Document:

Form of Indemnification Agreement

 EXHIBIT 10.7 
 INDEMNIFICATION AGREEMENT 
 THIS INDEMNIFICATION
AGREEMENT is made and entered into as of this      day of                 , 2009 (the “Agreement”), by and between SVB Financial
Group, a Delaware corporation (the “Company”), and
                                         (the
“Indemnitee”). 
 WHEREAS, Indemnitee is either a member of the board of directors of the Company (the
“Board of Directors”) or an officer of the Company, or both, and in such capacity or capacities, or otherwise as an Agent (as defined below) of the Company, is performing a valuable service for the Company; 
 WHEREAS, the Company desires the benefits of having Indemnitee serve as a member of the Board of Directors or an officer, or both, or an
Agent, secure in the knowledge that any expenses, liability and/or losses incurred by him or her in his or her good faith service to the Company will be borne by the Company or its successors and assigns; 
 WHEREAS, Indemnitee is willing to serve or continue to serve in his or her position with the Company, or to take on additional service for
or on behalf of the Company, only on the condition that he or she be indemnified as herein provided; 
 WHEREAS, the Company is
aware that because of the increased exposure to litigation costs and risks resulting from service to corporations, talented and experienced persons are increasingly reluctant to serve or continue to serve as directors or executive officers of
corporations unless they are protected by comprehensive liability insurance and indemnification; 
 WHEREAS, the Company and
Indemnitee recognize the increasing difficulty in obtaining liability insurance for directors, officers and agents of a corporation at reasonable cost; and 
 WHEREAS, the Company’s Restated Certificate of Incorporation (the “Certificate”) allows and requires the Company to indemnify its directors, officers and agents to the maximum extent
permitted under Delaware law. 
 NOW, THEREFORE, in consideration of the premises and the covenants in this Agreement, and of
Indemnitee continuing to serve the Company as an Agent and intending to be legally bound hereby, the Company and Indemnitee hereby agree as follows: 
 1. Definitions. For purposes of this Agreement: 
 1.1
“Agent” shall mean any person who is or was, or who has consented to serve as, a director, officer, employee or agent of the Company or a subsidiary of the Company whether serving in such capacity or as a director, officer,
employee, agent, fiduciary, joint venturer, partner, member, manager or other official of another corporation, partnership, limited liability company, joint venture, trust or other enterprise (including, without limitation, an employee benefit plan)
either at the request of, for the convenience of, or otherwise to benefit the Company or a subsidiary of the Company. 
  

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 1.2 “Change of Control” shall mean the occurrence of any of
the following events after the date of this Agreement: 
 (a) A change in the composition of the Board of
Directors, as a result of which fewer than two-thirds of the incumbent directors are directors who either (i) had been directors of the Company 24 months prior to such change (the “Original Directors”) or (ii) were
elected, or nominated for election, to the Board of Directors with the affirmative votes of at least a majority in the aggregate of the Original Directors who were still in office at the time of the election or nomination and directors whose
election or nomination was previously so approved (the “continuing directors”); 
 (b) Both
(i) any “person” (as such term is used in sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) through the acquisition or aggregation of securities is or becomes the
beneficial owner, directly or indirectly, of securities of the Company representing 20 percent or more of the combined voting power of the Company’s then outstanding securities eligible to vote for the election of the Board of Directors; and
(ii) the beneficial ownership by such person of securities representing such percentage has not been approved by a majority of the “continuing directors” (as defined above); 
 (c) Any “person” is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing at least 50% of the total voting power represented by the Company’s then outstanding voting securities; 
 (d) The stockholders of the Company approve a merger or consolidation of the Company with any other corporation, if such
merger or consolidation would result in the voting securities of the Company outstanding immediately prior thereto representing (either by remaining outstanding or by being converted into voting securities of the surviving entity) 50% or less of the
total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such merger or consolidation; or 
  

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 (e) The stockholders of the Company approve (i) a plan of complete
liquidation of the Company or (ii) an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets. 
 Any other provision of this Section 1.2 notwithstanding, the term “Change of Control” shall not include a transaction, if undertaken at the election of the Company, the result of
which is to sell all or substantially all of the assets of the Company to another corporation (the “surviving corporation”); provided that the surviving corporation is owned directly or indirectly by the stockholders
of the Company immediately following such transaction in substantially the same proportions as their ownership of the Company’s common stock immediately preceding such transaction; and provided, further, that the surviving
corporation expressly assumes this Agreement. 
 1.3 “Delaware Law” means the Delaware General
Corporation Law, as amended and in effect from time to time or any successor or other statutes of Delaware having similar import and effect. 
 1.4 “Disinterested Director” shall mean a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is being sought by Indemnitee.

 1.5 “Expenses” shall mean, all reasonable attorneys’ fees, retainers, court costs,
transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred
in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection with any
appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond or other appeal bond or their equivalent, and (ii) for purposes of Section 7.6,
Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company.
Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee. 
 1.6 “Independent Legal Counsel” shall mean a law firm or a member of a law firm selected by the Company and approved by Indemnitee (which approval shall not be unreasonably withheld) or,
if there has been a Change of Control, selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld), that neither is presently nor in the past five years has been retained to represent: (a) the Company
or any of its subsidiaries or affiliates, or Indemnitee or any corporation of which Indemnitee was or is a director, officer, employee or agent, or any subsidiary or affiliate of such a corporation, in any matter material to either party, or
(b) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Legal Counsel” shall not include any person who, under the applicable standards of
professional conduct then prevailing,

  

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would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s right to indemnification under this Agreement. 
 1.7 “Liabilities” shall mean liabilities of any type whatsoever, including, but not limited to, judgments
(including punitive and exemplary damages), fines, ERISA or other excise taxes and penalties, and amounts paid in settlement (including all interest, assessments or other charges paid or payable in connection with or in respect of any of the
foregoing). 
 1.8 “Proceeding” shall mean any pending, threatened or completed action, claim,
hearing, suit, arbitration, or any other proceeding, whether civil, criminal, arbitrative, administrative, investigative, or any alternative dispute resolution mechanism, whether formal or informal, including without limitation any such Proceeding
brought by or in the right of the Company in which Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or otherwise by reason of the fact that Indemnitee is or was an Agent of the Company. 
 2. Employment Rights and Duties. Subject to any other obligations imposed on either of the parties by contract or by law, and with
the understanding that this Agreement is not intended to confer employment rights on either party which they did not possess on the date of its execution, Indemnitee agrees to serve as a director or officer so long as he or she is duly appointed or
elected and qualified in accordance with the applicable provisions of the Certificate and Bylaws (the “Bylaws”) of the Company or any subsidiary of the Company and until such time as he or she resigns or fails to stand for election
or until his or her employment terminates. Indemnitee may from time to time also perform other services at the request, or for the convenience of, or otherwise benefiting the Company. Indemnitee may at any time and for any reason resign or be
removed from such position (subject to any other contractual obligation or other obligation imposed by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in any such position.

 3. Indemnification. Subject to the limitations set forth herein and in Section 9 hereof, the Company hereby
agrees to indemnify Indemnitee as follows: 
 3.1 Indemnity in Third-Party Proceedings. The Company shall
indemnify Indemnitee in accordance with the provisions of this Section 3.1 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a
judgment in its favor. Pursuant to this Section 3.1, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by
Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company
and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was unlawful. 
  

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 3.2 Indemnity in Proceedings by or in the Right of the Company. The
Company shall indemnify Indemnitee in accordance with the provisions of this Section 3.2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its
favor. Pursuant to this Section 3.2, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such
Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification for Expenses shall be made under this
Section 3.2 in respect of any claim, issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any
court in which the Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such
expenses as the Delaware Court of Chancery or such other court shall deem proper. 
 In addition to, and not as a
limitation of, the foregoing, the rights of indemnification of Indemnitee provided under this Agreement shall include those rights set forth in Sections 4, 5 and 7 below. Notwithstanding the foregoing, the Company shall be required to indemnify
Indemnitee in connection with a Proceeding commenced by Indemnitee (other than a Proceeding commenced by Indemnitee to enforce Indemnitee’s rights under this Agreement) only if the commencement of such Proceeding was authorized by the Board of
Directors. Further, notwithstanding any other provision of this Agreement, to the extent that Indemnitee is, by reason of his or her role as an Agent, a witness in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to
the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. 
 4. Payment of Expenses. 
 4.1 All Expenses incurred by or on
behalf of Indemnitee shall be advanced by the Company to Indemnitee within 20 days after the receipt by the Company of a written request for such advance which may be made from time to time, whether prior to or after final disposition of a
Proceeding (unless there has been a final determination by a court of competent jurisdiction or decision of an arbitrator that Indemnitee is not entitled to be indemnified for such Expenses). Indemnitee’s entitlement to advancement of Expenses
shall include those incurred in connection with any Proceeding by Indemnitee seeking a determination, an adjudication or an award in arbitration pursuant to this Agreement. The written requests shall reasonably evidence the Expenses incurred by
Indemnitee in connection therewith. In the event that such written request shall be accompanied by an affidavit of counsel to Indemnitee to the effect that such counsel has

  

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reviewed such expenses and that such expenses are reasonable in such counsel’s view, then such expenses shall be deemed reasonable in the absence of clear and convincing evidence to the
contrary. Indemnitee hereby undertakes to repay to the Company the amounts advanced if it shall ultimately be determined that Indemnitee is not entitled to be indemnified pursuant to the terms of this Agreement. 
 4.2 Notwithstanding any other provision in this Agreement, to the extent that Indemnitee has been successful on the merits or
otherwise in defense of any Proceeding, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred by Indemnitee in connection therewith. 
 5. Procedure for Determination of Entitlement to Indemnification. 
 5.1 Whenever Indemnitee believes that Indemnitee is entitled to indemnification pursuant to this Agreement, Indemnitee shall submit a written request for indemnification (the “Indemnification Request”) to the Company to the
attention of the President. This request shall include documentation or information which is necessary for the determination of entitlement to indemnification and which is reasonably available to Indemnitee. In any event, Indemnitee shall submit
Indemnitee’s claim for indemnification within a reasonable time, not to exceed five (5) years after any judgment, order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere or its
equivalent, or final termination, whichever is the later date for which Indemnitee requests indemnification. The President shall, promptly upon receipt of Indemnitee’s request for indemnification, advise the Board of Directors in writing that
Indemnitee has made such request for indemnification. Determination of Indemnitee’s entitlement to indemnification shall be made no later than 60 days after receipt of the Indemnification Request, provided that any request for indemnification
for Liabilities, other than amounts paid in settlement, shall have been made after a determination thereof in a Proceeding. 
 5.2 The Company shall be entitled to select the forum in which Indemnitee’s entitlement to indemnification will be heard; provided, however, that if there is a Change of Control of the
Company, Independent Legal Counsel shall determine whether Indemnitee is entitled to indemnification. The Company shall notify Indemnitee in writing as to the forum selected, which selection shall be any one of the following: 
 (a) A majority vote of Disinterested Directors even though less than a quorum. 
 (b) A written opinion of Independent Legal Counsel, a copy of which shall be furnished to the Company, the Indemnitee and
each member of the Board of Directors. 
  

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 (c) A majority vote of the stockholders of the Company at a meeting at which
a quorum is present, with the shares owned by the person to be indemnified not being entitled to vote thereon. 
 (d) The court in which the Proceeding is or was pending upon application by Indemnitee. 
 The Company
agrees to bear any and all Expenses incurred by Indemnitee or the Company in connection with the determination of Indemnitee’s entitlement to indemnification in any of the above forums. 
 6. Presumptions and Effect of Certain Proceedings. No initial finding by the Board of Directors, its counsel, Independent Legal
Counsel, arbitrators or the stockholders shall be effective to deprive Indemnitee of the protection of this indemnity, nor shall a court or other forum to which Indemnitee may apply for enforcement of this indemnity give any weight to any such
adverse finding in deciding any issue before it. Upon making a request for indemnification, Indemnitee shall be presumed to be entitled to indemnification under this Agreement and the Company shall have the burden of proof to overcome that
presumption in reaching any contrary determination. No initial determination, in whole or in part, that Indemnitee is not entitled to indemnification shall create a presumption in any judicial proceeding or arbitration that Indemnitee has not met
the applicable standard of conduct for, or is otherwise not entitled to, indemnification. If the person or persons empowered to make the determination shall have failed to make the requested determination within 60 days after any judgment,
order, settlement, dismissal, arbitration award, conviction, acceptance of a plea of nolo contendere or its equivalent, or other disposition or partial disposition of any Proceeding, or any other event which could enable the Company to
determine the Indemnitee’s entitlement to indemnification, the required determination of entitlement to indemnification shall be deemed to have been made and the Indemnitee shall be absolutely entitled to indemnification under this Agreement,
absent (a) misrepresentation or omission of a material fact by the Indemnitee in the request for indemnification or (b) a specific finding that all or any part of such indemnification is expressly prohibited by law or this Agreement. The
termination of any Proceeding by judgment, order, settlement, arbitration award or conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, (i) adversely affect the rights of Indemnitee to indemnification
except as indemnification may be expressly prohibited under this Agreement, or (ii) establish a presumption with regard to any factual matter relevant to determining Indemnitee’s rights to indemnification hereunder. 
 7. Remedies of Indemnitee in Cases of Determination Not to Indemnify or to Advance Expenses. 
 7.1 In the event that (a) an initial determination is made that Indemnitee is not entitled to indemnification,
(b) advances for Expenses are not made when and as required by this Agreement, (c) payment has not been timely made following a determination of entitlement to indemnification pursuant to this Agreement, or (d) Indemnitee otherwise
seeks enforcement of this Agreement, Indemnitee shall be entitled to a final adjudication in an appropriate court of the State of Delaware of his or her entitlement to such indemnification or advance.

  

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Alternatively, unless court approval is required by law for the indemnification sought by Indemnitee, Indemnitee at Indemnitee’s option may seek an award in arbitration to be conducted by a
single arbitrator pursuant to the commercial arbitration rules of the American Arbitration Association now in effect, which award is to be made within 90 days following the filing of the demand for arbitration. Except as set forth herein, the
provisions of Delaware law shall apply to any such arbitration. The Company shall not oppose Indemnitee’s right to seek any such adjudication or arbitration award. In any such proceeding or arbitration, Indemnitee shall be presumed to be
entitled to indemnification and advancement of Expenses under this Agreement and the Company shall have the burden of proof to overcome that presumption. 
 7.2 In the event that a determination that Indemnitee is not entitled to indemnification, in whole or in part, has been made pursuant to Section 5 hereof, the decision in the judicial proceeding or
arbitration provided in Section 7.1 shall be made de novo and Indemnitee shall not be prejudiced by reason of an initial determination that Indemnitee is not entitled to indemnification. 
 7.3 If an initial determination is made or deemed to have been made pursuant to the terms of this Agreement that Indemnitee
is entitled to indemnification, the Company shall be bound by such determination in the absence of (a) a misrepresentation or omission of a material fact by Indemnitee in the request for indemnification or (b) a specific finding (which has
become final) by a court of competent jurisdiction that all or any part of such indemnification is expressly prohibited by law. 
 7.4 The Company and Indemnitee agree herein that a monetary remedy for breach of this Agreement, at some later date, will be inadequate, impracticable and difficult of proof, and further agree that such
breach would cause Indemnitee irreparable harm. Accordingly, the Company and Indemnitee agree that Indemnitee shall be entitled to temporary and permanent injunctive relief to enforce this Agreement without the necessity of proving actual damages or
irreparable harm. The Company and Indemnitee further agree that Indemnitee shall be entitled to such injunctive relief, including temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bond
or other undertaking in connection therewith. Any such requirement of bond or undertaking is hereby waived by the Company, and the Company acknowledges that in the absence of such a waiver, a bond or undertaking may be required by the court.

 7.5 The Company shall be precluded from asserting that the procedures and presumptions of this Agreement are
not valid, binding and enforceable. The Company shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement and is precluded from making any assertion to the contrary. 

 

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 7.6 All Expenses incurred by Indemnitee in connection with his or her
request for indemnification under, seeking enforcement of, or recovery of damages for breach of, this Agreement shall be borne and advanced by the Company, to the extent not prohibited by law. 
 8. Other Rights to Indemnification. Indemnitee’s rights of indemnification and advancement of Expenses provided by this
Agreement shall not be deemed exclusive of any other rights to which Indemnitee may now or in the future be entitled under applicable law, the Certificate, the Bylaws, agreement, vote of stockholders or Disinterested Directors, insurance or other
financial arrangements, or otherwise. 
 9. Limitations on Indemnification. No indemnification pursuant to Section 3
shall be paid by the Company nor shall Expenses be advanced pursuant to Section 4: 
 9.1 Insurance.
To the extent to which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision, vote or otherwise, except with respect to any excess beyond the amount so paid and except with respect to
amounts paid by Entity Indemnitors and subject to Section 9.9 below. Except in the case of payments by Entity Indemnitors subject to Section 9.9 below, Indemnitee shall reimburse the Company for any sums he or she receives as
indemnification from other sources to the extent of any amount paid to him or her for that purpose by the Company; 
 9.2 Section 16(b). On account and to the extent of any wholly or partially successful claim against Indemnitee for an accounting of profits made from the purchase or sale by Indemnitee of securities of the Company in violation
of the provisions of Section 16(b) of the Exchange Act or similar provisions of any federal, state or local statutory law; 
 9.3 Section 304 Forfeiture. On account and to the extent of any wholly or partially successful claim against Indemnitee that such amounts include amounts paid in bonus or other incentive-based
or equity-based compensation, or profits from the sale of securities, that the Indemnitee is required to reimburse to the Company under Section 304 of the Sarbanes-Oxley Act of 2002; 
 9.4 Unauthorized Settlements. Provided there has been no Change of Control, for Liabilities in connection with
Proceedings settled without the Company’s consent, which consent, however, shall not be unreasonably withheld; 
 9.5 Unlawful Indemnification. To the extent it would be otherwise prohibited by law, if so established by a judgment or other final adjudication adverse to Indemnitee; 
 9.6 Indemnitee’s Proceedings. Except as otherwise expressly provided in this Agreement, in connection with all or
any part of a Proceeding which is initiated or maintained by or on behalf of Indemnitee, or any Proceeding by Indemnitee against the Company or its directors, officers, employees or other Agents, unless (a) such indemnification is expressly
required to be made by

  

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Delaware Law, (b) the Proceeding was authorized by a majority of the Disinterested Directors, (c) there has been a Change of Control, or (d) such indemnification is provided by the
Company, in its sole discretion, pursuant to the powers vested in the Company under Delaware Law; 
 9.7
Actions Initiated by Federal Banking Agency. If and to the extent it is sustained in connection with an administrative or civil enforcement action which is initiated by a federal banking agency and results in a final adjudication or finding
against Indemnitee; or 
 9.8 Indemnification Prohibited by FDIC or Federal Banking Law. If and to the
extent that, on the date thereof, it is a prohibited indemnification payment under the regulations and the general policy of the Federal Deposit Insurance Corporation (including, without limitation, 12 C.F.R. Part 359.0 et seq.) or federal banking
law (including, without limitation, 12 U.S.C. Section 1828(k)), as both are amended and in effect on the date of such payment. 
 9.9 Order of Payments. The Company hereby acknowledges that Indemnitee may have, now or in the future, certain rights to indemnification, advancement of expenses and/or insurance provided by
entities and/or organizations with whom Indemnitee has or has had an employment, consulting, partner or similar relationship other than the Company or any of its subsidiaries or any of their respective insurers or other similar agents (collectively,
the “Entity Indemnitors”). The Company hereby agrees (A) that, with respect to the Entity Indemnitors, it is the indemnitor of first resort (i.e., its obligations to Indemnitee are primary and any obligation of the Entity
Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary) with respect to the obligations of the Company under this Agreement and the Company’s Certificate of
Incorporation, as amended from time to time, or Bylaws, as amended from time to time, and (B) that it shall be required to advance the full amount of expenses incurred by Indemnitee and shall be liable for the full amount of all expenses,
judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the Company’s Certificate of Incorporation, as amended from time to time, or Bylaws, as amended from
time to time, without regard to any rights Indemnitee may have against the Entity Indemnitors. The Company further agrees that no advancement or payment by the Entity Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee
has sought indemnification from the Company shall affect the foregoing and the Entity Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee
against the Company under this Agreement and the Company’s Certificate of Incorporation, as amended from time to time, or Bylaws, as amended from time to time. The Company and Indemnitee agree that the Entity Indemnitors are express third party
beneficiaries of the terms of this Section 9.9. 
  

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 10. Duration and Scope of Agreement; Binding Effect. This Agreement shall continue so
long as Indemnitee shall be subject to any possible Proceeding subject to indemnification by reason of the fact that he or she is or was an Agent and shall be applicable to Proceedings commenced or continued after execution of this Agreement,
whether arising from acts or omissions occurring before or after such execution. This Agreement shall be binding upon the Company and its successors and assigns (including any direct or indirect successor by purchase, merger, consolidation or
otherwise to all or substantially all of the business or assets of the Company) and shall inure to the benefit of Indemnitee and his or her spouse, assigns, heirs, devisees, executors, administrators and other legal representatives. The Company
shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the Company’s business or assets by written agreement in form and substance reasonably
satisfactory to the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 
 11. Notice by Indemnitee and Defense of Claims. Indemnitee agrees promptly to notify the Company in writing upon being notified of
any matter which may be subject to indemnification hereunder or upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any matter which may be subject to indemnification hereunder,
whether civil, criminal, arbitrative, administrative or investigative; but the omission so to notify the Company will not relieve the Company from any liability which it may have to Indemnitee if such omission does not actually prejudice the
Company’s rights and, if such omission does prejudice the Company’s rights, it will relieve the Company from liability only to the extent of such prejudice; nor will such omission relieve the Company from any liability which it may have to
Indemnitee otherwise than under this Agreement. With respect to any Proceeding: 
 (a) The Company will be
entitled to participate therein at its own expense; 
 (b) Except as otherwise provided below, to the extent that
it may wish, the Company jointly with any other indemnifying party similarly notified will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee; provided, however, that the Company shall not be
entitled to assume the defense of any Proceeding if there has been a Change of Control. After notice from the Company to Indemnitee of its election so to assume the defense thereof and the assumption of such defense, the Company will not be liable
to Indemnitee under this Agreement for any Expenses subsequently incurred by Indemnitee in connection with Indemnitee’s defense except as otherwise provided below. Indemnitee shall have the right to employ his or her counsel in such Proceeding,
but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense thereof and the assumption of such defense shall be at the expense of Indemnitee unless (i) the employment of counsel by
Indemnitee has been authorized by the Company, (ii) Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and Indemnitee in the conduct of the defense of such action or that the Company’s
counsel may not be adequately representing Indemnitee or (iii) the

  

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Company shall not in fact have employed counsel to assume the defense of such action, in each of which cases the fees and expenses of Indemnitee’s counsel shall be at the expense of the
Company; and 
 (c) The Company shall not be liable to indemnify Indemnitee under this Agreement for any amounts
paid in settlement of any action or claim effected without the Company’s written consent. The Company shall not settle any action or claim in any manner which would impose any limitation or penalty on Indemnitee without Indemnitee’s
written consent. Neither the Company nor Indemnitee will unreasonably withhold its or his or her consent to any proposed settlement. 
 12. Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee,
shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this
Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (a) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or
transaction(s) giving cause to such Proceeding; and/or (b) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s). 
 13. Maintenance of Insurance. The Company represents that it presently has in place certain directors’ and officers’
liability insurance policies covering its directors and officers. Subject only to the provisions within this Section 13, the Company agrees that so long as Indemnitee shall have consented to serve or shall continue to serve as a director or
officer of the Company, or both, or as an Agent of the Company, and thereafter so long as Indemnitee shall be subject to any possible Proceeding, the Company will use all reasonable efforts to maintain in effect for the benefit of Indemnitee one or
more valid, binding and enforceable policies of directors’ and officers’ liability insurance from established and reputable insurers, providing, in all respects, coverage both in scope and amount which is no less favorable than that
provided by such preexisting policies. Notwithstanding the foregoing, the Company shall not be required to maintain said policies of directors’ and officers’ liability insurance during any time period if during such period such insurance
is not reasonably available or if it is determined in good faith by the then directors of the Company either that: 
 (a) The
premium cost of maintaining such insurance is substantially disproportionate to the amount of coverage provided thereunder; or 
 (b) The protection provided by such insurance is so limited by exclusions, deductions or otherwise that there is insufficient benefit to warrant the cost of maintaining such insurance. 
 Anything in this Agreement to the contrary notwithstanding, to the extent that and for so long as the Company shall choose to continue to
maintain any policies of directors’ and officers’ liability insurance during the period described in this Section 13, the Company shall maintain

  

 - 12 - 

 
similar and equivalent insurance for the benefit of Indemnitee during such period (unless such insurance shall be less favorable to Indemnitee than the Company’s existing policies).

 14. Subrogation. Except in the case of rights to recovery from Entity Indemnitors, in the event of payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and shall do everything that may be necessary to secure such rights, including the
execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
 15.
Miscellaneous Provisions. 
 15.1 Severability; Partial Indemnity. If any provision or provisions
of this Agreement (or any portion thereof) shall be held by a court of competent jurisdiction to be invalid, illegal or unenforceable for any reason whatever: (a) such provision shall be limited or modified in its application to the minimum
extent necessary to avoid the invalidity, illegality or unenforceability of such provision; (b) the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected or impaired thereby; and
(c) to the fullest extent possible, the provisions of this Agreement shall be construed so as to give effect to the intent manifested by the provision (or portion thereof) held invalid, illegal or unenforceable. If Indemnitee is entitled under
any provision of this Agreement to indemnification by the Company for some or a portion of any Expenses or Liabilities of any type whatsoever incurred by him or her in the investigation, defense, settlement or appeal of a Proceeding but not entitled
to all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for such total amount except as to the portion thereof for which it has been determined pursuant to Section 5 hereof that Indemnitee is not entitled.

 15.2 Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which
shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the
existence of this Agreement. 
 15.3 Interpretation of Agreement. It is understood that the parties hereto
intend this Agreement to be interpreted and enforced so as to provide indemnification to Indemnitee to the fullest extent now or hereafter permitted by law. 
 15.4 Headings. The headings of the Sections and paragraphs of this Agreement are inserted for convenience only and
shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 
 15.5
Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by both of the parties to this Agreement. No waiver of any provision of this Agreement shall be deemed to
constitute a waiver of any other provision hereof (whether or

  

 - 13 - 

 
not similar), nor shall such waiver constitute a continuing waiver. No waiver of any provision of this Agreement shall be effective unless executed in writing. 
 15.6 Mutual Acknowledgement. The Company and Indemnitee acknowledge that in certain instances, federal law or
applicable public policy may prohibit the Company from indemnifying or advancing Expenses to Indemnitee under this Agreement or otherwise. 
 15.7 Notices. All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given when (i) delivered by hand and receipted for by
the party to whom said notice or other communication shall have been directed, (ii) one business day after being deposited with a nationally recognized overnight courier service, (iii) three business days after being deposited in the U.S.
Mail, certified or registered mail, return receipt requested, or (iv) one business day after being sent by facsimile (with receipt acknowledged): 
  

					
	(a)	  	If to Indemnitee, to the address set forth on the signature page hereof;
		
	(b)	  	If to the Company, to:
		
		  	SVB Financial Group
		  	3003 Tasman Drive
		  	Santa Clara, California 95054-1191
		  	Attention:	  	President
		  	Facsimile:	  	(408) 496-2420

 or to such other address as may have been furnished to Indemnitee by the Company or to
the Company by Indemnitee, as the case may be. 
 15.8 Governing Law. The parties agree that this
Agreement shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, as applied to contracts between Delaware residents entered into and to be performed entirely within Delaware. 
 15.9 Consent to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction of the
courts of the State of Delaware for all purposes in connection with any action or proceeding which arises out of or relates to this Agreement and agree that any action instituted under this Agreement shall be brought only in the state courts of the
State of Delaware. 
 15.10 Entire Agreement. This Agreement represents the entire agreement between the
parties hereto, and there are no other agreements, contracts or understanding between the parties hereto with respect to the subject matter of this Agreement, except as specifically referred to herein or as provided in Sections 2 and 8 hereof.

  

 - 14 - 

 IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by a duly
authorized officer and Indemnitee has executed this Agreement as of the date first above written. 
  

			
	SVB FINANCIAL GROUP
		
	By:	 	  

		 	Name: Ken Wilcox
		 	Title: Chief Executive Officer
	
	[INDEMNITEE]
	
	  

	Address:

  

 - 15 -Amendment No. 2

 Exhibit 10.1 
 AMENDMENT NO. 2 TO CREDIT AGREEMENT 
 AMENDMENT
NO. 2 dated as of September 28, 2009 (this “Amendment”) among SPECTRA ENERGY CORP, a Delaware corporation (“Parent”), SPECTRA ENERGY CAPITAL, LLC, a Delaware limited liability company (the
“Borrower”), the Lenders executing this Amendment on the signature pages hereto and JPMORGAN CHASE BANK, N.A., in its capacity as administrative agent under the Credit Agreement referred to below (the “Agent”).

 The Borrower, the Agent and the Lenders, are parties to a Credit Agreement dated as of May 21, 2007 (as heretofore
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), providing, subject to the terms and conditions thereof, for extensions of credit to be made by the Lenders to the Borrower. Pursuant
to Amendment No. 1 (as defined in the Credit Agreement), Parent became a party to the Credit Agreement and guaranteed the Guaranteed Obligations (as defined in the Credit Agreement). The Borrower, the Agent and the Lenders party hereto wish to
amend the Credit Agreement in certain respects, and accordingly, the parties hereto hereby agree as follows: 
 Section 1.
Definitions. Except as otherwise defined in this Amendment, terms defined in the Credit Agreement are used herein as defined therein. 
 Section 2. Amendments. Subject to the satisfaction of the conditions precedent specified in Section 4 of this Amendment, but effective as of the date hereof, the Credit Agreement shall be
amended as follows: 
 2.01. References Generally. References in the Credit Agreement (including references to the Credit
Agreement as amended hereby) to “this Agreement” (and indirect references such as “hereunder”, “hereby”, “herein” and “hereof”) shall be deemed to be references to the Credit Agreement as amended
hereby. 
 2.02. Definitions. 
 (a) Section 1.01 of the Credit Agreement shall be amended by adding the following definitions in the appropriate alphabetical location: 
 ““Agreement Currency” has the meaning assigned to such term in Section 8.14(b).”

 ““Alternative Currency” means each of Canadian Dollars, Euros, Pounds Sterling and each
other currency (other than dollars) that is approved by the Agent, the applicable Issuing Bank and the Required Lenders in accordance with Section 2.03(b).” 
 ““Alternative Currency Equivalent Amount” means, at any time, with respect to any amount denominated in
dollars, the equivalent amount thereof in the applicable Alternative Currency as reasonably determined by the Agent or the applicable Issuing Bank, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most
recent Revaluation Date) for the purchase of such Alternative Currency with dollars.” 

 ““Applicable Creditor” has the meaning assigned to
such term in Section 8.14(b).” 
 ““Dollar Equivalent Amount” means, at
any time, (a) with respect to any amount in dollars, such amount, and (b) with respect to any amount denominated in an Alternative Currency, the equivalent amount thereof in dollars as reasonably determined by the Agent or the applicable
Issuing Bank, as the case may be, at such time on the basis of the Spot Rate (determined in respect of the most recent Revaluation Date) for the purchase of dollars with such Alternative Currency.” 
 ““Judgment Currency” has the meaning assigned to such term in Section 8.14(b).”

 ““Revaluation Date” means with respect to any Letter of Credit, each of the following:
(a) each date of issuance of a Letter of Credit denominated in an Alternative Currency, (b) each date of an amendment of any such Letter of Credit having the effect of increasing the amount thereof, (c) each date of any payment by the
applicable Issuing Bank of any Letter of Credit denominated in an Alternative Currency and (d) such additional dates as the Agent, the Borrower or the applicable Issuing Bank shall reasonably determine or the Required Lenders shall
require.” 
 ““Spot Rate” for a currency means the rate reasonably determined by the
Agent or the applicable Issuing Bank, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange trading
office at approximately 11:00 A.M. (New York City time) on the date two (2) Business Days prior to the date as of which the foreign exchange computation is made; provided that the Agent or the applicable Issuing Bank may obtain such spot
rate from another financial institution designated by the Agent or the applicable Issuing Bank if the Person acting in such capacity does not have, as of the date of determination, a spot buying rate for any such currency; and provided
further that the applicable Issuing Bank may use such spot rate quoted on the date as of which the foreign exchange computation is made in the case of any Letter of Credit denominated in an Alternative Currency.” 
 (b) Section 1.01 of the Credit Agreement shall be amended by restating the definition of “Letter of Credit Exposure”
in its entirety to read as follows: 
 ““Letter of Credit Exposure” means, for any Lender
at any time, such Lender’s Pro Rata Share of the sum of (a) the Dollar Equivalent Amount of all outstanding Letter of Credit Disbursements that have not been reimbursed by the Borrower at such time and (b) the aggregate Dollar
Equivalent Amount then available for drawing under all Letters of Credit. For purposes of computing the Dollar Equivalent Amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Sections 1.05 and 1.06.” 
  

 2 

 2.03. Exchange Rates; Currency Equivalents. Article 1 of the Credit Agreement is
hereby amended to add a new Section 1.06 to read in its entirety as follows: 
 “SECTION 1.06. Exchange
Rates; Currency Equivalents. 
 (a) The Agent or the applicable Issuing Bank, as applicable, shall determine
the Spot Rate as of each Revaluation Date to be used for calculating Dollar Equivalent Amounts for any Letter of Credit denominated in an Alternative Currency or the Letter of Credit Exposure. Such Spot Rates shall become effective as of the
Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. The applicable amount of any currency (other than dollars) for purposes of this Agreement and
any other agreements, documents or instruments related hereto shall be the Dollar Equivalent Amount as so determined by the Agent or the applicable Issuing Bank, as applicable. 
 (b) Whenever in this Agreement in connection with the issuance, amendment or extension of a Letter of Credit, an amount, such
as a required minimum or multiple amount, is expressed in dollars, but such Letter of Credit is denominated in an Alternative Currency, such amount shall be the Alternative Currency Equivalent Amount of such dollar amount (rounded to the nearest
unit of such Alternative Currency, with 0.5 of a unit being rounded upward), as reasonably determined by the Agent or the applicable Issuing Bank, as applicable.” 
 2.04. Request for Issuance. Section 2.03(b) of the Credit Agreement is hereby amended to read in its entirety as follows: 
 “(b) Request for Issuance. Letters of Credit denominated in dollars or in one or more Alternative Currencies may
be issued hereunder in a Dollar Equivalent Amount that does not at the time of the issuance of such Letter of Credit exceed the aggregate Commitments minus the sum of the aggregate outstanding Advances and Letter of Credit Exposures of the
Lenders at such time, provided that no Issuing Bank shall be required at any time to issue a Letter of Credit that would result in (x) the aggregate Letter of Credit Exposure in respect of Letters of Credit issued by it exceeding such
Issuing Bank’s Letter of Credit Commitment or (y) the Dollar Equivalent Amount of the aggregate outstanding amount of Letters of Credit issued hereunder denominated in Alternative Currencies exceeding $150,000,000. Each Letter of Credit
shall be issued upon notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed issuance of such Letter of Credit, by the Borrower to any Issuing Bank, which shall give to the Agent
prompt notice thereof. Each such notice by the Borrower of issuance of a Letter of Credit (a “Notice of Issuance”) shall be by telephone, confirmed by the Borrower immediately in writing in substantially the form of Exhibit C
attached hereto, specifying therein the requested (i) date of such issuance (which shall be a Business Day), (ii) face amount of such Letter of Credit (which must be in dollars or an Alternative Currency), (iii) expiration date of
such Letter of Credit (which may not be more than one year after the Termination Date; provided that the Borrower

  

 3 

 
shall Cash Collateralize in accordance with Section 2.03(h) any Letter of Credit that has an expiration date on or after the Termination Date; provided, further, that no
Letter of Credit may expire after the date that is five Business Days prior to an Existing Termination Date in respect of any Declining Lenders under Section 2.05(e) if, after giving effect to the issuance of such Letter of Credit, the
aggregate Commitments of the Consenting Lenders (including any replacement Lenders) for the period following such Existing Termination Date would be less than the Letter of Credit Exposure following such Existing Termination Date), (iv) name
and address of the beneficiary of such Letter of Credit and (v) form of such Letter of Credit, and shall be accompanied by such application and agreement for letter of credit as such Issuing Bank may specify to the Borrower for use in
connection with such requested Letter of Credit (a “Letter of Credit Agreement”). Upon receipt of a Notice of Issuance, the Agent shall promptly notify each Lender of the contents thereof and of the amount of such Lender’s
Letter of Credit Exposure in respect of such Letter of Credit. If the requested form of such Letter of Credit is acceptable to such Issuing Bank in its sole discretion, such Issuing Bank will, upon fulfillment of the applicable conditions set forth
in Article III, make such Letter of Credit available to the Borrower at its office referred to in Section 8.02 or as otherwise agreed with the Borrower in connection with such issuance. In the event and to the extent that the
provisions of any Letter of Credit Agreement shall conflict with this Agreement, the provisions of this Agreement shall govern. The Borrower may from time to time request that Letters of Credit be issued in a currency other than dollars, Canadian
Dollars, Euros or Pounds Sterling, provided that such requested currency is a lawful currency (other than dollars) that is readily available and freely transferable and convertible into dollars. Any such request shall be made to the Agent not
later than twenty (20) Business Days (or such other date as may be agreed by the Agent and the applicable Issuing Banks, in their sole discretion) prior to the date of the desired issuance of a Letter of Credit denominated in the requested
currency. If approved by the Agent and the Required Lenders in their sole discretion, the Agent shall promptly notify each Issuing Bank thereof. Each Issuing Bank shall notify the Agent not later than ten (10) Business Days (or such other date
as may be agreed by the Agent and the applicable Issuing Banks, in their sole discretion) after receipt of such request whether it consents, in its sole discretion, to the issuance of Letters of Credit in such requested currency. Any failure by an
Issuing Bank to respond to such request within the time period specified in the preceding sentence shall be deemed a refusal by such Issuing Bank to issue Letters of Credit in the requested currency. If the Agent, the Required Lenders and one or
more Issuing Banks consent to the issuance of Letters of Credit in such requested currency, the Agent shall so notify the Borrower and such currency shall thereupon be deemed for all purposes to be an Alternative Currency hereunder for Letter of
Credit issuances by those Issuing Banks consenting thereto. If the Agent shall fail to obtain consent for an additional currency under this Section 2.03(b), the Agent shall promptly notify the Borrower.” 
  

 4 

 2.05. Issuing Bank Reports. Section 2.03(c) of the Credit Agreement is
hereby amended to read in its entirety as follows: 
 “(c) Issuing Bank Reports. Unless otherwise
agreed by the Agent, each Issuing Bank shall report in writing to the Agent (i) on or prior to each Business Day on which such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment, renewal or
extension, and the Dollar Equivalent Amount of the aggregate face amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the
Dollar Equivalent Amount thereof shall have changed), it being understood that such Issuing Bank shall not effect any issuance, renewal, extension or amendment resulting in an increase in the aggregate Dollar Equivalent Amount of the Letters of
Credit issued by it without first obtaining written confirmation from the Agent that such increase is then permitted under this Agreement, (ii) on each Business Day on which such Issuing Bank makes any Letter of Credit Disbursement, the date
and the Dollar Equivalent Amount of such Letter of Credit Disbursement, (iii) on any Business Day on which a Borrower fails to reimburse a Letter of Credit Disbursement required to be reimbursed to such Issuing Bank on such day, the date of
such failure and the Dollar Equivalent Amount of such Letter of Credit Disbursement and (iv) on any other Business Day, such other information as the Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank.”

 2.06. Drawings Under Letters of Credit; Reimbursement; Interim Interest. Section 2.03(e) of the Credit
Agreement is hereby amended to read in its entirety as follows: 
 “(e) Drawings Under Letters of Credit;
Reimbursement; Interim Interest. Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the Issuing Bank shall notify the Agent and the Agent shall promptly notify the Borrower and each
other Lender as to the Dollar Equivalent Amount to be paid as a result of such demand or drawing and the payment date. The Borrower shall be irrevocably and unconditionally obligated forthwith to reimburse the Issuing Bank in the applicable currency
for any amounts paid by the Issuing Bank upon any drawing under any Letter of Credit without presentment, demand, protest or other formalities of any kind. If the Borrower fails to make such reimbursement payment when due, the Agent shall notify
each Lender of the applicable Letter of Credit Disbursement, the payment then due from the Borrower in respect thereof (the “Unreimbursed Amount”) and the Dollar Equivalent Amount of such Lender’s Pro Rata Share thereof.
Promptly following receipt of such notice, each Lender shall pay to the Agent the Dollar Equivalent Amount of its Pro Rata Share of the Unreimbursed Amount, in the same manner as provided in Section 2.02 with respect to Advances made by
such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Agent shall promptly pay to the Issuing Bank the amounts so received by it from the Lenders in dollars or, if
requested by such Issuing Bank, the equivalent amount thereof in the applicable Alternative Currency as determined by the Agent or the applicable Issuing Bank at such time on the basis of the Spot Rate (determined as of such funding date) for the
purchase of such Alternative Currency with dollars. Promptly following receipt by the Agent of any payment from the Borrower pursuant to this Section 2.03(e), the Agent shall distribute such payment to the Issuing Bank or, to the extent
that Lenders have made payments pursuant to this Section 2.03(e) to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this
Section 2.03(e) to

  

 5 

 
reimburse the Issuing Bank for any Letter of Credit Disbursement shall not constitute an Advance and shall not relieve the Borrower of its obligation to reimburse the Issuing Bank for such Letter
of Credit Disbursement. All such amounts paid by the Issuing Bank (whether or not the Dollar Equivalent Amount of their Pro Rata Shares of such amounts have been paid to the Issuing Bank by the Lenders as provided above) and remaining unpaid by the
Borrower shall bear interest, payable on demand, for each day until paid at a rate per annum equal to the Base Rate for such day plus, if such amount remains unpaid for more than three Business Days, 1%.” 
 2.07. Obligations Unconditional. Section 2.03(f) of the Credit Agreement is hereby amended (a) to remove the word
“or” at the end of clause (iv) thereof, (b) to renumber clause (v) thereof as clause (vi) and (c) to insert a new clause (v) to read in its entirety as follows: 
 “(v) any adverse change in the relevant exchange rates or in the availability of the relevant Alternative Currency to
the Borrower or the relevant currency markets generally; or”. 
 2.08. Letter of Credit Fees.
Section 2.04(b)(ii) of the Credit Agreement is hereby amended to read in its entirety as follows: 
 “(ii) The Borrower shall pay to each Issuing Bank, for its own account a fronting fee on the Dollar Equivalent Amount of the amount of Letters of Credit issued by such Issuing Bank at the rate of 0.125% per annum or such other
rate as may be agreed by the Borrower and such Issuing Bank.” 
 2.09. Mandatory Payments and Prepayments of
Advances. Section 2.09(b) of the Credit Agreement is hereby amended to read in its entirety as follows: 
 “(b) Outstandings in Excess of Commitments. At any time that the aggregate principal amount of Advances outstanding plus the aggregate Letter of Credit Exposures exceeds the aggregate Commitments (an
“Excess”), including, without limitation, as a result of currency exchange rate fluctuations with respect to Letters of Credit denominated in Alternative Currencies, the Borrower shall immediately prepay to the Agent for the ratable
account of the Lenders, in whole or in part, a principal amount of Advances comprising part of the same Borrowing(s) selected by the Borrower that will eliminate the Excess, together with accrued interest to the date of such prepayment on the
principal amount prepaid; provided, however, that in the event of any such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 2.11;
provided, further, that in the event an Excess remains after prepayment in full of all of the Advances, the Borrower shall immediately deposit cash collateral in an account with the Agent, in the name of the Agent and for the benefit
of the Lenders and the Issuing Banks (such deposit to be held by the Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement in accordance with Section 2.03(h)), in an amount equal to
such Excess. 
  

 6 

 2.10. Conversion of Currencies. Article VIII of the Credit Agreement is hereby
amended to insert the following new Section 8.14 at the end of such Article: 
 “SECTION 8.14.
Conversion of Currencies. 
 (a) If, for the purpose of obtaining judgment in any court, it is necessary
to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures
in the relevant jurisdiction the first currency could be purchased with such other currency on the Business Day immediately preceding the day on which final judgment is given. 
 (b) The obligations of the Borrower in respect of any sum due to any party hereto or any holder of the obligations owing
hereunder (the “Applicable Creditor”) shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other than the currency in which such sum is stated to be due hereunder (the “Agreement
Currency”), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking
procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor in the Agreement Currency, the
Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. The obligations of the Borrower contained in this Section 8.14 shall survive the termination of this
Agreement and the payment of all other amounts owing hereunder.” 
 Section 3. Representations and Warranties.
Each of the Borrower and Parent represents and warrants to the Lenders and the Agent that (a) the representations and warranties of such Person set forth in this Amendment and in the Credit Agreement shall be true and correct in all material
respects (except for those representations and warranties qualified by “materiality,” “Material Adverse Effect” or like qualification, which shall be true and correct in all respects) on and as of the date hereof (or, if any such
representation or warranty is expressly stated to have been made as of a specific date, as of such specific date), and as if each reference therein to “this Agreement” or “the Credit Agreement” (or words of similar import)
included reference to this Amendment and (b) no Default has occurred and is continuing. 
 Section 4. Conditions
Precedent. The amendments set forth in Section 2 of this Amendment shall become effective, as of the date hereof, on the date on which the Agent shall have received one or more counterparts of this Amendment, executed and delivered by
Parent, the Borrower and the Required Lenders. 
 Section 5. Miscellaneous. Except as herein provided, the Credit
Agreement shall remain unchanged and in full force and effect, and each of Parent and the Borrower (a) ratifies and confirms all provisions of the Credit Agreement as amended by this Amendment, (b) ratifies and confirms that all
obligations of each of Parent and the Borrower under the Notes and the Credit Agreement as amended by this Amendment are not released, reduced, or otherwise adversely

  

 7 

 
affected by this Amendment, and (c) agrees to perform such acts and duly authorize, execute, acknowledge and deliver such additional documents and certificates as Agent may reasonably
request in connection with this Amendment. This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken
together shall constitute one and the same agreement. Delivery of an executed counterpart of a signature page to this Amendment by telecopier or other electronic means shall be effective as delivery of a manually executed counterpart of this
Amendment. This Amendment shall be governed by, and construed in accordance with, the law of the State of New York. Each of Parent and the Borrower hereby submits to the nonexclusive jurisdiction of the United States District Court for the Southern
District of New York and of any New York State court sitting in New York City for purposes of all legal proceedings arising out of or relating to this Amendment and the Credit Agreement or the transactions contemplated hereby or thereby. Each of
Parent and the Borrower irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding
brought in such a court has been brought in an inconvenient forum. EACH OF PARENT, THE BORROWER, THE AGENT AND THE LENDERS PARTY HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON
CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AMENDMENT, THE CREDIT AGREEMENT OR THE NOTES OR THE ACTIONS OF THE AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT THEREOF. The Borrower shall pay all
reasonable fees and out-of-pocket expenses paid or incurred by the Agent incident to this Amendment, including, without limitation, the reasonable fees and out-of-pocket expenses of the Agent’s counsel in connection with the negotiation,
preparation, delivery and execution of this Amendment and any related documents. This Amendment constitutes the entire agreement and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or
written, relating to the subject matter hereof. 
 [Remainder of page intentionally left blank; signature pages follow.] 

  

 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to Credit
Agreement to be duly executed and delivered as of the day and year first above written. 
  

					
	PARENT
	
	SPECTRA ENERGY CORP
		
	By:	 	/s/ Allen C. Capps
		 	Name:	 	Allen C. Capps
		 	Title:	 	Vice President and Treasurer
	
	BORROWER
	
	SPECTRA ENERGY CAPITAL, LLC
		
	By:	 	/s/ Allen C. Capps
		 	Name:	 	Allen C. Capps
		 	Title:	 	Vice President and Treasurer

 Signature Page to Amendment No. 2 to Credit Agreement 

					
	LENDERS
	
	 JPMORGAN CHASE BANK, N.A.,
 individually and as Administrative Agent

		
	By:	 	/s/ Robert W. Traband
		 	Name:	 	Robert W. Traband
		 	Title:	 	Executive Director

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	CITIBANK, N.A.
		
	By:	 	/s/ Todd Mogil
	Name:	 	Todd Mogil
	Title:	 	Vice President

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Gabe Gomez
	Name:	 	Gabe Gomez
	Title:	 	Vice President

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	BARCLAYS BANK PLC
		
	By:	 	/s/ Nicolas A. Bell
	Name:	 	Nicolas A. Bell
	Title:	 	Director

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Christina Faith
	Name:	 	Christina Faith
	Title:	 	Vice President

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH
		
	By:	 	/s/ Nupur Kumar
	Name:	 	Nupur Kumar
	Title:	 	Vice President
		
	By:	 	/s/ Kevin Buddhew
	Name:	 	Kevin Buddhew
	Title:	 	Associate

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	DEUTSCHE BANK AG NEW YORK BRANCH
		
	By:	 	/s/ Ming K. Chu
	Name:	 	Ming K. Chu
	Title:	 	Vice President
		
	By:	 	/s/ Marcus Tarkington
	Name:	 	Marcus Tarkington
	Title:	 	Director

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	UBS AG STAMFORD BRANCH
		
	By:	 	/s/ Irja R. Otsa
	Name:	 	Irja R. Otsa
	Title:	 	Associate Director
		
	By:	 	/s/ Marie Haddad
	Name:	 	Marie Haddad
	Title:	 	Associate Director

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	BANK OF AMERICA, N.A., SUCCESSOR BY MERGER TO MERRILL LYNCH BANK USA
		
	By:	 	/s/ Gabe Gomez
	Name:	 	Gabe Gomez
	Title:	 	Vice President

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	MORGAN STANLEY BANK
		
	By:	 	/s/ Ryan Vetsch
	Name:	 	Ryan Vetsch
	Title:	 	Authorized Signatory

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	THE BANK OF NOVA SCOTIA
		
	By:	 	/s/ Andrew Ostrov
	Name:	 	Andrew Ostrov
	Title:	 	Director

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	BMO CAPITAL MARKETS FINANCING, INC.
		
	By:	 	/s/ Joseph W. Linder
	Name:	 	Joseph W. Linder
	Title:	 	Vice President

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	CIBC INC.
		
	By:	 	/s/ Dominic J. Sorresso
	Name:	 	Dominic J. Sorresso
	Title:	 	Executive Director
	
	 CIBC World Markets Corp.
 Authorized Signatory

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	SUNTRUST BANK
		
	By:	 	/s/ Yann Pirio
	Name:	 	Yann Pirio
	Title:	 	Director

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	TORONTO DOMINION (TEXAS) LLC
		
	By:	 	/s/ Debbi L. Brito
	Name:	 	Debbi L. Brito
	Title:	 	Authorized Signatory

 Signature Page to Amendment No. 2 to Credit Agreement 
  

 24 

			
	 BANK OF TOKYO-MITSUBISHI UFJ, LTD.,
 NEW YORK BRANCH

		
	By:	 	/s/ Gordon DeKuyper
	Name:	 	Gordon DeKuyper
	Title:	 	Authorized Signatory

 Signature Page to Amendment No. 2 to Credit Agreement 

			
	 SUMITOMO MITSUI BANKING CORP,
 NEW YORK BRANCH

		
	By:	 	/s/ Masakazu Hasegawa
	Name:	 	Masakazu Hasegawa
	Title:	 	General Manager

 Signature Page to Amendment No. 2 to Credit Agreement 
  

 26 

			
	WOODLANDS COMMERCIAL BANK
		
	By:	 	/s/ Gary Murray
	Name:	 	Gary Murray
	Title:	 	Chief Credit Officer

 Signature Page to Amendment No. 2 to Credit Agreement

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