest on the Securities (except Defaulted Interest) to the persons who are the registered Holders at the close of
business on the Regular Record Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted Interest”) may be paid to the persons who are registered Holders at the close of
business on a special record date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may then be listed if such manner of payment shall
be deemed practicable by the Trustee, as more fully provided in the Indenture. The Issuer shall pay principal, premium, if any, and interest in such coin or currency of the United States of America as at the time of payment shall be legal tender for
payment of public and private debts. Payments in respect of a Global Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depositary. Payments in
respect of Securities in definitive form (including principal, premium, if any, and interest) will be made at the office or agency of the Issuer maintained for such purpose within The City of New York, which initially will be the corporate trust
office of Wells Fargo Bank, National Association at Corporate Trust, Municipal & Escrow Solutions, 150 East 42nd Street, 40th Floor, New York, New York 10017, or, at the option of the Issuer, payment of interest may be made by
check mailed to the Holders on the relevant record date at their addresses set forth in the Debt Security Register of Holders or at the option of the Holder, payment of interest on Securities in definitive form will be made by wire transfer of
immediately available funds to any account maintained in the United States, provided such Holder has requested such method of payment and provided timely wire transfer instructions to the paying agent. The Holder must surrender this Security to a
paying agent to collect payment of principal. 
 3.    Paying Agent and Registrar. 

Initially, Wells Fargo Bank, National Association will act as paying agent and Registrar. The Issuer may change any paying agent or Registrar
at any time upon notice to the Trustee and the Holders. The Issuer may act as paying agent. 
 4.    Indenture. 

Reference is made hereby to (i) the Indenture dated as of October 4, 2004 (the “Original Indenture”) among Enterprise
Products Operating L.P., as issuer (the “Original Issuer”), Enterprise Products Partners L.P., as parent guarantor (the “Parent Guarantor”), and Wells Fargo Bank, National Association, as trustee (the “Trustee”),
(ii) the Tenth Supplemental Indenture thereto dated as of June 30, 2007 (the “Tenth Supplemental Indenture”), among the Original Issuer, the Issuer, the Parent Guarantor and the Trustee, providing for the Issuer as the successor
issuer and (iii) the Thirty-Second Supplemental Indenture thereto dated as of October 11, 2018 (the “Thirty-Second Supplemental Indenture”), among the Issuer, the Parent Guarantor and the Trustee, providing for the issuance of
Debt Securities of the series whose designation appears on the face hereof. The Original Indenture, as amended and supplemented by the Tenth Supplemental Indenture and the Thirty-Second Supplemental Indenture, and as may be further duly amended and
supplemented in accordance with the terms thereof, is referred to herein as the “Indenture.” Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Indenture. 

  
 C-4 

 This Security is one of a duly authorized issue of Debt Securities of the series designated
by the Issuer as “4.80% Senior Notes due 2049” (such series of Debt Securities being referred to herein as the “Securities”), all of which are issued or to be issued under and pursuant to the Indenture. The terms of the
Securities include those stated in the Indenture, and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “TIA”). The Securities are subject to all such terms, and Holders of Securities are
referred to the Indenture and the TIA for a statement of such terms and a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer, the Parent Guarantor and the Holder hereof. If and
to the extent any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the TIA,
such required provision shall control. 
 5.    Optional Redemption. 

At any time prior to August 1, 2048 (the “Par Call Date”), the Securities are redeemable, at the option of the Issuer, at any
time in whole, or from time to time in part, at a redemption price (the “Make-Whole Price”) equal to the greater of: (i) 100% of the principal amount of the Securities to be redeemed; or (ii) the sum of the present values of the
remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Make-Whole Price) on the Securities to be redeemed (exclusive of interest accrued to the date of redemption (the “Redemption
Date”)) that would have been due if the Securities had matured on the Par Call Date, discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 25 basis points; plus, in either case, accrued and unpaid interest to the Redemption Date. 

At any time on or after the Par Call Date, the Securities are redeemable, at the option of the Issuer, at any time in whole, or from time to
time in part, at a redemption price equal to 100% of the principal amount of the Securities to be redeemed plus accrued and unpaid interest to the Redemption Date (“Redemption Price”). 

The actual Make-Whole Price, calculated as provided above, shall be calculated and certified to the Trustee and the Issuer by the Independent
Investment Banker. 
 For purposes of determining the Make-Whole Price, the following definitions are applicable: 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Securities, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury Issue” means
the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Securities to be redeemed, calculated as if the maturity date of the Securities were the Par Call Date
(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 to the Remaining Life of the Securities
to be redeemed; provided, however, that if no maturity is within three months before or after the Par Call Date for such Securities, yields for the two published maturities most closely corresponding to such United States Treasury security
will be determined and the treasury rate will be interpolated or extrapolated from those yields on a straight line basis rounding to the nearest month. 

“Independent Investment Banker” means any one of Citigroup Global Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital
Markets, LLC and SMBC Nikko Securities America, Inc. and their respective successors appointed by the Issuer or, if no such firm is willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of
national standing appointed by the Trustee and reasonably acceptable to the Issuer. 

  
 C-5 

 “Comparable Treasury Price” means, with respect to any Redemption Date,
(a) the average of the Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four Reference
Treasury Dealer Quotations, the average of all such quotations. 
 “Reference Treasury Dealer” means each of J Citigroup Global
Markets Inc., Credit Suisse Securities (USA) LLC, RBC Capital Markets, LLC and a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) selected by SMBC Nikko Securities America, Inc. or its successor,
in each case, so long as it is a Primary Treasury Dealer at the relevant time and, if it is not then a Primary Treasury Dealer, then a Primary Treasury Dealer selected by it, and in each case their respective successors, plus a Primary Treasury
Dealer selected by the Issuer; provided, however, that if any of the foregoing shall not be a Primary Treasury Dealer at such time and shall fail to select a Primary Treasury Dealer, then the Issuer will substitute therefor another
Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any
Redemption Date for the Securities, an average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each case as a percentage of its principal amount)
quoted in writing to an Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 

Except as set forth above, the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any
sinking fund. 
 Securities called for optional redemption become due on the Redemption Date. Notices of optional redemption will be mailed
at least 10 but not more than 60 days before the Redemption Date to each Holder of the Securities to be redeemed at its registered address. The notice of optional redemption for the Securities will state, among other things, the amount of
Securities to be redeemed, the Redemption Date, the Make-Whole Price (or the method of calculating such Make-Whole Price) or the Redemption Price, as the case may be, and the place(s) that payment will be made upon presentation and surrender of
Securities to be redeemed. Unless the Issuer defaults in payment of the Make-Whole Price or Redemption Price, as the case may be, interest will cease to accrue on the Redemption Date with respect to any Securities that have been called for optional
redemption. If less than all the Securities are redeemed at any time, the Trustee will select the Securities to be redeemed on a pro rata basis, by lot, or by such other method the Trustee deems fair and appropriate. 

The Securities may be redeemed in part in multiples of $1,000 only. Any such redemption will also comply with Article III of the
Indenture. 
 6.    Denominations; Transfer; Exchange. 

The Securities are to be issued in registered form, without coupons, in denominations of $1,000 and integral multiples of $1,000 in excess
thereof. A Holder may register the transfer of, or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and
fees required by law or permitted by the Indenture. The Issuer hereby irrevocably undertakes to the Holder hereof to exchange this Security in accordance with the terms of the Indenture without charge. 

7.    Person Deemed Owners. 

The registered Holder of a Security may be treated as the owner of it for all purposes. 

  
 C-6 

 8.    Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any
provision may be waived, with the consent of the Holders of a majority in principal amount of the Outstanding Debt Securities of each series affected. Without consent of any Holder of a Security, the parties thereto may amend or supplement the
Indenture to, among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to make any other change that does not adversely affect the rights of any Holder of a Security. Any such consent or waiver by the Holder of
this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange or substitution herefor,
irrespective of whether or not any notation thereof is made upon this Security or such other Securities. 
 9.    Defaults and
Remedies. 
 Certain events of bankruptcy or insolvency are Events of Default that will result in the principal amount of the
Securities, together with premium, if any, and accrued and unpaid interest thereon, becoming due and payable immediately upon the occurrence of such Events of Default. If any other Event of Default with respect to the Securities occurs and is
continuing, then in every such case the Trustee or the Holders of not less than 25% in aggregate principal amount of the Securities then Outstanding may declare the principal amount of all the Securities, together with premium, if any, and accrued
and unpaid interest thereon, to be due and payable immediately in the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such a declaration of acceleration has been made, the
Holders of a majority in principal amount of the Outstanding Securities, by written notice to the Trustee, may rescind such declaration and annul its consequences if the rescission would not conflict with any judgment or decree of a court already
rendered and if all Events of Default with respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest which has become due solely by such declaration acceleration, shall have been cured or shall have been
waived. No such rescission shall affect any subsequent default or shall impair any right consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity
or security satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then Outstanding may direct the Trustee in its exercise of any
trust or power with respect to the Securities. 
 10.    Trustee Dealings with Issuer. 

The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for
the Issuer or its Affiliates or any subsidiary of the Issuer’s Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 

11.    Authentication. 

This Security shall not be valid until the Trustee signs the certificate of authentication on the other side of this Security. 

12.    Abbreviations and Defined Terms. 

Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT
(tenants by the entireties), JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors Act). 

13.    CUSIP Numbers. 

Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification Procedures, the Issuer has caused CUSIP numbers to be
printed on the Securities as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such number as printed on the Securities and reliance may be placed only on the other identification numbers printed hereon.

  
 C-7 

 14.    Absolute Obligation. 

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

15.    No Recourse. 

The general partner of the Parent Guarantor and its directors, officers, employees and members, as such, shall have no liability for any
obligations of any Guarantor or the Issuer under the Securities, the Indenture or any Guarantee or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting the Securities waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Securities. 
 16.    Governing
Law. 
 This Security shall be construed in accordance with and governed by the laws of the State of New York. 

17.    Guarantee. 

The Securities are fully and unconditionally guaranteed on an unsecured, unsubordinated basis by the Parent Guarantor as set forth in
Article XIV of the Indenture, as noted in the Notation of Guarantee to this Security, and under certain circumstances set forth in the Original Indenture one or more Subsidiaries of the Parent Guarantor may be required to join in such
guarantee. 
 18.    Reliance. 

The Holder, by accepting this Security, acknowledges and affirms that (i) it has purchased the Security in reliance upon the separateness
of Parent Guarantor and the general partner of Parent Guarantor from each other and from any other Persons, including Enterprise Products Company (formerly EPCO, Inc.), and (ii) Parent Guarantor and the general partner of Parent Guarantor have
assets and liabilities that are separate from those of other Persons, including Enterprise Products Company. 

  
 C-8 

 NOTATION OF GUARANTEE 

The Parent Guarantor (which term includes any successor Person under the Indenture), 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 Securities and all other amounts due and payable under the Indenture and
the Securities by the Issuer. 
 The obligations of the Parent Guarantor to the Holders of Securities and to the Trustee pursuant to its
Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. 

 

					
	ENTERPRISE PRODUCTS PARTNERS L.P.
	
	By: ENTERPRISE PRODUCTS HOLDINGS LLC,
		 	    its General Partner
		
	By:	 	 
		 	    Name:	 	Christian M. Nelly
		 	    Title:	 	Vice President and Treasurer

  
 C-9 

 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this instrument, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

									
	TEN COM	  	–	  	as tenants in common	  	UNIF GIFT MIN ACT –	  	      

(Cust.)

	TEN ENT	  	–	  	as tenants by entireties	  	Custodian for:	  	      

(Minor)

	JT TEN	  	–	  	 as joint tenants with right of
 survivorship and
not as
 tenants in common
	  	under Uniform Gifts to
Minors Act of	  	      

(State)

 Additional abbreviations may also be used though not in the above list. 

 
  

ASSIGNMENT 
 FOR VALUE
RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 

	
	
	   

  
       

 
 Please print or type name and address including postal
zip code of assignee 
  
       

 
  

      
  

the within Security and all rights thereunder, hereby irrevocably constituting and appointing 

 
       

 
 to transfer said Security on the books of the Issuer,
with full power of substitution in the premises. 
  

							
				
	Dated_________________________	 		 		 	 
		 		 		 	Registered Holder

  
 C-10 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY† 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of Exchange
	 	 Amount of Decrease in
Principal
Amount of this
Global Security
	 	 Amount of Increase in
Principal
Amount of this
Global Security
	  	 Principal Amount of this
Global
Security following
such decrease (or
increase)
	  	 Signature of authorized
officer of
Trustee or
Depositary

		 		 		  		  	

  

	†	 To be included in a Book-Entry Note. 

  
 C-11

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