Document:

Exhibit

Exhibit 4.46
_________________________________________________________________
ENTERGY MISSISSIPPI, LLC
(successor to Entergy Mississippi, Inc., formerly Mississippi Power & Light Company)
to
THE BANK OF NEW YORK MELLON
(formerly The Bank of New York)
(successor to Harris Trust Company of New York and Bank of Montreal Trust Company)

As Trustee under
Entergy Mississippi, LLC’s
Mortgage and Deed of Trust, dated as of February 1, 1988
________________________________
______________ SUPPLEMENTAL INDENTURE
Providing among other things for
First Mortgage Bonds,
____% Series due _________ __, 20__
________________
Dated as of ________ __, 20__
_____________________________
Prepared by
Wise Carter Child & Caraway, Professional Association
P.O. Box 651
Jackson, Mississippi 39205
(601) 968-5500
_________________________________________________________________

TABLE OF CONTENTS
Page
		
	Parties
	1

		
	Recitals
	1

ARTICLE I
DEFINITIONS AND RULES OF CONSTRUCTION
		
	Section 1.01.
	Terms From the Indenture.    8

		
	Section 1.02.
	References Are to _______________ Supplemental Indenture.    8

		
	Section 1.03.
	Certain Defined Terms.    8

		
	Section 1.04.
	Number and Gender.    9

ARTICLE II
THE _______________ SERIES
		
	Section 2.01.
	Bonds of the _______________ Series.    9

		
	Section 2.02.
	Optional Redemption of Bonds of the _______________ Series.    10

		
	Section 2.03.
	Transfer and Exchange.    10

		
	Section 2.04.
	Dating of Bonds and Interest Payments.    10

		
	Section 2.05.
	Release of Company upon Conveyance or Other Transfer.    11

ARTICLE III
COVENANTS
		
	Section 3.01.
	Maintenance of Paying Agent.    11

		
	Section 3.02.
	Further Assurances.    11

ARTICLE IV
CONSENT TO AMENDMENTS
		
	Section 4.01.
	Consent to Amendments.    12

ARTICLE V
MISCELLANEOUS PROVISIONS
		
	Section 5.01.
	Acceptance of Trusts.    12

		
	Section 5.02.
	Effect of _______________ Supplemental Indenture under Louisiana Law.    12

		
	Section 5.03.
	Record Date.    13

		
	Section 5.04.
	Titles.    13

		
	Section 5.05.
	Counterparts.    13

		
	Section 5.06.
	Governing Law.    13

		
	Section 5.07.
	Recitals.    13

		
	Signatures
	S-1

		
	Acknowledgments
	S-3

Exhibit A -Form of Bond of _______________ Series

______________ SUPPLEMENTAL INDENTURE
_________________________
______________ SUPPLEMENTAL INDENTURE, dated as of ________ __, 2018, between ENTERGY MISSISSIPPI, LLC, a limited liability company of the State of Texas (formerly Entergy Mississippi Power and Light, LLC and hereinafter sometimes called the “Company”), as successor to Entergy Mississippi, Inc., formerly Mississippi Power & Light Company, a corporation of the State of Mississippi which changed its state of incorporation from the State of Mississippi to the State of Texas by domesticating and converting into a Texas corporation on November 19, 2018 (hereinafter sometimes called the “Original Company”), whose post office address is P.O. Box 1640, Jackson, Mississippi 39215-1640 (tel. 504-576-4363) (the “Company”) and THE BANK OF NEW YORK MELLON (successor to Harris Trust Company of New York), a New York banking corporation, whose principal corporate trust office is located at 240 Greenwich Street, 7E, New York, New York 10286 (tel. 904-998-4724), as Trustee under the Mortgage and Deed of Trust, dated as of February 1, 1988, executed and delivered by the Original Company (herein called the “Original Indenture”; the Original Indenture together with any and all indentures and instruments supplemental thereto being herein called the “Indenture”);
WHEREAS, the Original Indenture has been duly recorded or filed as required in the States of Mississippi and Arkansas; and
WHEREAS, the Original Company has executed and delivered to the Trustee (such term and all other defined terms used herein and not defined herein having the respective definitions to which reference is made in Article I below) its First Supplemental Indenture, dated as of February 1, 1988, its Second Supplemental Indenture, dated as of July 1, 1988, its Third Supplemental Indenture, dated as of May 1, 1989, its Fourth Supplemental Indenture, dated as of May 1, 1990, its Fifth Supplemental Indenture, dated as of November 1, 1992, its Sixth Supplemental Indenture, dated as of January 1, 1993, its Seventh Supplemental Indenture, dated as of July 15, 1993, its Eighth Supplemental Indenture, dated as of November 1, 1993, its Ninth Supplemental Indenture, dated as of July 1, 1994, its Tenth Supplemental Indenture, dated as of April 1, 1995, its Eleventh Supplemental Indenture, dated as of June 1, 1997, its Twelfth Supplemental Indenture, dated as of April 1, 1998, its Thirteenth Supplemental Indenture, dated as of May 1, 1999, its Fourteenth Supplemental Indenture, dated as of May 1, 1999, its Fifteenth Supplemental Indenture, dated as of February 1, 2000, its Sixteenth Supplemental Indenture, dated as of January 1, 2001, its Seventeenth Supplemental Indenture, dated as of October 1, 2002, its Eighteenth Supplemental Indenture, dated as of November 1, 2002, its Nineteenth Supplemental Indenture, dated as of January 1, 2003, its Twentieth Supplemental Indenture, dated as of March 1, 2003, its Twenty-first Supplemental Indenture, dated as of May 1, 2003, its Twenty-second Supplemental Indenture, dated as of March 1, 2004, its Twenty-third Supplemental Indenture, dated as of April 1, 2004, its Twenty-fourth Supplemental Indenture, dated as of September 1, 2004, its Twenty-fifth Supplemental Indenture, dated as of January 1, 2006, its Twenty-sixth Supplemental Indenture, dated as of June 1, 2009, its Twenty-seventh Supplemental Indenture, dated as of April 1, 2010, its Twenty-eighth Supplemental Indenture, dated as of April 1, 2011, its Twenty-ninth Supplemental Indenture, dated as of May 1, 2011, its Thirtieth Supplemental Indenture, dated as of December 1, 2012, its Thirty-first Supplemental Indenture, dated as of March 1, 2014, its Thirty-second Supplemental Indenture, dated as of May 1, 2016, its Thirty-third Supplemental Indenture, dated as of September 1, 2016, its Thirty-fourth Supplemental Indenture, dated as of November 1, 2017, and its Thirty-fifth Supplemental Indenture, dated as of November 19, 

2018, each as a supplement to the Original Indenture, and the First through Thirty-fourth Supplemental Indentures have been duly recorded or filed as required in the States of Mississippi and Arkansas; and
WHEREAS, pursuant to an Agreement and Plan of Merger dated as of March 18, 1999, Harris Trust Company of New York merged into Bank of Montreal Trust Company, Trustee under the Indenture, and effective July 1, 1999, the combined entity changed its name to Harris Trust Company of New York. By virtue of Section 9.03 of the Original Indenture, Harris Trust Company of New York became successor Trustee under the Indenture, without execution of any paper or the performance of any further act on the part of any other parties to the Indenture; and
WHEREAS, effective June 30, 2000, Harris Trust Company of New York resigned as Trustee under the Indenture, and by an Instrument of Appointment of Successor Trustee the Original Company appointed The Bank of New York as successor Trustee, effective June 30, 2000, and The Bank of New York accepted said appointment; and
WHEREAS, effective June 30, 2000, Mark F. McLaughlin resigned as Co-Trustee under the Indenture, and by an Agreement of Resignation, Appointment and Acceptance the Original Company appointed Stephen J. Giurlando, as successor Co-Trustee, effective June 30, 2000, and Stephen J. Giurlando accepted said appointment; and
WHEREAS, effective July 1, 2008, The Bank of New York changed its name to The Bank of New York Mellon; and 
WHEREAS, effective June 1, 2009, Stephen J. Giurlando resigned as Co-Trustee under the Indenture; and
WHEREAS, in addition to property described in the Original Indenture, as heretofore supplemented, the Original Company has acquired certain other property rights and interests in property; and
WHEREAS, the Original Company has heretofore issued, in accordance with the provisions of the Indenture, the following series of bonds:

	
			
	Series
	Principal Amount
Issued
	Principal
Amount
Outstanding

	14.65% Series due February 1, 1993
	$55,000,000
	None

	14.95% Series due February 1, 1995
	 20,000,000
	None

	 8.40% Collateral Series due December 1, 1992
	 12,600,000
	None

	11.11% Series due July 15, 1994
	 18,000,000
	None

	11.14% Series due July 15, 1995
	 10,000,000
	None

	11.18% Series due July 15, 1996
	 26,000,000
	None

	11.20% Series due July 15, 1997
	 46,000,000
	None

	 9.90% Series due April 1, 1994
	 30,000,000
	None

	 5.95% Series due October 15, 1995
	 15,000,000
	None

	 6.95% Series due July 15, 1997
	 50,000,000
	None

	 8.65% Series due January 15, 2023
	125,000,000
	None

	 7.70% Series due July 15, 2023
	 60,000,000
	None

	 6 5/8% Series due November 1, 2003
	 65,000,000
	None

	 8.25% Series due July 1, 2004
	25,000,000
	None

	8.80% Series due April 1, 2005
	80,000,000
	None

	6 7/8% Series due June 1, 2002
	65,000,000
	None

	6.45% Series due April 1, 2008
	80,000,000
	           None   

	6.20% Series due May 1, 2004
	75,000,000
	           None

	Floating Rate Series due May 3, 2004
	50,000,000
	           None

	Pollution Control Series A due July 1, 2022
	32,850,000
	None

	7 3/4% Series due February 15, 2003
	120,000,000
	None

	6.25% due February 1, 2003
	70,000,000
	None

	6% Series due November 1, 2032
	75,000,000
	None

	7.25% Series due December 1, 2032
	100,000,000
	None     

	5.15% Series due February 1, 2013
	100,000,000
	None     

	4.35% Series due April 1, 2008
	100,000,000
	 None

	4.95% Series due June 1, 2018
	95,000,000
	None     

	6.25% Series due April 1, 2034
	100,000,000
	None

	4.65% Series due May 1, 2011
	80,000,000
	None    

	4.60% Pollution Control Series B due April 1, 2022
	16,030,000
	   None

	5.92% Series due February 1, 2016
	100,000,000
	None    

	6.64% Series due July 1, 2019
	150,000,000
	150,000,000

	6.20% Series due April 15, 2040
	80,000,000
	None    

	6.0% Series due May 1, 2051
	150,000,000
	None    

	3.25% Series due June 1, 2016
	125,000,000
	None    

	3.10% Series due July 1, 2023
3.75% Series due July 1, 2024
2.85% Series due June 1, 2028
	250,000,000
100,000,000
375,000,000
	250,000,000
100,000,000
375,000,000

	4.90% Series due October 1, 2066
	260,000,000
	260,000,000

	3.25% Series due December 1, 2027
	150,000,000
	150,000,000

; and

WHEREAS, effective as of November 19, 2018, the Original Company changed its state of incorporation from Mississippi to Texas and domesticated and converted to a Texas corporation; and
WHEREAS, the Original Company, as a Texas corporation (the “Original Company-TX”) executed and delivered to the Trustee the Thirty-fifth Supplemental Indenture, dated as of November 19, 2018 (the “Thirty-fifth Supplemental Indenture”) in which the Original Company-TX assumed and agreed to pay, duly and punctually, the principal of and interest on the bonds issued under the Indenture in accordance with the provisions of said bonds and any coupons and of the Indenture, and agreed to perform and fulfill all the covenants and conditions of the Indenture to be kept or performed by the Original Company, as a Mississippi corporation, which Thirty-fifth Supplemental Indenture has been or will be duly recorded or filed as required in the States of Mississippi and Arkansas and with the Secretary of State of Texas; and 
WHEREAS, effective as of 11:58 p.m. Central Time, November 30, 2018, the Original Company-TX allocated to the Company, among other things, all of its rights, powers, duties and obligations under the Indenture and the bonds outstanding thereunder and, subject to the Lien of the Indenture, all of the Mortgaged and Pledged Property as an entirety (the “2018 Transfer”) pursuant to a Plan of Merger between the Original Company-TX and the Company (the “2018 Transfer Documents”), in connection with which, among other things, the Company succeeded to the ownership of all of the Original Company-TX’s right, title and interest in and to the Mortgaged and Pledged Property as constituted immediately prior to the time that the 2018 Transfer became effective, and succeeded to all of the Original Company-TX’s rights, powers, duties and obligations under the Indenture and the bonds outstanding thereunder; and 
WHEREAS, the Company executed and delivered to the Trustee the Thirty-sixth Supplemental Indenture, dated as of November 30, 2018 (the “Thirty-sixth Supplemental Indenture”) in which the Company assumed and agreed to pay, duly and punctually, the principal of and interest on the bonds issued under the Indenture in accordance with the provisions of said bonds and any coupons and of the Indenture, and agreed to perform and fulfill all the covenants and conditions of the Indenture to be kept or performed by the Original Company-TX, which Thirty-sixth Supplemental Indenture has been or will be duly recorded or filed as required in the States of Mississippi and Arkansas and with the Secretary of State of Texas; and 
WHEREAS, effective as of December 1, 2018, the name of the Company was changed from Entergy Mississippi Power and Light, LLC to Entergy Mississippi, LLC; and
WHEREAS, the Company is lawfully entitled to assume or operate the Mortgaged and Pledged Property; and
WHEREAS, the Company has executed and delivered to the Trustee its ____________ Supplemental Indenture, dated as of ____________, __, 20__, as a supplement to the Original Indenture, which Supplemental Indenture has been duly recorded or filed as required in the States of Mississippi and Arkansas and with the Secretary of State of Texas; and
WHEREAS, the Company has heretofore issued, in accordance with the provisions of the Indenture, the following series of bonds:

	
			
	Series
	Principal Amount
Issued
	Principal
Amount
Outstanding

	 
	$                     
	 

; and

WHEREAS, Section 19.04 of the Original Indenture provides, among other things, that any power, privilege or right expressly or impliedly reserved to or in any way conferred upon the Company by any provision of the Indenture, whether such power, privilege or right is in any way restricted or is unrestricted, may be in whole or in part waived or surrendered or subjected to any restriction if at the time unrestricted, or to additional restriction if already restricted, and the Company may enter into any further covenants, limitations, restrictions or provisions for the benefit of any one or more series of bonds issued thereunder, or the Company may establish the terms and provisions of any series of bonds by an instrument in writing executed and acknowledged by the Company in such manner as would be necessary to entitle a conveyance of real estate to be recorded in all of the states in which any property at the time subject to the Lien of the Indenture shall be situated; and
WHEREAS, the Company desires to create a new series of bonds under the Indenture, and to add to its covenants and agreements contained in the Indenture certain other covenants and agreements to be observed by it; and
WHEREAS, all things necessary to make this _______________ Supplemental Indenture a valid, binding and legal instrument have been performed, and the issue of said series of bonds, subject to the terms of the Indenture, has been in all respects duly authorized; and
NOW, THEREFORE, THIS _______________ SUPPLEMENTAL INDENTURE WITNESSETH: That the Company, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, and in order to further secure the payment of both the principal of and interest and premium, if any, on the bonds from time to time issued under the Indenture, according to their tenor and effect and the performance of all provisions of the Indenture and of said bonds hereby grants, bargains, sells, releases, conveys, assigns, transfers, mortgages, hypothecates, affects, pledges, sets over and confirms a security interest unto THE BANK OF NEW YORK MELLON, as Trustee, and to its successor or successors in said trust, and to said Trustee and its successors and assigns forever (subject, however, to Excepted Encumbrances as defined in Section 1.06 of the Original Indenture), in (a) all of the Mortgaged and Pledged Property acquired by the Company from the Original Company-TX pursuant to the 2018 Transfer Documents (including, but not limited to, that located in the following counties in the State of Mississippi: Adams, Amite, Attala, Bolivar, Calhoun, Carroll, Choctaw, Claiborne, Coahoma, Copiah, Covington, DeSoto, Franklin, Grenada, Hinds, Holmes, Humphreys, Issaquena, Jefferson, Jefferson Davis, Lawrence, Leake, Leflore, Lincoln, Madison, Montgomery, Panola, Pike, Quitman, Rankin, Scott, Sharkey, Simpson, Smith, Sunflower, Tallahatchie, Tate, Tunica, Walthall, Warren, Washington, Webster, Wilkinson, Yalobusha and Yazoo; and in Independence County, Arkansas) and improvements, extensions and additions thereto and renewals and replacements thereof, (b) the property made and used by the Company as the basis under any of the provisions of the Indenture for the authentication and delivery of additional bonds or the withdrawal of cash or the release of property, (c) such franchises, repairs and additional property as may be acquired, made or constructed by the Company (1) to maintain, renew and preserve the franchises covered by the Indenture, or (2) to maintain the property mortgaged and intended to be mortgaged under the Indenture, as an operating system or systems in good repair, working order and condition, or (3) in rebuilding or renewal of property, subject to the Lien of the Indenture, damaged or destroyed, or (4) in replacement of 

or substitution for machinery, apparatus, equipment, frames, towers, poles, wire, pipe, rails, ties, switches, tools, implements and furniture, subject to the Lien of the Indenture, which shall have become old, inadequate, obsolete, worn out, unfit, unadapted, unserviceable, undesirable or unnecessary for use in the operation of the property mortgaged and intended to be mortgaged under the Indenture, and (d) all properties of the Company real, personal and mixed, of any kind or nature (except as in the Indenture expressly excepted), subject to the provisions of Section 15.03 of the Original Indenture, acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the effective time of the 2018 Transfer and wheresoever situated, including (without in anyway limiting or impairing by the enumeration of the same, the scope and intent of the foregoing or of any general description contained in the Indenture) all real estate, lands, easements, servitudes, licenses, permits, franchises, privileges, rights of way and other rights in or relating to real estate or the occupancy of the same; all power sites, flowage rights, water rights, water locations, water appropriations, ditches, flumes, reservoirs, reservoir sites, canals, raceways, waterways, dams, dam sites, aqueducts, and all other rights or means for appropriating, conveying, storing and supplying water; all rights of way and roads; all plants for the generation of electricity by steam, water and/or other power; all power houses, street lighting systems, standards and other equipment incidental thereto; all telephone, radio and television systems, air conditioning systems and equipment incidental thereto, water wheels, water works, water systems, steam heat and hot water plants, substations, electric, gas and water lines, service and supply systems, bridges, culverts, tracks, ice or refrigeration plants and equipment, offices, buildings and other structures and the equipment thereof; all machinery, engines, boilers, dynamos, turbines, electric, gas and other machines, prime movers, regulators, meters, transformers, generators (including, but not limited to, engine driven generators and turbogenerator units), motors, electrical, gas and mechanical appliances, conduits, cables, water, steam heat, gas or other pipes, gas mains and pipes, service pipes, fittings, valves and connections, pole and transmission lines, towers, overhead conductors and devices, underground conduits, underground conductors and devices, wires, cables, tools, implements, apparatus, storage battery equipment, and all other fixtures and personalty; all municipal and other franchises, consents or permits; all lines for the transmission and distribution of electric current, steam heat or water for any purpose including towers, poles, wires, cables, pipes, conduits, ducts and all apparatus for use in connection therewith and (except as in the Indenture expressly excepted) all the right, title and interest of the Company in and to all other property of any kind or nature appertaining to and/or used and/or occupied and/or enjoyed in connection with any property described in the Indenture.
TOGETHER WITH all and singular the tenements, hereditaments, prescriptions, servitudes and appurtenances belonging or in any way appertaining to the aforesaid property or any part thereof, with the reversion and reversions, remainder and remainders and (subject to the provisions of Section 11.01 of the Original Indenture) the tolls, rents, revenues, issues, earnings, income, product and profits thereof, and all the estate, right, title and interest and claim whatsoever, at law as well as in equity, which the Company now has or may hereafter acquire in and to the aforesaid property, rights and franchises and every part and parcel thereof.
IT IS HEREBY AGREED by the Company that, subject to the provisions of Section 15.03 of the Original Indenture, all the property, rights and franchises acquired by the Company (by purchase, consolidation, merger, donation, construction, erection or in any other way) after the date hereof (except as in the Indenture expressly excepted) shall be and are as fully granted and conveyed by the Indenture and as fully embraced within the Lien of the Indenture as if such property, rights and franchises were now owned by the Company and were specifically described in the Indenture and granted and conveyed by the Indenture.

PROVIDED that the following are not and are not intended to be now or hereafter granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, hypothecated, affected, pledged, set over or confirmed hereunder, nor is a security interest therein hereby granted or intended to be granted, and the same are hereby expressly excepted from the Lien and operation of the Indenture, viz: (1) cash, shares of stock, bonds, notes and other obligations and other securities not in the Indenture specifically pledged, paid, deposited, delivered or held under the Indenture or covenanted so to be; (2) merchandise, equipment, apparatus, materials or supplies held for the purpose of sale or other disposition in the usual course of business or for the purpose of repairing or replacing (in whole or part) any rolling stock, buses, motor coaches, automobiles or other vehicles or aircraft or boats, ships, or other vessels and any fuel, oil and similar materials and supplies consumable in the operation of any of the properties of the Company; rolling stock, buses, motor coaches, automobiles and other vehicles and all aircraft; boats, ships and other vessels; all timber, minerals, mineral rights and royalties; (3) bills, notes and other instruments and accounts receivable, judgments, demands and choses in action, and all contracts, leases and operating agreements not specifically pledged under the Indenture or covenanted so to be; (4) the last day of the term of any lease or leasehold which may hereafter become subject to the Lien of the Indenture; (5) electric energy, gas, water, steam, ice, and other materials or products generated, manufactured, produced or purchased by the Company for sale, distribution or use in the ordinary course of its business; (6) any natural gas wells or natural gas leases or natural gas transportation lines or other works or property used primarily and principally in the production of natural gas or its transportation, primarily for the purpose of sale to natural gas customers or to a natural gas distribution or pipeline company, up to the point of connection with any distribution system, and any natural gas distribution system; (7) the Company’s franchise to be a corporation; and (8) any property heretofore released pursuant to any provisions of the Indenture; provided, however, that the property and rights expressly excepted from the Lien and operation of the Indenture in the above subdivisions (2) and (3) shall (to the extent permitted by law) cease to be so excepted in the event and as of the date that the Trustee or a receiver or trustee shall enter upon and take possession of the Mortgaged and Pledged Property in the manner provided in Article XII of the Indenture by reason of the occurrence of a Default.
TO HAVE AND TO HOLD all such properties, real, personal and mixed, granted, bargained, sold, released, conveyed, assigned, transferred, mortgaged, hypothecated, affected, pledged, set over or confirmed or in which a security interest has been granted by the Company as aforesaid, or intended so to be (subject, however, to Excepted Encumbrances as defined in Section 1.06 of the Original Indenture), unto THE BANK OF NEW YORK MELLON, and its successors and assigns forever.
IN TRUST NEVERTHELESS, upon the terms and trusts in the Indenture set forth, for the equal pro rata benefit and security of all and each of the bonds and coupons issued and to be issued under the Indenture, or any of them, in accordance with the terms of the Indenture, without preference, priority or distinction as to the Lien of any of said bonds and coupons over any others thereof by reason of priority in the time of the issue or negotiation thereof, or otherwise howsoever, subject to the provisions in the Indenture set forth in reference to extended, transferred or pledged coupons and claims for interest; it being intended that, subject as aforesaid, the Lien and security of all of said bonds and coupons of all series issued or to be issued under the Indenture shall take effect from the date of the initial issuance of bonds under the Indenture, and that the Lien and security of the Indenture shall take effect from said date as though all of the said bonds of all series were actually authenticated and delivered and issued upon such date.
PROVIDED, HOWEVER, these presents are upon the condition that if the Company, its successors or assigns, shall pay or cause to be paid, the principal of and interest on said bonds, together with the premium, if any, payable on such of said bonds as may have been called for redemption prior to 

maturity, or shall provide, as permitted hereby, for the payment thereof by depositing with the Trustee the entire amount due or to become due thereon for principal and interest, and if the Company shall also pay or cause to be paid all other sums payable hereunder by it, then the Indenture and the estate and rights granted under the Indenture shall cease, determine and be void, otherwise to be and remain in full force and effect.
AND IT IS HEREBY COVENANTED, DECLARED AND AGREED by the Company that all the terms, conditions, provisos, covenants and provisions contained in the Indenture shall affect and apply to the property hereinbefore described and conveyed and to the estate, rights, obligations and duties of the Company and the Trustee and its successor or successors as Trustee in such trust in the same manner and with the same effect as if the said property had been owned by the Company at the time of the execution of the Original Indenture and had been specifically and at length described in and conveyed to said Trustee by the Original Indenture as a part of the property therein stated to be conveyed.
The Company further covenants and agrees to and with the Trustee and its successor or successors in such trust as follows:

ARTICLE I

DEFINITIONS AND RULES OF CONSTRUCTION

SECTION 1.01.    Terms From the Indenture.
 All defined terms used in this _______________ Supplemental Indenture and not otherwise defined herein shall have the respective meanings ascribed to them in the Indenture.
SECTION 1.02.    Certain Defined Terms.

As used in this _________ Supplemental Indenture, the following defined terms shall have the respective meanings specified unless the context clearly requires otherwise:
The term “Business Day” shall mean any day other than a Saturday or a Sunday or a day on which banking institutions in The City of New York are authorized or required by law or executive order to remain closed or a day on which the corporate trust office of the Trustee is closed for business.
The term “_________ Series” shall have the meaning specified in Section 2.01.
SECTION 1.03.    References Are to _______________ Supplemental Indenture.

 Unless the context otherwise requires, all references herein to “Articles,” “Sections” and other subdivisions refer to the corresponding Articles, Sections and other subdivisions of this _______________ Supplemental Indenture, and the words “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this _______________ Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision hereof or to the Original Indenture or any other supplemental indenture thereto.
SECTION 1.04.    Number and Gender.

 Unless the context otherwise requires, defined terms in the singular include the plural, and in the plural include the singular. The use of a word of any gender shall include all genders.

ARTICLE II

THE _______________ SERIES

SECTION 2.01.    Bonds of the _______________ Series.

There shall be a series of bonds designated ____% Series due ________ __, 20__(herein sometimes referred to as the “_______________ Series”), each of which shall also bear the descriptive title “First Mortgage Bond” as permitted by Section 2.01 of the Original Indenture.  The form of bonds of the _______________ Series shall be substantially in the form of Exhibit A hereto.  Bonds of the _______________ Series shall mature on ________ __, 20__ and shall be issued only as fully registered bonds in denominations of ___________ Dollars and, at the option of the Company, in any multiple or multiples thereof (the exercise of such option to be evidenced by the execution and delivery thereof).  Bonds of the _______________ Series shall bear interest at the rate of ____________ per centum (____%) per annum (except as hereinafter provided), payable semi-annually on ______ __ and _________ __ of each year, and at maturity or earlier redemption, the first interest payment to be made on ________ __, 20__ for the period from the date of original issuance of the bonds of the _______________ Series to, but not including, ________ __, 20__, the principal of and premium, if any, and interest on each said bond to be payable at the office or agency of the Company in the Borough of Manhattan, The City of New York, New York, payable in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts.  Interest on the bonds of the _______________ Series may, at the option of the Company, be paid by check mailed to the registered owners thereof.  Overdue principal and overdue interest in respect of the bonds of the _______________ Series shall bear interest (before and after judgment) at the rate of ___________________ per centum (____%) per annum (to the extent that payment of such interest on any overdue interest is not prohibited under applicable law).  Interest on the bonds of the _______________ Series shall be computed on the basis of a 360-day year consisting of twelve 30 -day months.  Interest on the bonds of the _______________ Series in respect of a portion of a month shall be calculated based on the actual number of days elapsed using a 30-day month. In any case where any interest payment date, redemption date or maturity of any bond of the _______________ Series shall not be a Business Day, then payment of interest or principal need not be made on such date, but may be made on the next succeeding Business Day, with the same force and effect, and in the same amount, as if made on the corresponding interest payment date or redemption date, or at maturity, as the case may be, and, if such payment is made or duly provided for on such Business Day, no interest shall accrue on the amount so payable for the period from and after such interest payment date, redemption date or maturity, as the case may be, to such Business Day. 
The Company reserves the right to establish at any time, by Resolution of the Board of Directors of the Company, a form of coupon bond, and of appurtenant coupons, for the bonds of the _______________ Series and to provide for exchangeability of such coupon bonds with the bonds of said Series issued hereunder in fully registered form and to make all appropriate provisions for such purpose.
SECTION 2.02.    Optional Redemption of Bonds of the _______________ Series.

The bonds of the _______________ Series shall be redeemable at the option of the Company, in whole or in part, upon notice mailed to each registered owner thereof at his last address appearing on the registry books not less than thirty (30) days nor more than sixty (60) days prior to the date fixed for redemption [terms to be inserted at time of pricing].

SECTION 2.03.    Transfer and Exchange.

(a)    At the option of the registered owner, any bonds of the _______________ Series, upon surrender thereof for cancellation at the office or agency of the Company in the Borough of Manhattan, The City of New York, New York, shall be exchangeable for a like aggregate principal amount of bonds of the same series of other authorized denominations.

(b)    Bonds of the _______________ Series shall be transferable, upon the surrender thereof for cancellation, together with a written instrument of transfer in form approved by the registrar duly executed by the registered owner or by his or her duly authorized attorney, at the office or agency of the Company in the Borough of Manhattan, The City of New York, New York.

(c)    Upon any such exchange or transfer of bonds of the _______________ Series, the Company may make a charge therefor sufficient to reimburse it for any tax or taxes or other governmental charge, as provided in Section 2.05 of the Original Indenture, but the Company hereby waives any right to make a charge in addition thereto for any such exchange or transfer of bonds of the _______________ Series.

SECTION 2.04.    Dating of Bonds and Interest Payments.

(a)Each bond of the _______________ Series shall be dated as of the date of authentication and shall bear interest from the last preceding interest payment date to which interest shall have been paid (unless the date of such bond is an interest payment date to which interest is paid, in which case from the date of such bond); provided that each bond of the _______________ Series dated prior to ________ __, 20__, shall bear interest from the date of original issuance; and provided, further, that if any bond of the _______________ Series shall be authenticated and delivered upon a transfer of, or in exchange for or in lieu of, any other bond or bonds of the _______________ Series upon which interest is in default, it shall be dated so that such bond shall bear interest from the last preceding date to which interest shall have been paid on the bond or bonds in respect of which such bond shall have been delivered or from the date of original issuance of the bonds of the _______________ Series, if no interest shall have been paid on the bonds of the _______________ Series.

(b)Notwithstanding the foregoing, bonds of the _______________ Series shall be dated so that the Person in whose name any bond of the _______________ Series is registered at the close of business on the Business Day immediately preceding an interest payment date shall be entitled to receive the interest payable on the interest payment date, except if, and to the extent that, the Company shall have defaulted in the payment of the interest due on such interest payment date, in which case such defaulted interest shall be paid to the Persons in whose names Outstanding bonds of the _______________ Series are registered at the close of business on the Business Day immediately preceding the date of payment of such defaulted interest.

SECTION 2.05.    Additional Bonds of the _________ Series.  

Upon the delivery of this _________ Supplemental Indenture and upon compliance with the applicable provisions of the Indenture, as heretofore supplemented, there shall be an initial issue of bonds of the _________ Series for the aggregate principal amount of $_____________.  Additional bonds of the _________ Series, without limitation as to amount, having substantially the same terms as the Outstanding bonds of the _________ Series (except for the issue date, the price to public and, if applicable, the initial interest payment date) may be issued by the Company, subject to satisfaction of the 

requirements of the Indenture, as heretofore supplemented, without the notice to or the consent of the existing holders of the bonds of the _________ Series.
SECTION 2.06.    Release of Company upon Conveyance or Other Transfer.

In case the Company, as permitted by Section 15.01 of the Indenture, shall convey or transfer, subject to the Lien of the Indenture, all or substantially all of the Mortgaged and Pledged Property as an entirety to a successor, the indenture described in Section 15.02 of the Indenture may also provide for the release and discharge of the Company from all obligations under any bonds of the _______________ Series issued under the Indenture which are assumed by such successor.

ARTICLE III

COVENANTS

SECTION 3.01.    Maintenance of Paying Agent.

 So long as any bonds of the _______________ Series are Outstanding, the Company covenants that the office or agency of the Company in the Borough of Manhattan, The City of New York, New York, where the principal of and premium, if any, or interest on any bonds of such series shall be payable shall also be an office or agency where any such bonds may be transferred or exchanged and where notices, presentations or demands to or upon the Company in respect of such bonds or in respect of the Indenture may be given or made.
SECTION 3.02.    Further Assurances.

 From time to time whenever reasonably requested by the Trustee or the holders of a majority in aggregate principal amount of the bonds of the _______________ Series then Outstanding, the Company will make, execute and deliver or cause to be made, executed and delivered any and all such further and other instruments and assurances as may be reasonably necessary or proper to carry out the intention of or to facilitate the performance of the terms of the Indenture or to secure the rights and remedies of the holders of such bonds.

ARTICLE IV

CONSENT TO AMENDMENTS

SECTION 4.01.    Consent to Amendments.

 Each initial and future holder of bonds of the _______________ Series, by its acquisition of an interest in such bonds, irrevocably (a) consents to the amendments set forth in Article V of the Thirty-fourth Supplemental Indenture, Article V of the Thirty-third Supplemental Indenture, Article IV of the Thirty-second Supplemental Indenture and Article IV of the Thirtieth Supplemental Indenture, in each case without any other or further action by any holder of such bonds, and (b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such holder in favor of such amendments at any bondholder meeting, in lieu of any bondholder meeting, in any consent solicitation or otherwise.

ARTICLE V

MISCELLANEOUS PROVISIONS

SECTION 5.01.    Acceptance of Trusts.

 The Trustee hereby accepts the trusts herein declared, provided, created or supplemented and agrees to perform the same upon the terms and conditions herein and in the Original Indenture, as heretofore supplemented, set forth and upon the following terms and conditions:
The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this _______________ Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. In general, each and every term and condition contained in Article XVI of the Original Indenture shall apply to and form part of this _______________ Supplemental Indenture with the same force and effect as if the same were herein set forth in full with such omissions, variations and insertions, if any, as may be appropriate to make the same conform to the provisions of this _______________ Supplemental Indenture.
SECTION 5.02.    Effect of _______________ Supplemental Indenture under Louisiana Law.

 It is the intention and it is hereby agreed that, so far as concerns that portion of the Mortgaged and Pledged Property situated within the State of Louisiana, the general language of conveyance contained in this _______________ Supplemental Indenture is intended and shall be construed as words of hypothecation and not of conveyance and that, so far as the said Louisiana property is concerned, this _______________ Supplemental Indenture shall be considered as an act of mortgage and pledge and granting of a security interest under the laws of the State of Louisiana, and the Trustee herein named is named as mortgagee and pledgee and secured party in trust for the benefit of itself and of all present and future holders of bonds issued under the Indenture and any coupons thereto issued hereunder, and is irrevocably appointed special agent and representative of the holders of such bonds and coupons and vested with full power in their behalf to effect and enforce the mortgage and pledge and a security interest hereby constituted for their benefit, or otherwise to act as herein provided for.
SECTION 5.03    Record Date.

 The holders of the bonds of the _______________ Series shall be deemed to have consented and agreed that the Company may, but shall not be obligated to, fix a record date for the purpose of determining the holders of the bonds of the _______________ Series entitled to consent, if any such consent is required, to any amendment or supplement to the Indenture or the waiver of any provision thereof or any act to be performed thereunder. If a record date is fixed, those persons who were holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to consent to such amendment, supplement or waiver or to revoke any consent previously given, whether or not such persons continue to be holders after such record date. No such consent shall be valid or effective for more than 90 days after such record date.
SECTION 5.04.    Titles.

 The titles of the several Articles and Sections of this _______________ Supplemental Indenture and the table of contents shall not be deemed to be any part hereof.

SECTION 5.05.    Counterparts.

 This _______________ Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument.
SECTION 5.06.    Governing Law.

 The internal laws of the State of New York shall govern this _______________ Supplemental Indenture and the bonds of the _______________ Series, except to the extent that the validity or perfection of the Lien of the Indenture, or remedies thereunder, are governed by the laws of a jurisdiction other than the State of New York.
SECTION 5.07.    Recitals.

 The recitals set forth in the initial pages of this _______________ Supplemental Indenture and the exhibits attached hereto are incorporated herein by reference, and this _______________ Supplemental Indenture shall be construed in the light thereof.

IN WITNESS WHEREOF, ENTERGY MISSISSIPPI, LLC has caused its company name to be hereunto affixed, and this instrument to be signed and sealed by its Chairman of the Board, Chief Executive Officer, President, one of its Vice Presidents, its Treasurer, or one of its Assistant Treasurers and its company seal to be attested by its Secretary or one of its Assistant Secretaries for and on its behalf, and THE BANK OF NEW YORK MELLON has caused its corporate name to be hereunto affixed, and this instrument to be signed and sealed by one of its Vice Presidents, Senior Associates or Associates and such signature to be attested by one of its Vice Presidents, Senior Associates or Associates for and on its behalf, all as of the day and year first above written.

	
		
	 
	ENTERGY MISSISSIPPI, LLC

	By:
	 

	 
	 

	 
	 

Attest:

 
	
	
	 

	
			
	 
	THE BANK OF NEW YORK MELLON,

	 
	              as Trustee

	By:
	 
	 

	 
	Name: 
	 

	 
	Title:
	 

	 
	 

Attest:

	
	
	Name: 
Title:   

STATE OF LOUISIANA    )
)    ss.:
PARISH OF ORLEANS    )
On the ____ day of _________. 20__, before me appeared __________________, to me personally known, who, being by me duly sworn, did say that he/she is ______________ of ENTERGY MISSISSIPPI, LLC, and that the seal affixed to the above instrument is the seal of said entity and that said instrument was signed and sealed in behalf of said entity by authority of its Board of Directors, and said __________________ acknowledged said instrument to be the free act and deed of said entity.
On the ____ day of _________. 20__, before me personally came __________________, to me known, who, being by me duly sworn, did depose and say that he/she resides at __________________________; that he/she is _____________________ of ENTERGY MISSISSIPPI, LLC, one of the entities described in and which executed the above instrument; that he/she knows the seal of said entity; that the seal affixed to said instrument is such seal; that it was so affixed by order of the Board of Directors of said entity; and that he/she signed his/her name thereto by like order.
                    
Notary Public

STATE OF ____________    )
)ss.:
COUNTY OF___________    )

On the ____ day of _________. 20__, before me appeared _______________ to me personally known or proved to me on the basis of satisfactory evidence and, who, being by me duly sworn, did say that he/she is _______________ of THE BANK OF NEW YORK MELLON, and that the seal affixed to the above instrument is the corporate seal of said corporation and that said instrument was signed and sealed in behalf of said corporation by authority of its Board of Directors, and said ______________ acknowledged said instrument to be the free act and deed of said corporation.
On the ___ day of _________. 20__, before me personally came ______________, to me known or proved to me on the basis of satisfactory evidence and, who, being by me duly sworn, did depose and say that he/she resides in _____________________; that he/she is ___________________ of THE BANK OF NEW YORK MELLON, one of the corporations described in and which executed the above instrument; that he/she knows the seal of said corporation; that the seal affixed to said instrument is such corporate seal; that it was so affixed by order of the Board of Directors of said corporation; and that he/she signed his/her name thereto by like order.
	
		
	 
	 

	Notary Public

	 
	 

EXHIBIT A

[FORM OF BOND OF _______________ SERIES]
[(See legend at the end of this bond for
restrictions on transferability and change of form)]

FIRST MORTGAGE BOND
____% Series due _________, 20__ 

	
		
	 
	                                                                      CUSIP _________ 

	No. 
	    $___________

ENTERGY MISSISSIPPI, LLC (successor to Entergy Mississippi, Inc., formerly Mississippi Power & Light Company), a limited liability company duly organized and validly existing under the laws of the State of Texas (hereinafter called the Company), for value received, hereby promises to pay to __________ or registered assigns, at the office or agency of the Company in New York, New York, the principal sum of _______Dollars ($________) on ________ __, 20__, in such coin or currency of the United States of America as at the time of payment is legal tender for public and private debts, and to pay in like manner to the registered owner hereof interest thereon from the date of original issuance, if the date of this bond is prior to ________ __, 20__, or, if the date of this bond is on or after ________ __, 20__, from the _____ __ and _________ __ immediately preceding the date of this bond to which interest has been paid on the bonds of this series (unless the date hereof is an interest payment date to which interest has been paid, in which case from the date hereof), at the rate of ___________________ per centum (____%) per annum in like coin or currency on ______ __ and ___________ __ in each year, commencing ________ __, 20__, and at maturity or earlier redemption, until the principal of this bond shall have become due and been duly paid or provided for, and to pay interest (before and after judgment) on any overdue principal, premium, if any, and (to the extent that payment of such interest on any overdue interest is not prohibited under applicable law) on any defaulted interest at the rate of ______________________ per centum (____%) per annum.  Interest on this bond shall be computed on the basis of a 360-day year consisting of twelve 30-day months. Interest on this bond in respect of a portion of a month shall be calculated based on the actual number of days elapsed using a 30-day month. 
The interest so payable on any interest payment date will, subject to certain exceptions provided in the Mortgage hereinafter referred to, be paid to the person in whose name this bond is registered at the close of business on the Business Day immediately preceding such interest payment date.  At the option of the Company, interest may be paid by check mailed on or prior to such interest payment date to the address of the person entitled thereto as such address shall appear on the register of the Company. 
This bond shall not become obligatory until The Bank of New York Mellon, the Trustee under the Mortgage, as hereinafter defined, or its successor thereunder, shall have signed the authentication certificate endorsed hereon.
This bond is one of a series of bonds of the Company issuable in series and is one of a duly authorized series known as its First Mortgage Bonds, ____% Series due ________ __, 20__ (herein called bonds of the _______________ Series), all bonds of all series issued under and equally secured by a Mortgage and Deed of Trust (herein, together with any indenture supplemental thereto, including the _______________ Supplemental Indenture dated as of ________ __, 20__, called the Mortgage), dated as 

of February 1, 1988, duly executed by the Company to The Bank of New York Mellon, as successor Trustee. Reference is made to the Mortgage for a description of the mortgaged and pledged property, assets and rights, the nature and extent of the lien and security, the respective rights, limitations of rights, covenants, obligations, duties and immunities thereunder of the Company, the holders of bonds and the Trustee and the terms and conditions upon which the bonds are, and are to be, secured, the circumstances under which additional bonds may be issued and the definition of certain terms herein used, to all of which, by its acceptance of this bond, the holder of this bond agrees.
The principal hereof may be declared or may become due prior to the maturity date hereinbefore named on the conditions, in the manner and at the time set forth in the Mortgage, upon the occurrence of a Default as in the Mortgage provided. The Mortgage provides that in certain circumstances and upon certain conditions such a declaration and its consequences or certain past defaults and the consequences thereof may be waived by such affirmative vote of holders of bonds as is specified in the Mortgage.
The Mortgage contains provisions permitting the Company and the Trustee to execute supplemental indentures amending the Mortgage for certain specified purposes without the consent of holders of bonds. With the consent of the Company and to the extent permitted by and as provided in the Mortgage, the rights and obligations of the Company and/or the rights of the holders of the bonds of the _______________ Series and/or the terms and provisions of the Mortgage may be modified or altered by such affirmative vote or votes of the holders of bonds then Outstanding as are specified in the Mortgage.
Any consent or waiver by the holder of this bond (unless effectively revoked as provided in the Mortgage) shall be conclusive and binding upon such holder and upon all future holders of this bond and of any bonds issued in exchange or substitution herefor, irrespective of whether or not any notation of such consent or waiver is made upon this bond or such other bond.
In case the Company, as permitted by the Mortgage, shall convey or transfer, subject to the lien of the Mortgage, all or substantially all of the mortgaged and pledged property as an entirety to a successor, the Company may be released and discharged from all obligations under the bonds of this series which are assumed by such successor.
The bonds are issuable as registered bonds without coupons in the denominations of $_____ and integral multiples thereof.  At the office or agency to be maintained by the Company in the Borough of Manhattan, The City of New York, State of New York, and in the manner and subject to the provisions of the Mortgage, bonds may be exchanged for a like aggregate principal amount of bonds of other authorized denominations, without payment of any charge other than a sum sufficient to reimburse the Company for any tax or other governmental charge incident thereto. This bond is transferable as prescribed in the Mortgage by the registered owner hereof in person, or by his or her duly authorized attorney, at the office or agency of the Company in The City of New York, New York, upon surrender of this bond, and upon payment, if the Company shall require it, of the transfer charges provided for in the Mortgage, and, thereupon, a new fully registered bond of the same series for a like principal amount will be issued to the transferee in exchange hereof as provided in the Mortgage. The Company and the Trustee may deem and treat the person in whose name this bond is registered as the absolute owner hereof for the purpose of receiving payment and for all other purposes and neither the Company nor the Trustee shall be affected by any notice to the contrary.
This bond is [not] redeemable at the option of the Company [as provided in the _______________ Supplemental Indenture].

No recourse shall be had for the payment of the principal of, premium, if any, or interest on this bond against any incorporator or any past, present or future subscriber to the capital stock, stockholder, officer or director of the Company or of any predecessor or successor corporation, as such, either directly or through the Company or any predecessor or successor corporation, under any rule of law, statute or constitution or by the enforcement of any assessment or otherwise, all such liability of incorporators, subscribers, stockholders, officers and directors being released by the holder or owner hereof by the acceptance of this bond and being likewise waived and released by the terms of the Mortgage.
Each initial and future holder of this bond, by its acquisition of an interest in this bond, irrevocably (a) consents to the amendments set forth in Article V of the Thirty-fourth Supplemental Indenture, Article V of the Thirty-third Supplemental Indenture, Article IV of the Thirty-second Supplemental Indenture and Article IV of the Thirtieth Supplemental Indenture, in each case without any other or further action by any holder of this bond, and (b) designates the Trustee, and its successors, as its proxy with irrevocable instructions to vote and deliver written consents on behalf of such holder in favor of such amendments at any bondholder meeting, in lieu of any bondholder meeting, in any consent solicitation or otherwise.
As provided in the Mortgage, this bond shall be governed by and construed in accordance with the laws of the State of New York.

IN WITNESS WHEREOF, Entergy Mississippi, LLC has caused this bond to be signed in its company name by its Chairman of the Board, Chief Executive Officer, President or one of its Vice Presidents by his or her signature or a facsimile thereof, and its company seal to be impressed or imprinted hereon and attested by its Secretary or one of its Assistant Secretaries by his or her signature or a facsimile thereof.
Dated:             
ENTERGY MISSISSIPPI, LLC

By:_______________________________________
Name: 
Title:

Attest:

__________________________
Name:    
Title:    

[FORM OF TRUSTEE’S
AUTHENTICATION CERTIFICATE]
TRUSTEE'S AUTHENTICATION CERTIFICATE

This bond is one of the bonds, of the series herein designated, described or provided for in the within-mentioned Mortgage.
Dated:     
THE BANK OF NEW YORK MELLON,
    as Trustee

By: ______________________________________
Authorized Signatory

[LEGEND
Unless and until this bond is exchanged in whole or in part for certificated bonds registered in the names of the various beneficial holders hereof as then certified to the Trustee by The Depository Trust Company or its successor (the “Depositary”), this bond may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary.
Unless this certificate is presented by an authorized representative of the Depositary to the Company or its agent for registration of transfer, exchange or payment, and any certificate to be issued is registered in the name of Cede & Co., or such other name as requested by an authorized representative of the Depositary and any amount payable thereunder is made payable to Cede & Co., or such other name, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest herein.
This bond may be exchanged for certificated bonds registered in the names of the various beneficial owners hereof if (a) the Depositary is at any time unwilling or unable to continue as depositary and a successor depositary is not appointed by the Company within 90 days, or (b) the Company elects to issue certificated bonds to beneficial owners (as certified to the Company by the Depositary).]EX-10.1

 EXHIBIT 10.1 

AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 EPD 2018 UNIT IV
L.P. 
 Dated as of 

December 3, 2018 

 TABLE OF CONTENTS 

 

							
		  	 ARTICLE I

DEFINITIONS
	  			
			
	1.01	  	Certain Definitions	  	 	1	 
	1.02	  	Other Definitions	  	 	6	 
			
		  	 ARTICLE II

ORGANIZATIONAL MATTERS
	  			
			
	2.01	  	Formation	  	 	6	 
	2.02	  	Name	  	 	6	 
	2.03	  	Registered Office; Registered Agent; Other Offices	  	 	6	 
	2.04	  	Purposes	  	 	6	 
	2.05	  	Certificate; Foreign Qualification	  	 	6	 
	2.06	  	Term	  	 	7	 
	2.07	  	Merger or Consolidation	  	 	7	 
			
		  	 ARTICLE III

PARTNERS; DISPOSITIONS OF INTERESTS
	  			
			
	3.01	  	Partners	  	 	7	 
	3.02	  	Representations and Warranties	  	 	7	 
	3.03	  	Restrictions on the Disposition of an Interest	  	 	8	 
	3.04	  	Additional Partners	  	 	9	 
	3.05	  	Interests in a Partner	  	 	9	 
	3.06	  	Spouses of Partners	  	 	10	 
	3.07	  	Vesting of Limited Partners	  	 	10	 
	3.08	  	Services Provided by the Partners	  	 	10	 
	3.09	  	Investment Company Act Matters	  	 	10	 
			
		  	 ARTICLE IV

CAPITAL CONTRIBUTIONS
	  			
			
	4.01	  	Initial and Additional Capital Contributions	  	 	10	 
	4.02	  	Return of Contributions	  	 	11	 
	4.03	  	Advances by General Partner	  	 	11	 
	4.04	  	Capital Accounts	  	 	11	 
			
		  	 ARTICLE V

ALLOCATIONS AND DISTRIBUTIONS
	  			
			
	5.01	  	Allocations	  	 	12	 
	5.02	  	Income Tax Allocations	  	 	14	 

  
 - i - 

							
	5.03	  	Distributions of Cash Flow from EPD Units	  	 	15	 
	5.04	  	Distributions of Proceeds from Sales of EPD Units	  	 	15	 
	5.05	  	Restrictions on Distributions of EPD Units	  	 	15	 
			
		  	 ARTICLE VI

MANAGEMENT AND OPERATION
	  			
			
	6.01	  	Management of Partnership Affairs	  	 	15	 
	6.02	  	Duties and Obligations of General Partner	  	 	16	 
	6.03	  	Release and Indemnification	  	 	16	 
	6.04	  	Power of Attorney	  	 	17	 
			
		  	 ARTICLE VII

RIGHTS OF OTHER PARTNERS
	  			
			
	7.01	  	Information	  	 	18	 
	7.02	  	Limitations	  	 	19	 
	7.03	  	Limited Liability	  	 	19	 
			
		  	 ARTICLE VIII

TAXES
	  			
			
	8.01	  	Tax Returns	  	 	19	 
	8.02	  	Tax Elections	  	 	19	 
	8.03	  	Partnership Tax Audit Procedures	  	 	20	 
			
		  	 ARTICLE IX

BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS
	  			
			
	9.01	  	Maintenance of Books	  	 	20	 
	9.02	  	Financial Statements	  	 	20	 
	9.03	  	Bank Accounts	  	 	21	 
			
		  	 ARTICLE X

WITHDRAWAL, BANKRUPTCY, REMOVAL, ETC.
	  			
			
	10.01	  	Withdrawal, Bankruptcy, Etc. of General Partner	  	 	21	 
	10.02	  	Conversion of Interest	  	 	22	 
			
		  	 ARTICLE XI

DISSOLUTION, LIQUIDATION, AND TERMINATION
	  			
			
	11.01	  	Dissolution	  	 	22	 
	11.02	  	Liquidation and Termination	  	 	22	 
	11.03	  	Cancellation of Certificate	  	 	24	 

  
 - ii - 

							
		  	 ARTICLE XII

GENERAL PROVISIONS
	  			
			
	12.01	  	Offset	  	 	24	 
	12.02	  	Notices	  	 	24	 
	12.03	  	Entire Agreement; Supersedure	  	 	24	 
	12.04	  	Effect of Waiver or Consent	  	 	24	 
	12.05	  	Amendment or Modification	  	 	25	 
	12.06	  	Binding Effect; Joinder of Additional Parties	  	 	25	 
	12.07	  	Construction	  	 	25	 
	12.08	  	Further Assurances	  	 	25	 
	12.09	  	Indemnification	  	 	25	 
	12.10	  	Waiver of Certain Rights	  	 	25	 
	12.11	  	Counterparts	  	 	26	 
	12.12	  	Dispute Resolution	  	 	26	 
	12.13	  	No Effect on Employment Relationship	  	 	28	 
	12.14	  	Legal Representation	  	 	29	 

  
 - iii - 

 AGREEMENT OF LIMITED PARTNERSHIP 

OF 
 EPD 2018 UNIT IV L.P.

 This Agreement of Limited Partnership (this “Agreement”) of EPD 2018 Unit IV L.P., a Delaware limited partnership
(the “Partnership”), is made and entered into effective as of December 3, 2018 by and among the Partners (as defined below). 

RECITALS 
 FOR AND
IN CONSIDERATION OF the mutual covenants, rights, and obligations set forth herein, the benefits to be derived therefrom, and other good and valuable consideration, the receipt and sufficiency of which each Partner acknowledges and confesses, the
Partners hereby agree as follows: 
 ARTICLE I 

DEFINITIONS 

1.01    Certain Definitions. As used in this Agreement, the following terms have the following respective
meanings: 
 “Act” means the Delaware Revised Uniform Limited Partnership Act and any successor statute, as amended from
time to time. 
 “Adjusted Capital Account” means, with respect to any Partner, the balance in such Partner’s Capital
Account after giving effect to the following adjustments: 
  

	 	(a)	 Credit to such Capital Account of any amounts that such Partner is obligated or deemed obligated to contribute
pursuant to the penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and 

 

	 	(b)	 Debit to such Capital Account the items described in Sections
1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5) and 1.704-1(b)(2)(ii)(d)(6) of the Regulations. 

The foregoing definition of Adjusted Capital Account is intended to comply with the provisions of
Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 

“Adjustment Date” means as soon as practicable following the receipt of proceeds by the Partnership from the disposition of
EPD Units, but no later than the fifth Business Day following the receipt of any proceeds by the Partnership from the disposition of EPD Units. 

“Affiliate” means with respect to any Person any other Person that directly or indirectly through one or more intermediaries,
controls or is controlled by, or is under common control with, the Person specified. For the purpose of this definition, “control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the
management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise. 

 “Agreement” has the meaning given it in the introductory paragraph hereof.

 “Assigned EPD Units” means those 6,400,000 EPD Units of which Beneficial Ownership was assigned to the Partnership by
the Class A Limited Partner pursuant to the Assignment (as such number may be adjusted in the sole discretion of the General Partner in order to reflect any equity split, equity distribution or dividend, reverse split, combination,
reclassification, recapitalization or other similar event affecting the EPD Units). 
 “Assignment” means the irrevocable
assignment under the Contribution Agreement pursuant to which Beneficial Ownership of the Assigned EPD Units has been assigned by the Class A Limited Partner to the Partnership. 

“Bankrupt Partner” means any Partner (whether a General Partner or a Limited Partner) with respect to which an event of the
type described in Section 17-402(a)(4) or (5) of the Act (or any equivalent successor provision) shall have occurred, subject to the lapsing of any period of time therein specified. 

“Beneficial Ownership” means, with respect to the Assigned EPD Units, dominion and control (within the meaning of Treasury
Regulation Section 1.704-1(e)(2)) representing all the rights and obligations held by the Class A Limited Partner with respect to the Assigned EPD Units prior to the Assignment as well as such
residual rights exercised on behalf of the Assigned EPD Units after the Assignment. 
 “Business Day” means any day other
than a Saturday, Sunday, or day on which commercial banks in the State of Texas are authorized or required to be closed for business. 

“Capital Account” means the account maintained for each Partner pursuant to Section 4.04. 

“Capital Contribution” means any contribution by a Partner to the capital of the Partnership. 

“Certificate” means the Certificate of Limited Partnership of the Partnership referred to in
Section 2.05, as it may be amended or restated from time to time. 
 “Change of Control” means
Duncan shall (i) cease to own, directly or indirectly, at least a majority of the equity interests in the General Partner or the general partner of EPD, or (ii) shall cease to have the ability to elect, directly or indirectly, at least a
majority of the directors of the general partner of EPD. 
 “Class A Capital Base” means: 

 

	 	(i)	 the Contributed Unit Fair Market Value multiplied by the number of Assigned EPD Units, 

 

	 	(ii)	 decreased on each Adjustment Date by all distributions made to the Class A Limited Partner pursuant to
Section 5.04 since the previous Adjustment Date (or in the case of the first Adjustment Date, since the Closing Date). 

  
 - 2 - 

 “Class A Limited Partner” means EPCO Holdings, Inc., a
Delaware corporation, and its successors and assigns. 
 “Class A Preference Return” means: 

(a)    as it relates to each regular quarterly distribution with respect to EPD Units, an aggregate dollar amount equal to
the product of (i) $0.4325, multiplied by (ii) the total number of EPD Units to which such distribution relates (as such calculation may be adjusted in the sole discretion of the General Partner in order to reflect any equity split, equity
distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting the EPD Units); and 

(b)    as it relates to any distribution with respect to EPD Units other than as described in clause (a) above, an
aggregate dollar amount equal to the product of (i) the aggregate dollar amount of such distribution received by the Partnership, multiplied by (ii) a fraction, the numerator of which shall be $0.4325 and the denominator of which shall be
equal to the per unit dollar amount of the most recent quarterly distribution paid with respect to EPD Units (as such calculation may be adjusted in the sole discretion of the General Partner in order to reflect any equity split, equity distribution
or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting the EPD Units). 

“Class A Preference Return Amount” means the aggregate dollar amount of the unpaid Class A Preference
Return. 
 “Class B Limited Partner” means any Person executing (by power of attorney or otherwise) this
Agreement as of the date hereof as a Class B Limited Partner or hereafter admitted to the Partnership as a Class B Limited Partner as herein provided, but shall not include any Person who has ceased to be a Class B Limited Partner in
the Partnership. 
 “Class B Percentage Interest” means with respect to each Class B Limited
Partner the quotient (expressed as a percentage) of (i) such Class B Limited Partner’s Sharing Points, divided by (ii) the Sharing Points of all Class B Limited Partners. For purposes of calculating the Class B
Percentage Interest, Sharing Points attributable to interests in the Partnership that are forfeited pursuant to Section 3.07 shall be ignored. 

“Closing Date” means December 3, 2018, the date on which the Class A Limited Partner contributed Beneficial
Ownership of the Assigned EPD Units to the Partnership pursuant to the Contribution Agreement. 
 “Code” means the Internal
Revenue Code of 1986, and any successor statute, as amended from time to time. 
 “Contributed Unit Fair Market Value”
means $27.02 (the closing sales price per EPD Unit on the New York Stock Exchange on December 3, 2018) (as such dollar amount may be adjusted in the sole discretion of the General Partner in order to reflect any equity split, equity
distribution or dividend, reverse split, combination, reclassification, recapitalization or other similar event affecting the EPD Units). 

  
 - 3 - 

 “Contribution Agreement” means that agreement by and between EPCO Holdings,
Inc. and EPD 2018 Unit IV L.P., dated as of December 3, 2018. 
 “Disability” means the event whereby a Limited
Partner becomes entitled to receive long-term disability benefits under the long-term disability plan of the General Partner or any of its Affiliates. 

“Dispose,” “Disposing,” or “Disposition” means a sale, assignment, transfer, exchange,
mortgage, pledge, grant of a security interest, or other disposition or encumbrance, or the acts thereof, other than by divorce, legal separation or other dissolution of a Partner’s marriage. 

“Duncan” means, collectively, individually or in any combination, the descendants, heirs and/or legatees of Dan L Duncan
and/or distributees of Dan L Duncan’s estate, and/or trusts (including voting trusts) established for the benefit of his descendants, such legatees and/or distributees and/or their respective descendants, heirs, legatees and distributees. 

“EPCO” means Enterprise Products Company, a Texas corporation. 

“EPD” means Enterprise Products Partners L.P., a Delaware limited partnership. 

“EPD Units” means (1) the Assigned EPD Units for so long as the Contribution Agreement is effective, and
(2) thereafter, the partnership units representing limited partner interests in EPD. 
 “General Interest Rate” means
a varying per annum rate equal at any given time to the lesser of (a) the interest rate publicly quoted by J.P. Morgan Chase from time to time as its prime commercial or similar reference interest rate, and (b) the maximum rate permitted
by applicable law. 
 “General Partner” means EPCO, or any Person hereafter admitted to the Partnership as a general
partner as herein provided, but shall not include any Person who has ceased to be a general partner in the Partnership. 

“Investment Company Act” means the Investment Company Act of 1940, and any successor statute, as amended from time to time.

 “Limited Partner” means the Class A Limited Partner or any Class B Limited Partner. 

“Net Income” and “Net Loss” mean, respectively, subject to Section 4.04, an amount
equal to the Partnership’s taxable income or loss taking the Assignment into account determined in accordance with Code Section 703(a) (for this purpose, all items of income, gain, loss, or deduction required to be stated separately
pursuant to Code Section 703(a)(1) shall be included in taxable income or loss), with the following adjustments: 

(a)    Any income of the Partnership that is exempt from federal income tax and not otherwise taken into account in
computing Net Income or Net Loss pursuant to this definition of Net Income and Net Loss shall be added to such taxable income or loss; 

  
 - 4 - 

 (b)    Any expenditures of the Partnership described in Code
Section 705(a)(2)(B) or treated as Code Section 705(a)(2)(B) expenditures pursuant to Section 1.704-1(b)(2)(iv)(i) of the Regulations, and not otherwise taken into account in computing Net
Income or Net Loss pursuant to this definition of Net Income and Net Loss, shall be subtracted from such taxable income or loss; 

(c)    In the event the value of any Partnership property is adjusted pursuant to Section 4.04
(i) such adjustment shall be taken into account as gain or loss from the disposition of such Partnership property for purposes of computing Net Income or Net Loss, (ii) if such property is subject to depreciation, cost recovery, depletion or
amortization, any further deductions for such depreciation, cost recovery, depletion or amortization attributable to such property shall be determined taking into account such adjustment, and (ii) in determining the amount of any income, gain
or loss attributable to the taxable disposition of such property such adjustment (and the related adjustments for depreciation, cost recovery, depletion or amortization) shall be taken into account; 

(d)    To the extent an adjustment to the adjusted tax basis of any Partnership Property pursuant to Code
Section 734(b) is required, pursuant to Section 1.704-1(b)(2)(iv)(m)(4) of the Regulations, to be taken into account in determining Capital Accounts as a result of a Distribution other than in
liquidation of a Partner’s interest in the Partnership, the amount of such adjustment shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis) from the disposition
of such Partnership Property and shall be taken into account for purposes of computing Net Income or Net Loss; and 

(e)    Any items that are allocated pursuant to Section 5.01(b) shall not be taken into account
in computing Net Income or Net Loss. 
 “Partner” means the General Partner, the Class A Limited Partner or any
Class B Limited Partner. 
 “Partnership” has the meaning given it in the introductory paragraph. 

“Partnership Tax Audit Rules” means Sections 6221 through 6241 of the Code, as amended, together with any final or temporary
Treasury Regulations, Revenue Rulings, and case law interpreting Sections 6221 through 6241 of the Code, as amended (and any analogous provision of state or local tax law). 

“Partnership Level Tax” means any federal, state, or local tax, addition to tax, penalty, and interest payable by the
Partnership as a result of any examination of the Partnership’s affairs by any federal, state, or local tax authorities, including resulting administrative and judicial proceedings under the Partnership Tax Audit Rules. 

“Person” has the meaning given it in the Act. 

“Qualifying Termination” means the termination of a Class B Limited Partner’s employment with the General Partner
and its Affiliates due to (i) death, (ii) receiving long-term disability benefits under the long-term disability plan of the General Partner or any of its Affiliates or (iii) retirement with the approval of the General Partner (which may
be given or withheld in its sole discretion) on or after reaching age 65, provided that such retirement occurs on or after December 3, 2022. 

  
 - 5 - 

 “Regulations” means the regulations promulgated under Section 704 of
the Code. 
 “Required Interest” means one or more Class B Limited Partners having among them more than 50% of the
Class B Percentage Interests of all Limited Partners in its or their capacities as such. 
 “Sharing Points” means,
with respect to each Class B Limited Partner, the number of Sharing Points granted by the General Partner to such Class B Limited Partner (which number is set forth on the Power of Attorney executed by the Class B Limited Partner and
delivered to the General Partner), as the same may be amended from time to time pursuant to the terms of this Agreement. 
 “Vesting
Date” means the earliest of (i) the fifth anniversary of the date of this Agreement, (ii) a Change of Control or (iii) dissolution of the Partnership. 

1.02    Other Definitions. Other terms defined herein have the meanings so given them. 

ARTICLE II 

ORGANIZATIONAL MATTERS 

2.01    Formation. The Partnership has been previously formed as a Delaware limited partnership for the
purposes hereinafter set forth under and pursuant to the provisions of the Act. 
 2.02    Name. The name
of the Partnership is “EPD 2018 Unit IV L.P.” and all Partnership business shall be conducted in such name or such other name or names that comply with applicable law as the General Partner may designate from time to time. 

2.03    Registered Office; Registered Agent; Other Offices. The registered office of the Partnership in the State
of Delaware shall be at such place as the General Partner may designate from time to time. The registered agent for service of process on the Partnership in the State of Delaware or any other jurisdiction shall be such Person or Persons as the
General Partner may designate from time to time. The Partnership may have such other offices as the General Partner may designate from time to time. 

2.04    Purposes. The purposes of the Partnership are to acquire, own, sell, exchange or otherwise dispose of EPD
Units, and to enter into, make and perform all contracts and other undertakings and to engage in any other business, activity or transaction that now or hereafter may be necessary, incidental, proper, advisable, or convenient, as determined by the
General Partner, to accomplish the foregoing purposes. 
 2.05    Certificate; Foreign Qualification. The General
Partner has previously executed and caused to be filed with the Secretary of State of the State of Delaware a Certificate of Limited Partnership, effective as of November 27, 2018, containing information required by the Act and such other
information as the General Partner deemed appropriate. Prior to conducting 

  
 - 6 - 

 
business in any jurisdiction other than Delaware, the General Partner shall cause the Partnership to comply, to the extent such matters are reasonably within the control of the General Partner,
with all requirements necessary to qualify the Partnership as a foreign limited partnership (or a partnership in which the Limited Partners have limited liability) in such jurisdiction. Upon the request of the General Partner, each Partner shall
execute, acknowledge, swear to, and deliver all certificates and other instruments conforming with this Agreement that are necessary or appropriate as determined by the General Partner to qualify, continue, and terminate the Partnership as a limited
partnership under the laws of the State of Delaware and to qualify, continue, and terminate the Partnership as a foreign limited partnership (or a partnership in which the Limited Partners have limited liability) in all other jurisdictions in which
the Partnership may conduct business, and to this end the General Partner may use the power of attorney described in Section 6.04. 

2.06    Term. The term of this Partnership shall continue in existence until the close of Partnership business on
the earliest to occur of (i) the fiftieth anniversary of the date of this Agreement, and (ii) such earlier time as this Agreement may specify. 

2.07    Merger or Consolidation. The Partnership may merge or consolidate with or into another business entity, or
enter into an agreement to do so, with the consent of the General Partner and a Required Interest. 
 ARTICLE III 

PARTNERS; DISPOSITIONS OF INTERESTS 

3.01    Partners. The General Partner, the Class A Limited Partner and the Class B Limited Partners of
the Partnership are the Persons executing (by power of attorney or otherwise) this Agreement as of the date hereof as the General Partner, the Class A Limited Partner and the Class B Limited Partners, respectively, each of which is
admitted to the Partnership as the General Partner, Class A Limited Partner or a Class B Limited Partner, as the case may be, effective as of the date of this Agreement. 

3.02    Representations and Warranties. Each Partner hereby represents and warrants to the Partnership and each
other Partner that (a) if such Partner is a corporation, it is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its incorporation and is duly qualified and in good standing as a foreign corporation in
the jurisdiction of its principal place of business (if not incorporated therein), (b) if such Partner is a trust, estate or other entity, it is duly formed, validly existing, and (if applicable) in good standing under the laws of the jurisdiction
of its formation, and if required by law is duly qualified to do business and (if applicable) in good standing in the jurisdiction of its principal place of business (if not formed therein), (c) such Partner has full corporate, trust, or other
applicable right, power and authority to enter into this Agreement and to perform its obligations hereunder and all necessary actions by the board of directors, trustees, beneficiaries, or other Persons necessary for the due authorization,
execution, delivery, and performance of this Agreement by such Partner have been duly taken, and such authorization, execution, delivery, and performance do not conflict with any other agreement or arrangement to which such Partner is a party or by
which it is bound, and (d) such Partner is acquiring its interest in the Partnership for investment purposes and not with a view to distribution thereof. 

  
 - 7 - 

 3.03    Restrictions on the Disposition of an Interest. (a) No
Class B Limited Partner may Dispose of all or part of its interest in the Partnership without the prior written consent (which may be given or withheld in its sole discretion) of the General Partner, and then only after Sections 3.03(c),
(d) and (e) have been complied with, except that a Class B Limited Partner may Dispose of all of its interest upon the death of such Class B Limited Partner or upon becoming a Bankrupt Partner, but in each case only
after compliance with Sections 3.03(c), (d) and (e). Neither the General Partner nor the Class A Limited Partner may Dispose of all or a part of its interest in the Partnership to a Person who is not an Affiliate of Duncan
without the prior written consent of a Required Interest, and then only after Sections 3.03(c), (d) and (e) have been complied with. 

(b)    Subject to the provisions of Sections 3.03(c), (d) and (e), a permitted transferee of all or a
part of a Partner’s interest in the Partnership shall be admitted to the Partnership as a General Partner or a Limited Partner (as applicable) with, in the case of Class B Limited Partners, such Sharing Points (no greater than the Sharing
Points of the Class B Limited Partners effecting such Disposition immediately prior thereto) as the Partner effecting such Disposition and such permitted transferee may agree. 

(c)    The Partnership shall not recognize for any purpose any purported Disposition of an interest in the Partnership or
distributions therefrom unless and until the provisions of this Section 3.03 shall have been satisfied and there shall have been delivered to the General Partner a document (i) executed by both the Partner effecting
such Disposition and the Person to which such interest or interest in distributions are to be Disposed, (ii) including the written acceptance by any Person to be admitted to the Partnership of all the terms and provisions of this Agreement,
such Person’s notice address, and an agreement by such Person to perform and discharge timely all of the obligations and liabilities in respect of the interest being obtained, (iii) setting forth, in the case of the Class B Limited
Partners, the Sharing Points of the Class B Limited Partners effecting such Disposition and the Person to which such interest is Disposed after such Disposition (which together shall total the Sharing Points of the Class B Limited Partners
effecting such Disposition prior thereto), (iv) containing a representation and warranty that such Disposition complied with all applicable laws and regulations (including securities laws) and a representation and warranty by such Person that the
representations and warranties in Section 3.02 are true and correct with respect to such Person. Each such Disposition and, if applicable, admission shall be effective as of the first day of the calendar month immediately
succeeding the month in which the General Partner shall receive such notification of Disposition and the other requirements of this Section 3.03 shall have been met unless the General Partner and the Partner affecting such
Disposition agree to a different effective date; provided, however, that if there shall be only one General Partner and such Disposition or admission and, as a result of such Disposition such General Partner would cease to be a General
Partner, such permitted transferee shall be deemed admitted as a General Partner immediately prior to such cessation. 

(d)    Notwithstanding any provision of this Agreement to the contrary, the right of any Partner to Dispose of an interest
in the Partnership or distributions therefrom or of any Person to be admitted to the Partnership in connection therewith shall not exist or be exercised (i) unless and until the Partnership shall have received a favorable opinion of the
Partnership’s legal counsel or of other legal counsel acceptable to the General Partner to the effect that such Disposition or admission is not required to be registered under the Securities Act of 1933 or any other applicable

  
 - 8 - 

 
securities laws, and such Disposition or admission would not cause the Partnership to become an “investment company” required to register under the Investment Company Act, and
(ii) unless such Disposition or admission would not result in the Partnership being treated as an association taxable as a corporation for federal income tax purposes or as a publicly traded partnership as defined in Section 7704 of the
Code. The General Partner, however, may waive the requirements of Section 3.03(d)(i). 

(e)    All costs (including, without limitation, the legal fees incurred in connection with the obtaining of the legal
opinions referred to in Section 3.03(d)) incurred by the Partnership in connection with any Disposition or admission of a Person to the Partnership pursuant to this Section 3.03 shall be borne and
paid by the Partner effecting such Disposition within 10 days after the receipt by such Person of the Partnership’s invoice for the amount due. 

(f)    In the event of a Disposition of an interest in the Partnership pursuant to the death of a Limited Partner that
would, in the opinion of the Partnership’s legal counsel, result in the Partnership becoming an “investment company” required to register under the Investment Company Act, the General Partner shall have the right to purchase such
interest from the estate (or beneficiaries) of such deceased Partner for a price equal to the amount that the deceased Partner’s estate (or beneficiaries) would receive if all of the EPD Units held by the Partnership were sold at a price equal
to the closing sale price per EPD Unit as reported by the New York Stock Exchange (or such other applicable trading market) on the day prior to the exercise of such right by the General Partner and the proceeds from such sale were distributed to the
Partners in accordance with the provisions of Section 5.04. The determination by the General Partner of the foregoing purchase price of such deceased Partner’s interest in the Partnership shall be conclusive and
binding on the deceased Partner’s estate and beneficiaries. 
 (g)    Any attempted Disposition by a Person of an
interest or right, or any part thereof, in or in respect of the Partnership other than in accordance with this Section 3.03 shall be, and is hereby declared, null and void ab initio. 

3.04    Additional Partners. Subject to the provisions of Section 12.05 and
3.03, additional Persons may be admitted to the Partnership as General Partners or Limited Partners, only to the extent that, and on such terms and conditions as, the General Partner shall consent at the time of such admission or issuance.
Such admission or issuance shall, in the case of a Class B Limited Partners, specify the Sharing Points applicable thereto. Any such admission must comply with the provisions of Section 3.03(d) and shall not be
effective until such new Partner shall have executed and delivered to the General Partner a document including such new Partner’s notice address, acceptance of all the terms and provisions of this Agreement, an agreement to perform and
discharge timely all of its obligations and liabilities hereunder, and a representation and warranty that the representations and warranties in Section 3.02 are true and correct with respect to such new Partner. 

3.05    Interests in a Partner. No Partner that is not a natural person shall cause or permit an interest, direct
or indirect, in itself to be Disposed of such that, on account of such Disposition, the Partnership would become an association taxable as a corporation for federal income tax purposes. 

  
 - 9 - 

 3.06    Spouses of Partners. A spouse of a Partner does not
become a Partner as a result of such marital relationship or by reason of a divorce, legal separation or other dissolution of marriage. If, in the event of a divorce, legal separation or other dissolution of marriage of a Partner, a former spouse of
a Partner is awarded ownership of, or an interest in, all or part of a Partner’s interest in the Partnership (the “Awarded Interest”), the Awarded Interest shall automatically and immediately be forfeited and cancelled without
payment on such date. 
 3.07    Vesting of Limited Partners. One hundred percent (100%) of each
Class B Limited Partner’s interest in the Partnership shall vest on the Vesting Date, but only if (i) on such date such Class B Limited Partner continues to be an active, full-time employee of the General Partner or any of its
Affiliates or (ii) prior to the Vesting Date a Qualifying Termination has occurred with respect to such Class B Limited Partner. At such time as a Class B Limited Partner ceases, for any reason other than a Qualifying Termination, to
be an active, full-time employee of the General Partner or any of its Affiliates prior to the Vesting Date (as determined by the General Partner in its sole discretion, without regard as to how his status is treated by the General Partner or any of
its Affiliates for any of its other compensation or benefit plans or programs), his unvested interest in the Partnership shall be forfeited. The Capital Account attributable to any Class B Limited Partner’s interest in the Partnership that
is forfeited pursuant to Section 3.06, this Section 3.07 or otherwise hereunder shall be allocated to the remaining Class B Limited Partners in accordance with their respective Class B
Percentage Interests. 
 3.08    Services Provided by the Partners. The interests in the Partnership held by the
Partners are for the benefit of certain employees in connection with services rendered or to be rendered by the Partners. EPCO shall be an express third party beneficiary of the services provided by the Partners. 

3.09    Investment Company Act Matters. The Partnership is intended to be exempt from the registration requirements
of the Investment Company Act. In addition to the rights, powers and authority of the General Partner set forth in Section 3.03, if any event would, in the opinion of the Partnership’s legal counsel, result in the
Partnership becoming an “investment company” required to register under the Investment Company Act, then (notwithstanding anything in this Agreement to the contrary) the General Partner shall have the right, power and authority
(exercisable in its sole discretion) to take any and all actions (on behalf of itself and/or the Partnership) as the General Partner may deem necessary, appropriate or advisable to avoid such registration requirement and/or to reduce or mitigate the
effects thereof, including without limitation taking unilateral action (without the consent of any Limited Partner) to (i) amend this Agreement in accordance with Section 12.05 and/or (ii) cause the Partnership to
be dissolved in accordance with Section 11.01. 
 ARTICLE IV 

CAPITAL CONTRIBUTIONS 

4.01    Initial and Additional Capital Contributions. In connection with the formation of the Partnership, the
General Partner contributed $1,000 to the Partnership and on the Closing Date, the Class A Limited Partner contributed to the Partnership the Assigned EPD Units. No Class B Limited Partner is obligated to make a contribution to the
Partnership. Subject to the provisions of applicable law or except as otherwise provided for herein, no Partner shall be liable for or obligated 

  
 - 10 - 

 
to make an additional Capital Contribution to the Partnership, whether for the purpose of enabling the Partnership to meet its obligations under Section 6.03 or for any
other purpose. The initial Capital Account of the General Partner is $1,000, the initial Capital Account of the Class A Limited Partner as of the Closing Date is equal to the Class A Capital Base on the Closing Date, and the initial
Capital Account of each Class B Limited Partner is zero. 
 4.02    Return of Contributions. No Partner
shall be entitled to the return of any part of its Capital Contributions or to be paid interest in respect of either its Capital Account or any Capital Contribution made by it. No unrepaid Capital Contribution shall be deemed or considered to be a
liability of the Partnership or of any Partner. No Partner shall be required to contribute, advance or lend any cash or property to the Partnership to enable the Partnership to return any Partner’s Capital Contributions to the Partnership. To
the extent, however, any Partner (by mistake, overpayment or otherwise) advances funds to the Partnership in excess of the Capital Contributions called for under Section 4.01, such excess amounts shall not be Capital
Contributions and (other than advances made by the General Partner pursuant to Section 4.03 below) shall be promptly returned by the Partnership to the Partner so advancing such funds. 

4.03    Advances by General Partner. At any time that the Partnership shall not have sufficient cash to pay its
obligations, the General Partner may, but shall not be obligated to, advance such funds for or on behalf of the Partnership. Each such advance shall constitute a loan from the General Partner to the Partnership and shall bear interest from the date
of the advance until the date of repayment at the General Interest Rate. Any advances made by the General Partner pursuant to this Section 4.03 shall not be considered to be Capital Contributions. All advances shall be
repaid out of the next available funds of the Partnership, including Capital Contributions received. 

4.04    Capital Accounts. A Capital Account shall be established and maintained for each Partner. Each
Partner’s Capital Account (a) shall be increased by (i) the amount of money contributed by that Partner to the Partnership, (ii) the fair market value of property, if any, contributed by that Partner to the Partnership (net of
liabilities secured by such contributed property that the Partnership is considered to assume or take subject to under Section 752 of the Code), and (iii) allocations to that Partner of Partnership income and gain (or items thereof),
including income and gain exempt from tax and income and gain described in Regulation Section 1.704-1(b)(2)(iv)(g), but excluding income and gain described in Regulation
Section 1.704-1(b)(4)(i), and (b) shall be decreased by (i) the amount of money distributed to that Partner by the Partnership, (ii) the fair market value of property distributed to that
Partner by the Partnership (net of liabilities secured by such distributed property that such Partner is considered to assume or take subject to under Section 752 of the Code), (iii) allocations to that Partner of expenditures of the
Partnership described in Section 705(a)(2)(B) of the Code, and (iv) allocations of Partnership loss and deduction (or items thereof), including loss and deduction described in Regulation
Section 1.704-1(b)(2)(iv)(g), but excluding items described in clause (b)(iii) above and loss or deduction described in Regulation
Section 1.704-1(b)(4)(i). The Partners’ Capital Accounts also shall be maintained and adjusted as permitted by the provisions of Regulation
Section 1.704-1(b)(2)(iv)(f) and as required by the other provisions of Regulation Sections 1.704-1(b)(2)(iv) and
1.704-1(b)(4), including adjustments to reflect the allocations to the Partners of depreciation, amortization, and gain or loss as computed for book purposes rather than the allocation of the corresponding
items as computed for tax purposes, as required by 

  
 - 11 - 

 
Regulation Section 1.704-1(b)(2)(iv)(g). A Partner that has more than one interest in the Partnership shall have a single Capital Account that
reflects all such interests, regardless of the class of interests owned by such Partner and regardless of the time or manner in which such interests were acquired; provided, that Partners that are Affiliates but nevertheless separate legal
entities shall have separate Capital Accounts. Upon the transfer of all or part of an interest in the Partnership, the Capital Account of the transferor that is attributable to the transferred interest in the Partnership shall carry over to the
transferee Partner in accordance with the provisions of Regulation Section 1.704-1(b)(2)(iv)(l). 

ARTICLE V 

ALLOCATIONS AND DISTRIBUTIONS 

5.01    Allocations. 

(a)    Net Income and Net Loss. For purposes of maintaining the Capital Accounts, Net Income or Net Loss (and all
items included in the computation thereof) shall be allocated among the Partners as follows: 
  

	 	(i)    Net	 Income: 

(A)    First, to the Class A Limited Partner until the Class A Limited Partner’s Adjusted
Capital Account equals the Class A Capital Base; and 
 (B)    Thereafter, to the Class B
Limited Partners in accordance with the Class B Percentage Interests. 
  

	 	(ii)    Net	 Loss: 

(A)    First, to the Class B Limited Partners in accordance with the Class B Percentage Interests
until the Adjusted Capital Accounts of the Class B Limited Partners are reduced to zero; and 

(B)    Thereafter, to the Class A Limited Partner. 

(b)    Special Allocations. Notwithstanding any other provision of this Section 5.01, the
following special allocations shall be made for such taxable period: 
 (i)    Partnership Minimum
Gain Chargeback. Notwithstanding any other provision of this Section 5.01, if there is a net decrease in Partnership Minimum Gain during any Partnership taxable period, each Partner shall be allocated items of
Partnership income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Regulation Sections 1.704-2(f)(6),
1.704-2(g)(2) and 1.704-2(j)(2)(i), or any successor provision. For purposes of this Section 5.01(b), each Partner’s Adjusted Capital
Account balance shall be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 5.01(b) with respect to such taxable
period (other than an allocation pursuant to Sections 5.01(b)(vi) and 5.01(b)(vii)). This Section 5.01(b)(i) is intended to comply with the Partnership Minimum Gain chargeback requirement in Regulation Section 1.704-2(f) and shall be interpreted consistently therewith. 

  
 - 12 - 

 (ii)    Chargeback of Partner Nonrecourse Debt
Minimum Gain. Notwithstanding the other provisions of this Section 5.01 (other than Section 5.01(b)(i)), except as provided in Regulation
Section 1.704-2(i)(4), if there is a net decrease in Partner Nonrecourse Debt Minimum Gain during any Partnership taxable period, any Partner with a share of Partner Nonrecourse Debt Minimum Gain at the
beginning of such taxable period shall be allocated items of Partnership income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Regulation Sections
1.704-2(i)(4) and 1.704-2(j)(2)(ii), or any successor provisions. For purposes of this Section 5.01(b), each Partner’s Adjusted Capital
Account balance shall be determined, and the allocation of income or gain required hereunder shall be effected, prior to the application of any other allocations pursuant to this Section 5.01(b), other than
Section 5.01(b)(i) and other than an allocation pursuant to Sections 5.01(b)(vi) and 5.01(b)(vii), with respect to such taxable period. This Section 5.01(b)(ii) is intended to comply
with the chargeback of items of income and gain requirement in Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 

(iii)    Qualified Income Offset. In the event any Partner unexpectedly receives any adjustments,
allocations or distributions described in Regulation Sections 1.704-1(b)(2)(ii)(d)(4), 1.704-1(b)(2)(ii)(d)(5), or
1.704-1(b)(2)(ii)(d)(6), items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate, to the extent required by the Regulations, the
deficit balance, if any, in its Adjusted Capital Account created by such adjustments, allocations or distributions as quickly as possible unless such deficit balance is otherwise eliminated pursuant to Section 5.01(b)(i) or
(ii). 
 (iv)    Gross Income Allocations. In the event any Partner has a deficit balance
in its Capital Account at the end of any Partnership taxable period in excess of the sum of (A) the amount such Partner is required to restore pursuant to the provisions of this Agreement and (B) the amount such Partner is deemed obligated
to restore pursuant to Regulation Sections 1.704-2(g) and 1.704-2(i)(5), such Partner shall be specially allocated items of Partnership gross income and gain in the
amount of such excess as quickly as possible; provided, that an allocation pursuant to this Section 5.01(b)(iv) shall be made only if and to the extent that such Partner would have a deficit balance in its Capital
Account as adjusted after all other allocations provided for in this Section 5.01 have been tentatively made as if this Section 5.01(b)(iv) were not in this Agreement. 

(v)    Nonrecourse Deductions. Nonrecourse Deductions for any taxable period shall be allocated to
the Partners in accordance with their respective Percentage Interests. If the General Partner determines that the Partnership’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the safe harbor requirements of the
Regulations promulgated under Section 704(b) of the Code, the General Partner is authorized, upon notice to the other Partners, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements. 

  
 - 13 - 

 (vi)    Partner Nonrecourse Deductions. Partner
Nonrecourse Deductions for any taxable period shall be allocated 100% to the Partner that bears the Economic Risk of Loss with respect to the Partner Nonrecourse Debt to which such Partner Nonrecourse Deductions are attributable in accordance with
Regulation Section 1.704-2(i). If more than one Partner bears the Economic Risk of Loss with respect to a Partner Nonrecourse Debt, such Partner Nonrecourse Deductions attributable thereto shall be
allocated between or among such Partners in accordance with the ratios in which they share such Economic Risk of Loss. 

(vii)    Nonrecourse Liabilities. For purposes of Regulation
Section 1.752-3(a)(3), the Partners agree that Nonrecourse Liabilities of the Partnership in excess of the sum of (A) the amount of Partnership Minimum Gain and (B) the total amount of
Nonrecourse Built-in Gain shall be allocated among the Partners in accordance with their respective Percentage Interests. 

(viii)    Code Section 754 Adjustments. To the extent an adjustment to the
adjusted tax basis of any Partnership asset pursuant to Section 734(b) or 743(b) of the Code is required, pursuant to Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining
Capital Accounts, the amount of such adjustment to the Capital Accounts shall be treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be
specially allocated to the Partners in a manner consistent with the manner in which their Capital Accounts are required to be adjusted pursuant to such Section of the Regulations. 

(c)    Allocations Caused by Transfer of Interest. All items of income, gain, loss, deduction, and credit allocable
to any interest in the Partnership that may have been transferred shall be allocated between the transferor and the transferee based upon that portion of the calendar year during which each was recognized as owning such interest, without regard to
the results of Partnership operations during any particular portion of such calendar year and without regard to distributions made to the transferor and the transferee during such calendar year; provided, however, that such allocation
shall be made in accordance with a method permissible under Section 706 of the Code and the regulations thereunder. 

5.02    Income Tax Allocations. 

(a)    Except as provided in this Section 5.02, each item of income, gain, loss and deduction of
the Partnership for federal income tax purposes shall be allocated among the Partners in the same manner as such items are allocated for purposes of maintaining Capital Account under Section 5.01. 

(b)    For federal and state income tax purposes, income, gain, loss, and deduction with respect to property contributed to
the Partnership by a Partner or revalued pursuant to Regulation Section 1.704-1(b)(2)(iv)(f) shall be allocated among the Partners in a manner that takes into account the variation between the adjusted
tax basis of such property and its book value, as required by Section 704(c) of the Code and Regulation Section 1.704-1(b)(4)(i), using any allocation method permitted by Regulation Section 1.704-3. 

  
 - 14 - 

 5.03    Distributions of Cash Flow from EPD Units. Promptly
following the receipt of any distributions of cash flow with respect to EPD Units, the General Partner shall cause to be distributed to the Partners such receipts (and any income from the temporary investment thereof) in the manner set forth below,
provided, that the General Partner may withhold and not distribute such portion of any such receipts that the General Partner has determined in its sole but good faith discretion should be withheld to pay expenses of the Partnership.
Distribution to the Partners pursuant to this Section 5.03 shall be made as follows: 

(a)    First, to the Class A Limited Partner until the Class A Limited Partner’s Class A Preference
Return Amount has been reduced to zero; and 
 (b)    Thereafter, to the Class B Limited Partners in accordance with
the Class B Percentage Interests. 
 5.04    Distributions of Proceeds from Sales of EPD Units. Promptly
following the receipt of any proceeds from the sale of any EPD Units by the Partnership, the General Partner shall cause to be distributed to the Partners such receipts in the manner set forth below, provided that the General Partner may
withhold and not distribute such portion of any such receipts that the General Partner has determined in its sole but good faith discretion should be withheld to pay expenses of the Partnership. Distribution to the Partners pursuant to this
Section 5.04 shall be made as follows: 
 (a)    First, to the Class A Limited Partner
until the Class A Capital Base is reduced to zero; and 
 (b)    Thereafter, to the Class B Limited Partners in
accordance with the Class B Percentage Interests. 
 5.05    Restrictions on Distributions of EPD Units. The
Partners and the Partnership hereby agree that they shall not cause the Partnership to offer for sale, sell, pledge or otherwise transfer, distribute or dispose of the EPD Units held by the Partnership prior to the Vesting Date, other than as
approved by the General Partner (in its sole discretion) in connection with a Change of Control. 
 ARTICLE VI 

MANAGEMENT AND OPERATION 

6.01    Management of Partnership Affairs. Except for situations in which the approval of the Limited Partners is
expressly required by this Agreement or by non-waivable provisions of applicable law, the General Partner shall have full, complete, and exclusive authority to manage and control the business, affairs, and
properties of the Partnership, to make all decisions regarding the same, and to perform any and all other acts or activities customary or incident to the management of the Partnership’s business. The General Partner shall receive no
compensation for its services as such. Subject to the other express provisions hereof, the General Partner shall make or take all decisions and actions for the Partnership not otherwise provided for herein, including, without limitation, the
following: 
 (a)    acquiring, holding, managing, selling, Disposing of, and otherwise dealing with and investing in
(i) the Partnership’s EPD Units, or (ii) temporary investments of Partnership capital in U.S. government securities, certificates of deposit with maturities of less than one year, commercial paper (rated or unrated), and other highly
liquid securities; 

  
 - 15 - 

 (b)    entering into, making, and performing all contracts, agreements,
and other undertakings binding the Partnership, as may be necessary, appropriate, or advisable in furtherance of the purposes of the Partnership and making all decisions and waivers thereunder; 

(c)    opening and maintaining bank and investment accounts and drawing checks and other orders for the payment of monies;

 (d)    maintaining the assets of the Partnership in compliance with applicable securities laws and protecting and
preserving the Partnership’s title thereto; 
 (e)    collecting all sums due the Partnership; 

(f)    to the extent that funds of the Partnership are available therefor, paying as they become due all debts and
obligations of the Partnership; 
 (g)    causing securities owned by the Partnership to be registered in the
Partnership’s name or in the name of a nominee or to be held in street name, as the General Partner may elect; 

(h)    selecting, removing, and changing the authority and responsibility of lawyers, accountants, brokers, and other
advisors and consultants; 
 (i)    obtaining insurance for the Partnership to the extent the General Partner deems
appropriate; and 
 (j)    determining distributions of Partnership cash as provided in Sections 5.03 and
5.04. 
 6.02    Duties and Obligations of General Partner. The General Partner shall endeavor to conduct
the affairs of the Partnership in the best interests of the Partnership and the mutual best interests of the Partners, including, without limitation, the safekeeping and use of all Partnership funds and assets and the use thereof for the benefit of
the Partnership. The General Partner at all times shall act in good faith in all activities relating to the conduct of the business of the Partnership. The General Partner shall devote such time as it deems necessary to conduct the business and
affairs of the Partnership in an appropriate manner. 
 6.03    Release and Indemnification. TO THE
FULLEST EXTENT PERMITTED BY LAW, THE PARTNERSHIP AND EACH OTHER PARTNER ON BEHALF OF ITSELF AND ITS SUCCESSORS AND ASSIGNS HEREBY RELEASES, ACQUITS, AND FOREVER DISCHARGES THE GENERAL PARTNER AND THE CLASS A LIMITED PARTNER, THEIR PARTNERS OR
SHAREHOLDERS, AND THEIR DIRECTORS, OFFICERS, EMPLOYEES, PARTNERS, REPRESENTATIVES, AND AGENTS AND EACH OTHER PERSON, IF ANY, CONTROLLING OR EMPLOYING SUCH PERSONS OR ENTITIES (COLLECTIVELY, THE “INDEMNITEES”) FROM ALL
CLAIMS, DEMANDS, OR CAUSES OF ACTION OF ANY CHARACTER THAT SUCH PARTY MAY HAVE, WHETHER KNOWN OR UNKNOWN, AGAINST ANY INDEMNITEE IN CONNECTION WITH THE PARTNERSHIP AND/OR THE BUSINESS CONDUCTED  

  
 - 16 - 

 
BY THE PARTNERSHIP; PROVIDED, HOWEVER, THAT SUCH RELEASE SHALL NOT APPLY TO ACTIONS CONSTITUTING WILLFUL MISCONDUCT OR BAD FAITH. TO THE FULLEST EXTENT
PERMITTED BY LAW, THE PARTNERSHIP SHALL INDEMNIFY AND HOLD HARMLESS EACH INDEMNITEE FROM AND AGAINST ALL LOSSES, COSTS, CLAIMS, LIABILITIES, DAMAGES, EXPENSES (INCLUDING, WITHOUT LIMITATION, COSTS OF SUIT AND ATTORNEYS’ FEES) SUCH INDEMNITEE
MAY INCUR IN CONNECTION WITH THE GENERAL PARTNER’S PERFORMING ITS OBLIGATIONS HEREUNDER (INCLUDING WITHOUT LIMITATION LOSSES, COSTS, CLAIMS, LIABILITIES, DAMAGES AND EXPENSES ARISING FROM, OR ALLEGED TO ARISE FROM, THE INDEMNITEE’S ACTIVE
OR PASSIVE, SOLE OR CONCURRENT, NEGLIGENCE OR GROSS NEGLIGENCE), AND THE PARTNERSHIP SHALL ADVANCE EXPENSES ASSOCIATED WITH THE DEFENSE OF ANY ACTION RELATED THERETO; PROVIDED, HOWEVER, THAT SUCH INDEMNITY SHALL
NOT APPLY TO ACTIONS WHICH HAVE BEEN FINALLY, WITHOUT FURTHER RIGHT TO APPEAL, JUDICIALLY DETERMINED TO CONSTITUTE WILLFUL MISCONDUCT OR BAD FAITH. IF THE INDEMNIFICATION PROVIDED FOR ABOVE IS NOT PERMITTED OR ENFORCEABLE UNDER APPLICABLE LAW OR IS
OTHERWISE UNAVAILABLE OR INSUFFICIENT TO HOLD HARMLESS THE INDEMNITEES AS CONTEMPLATED ABOVE, THEN THE PARTNERSHIP SHALL CONTRIBUTE TO THE AMOUNT PAID OR PAYABLE BY THE INDEMNITEES AS A RESULT OF SUCH LOSSES, COSTS, CLAIMS, LIABILITIES, DAMAGES AND
EXPENSES REFERRED TO ABOVE IN SUCH PROPORTION AS IS APPROPRIATE TO REFLECT THE RELATIVE BENEFITS CONTEMPLATED TO BE RECEIVED BY THE PARTNERSHIP AND THE INDEMNITEES, RESPECTIVELY, FROM THE ACTIONS GIVING RISE TO SUCH LOSSES, COSTS, CLAIMS,
LIABILITIES, DAMAGES OR EXPENSES. 
 6.04    Power of Attorney. 

(a)    Each Limited Partner hereby constitutes and appoints the General Partner and, if a liquidator (other than the
General Partner) shall have been selected pursuant to Section 11.02, the liquidator, severally (and any successor to either thereof by merger, transfer, assignment, election or otherwise) and each of their authorized
officers and attorneys-in-fact, as the case may be, with full power of substitution, as his true and lawful agent and attorney-in-fact, with full power and authority in his name, place and stead, to: 

(i)    execute, swear to, acknowledge, deliver, file and record in the appropriate public offices
(A) all certificates, documents and other instruments (including this Agreement and the Certificate of Limited Partnership and all amendments or restatements hereof or thereof) that the General Partner or the liquidator deems necessary or
appropriate to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the Limited Partners have limited liability) in the State of Delaware and in all other jurisdictions in
which the Partnership may conduct business or own property; (B) all certificates, documents and other instruments that the General Partner or the liquidator deems necessary or appropriate to reflect, in accordance with its terms, any amendment,
change, modification or restatement of this Agreement; (C) all certificates, documents and other instruments (including conveyances and a certificate 

  
 - 17 - 

 
of cancellation) that the General Partner or the liquidator deems necessary or appropriate to reflect the dissolution and liquidation of the Partnership pursuant to the terms of this Agreement;
and (D) all certificates, documents and other instruments relating to the admission, withdrawal, removal or substitution of any Partner; and 

(ii)    execute, swear to, acknowledge, deliver, file and record all ballots, consents, approvals, waivers,
certificates, documents and other instruments necessary or appropriate, in the discretion of the General Partner or the liquidator, to make, evidence, give, confirm or ratify any vote, consent, approval, agreement or other action that is made or
given by the Partners hereunder or is consistent with the terms of this Agreement or is necessary or appropriate, in the discretion of the General Partner or the liquidator, to effectuate the terms or intent of this Agreement; provided, that
when required by any provision of this Agreement that establishes a percentage of the Limited Partners required to take any action, the General Partner and the liquidator may exercise the power of attorney made in this
Section 6.04 only after the necessary vote, consent or approval of the Limited Partners. 
 This
Section 6.04 shall be construed as authorizing the General Partner to amend this Agreement in any manner subject to any provision of this Agreement that establishes a percentage of the Limited Partners required to take any
action. 
 (b)    The foregoing power of attorney is hereby declared to be irrevocable and a power coupled with an
interest, and it shall survive and, to the maximum extent permitted by law, not be affected by the subsequent death, incompetency, disability, incapacity, dissolution, bankruptcy or termination of any Limited Partner and the transfer of all or any
portion of such Limited Partner’s Percentage Interest and shall extend to such Limited Partner’s heirs, successors, assigns and personal representatives. Each such Limited Partner hereby agrees to be bound by any representation made by the
General Partner or the liquidator acting in good faith pursuant to such power of attorney; and each such Limited Partner, to the maximum extent permitted by law, hereby waives any and all defenses that may be available to contest, negate or
disaffirm the action of the General Partner or the liquidator taken in good faith under such power of attorney. Each Limited Partner shall execute and deliver to the General Partner or the liquidator, within 15 days after receipt of the request
therefor, such further designation, powers of attorney and other instruments as the General Partner or the liquidator deems necessary to effectuate this Agreement and the purposes of the Partnership. 

ARTICLE VII 
 RIGHTS
OF OTHER PARTNERS 
 7.01    Information. In addition to the other rights specifically set forth herein,
each Partner shall have access to all information to which such Partner is entitled to have access pursuant to Section 17-305 of the Act under the circumstances and subject to the conditions therein
stated. Without limiting the provisions of Section 17-305(b) of the Act, the Partners agree that if the General Partner from time to time enters into on behalf of the Partnership or the General Partner
contractual obligations regarding the confidentiality of information received with respect to the Partnership’s business or assets, it shall not be reasonable for any other Partner or assignee or representative thereof to examine or copy such
information unless such Partner agrees to comply with the terms of such contractual obligations including without limitation executing a counterpart of any applicable confidentiality agreements. 

  
 - 18 - 

 7.02    Limitations. No Limited Partner shall have the authority
or power in its capacity as such to act for or on behalf of the Partnership or any other Partner, to do any act that would be binding on the Partnership or any other Partner, or to incur any expenditures on behalf of or with respect to the
Partnership. No Limited Partner shall have the right or power to withdraw from the Partnership. 
 7.03    Limited
Liability. No Limited Partner shall be liable for the losses, debts, liabilities, contracts, or other obligations of the Partnership except to the extent required by law or otherwise set forth herein. 

ARTICLE VIII 
 TAXES

 8.01    Tax Returns. The General Partner shall cause to be prepared and filed all necessary federal
and state income tax returns for the Partnership, including making the elections described in Section 8.02. Each Partner shall furnish to the General Partner all pertinent information in its possession relating to
Partnership operations that is necessary to enable such income tax returns to be prepared and filed. 
 8.02    Tax
Elections. The following elections shall be made on the appropriate returns of the Partnership: 
 (a)    to adopt
the calendar year as the Partnership’s fiscal year; 
 (b)    unless the accrual method is required under the
applicable sections of the Code, to adopt the cash method of accounting and to keep the Partnership’s books and records on the income-tax method; 

(c)    if there shall be a distribution of Partnership property as described in Section 734 of the Code or if there
shall be a transfer of a Partnership interest as described in Section 743 of the Code, upon written request of any Partner, to elect, pursuant to Section 754 of the Code, to adjust the basis of Partnership properties; 

(d)    to elect to amortize the organizational expenses of the Partnership ratably over a period of 60 months as permitted
by Section 709(b) of the Code; and 
 (e)    any other election the General Partner may deem appropriate and in the
best interests of the Partners. 
 No election shall be made by the Partnership or any Partner to be treated as an association taxable as a corporation or
to be excluded from the application of the provisions of Subchapter K of Chapter 1 of Subtitle A of the Code or any similar provisions of applicable state laws. 

  
 - 19 - 

 8.03    Partnership Tax Audit Procedures. 

(a)    For all tax years beginning before December 31, 2017, the General Partner shall be the “tax matters
partner” of the Partnership pursuant to Section 6231(a)(7) of the Code. The General Partner shall take such action as may be necessary to cause each other Partner to become a “notice partner” within the meaning of
Section 6223 of the Code. The General Partner shall inform each other Partner of all significant matters that may come to its attention in its capacity as tax matters partner by giving notice thereof within ten Business Days after becoming
aware thereof and, within such time, shall forward to each other Partner copies of all significant written communications it may receive in such capacity. The General Partner shall not take any action contemplated by Sections 6222 through 6232 of
the Code without the consent of a Required Interest. This provision is not intended to authorize the General Partner to take any action left to the determination of an individual Partner under Sections 6222 through 6232 of the Code. 

(b)    For all tax years beginning after December 31, 2017, the “partnership representative” (within the
meaning of Section 6223(a) of the Code or any analogous provision of state or local law) of the Partnership shall be the General Partner. The General Partner (or any individual designated by the General Partner) is authorized to take such
actions and to execute and file all statements and forms on behalf of the Partnership that are permitted or required by the Partnership Tax Audit Rules (including a “push-out” election under
Section 6226 of the Code or any analogous election under state or local tax law). Each Partner agrees to cooperate with the General Partner and to do or refrain from doing any or all things requested by the General Partner (including paying any
and all resulting taxes, additions to tax, penalties and interest in a timely fashion) in connection with any examination of the Partnership’s affairs by any federal, state, or local tax authorities, including resulting administrative and
judicial proceedings. No Partner shall have any claim against the General Partner for any actions taken (or any failures to take action) in good faith pursuant to this Section 8.03(b). Any reasonable, documented cost or
expense incurred by the General Partner in connection with its duties, including the preparation for or pursuance of administrative or judicial proceedings, shall be paid by the Partnership. 

(c)    To the extent that any tax (including any Partnership Level Tax) is paid by the Partnership and the General Partner,
in good faith, determines that such tax relates to one or more specific Partners, the General Partner may either (i) offset such tax against any distributions to which such Partner is otherwise entitled, or (ii) require such Partner to
promptly reimburse the Partnership for such tax. 
 ARTICLE IX 

BOOKS, RECORDS, REPORTS, AND BANK ACCOUNTS 

9.01    Maintenance of Books. The books of account for the Partnership shall be maintained on a cash basis
in accordance with the terms of this Agreement except that the Capital Accounts of the Partners shall be maintained in accordance with Section 4.04. The calendar year shall be the accounting year of the Partnership. 

9.02    Financial Statements. Within 120 days after the end of each fiscal year during the term of the Partnership,
the General Partner shall cause each other Partner to be furnished with an unaudited balance sheet, an income statement, and a statement of changes in Partners’ capital of the Partnership for, or as of the end of, such period. All financial
statements shall be prepared in accordance with accounting principles generally employed for cash-basis records consistently applied (except as therein noted). 

  
 - 20 - 

 9.03    Bank Accounts. The General Partner shall establish and
maintain one or more separate accounts for Partnership funds in the Partnership name at such financial institutions as it may designate. The General Partner may not commingle the Partnership’s funds with other funds of any Partner. 

ARTICLE X 

WITHDRAWAL, BANKRUPTCY, REMOVAL, ETC. 

10.01    Withdrawal, Bankruptcy, Etc. of General Partner. 

(a)    The General Partner covenants and agrees that it will not withdraw from the Partnership as the general partner
within the meaning of Section 17-602 of the Act. If the General Partner shall so withdraw from the Partnership in violation of such covenant and agreement, such withdrawal shall be effective only upon 90
days’ prior notice to all other Partners. 
 (b)    The General Partner shall not cease to be a general partner on
the occurrence of an event of the type described in Section 17-402(a)(4) through (10) of the Act, but shall cease to be a general partner 90 days thereafter. The General Partner shall notify each
other Partner that an event of the type described in Section 17-402(a)(4) through (10) of the Act has occurred (without regard to the lapse of any time periods therein) with respect to it within five
Business Days after such occurrence. 
 (c)    Following any notice pursuant to
Section 10.01(a) that the General Partner shall be withdrawing, or following the occurrence of an event of the type described in Section 17-402(a)(4) through (10) of the Act
with respect to the General Partner (without regard to the lapse of any time periods therein), and unless there shall be one other General Partner remaining, the greater of the Class A Limited Partner plus a Required Interest of the
Class B Limited Partners or a majority in interest as defined in Internal Revenue Service Procedure 94-46 (or any successor thereof) by written consent may select a new General Partner, which shall be
admitted to the Partnership as a general partner effective immediately prior to the existing General Partner’s ceasing to be a general partner with such general partner interest as the Limited Partners making such selection may specify, but
only if such new General Partner shall have made such Capital Contribution as such Limited Partners may specify and shall have executed and delivered to the Partnership a document including such new General Partner’s notice address, acceptance
of all the terms and provisions of this Agreement, an agreement to perform and discharge timely all of its obligations and liabilities hereunder, and a representation and warranty that the representation and warranties in
Section 3.02 are true and correct with respect to such new General Partner. Notwithstanding the foregoing provisions of this Section 10.01(c), the right to select such new General Partner shall not
exist or be exercised unless the Partnership shall have received the favorable opinion of the Partnership’s legal counsel or of other legal counsel acceptable to the Limited Partners making such selection to the effect that such selection and
admission will not result in (i) the loss of limited liability of any Limited Partner (except to the extent a Limited Partner has consented to become the General Partner) or (ii) in the Partnership being treated as an association taxable
as a corporation for federal income tax purposes. Notwithstanding the foregoing provisions of this Section 10.01(c), no such 

  
 - 21 - 

 
new General Partner shall be admitted (and the existing General Partner shall continue as such) if the event that permitted the selection of a new General Partner shall have been an event of the
type described in Section 17-402(a)(5) of the Act that with the passage of time would cause the existing General Partner to become a Bankrupt Partner but, due to the failure of such situation to continue,
such General Partner does not become a Bankrupt Partner. 
 10.02    Conversion of Interest. Immediately upon the
General Partner’s ceasing to be General Partner following the admission of a new General Partner pursuant to Section 10.01(c), the former General Partner’s interest in the Partnership as a General Partner shall be
converted into the interest of a Limited Partner in the Partnership having the same economic rights as specified for the General Partner herein immediately prior to its ceasing to be a General Partner, and such General Partner shall automatically
and without further action be admitted to the Partnership as a Limited Partner. 
 ARTICLE XI 

DISSOLUTION, LIQUIDATION, AND TERMINATION 

11.01    Dissolution. The Partnership shall be dissolved and its affairs shall be wound up upon the first to occur
of any of the following: 
 (a)    the written consent of the General Partner, the Class A Limited Partner and a
Required Interest; 
 (b)    the written consent of the General Partner acting pursuant to
Section 3.09; 
 (c)    unless otherwise agreed to by the General Partner, the Class A
Limited Partner and a Required Interest, a date selected by the General Partner (in its sole discretion) that is within 30 days following the occurrence of the Vesting Date; 

(d)    the end of the term of the Partnership as set forth in Section 2.06; 

(e)    the General Partner’s ceasing to be the General Partner as described in
Section 10.01(b) with no new General Partner having been selected and admitted as provided in Section 10.01(c); or 

(f)    any other event causing dissolution as described in Section 17-801 of
the Act (other than an event described in Section 17-402(a)(4) through (10) of the Act, except as provided in Sections 10.01(b) and 11.01(d)); 

it being understood that if an “event of withdrawal of a general partner” (as defined in
Section 17-101(3) of the Act) shall occur with respect to the General Partner and at least one other General Partner shall have been or is about to be admitted pursuant to
Section 3.03(b), 10.01(c), or 10.02, the Partnership shall not dissolve but shall continue and the remaining General Partner shall, and hereby agrees to, carry on the business of the Partnership. 

11.02    Liquidation and Termination. Upon dissolution of the Partnership, unless it is continued as provided in
Section 11.01, the General Partner shall act as liquidator or may appoint one or more other Persons as liquidator; provided, however, that if the Partnership shall be 

  
 - 22 - 

 
dissolved on account of an event of the type described in Section 17-402(a)(4) through (10) of Act with respect to the General Partner, the
liquidator shall be one or more Persons selected in writing by the Class A Limited Partner and a Required Interest. The liquidator shall proceed diligently to wind up the affairs of the Partnership and make final distributions as provided
herein, and shall file any amendments to the Certificate as may be required by applicable law. The costs of liquidation shall be borne as a Partnership expense. Until final distribution, the liquidator shall continue to manage the Partnership assets
with all of the power and authority of the General Partner. The steps to be accomplished by the liquidator are as follows: 

(a)    as promptly as possible after dissolution and again after final liquidation, the liquidator shall cause a proper
accounting to be made by a recognized firm of certified public accountants of the Partnership’s assets, liabilities, and operations through the last day of the calendar month in which the dissolution shall have occurred or the final liquidation
shall be completed, as applicable; 
 (b)    the liquidator shall pay all of the debts and liabilities of the Partnership
(including, without limitation, all expenses incurred in liquidation and any advances made by the General Partner pursuant to Section 4.03) or otherwise make adequate provision therefor (including, without limitation, the
establishment of a cash escrow fund for contingent liabilities in such amount and for such term as the liquidator may reasonably determine); and 

(c)    all remaining assets of the Partnership shall be distributed to the Partners as follows: 

(i)    the fair market value of the property shall be determined and the capital accounts of the Partners
shall be adjusted to reflect the manner in which the unrealized income, gain, loss, and deduction inherent in such property (that has not been reflected in the capital accounts previously) would be allocated among the Partners if there were a
taxable disposition of such property for the fair market value of such property on the Vesting Date; and 

(ii)    the Partnership property shall be distributed among the Partners in accordance with the positive
capital account balances of the Partners, as determined after taking into account all capital account adjustments for the taxable year of the Partnership during which the liquidation of the Partnership occurs (other than those made by reason of this
clause); and such distributions shall be made by the end of the taxable year of the Partnership during which the liquidation of the Partnership occurs (or, if later, within 90 days after the date of such liquidation). While the General Partner has
the right to sell EPD Units as noted in Section 5.04, and subject to the restrictions set forth in Section 5.05, it is the intent of the General Partner upon liquidation and termination of the
Partnership to distribute EPD Units to the Partners rather than sell the EPD Units and distribute the cash proceeds of such sale to the Partners. 
 For
purposes of this Section 11.02(c), the “fair market value” of each EPD Unit held by the Partnership on the Vesting Date shall be equal to the average of the closing sale prices per EPD Unit for the 20 trading days
ending on the Vesting Date (or, if no closing sale price is reported, the average of the bid and asked prices) as reported in the composite transactions for the principal United States securities exchange on which the EPD Units are traded or if the
EPD Units are not 

  
 - 23 - 

 
listed on a national or regional stock exchange, as reported by The NASDAQ National Market. All distributions in kind to the Partners shall be made subject to the liability of each distributee
for costs, expenses, and liabilities theretofore incurred or for which the Partnership shall have committed prior to the date of termination and such costs, expenses, and liabilities shall be allocated to such distributee pursuant to this
Section 11.02. The distribution of property to a Partner in accordance with the provisions of this Section 11.02 shall constitute a complete return to the Partner of its Capital Contributions and a
complete distribution to the Partner of its interest in the Partnership and all the Partnership’s property and shall constitute a compromise to which all Partners have consented within the meaning of
Section 17-502(b) of the Act. 
 11.03    Cancellation of
Certificate. Upon completion of the distribution of Partnership assets as provided herein, the Partnership shall be terminated, and the General Partner (or, if there shall be no General Partner, the Limited Partners) shall cause the cancellation
of the Certificate and any other filings made pursuant to Section 2.05 and shall take such other actions as may be necessary to terminate the Partnership. 

ARTICLE XII 
 GENERAL
PROVISIONS 
 12.01    Offset. In the event that any sum is payable to any Partner pursuant to this
Agreement, any amounts owed by such Partner to the Partnership shall be deducted from said sum before payment to said Partner. 

12.02    Notices. All notices or requests or consents provided for or permitted to be given pursuant to this
Agreement must be in writing and must be given (a) by depositing same in the United States mail, addressed to the Person to be notified, postpaid, and registered or certified with return receipt requested or (b) by delivering such notice
by courier or in person to such party. Notices given or served pursuant hereto shall be effective two Business Days after such deposit, or upon receipt if delivered in person to the person to be notified. All notices to be sent to a Partner shall be
sent to or made at the address given on the Power of Attorney executed by the Partner and delivered to the General Partner on the date of this Agreement or in the instrument described in Section 3.03(c), 3.04, or
10.01(c), or such other address as such Partner may specify by notice to the General Partner. Any notice to the Partnership shall be given to the General Partner. 

12.03    Entire Agreement; Supersedure. This Agreement constitutes the entire agreement of the Partners relating to
the matters contained herein and supersedes all prior contracts or agreements, whether oral or written, among the parties hereto with respect to such matters. 

12.04    Effect of Waiver or Consent. No waiver or consent, express or implied, by any Person with respect to any
breach or default by any other Person of its obligations hereunder shall be deemed or construed to be a consent or waiver with respect to any other breach or default by such other Person of the same or any other obligations of such other Person
hereunder. Failure on the part of any Person to complain of any act or omission of any other Person, or to declare any other Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such Person of its
rights hereunder until the applicable limitation period has run. 

  
 - 24 - 

 12.05    Amendment or Modification. This Agreement may be amended
or modified from time to time only by a written instrument executed by the General Partner; provided, however, that (a) the vesting and distribution provisions of this Agreement may be amended or modified only by a written
instrument executed by the General Partner, the Class A Limited Partner and a Required Interest, and (b) no amendment or modification reducing a Partner’s Sharing Points (other than to reflect changes otherwise provided hereby) or
increasing its duties or adversely affecting its limited liability shall be effective without such Partner’s consent. 

12.06    Binding Effect; Joinder of Additional Parties. Subject to the restrictions on Dispositions set forth
herein, this Agreement shall be binding upon and shall inure to the benefit of the Partners, as well as the respective heirs, legal representatives, successors, and assigns of such Partners. 

12.07    Construction. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF DELAWARE, EXCLUDING ANY CONFLICTS-OF-LAW RULE OR PRINCIPLE THAT MIGHT REFER THE GOVERNANCE OR CONSTRUCTION OF THIS AGREEMENT TO THE LAWS OF ANOTHER JURISDICTION. The
headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define, or limit the scope, extent, or intent of this Agreement or any provision hereof. Whenever the context requires, the
gender of all words used in this Agreement shall include the masculine, feminine, and neuter. All references to Articles and Sections refer to articles and sections of this Agreement. All sums and amounts payable or to be payable pursuant to the
provisions of this Agreement shall be payable in coin or currency of the United States of America that, at the time of payment, is legal tender for the payment of public and private debts in the United States of America. If any provision of this
Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected
thereby and shall be enforced to the greatest extent permitted by law. 
 12.08    Further Assurances. In
connection with this Agreement, as well as all transactions contemplated by this Agreement, each Partner agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate
to effectuate, carry out, and perform all of the terms, provisions, and conditions of this Agreement and all such transactions. 

12.09    Indemnification. To the fullest extent permitted by law, each Partner shall indemnify the Partnership and
each other Partner and hold them harmless from and against all losses, costs, liabilities, damages, and expenses (including, without limitation, costs of suit and attorney’s fees) they may incur on account of any breach by such indemnifying
Partner of this Agreement. 
 12.10    Waiver of Certain Rights. Each Partner irrevocably waives any right it
might have to maintain any action for dissolution of the Partnership or to maintain any action for partition of the property of the Partnership. 

  
 - 25 - 

 12.11    Counterparts. This Agreement may be executed in any
number of counterparts with the same effect as if all signatory parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument. 

12.12    Dispute Resolution. (a) If the General Partner and one or more Limited Partners are unable to resolve any
controversy, dispute, claim or other matter in question arising out of, or relating to, this Agreement, any provision hereof, the alleged breach hereof, or in any way relating to the subject matter of this Agreement, or the relationship between the
parties created by this Agreement, including questions concerning the scope and applicability of this Section 12.12, whether sounding in contract, tort or otherwise, at law or in equity, under state or federal law, whether
provided by statute or common law, for damages or any other relief (any such controversy, dispute, claim or other matter in question, a “Dispute”), on or before the 30th day following the receipt by the General Partner or such
Limited Partners of written notice of such Dispute from the other party, which notice describes in reasonable detail the nature of the Dispute and the facts and circumstances relating thereto, the General Partner or such Limited Partners may, by
delivery of written notice to the other party, require that a representative of the General Partner and of such Limited Partners meet at a mutually agreeable time and place in an attempt to resolve such Dispute. Such meeting shall take place on or
before the 15th day following the date of the notice requiring such meeting, and if the Dispute has not been resolved within 15 days following such meeting, the General Partner or such Limited Partners may cause such Dispute to be resolved by
binding arbitration in Houston, Texas, by submitting such Dispute for arbitration within 30 days following the expiration of such 15-day period. This agreement to arbitrate shall be specifically enforceable
against the parties. 
 (b)    It is the intention of the parties that the arbitration shall be governed by and conducted
pursuant to the Federal Arbitration Act, as such Act is modified by this Section 12.12. If it is determined the Federal Arbitration Act is not applicable to this Agreement (e.g., this Agreement does not evidence a
transaction involving interstate commerce), this agreement to arbitrate shall nevertheless be enforceable pursuant to applicable State law. While the arbitrators may refer to the Commercial Arbitration Rules of the American Arbitration Association
(the “Rules”) for guidance with respect to procedural matters, the arbitration proceeding shall not be administered by the American Arbitration Association but instead shall be self-administered by the parties until the arbitrators
are selected and then the proceeding shall be administered by the arbitrators. 
 (c)    The validity, construction, and
interpretation of this agreement to arbitrate, and all procedural aspects of the arbitration conducted pursuant to this agreement to arbitrate, including but not limited to, the determination of the issues that are subject to arbitration (i.e.,
arbitrability), the scope of the arbitrable issues, allegations of “fraud in the inducement” to enter into this Agreement or this arbitration provision, allegations of waiver, laches, delay or other defenses to arbitrability, and the rules
governing the conduct of the arbitration (including the time for filing an answer, the time for the filing of counterclaims, the times for amending the pleadings, the specificity of the pleadings, the extent and scope of discovery, the issuance of
subpoenas, the times for the designation of experts, whether the arbitration is to be stayed pending resolution of related litigation involving third parties not bound by this arbitration agreement, the receipt of evidence, and the like), shall be
decided by the arbitrators. 

  
 - 26 - 

 (d)    The rules of arbitration of the Federal Arbitration Act, as
modified by this Agreement, shall govern procedural aspects of the arbitration; to the extent the Federal Arbitration Act as modified by this Agreement does not address a procedural issue, the arbitrators may refer for guidance to the Commercial
Arbitration Rules then in effect with the American Arbitration Association. The arbitrators may refer for guidance to the Federal Rules of Civil Procedure, the Federal Rules of Civil Evidence, and the federal law with respect to the discovery
process, applicable legal privileges, and admissible evidence. In deciding the substance of the parties’ Dispute, the arbitrators shall refer to the substantive laws of the State of Delaware for guidance (excluding Delaware’s conflict-of-law rules or principles that might call for the application of the law of another jurisdiction); provided, however, IT IS EXPRESSLY AGREED THAT
NOTWITHSTANDING ANY OTHER PROVISION IN THIS SECTION 12.12 TO THE CONTRARY, THE ARBITRATORS SHALL HAVE ABSOLUTELY NO AUTHORITY TO AWARD CONSEQUENTIAL DAMAGES (SUCH AS LOSS OF PROFIT), TREBLE, EXEMPLARY OR PUNITIVE DAMAGES OF ANY TYPE UNDER ANY
CIRCUMSTANCES REGARDLESS OF WHETHER SUCH DAMAGES MAY BE AVAILABLE UNDER DELAWARE LAW, THE LAW OF ANY OTHER STATE, OR FEDERAL LAW, OR UNDER THE FEDERAL ARBITRATION ACT, OR UNDER THE COMMERCIAL ARBITRATION RULES OF THE AMERICAN ARBITRATION
ASSOCIATION. The arbitrators shall have the authority to assess the costs and expenses of the arbitration proceeding (including the arbitrators’ fees and expenses) against either or both parties. However, each party shall bear its own attorneys
fees and the arbitrators shall have no authority to award attorneys fees. 
 (e)    When a Dispute has been submitted for
arbitration, within 30 days of such submission, the General Partner will choose an arbitrator, and such Limited Partners will choose an arbitrator. The two arbitrators shall select a third arbitrator, failing agreement on which within 90 days of the
original notice, the General Partner and such Limited Partners (or either of them) shall apply to any United States District Judge for the Southern District of Texas, who shall appoint the third arbitrator. While the third arbitrator shall be
neutral, the two party-appointed arbitrators are not required to be neutral and it shall not be grounds for removal of either of the two party-appointed arbitrators or for vacating the arbitrators’ award that either of such arbitrators has past
or present minimal relationships with the party that appointed such arbitrator. Evident partiality on the part of an arbitrator exists only where the circumstances are such that a reasonable person would have to conclude there in fact existed actual
bias and a mere appearance or impression of bias will not constitute evident partiality or otherwise disqualify an arbitrator. Minimal or trivial past or present relationships between the neutral arbitrator and the party selecting such arbitrator or
any of the other arbitrators, or the failure to disclose such minimal or trivial past or present relationships, will not by themselves constitute evident partiality or otherwise disqualify any arbitrator. Upon selection of the third arbitrator, each
of the three arbitrators shall agree in writing to abide faithfully by the terms of this agreement to arbitrate. The three arbitrators shall make all of their decisions by majority vote. If one of the party-appointed arbitrators refuses to
participate in the proceedings or refuses to vote, the decision of the other two arbitrators shall be binding. If an arbitrator dies or becomes physically incapacitated and is unable to fulfill his or her duties as an arbitrator, the arbitration
proceeding shall continue with a substitute arbitrator selected as follows: if the incapacitated arbitrator is a party-appointed arbitrator, the party shall promptly select a new arbitrator, and if the incapacitated arbitrator is the neutral
arbitrator, the two-party appointed arbitrators shall select a substitute neutral arbitrator, failing agreement on which the General Partner and such Limited Partners (or either of them) shall apply to any
United States District Judge for the Southern District of Texas, who shall appoint the substitute neutral arbitrator. 

  
 - 27 - 

 (f)    The final hearing shall be conducted within 120 days of the
selection of the third arbitrator. The final hearing shall not exceed ten working days, with each party to be granted one-half of the allocated time to present its case to the arbitrators. There shall be a
transcript of the hearing before the arbitrators. The arbitrators shall render their ultimate decision within 20 days of the completion of the final hearing completely resolving all of the Disputes between the parties that are the subject of the
arbitration proceeding. The arbitrators’ ultimate decision after final hearing shall be in writing, but shall be as brief as possible, and the arbitrators shall assign their reasons for their ultimate decision. In the case the arbitrators award
any monetary damages in favor of either party, the arbitrators shall certify in their award that they have not included any treble, exemplary or punitive damages. 

(g)    The arbitrators’ award shall, as between the parties to this Agreement and those in privity with them, be final
and entitled to all of the protections and benefits of a final judgment, e.g., res judicata (claim preclusion) and collateral estoppel (issue preclusion), as to all Disputes, including compulsory counterclaims, that were or could have been presented
to the arbitrators. The arbitrators’ award shall not be reviewable by or appealable to any court, except to the extent permitted by the Federal Arbitration Act. 

(h)    It is the intent of the parties that the arbitration proceeding shall be conducted expeditiously, without initial
recourse to the courts and without interlocutory appeals of the arbitrators’ decisions to the courts. However, if a party refuses to honor its obligations under this agreement to arbitrate, the other party may obtain appropriate relief
compelling arbitration in any court having jurisdiction over the parties; the order compelling arbitration shall require that the arbitration proceedings take place in Houston, Texas, as specified above. The parties may apply to any court for orders
requiring witnesses to obey subpoenas issued by the arbitrators. Moreover, any and all of the arbitrators’ orders and decisions may be enforced if necessary by any court. The arbitrators’ award may be confirmed in, and judgment upon the
award entered by, any federal or State court having jurisdiction over the parties. 
 (i)    To the fullest extent
permitted by law, this arbitration proceeding and the arbitrators award shall be maintained in confidence by the parties. However, a violation of this covenant shall not affect the enforceability of this arbitration agreement or of the
arbitrators’ award. 
 (j)    A party’s breach of this Agreement shall not affect this agreement to arbitrate.
Moreover, the parties’ obligations under this arbitration provision are enforceable even after this Agreement has terminated. The invalidity or unenforceability of any provision of this arbitration agreement shall not affect the validity or
enforceability of the parties’ obligation to submit their Disputes to binding arbitration or the other provisions of this agreement to arbitrate. 

12.13    No Effect on Employment Relationship. Nothing in this Agreement shall confer upon any employee of the
General Partner or any Affiliate thereof any right to continued employment nor shall it interfere in any way with the right of the General Partner or any of its Affiliates to terminate the employment of any employee at any time. 

  
 - 28 - 

 12.14    Legal Representation. This Agreement and related
documents have been prepared by Vinson & Elkins LLP and Sidley Austin LLP, as counsel for the General Partner, and not as counsel for any other Partner or the Partnership. Each party other than the General Partner has been advised to seek
independent counsel in connection with this Agreement and the related documents. 
 [Signature Pages to Follow.] 

  
 - 29 - 

 IN WITNESS WHEREOF, the Partners have executed this Agreement as of the date first set forth
above. 
  

							
	GENERAL PARTNER:	 		 	ENTERPRISE PRODUCTS COMPANY
				
		 		 	By:	 	/s/ Richard H. Bachmann
		 		 		 	Richard H. Bachmann
		 		 		 	President and Chief Executive Officer
			
	CLASS A LIMITED PARTNER:	 		 	EPCO HOLDINGS, INC.
				
		 		 	By:	 	/s/ Richard H. Bachmann
		 		 		 	Richard H. Bachmann
		 		 		 	President and Chief Executive Officer
			
	CLASS B LIMITED PARTNERS:	 		 	All Class B Limited Partners initially admitted as Class B Limited Partners of the Partnership, pursuant to Powers of Attorney executed in favor of, and granted and delivered to the General Partner
			
		 		 	 By: ENTERPRISE PRODUCTS COMPANY
 (As
attorney-in-fact for the Class B Limited Partners pursuant to powers of attorney)

				
		 		 	By:	 	/s/ Richard H. Bachmann
		 		 		 	Richard H. Bachmann
		 		 		 	President and Chief Executive Officer
				
	THE STATE OF TEXAS	 	§	 		 	
		 	§	 		 	
	COUNTY OF HARRIS	 	§	 		 	

 This instrument was acknowledged before me on the 3rd day of December, 2018, by Richard H. Bachmann, President
and Chief Executive Officer of each of Enterprise Products Company (a Texas corporation) and EPCO Holdings, Inc. (a Delaware corporation), in the applicable capacities indicated above. 

 

							
	(Seal)	 		 	  /s/ Sherri Reinartz-Sera

							
		 		 	 Notary Public in and for the
 State
of Texas

							
		 		 	                     Printed Name:	 	Sherri Reinartz-Sera

							
		 		 	                                      
        My Commission Expires:	 	04/20/2019

  
 Agreement of Limited
Partnership of EPD 2018 Unit IV L.P. 

 Exhibit A 

FORM OF POWER OF ATTORNEY 

For Executing Agreement of Limited Partnership of EPD 2018 Unit IV L.P. 

Know all by these presents, that the undersigned hereby constitutes and appoints Enterprise Products Company, a Texas corporation, and its
authorized representatives the undersigned’s true and lawful attorney-in-fact to: 
  

	 	(1)	 execute for and on behalf of the undersigned as a Class B limited partner thereunder that certain
Agreement of Limited Partnership of EPD 2018 Unit IV L.P. (the “Partnership Agreement”); and 

  

	 	(2)	 take any other action of any type whatsoever in connection with the foregoing that, in the opinion of each such
attorney-in-fact, may be of benefit to, in the best interest of, or legally required of the undersigned, it being understood that the documents executed by the attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as the attorney-in-fact may approve in the attorney-in-fact’s discretion. 

The undersigned hereby grants to each attorney-in-fact full
power and authority to do and perform all and every act and thing whatsoever requisite, necessary or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or
could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that the attorney-in-fact, or the attorney-in-facts substitute or substitutes, shall lawfully do or cause to be done by virtue of this Power of Attorney and the rights and powers herein granted. 

The undersigned acknowledges and agrees by execution of this Power of Attorney that the undersigned’s initial Sharing Points (as defined
in the Partnership Agreement) under the Partnership Agreement equal ________, which represents ____% of the total initial Sharing Points granted by the General Partner pursuant to the Partnership Agreement. 

IN WITNESS WHEREOF, the undersigned has caused this Power of Attorney to be executed as of the date written below. 

 

	
	
	   

	Signature
	
	   

	Type or Print Name
	
	   

	Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00290-of-00352.parquet"}]]